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Category: Finance

  • MIL-OSI Security: San Antonio Couple Sentenced to Federal Prison for Tax Evasion

    Source: Office of United States Attorneys

    SAN ANTONIO – A San Antonio woman was sentenced to 15 months in federal prison for tax evasion and aiding and abetting.

    According to court documents, Rachel Olivia Markum, 41, and her husband, Robert Franklin Markum Jr., 47, prepared and signed a false and fraudulent form 1040 joint tax return for calendar year 2016, which was then submitted to the Internal Revenue Service. The fraudulent tax return reported the couple’s sole income as gross receipts or sales from the business Camping and Fishing Outlet as $3,530,473, while she was aware that the true amount of gross receipts exceeded $4 million.

    Rachel pleaded guilty May 28, 2024, to one count of tax evasion and aiding and abetting. Robert pleaded guilty on April 1, to one count of tax evasion, and was sentenced to 27 months in federal prison on Aug. 28. The husband and wife were also ordered to pay $359,108 in restitution.

    “This sentencing underscores the serious consequences of defrauding the federal government through false tax returns,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “By concealing hundreds of thousands of dollars from the IRS, this married couple betrayed the integrity of our tax system. We will continue to protect the financial interests of the United States with our IRS Criminal Investigation partners and hold accountable those who seek personal gain through deceptive, illegal means.”

    “Robert and Rachel Markum created false identities and businesses to hide their income from the IRS, but they failed to realize that money always leaves a trail. Their years in prison will give them an opportunity to reflect on their actions,” said Acting Special Agent in Charge Lucy Tan for IRS Criminal Investigation’s Houston Field Office. “Prosecuting federal tax crimes remains a priority in Texas, and our strong partnership with the U.S. Attorney’s Office for the Western District of Texas underscores our commitment to holding tax criminals accountable.”

    IRS-CI investigated the case. Assistant U.S. Attorney Justin Chung prosecuted the case.

    ###

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: Nine Men Arrested in Maine and Massachusetts for Fentanyl, Methamphetamine and Cocaine Trafficking

    Source: Office of United States Attorneys

    BOSTON – Nine men have been arrested for fentanyl, methamphetamine and cocaine trafficking.

    Ernesto Arberty Mendez Herrera, 43, of Roxbury; Ricky Junior Rodriguez Reynoso, 24, of Boston; Cristofel Baez Guerrero, 25, of Dorchester; Luis Castillo, 24, of Dorchester; Yomerli Mendez Arias, 22, of Lawrence; Estarling Perez Almonte, 28, of Roslindale; Raidyn Hernandez Montero, 24, of Dorchester; Ricardo Canela Soto, 20, of Dorchester; and Waldo Lara Arias, 19, of Boston are charged with conspiracy to distribute and to possess with intent to distribute controlled substances, including fentanyl, methamphetamine and cocaine. All nine defendants made their initial appearances in federal court in Boston and Bangor, Maine on Oct. 29, 2024.

    According to the charging documents, the defendants were part of a drug trafficking operation that regularly transported fentanyl, methamphetamine and cocaine from areas in Boston, Lawrence and Malden, Mass. to locations in Waldo County, Maine. It is alleged that the defendants distributed the narcotics in Maine and then return to Massachusetts with the narcotics proceeds. During the course of the investigation, approximately 10 kilograms of fentanyl and multiple firearms were seized.

    The charge of conspiracy to distribute and to possess with intent to distribute controlled substances provides for a sentence of up to 20 years in prison, at least three years and up to life of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division made the announcement today. Valuable assistance was provided by the New Hampshire State Police, Maine State Police; Maine Drug Enforcement Agency; Waldo, Maine County Sherriff’s Office; Boston Police Department; Federal Bureau of Investigation, Boston Field Office; Bureau of Alcohol, Tobacco, Firearms, and Explosives; and the U.S. Attorney’s Office for the District of Maine. Assistant U.S. Attorney Stephen Hassink of the Narcotics and Money Laundering Unit is prosecuting the case.

    This effort 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.

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

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: U.S. Marshals Add RI Man Wanted for Child’s Murder to “15 Most Wanted” List

    Source: US Marshals Service

    Washington, DC – A man wanted in Rhode Island on charges of murder, inflicting serious bodily injury to a child and unlawful flight to avoid prosecution has been added to the U.S. Marshals Service 15 Most Wanted fugitives list with an up to $25,000 reward being offered for information leading to his arrest. 

    Olalekan Abimbola Olawusi, 48, was charged in Providence with first-degree murder and two counts of inflicting serious bodily injury to a child after Providence Police and Fire personnel found his 3-month-old son bleeding from the mouth and nose at a residence April 3, 2017.

    The child was transported to the hospital in cardiac arrest and needed to be resuscitated to regain a pulse.  An examination at the hospital noted 18 injuries at various stages of healing, indicating a pattern of long-term abuse. These injuries included a skull fracture, subdural hematoma, significant brain injury, and fractures of the child’s ribs, clavicle, legs and arms.  He was placed on life support but died six months later.

    Providence police arrested and charged Olawusi April 20, 2017, with first-degree child abuse.  He was released the same day and subsequently fled.  The murder charge was added following the infant’s death Oct. 31, 2017.

    In November 2017, the Providence Police Department and the Rhode Island Attorney General’s Office requested the assistance of the U.S. Marshals Service (USMS) to locate Olawusi. Subsequent investigation revealed that Olawusi had flown out of John F. Kennedy International Airport in New York on June 20, 2017, using his Nigerian passport. Investigators believe Olawusi may be receiving assistance from family members in Nigeria and that he could be a danger to other children.

    “Mr. Olawusi is wanted for the abuse and murder of an innocent child, and has fled the country to avoid justice,” said Director Ronald L. Davis of the U.S. Marshals Service. “We have placed Mr. Olawusi on our 15 Most Wanted list due to the heinous crimes he’s committed and the threat he continues to pose to the public. The USMS will exhaust all resources necessary to bring him to justice for his family and the community.”

    Olawusi, who uses the alias Olekun Olawusi, stands 5 feet 8 inches tall and weighs approximately 185 pounds. He has black hair and brown eyes. 

    Information regarding his whereabouts may be reported to the U.S. Marshals at 1-877-WANTED2 (926-8332) or via the USMS Tips App. 

    Created in 1983, the USMS 15 Most Wanted (15MW) fugitive program draws attention to some of the country’s most dangerous and high-profile fugitives. These fugitives tend to be career criminals with histories of violence who pose a significant threat to public safety. Generally, 15MW fugitives are considered the “worst of the worst” and can include murderers, sex offenders, major drug kingpins, organized crime figures and individuals wanted for high-profile financial crimes. Since the program began in 1983, more than 250 15MW fugitive cases have been closed. 

    The USMS has a long history of providing assistance and expertise to other federal, state, and local law enforcement agencies in support of their fugitive investigations. Working with authorities at the federal, state, tribal, and local levels, USMS-led fugitive task forces arrested more than 73,000 fugitives and cleared nearly 86,000 warrants in FY 2023.     

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: United States Files Suit for Unpaid Duties and Penalties for Alleged Failure to Pay Duties on Imported Chinese Bedroom Furniture

    Source: United States Attorneys General 12

    The United States has filed a civil lawsuit against Lawrence Bivona, who was the President of LaJobi Inc., a Delaware corporation that imported Chinese-manufactured children’s bedroom furniture into the United States. The lawsuit alleges that Bivona made false statements to customs officials and, as a result, avoided paying antidumping duties owed on the imported furniture.

    At the time merchandise is entered into the United States, the importer is responsible for providing all information necessary to enable Customs and Border Protection (CBP) to assess the applicable duties owed on the goods, including any antidumping duties applicable to the merchandise. Antidumping duties are trade remedies that help protect domestic industries from unfair trade practices by foreign businesses and countries, such as government subsidies or below market sales.

    The United States’ complaint contends that Bivona caused LaJobi to misrepresent the identity of the manufacturers of the children’s furniture imported from China. In particular, the United States alleges that Bivona falsely represented that the furniture was manufactured by Chinese entities subject to duty rates of approximately 7% or less, and failed to disclose that the furniture was actually manufactured by entities subject to duty rates of 216%.

    “Anti-dumping duties play an important role in countering illegal foreign trade practices and protecting U.S. manufacturers,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to pursue those who seek to gain an unfair advantage by violating our trade laws.”

    “These civil penalties support the seriousness of CBP’s trade mission and protect the U.S. economy, while maintaining fair trade and preserving American jobs from predatory practices,” said Executive Director Susan Thomas of CBP’s Cargo and Conveyance Security, Office of Field Operations. “CBP’s antidumping and countervailing duties enforcement aims to mitigate harm by anti-competitive behavior and supports a level playing field for U.S. companies injured by unfair trade practices.”

    “We take very seriously our role in protecting the U.S. economy from illegal and predatory trade practices,” said Assistant Director Ivan J. Arvelo of Homeland Security Investigations (HSI) Global Trade Investigations. “HSI is committed to working alongside CBP and partners to stop those who engage in fraud to circumvent U.S. trade laws.”

    The complaint seeks the recovery of over $7 million in import duties and over $15 million in civil penalties.

    HSI Newark led the investigation with CBP Trade Regulatory Audit Newark, CBP Associate Chief Counsel New York, CBP Consumer Products and Mass Merchandising (CPMM) Center of Excellence and Expertise. CBP and HSI are the agencies responsible for enforcing U.S. laws related to the importation of merchandise into the United States, including the collection of duties and assessment of penalties.

    Trial Counsel Daniel Hoffman of the Civil Division’s Commercial Litigation Branch, National Courts Section, is handling the case.

    The case is filed in the Court of International Trade and captioned United States v. Lawrence Bivona No. 24-00196.

    To combat trade fraud, including avoidance of import duties, the Justice Department created a Trade Fraud Task Force. The Task Force partners with CBP and other law enforcement agencies to ensure compliance with U.S. trade laws.

    The claims in the complaint are allegations only. There has been no determination of liability. 

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI: Glen Burnie Bancorp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    GLEN BURNIE, Md., Oct. 31, 2024 (GLOBE NEWSWIRE) — Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $129,000, or $0.04 per basic and diluted common share for the three-month period ended September 30, 2024, compared to net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023.   Bancorp reported a net loss of $72,000, or $0.02 per basic and diluted common share for the nine-month period ended September 30, 2024, compared to net income of $1.3 million, or $0.44 per basic and diluted common share for the same period in 2023. On September 30, 2024, Bancorp had total assets of $368.4 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

    “The Company’s positive earnings results for the third quarter 2024 reflect efficient and productive operations, a focus on disciplined loan growth, and balance sheet management. However, our financial performance for the year 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company is focused on generating additional interest earning assets at higher current market and rebuilding our base of core, low-cost deposits,” said Mark C. Hanna, President, and Chief Executive Officer. “Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital position, available liquidity and prudent expense management. Although interest expense increased significantly in year over year comparisons, prompt adjustments to rates on loans contributed to expanded interest income and higher yields on earning assets that partially offset higher interest expense and helped mitigate margin compression.”

    In closing, Mr. Hanna added, “To invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there is a need to reinvest in our people, technology, products and facilities. Based on our capital levels, conservative underwriting policies, on-and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management expects to navigate the uncertainties and remain well-capitalized. We will continue to execute on our strategic priorities to generate organic loan and deposit growth.”

    Highlights for the First Nine Months of 2024

    Despite growth in loans and deposits in the first nine months of the year, net interest income decreased $1.1 million, or 11.54% to $8.2 million through September 30, 2024, as compared to $9.2 million during the same period of 2023. The decrease resulted primarily from a $2.4 million increase in interest expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest on borrowings was driven by a $25.6 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

    Due to growth of $30.7 million in the loan portfolio and a 0.11% increase in the current expected credit loss (“CECL”) percentage, the Company added $591,000 to its allowance for credit losses on loans in the first nine months of 2024, as compared to a $68,000 release of allowance for credit losses in the first nine months of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.72% on September 30, 2024, as compared to 18.10% for the same period of 2023, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended September 30, 2024, was 0.14%, as compared to 0.61% for the three-month period ended September 30, 2023. Return on average equity for the three-month period ended September 30, 2024, was 2.63%, as compared to 12.47% for the three-month period ended September 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets, while lower net income and a higher average equity balance primarily drove the lower return on average equity.

    The cost of funds increased 0.86% when comparing September 30, 2024, to the same period in 2023, rising from 0.46% to 1.32%. This 0.86% increase was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds and money market deposit balances.

    On September 30, 2024, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.47% on September 30, 2024, as compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

    Balance Sheet Review

    Total assets were $368.4 million on September 30, 2024, an increase of $13.0 million or 3.66%, from $355.4 million on September 30, 2023.   Investment securities decreased by $22.7 million or 15.94% to $120.0 million as of September 30, 2024, compared to $142.7 million for the same period of 2023.   Loans, net of deferred fees and costs, were $207.0 million on September 30, 2024, an increase of $32.2 million or 18.41%, from $174.8 million on September 30, 2023. Cash and cash equivalents increased $7.9 million or 54.68%, from September 30, 2023 to September 30, 2024.

    Total deposits were $314.2 million on September 30, 2024, a decrease of $600,000 or 0.18%, from $314.8 million on September 30, 2023. Despite the year-over-year decline, deposit balances have increased $14.2 million or 4.73% from December 31, 2023. Noninterest-bearing deposits were $115.9 million on September 30, 2024, a decrease of $11.0 million or 8.64%, from $126.9 million on September 30, 2023.   Interest-bearing deposits were $198.3 million on September 30, 2024, an increase of $10.4 million or 5.53%, from $187.9 million on September 30, 2023. Total borrowings were $30.0 million on September 30, 2024, an increase of $5.0 million or 20.00%, from $25.0 million on September 30, 2023.  
    As of September 30, 2024, total stockholders’ equity was $21.2 million (5.74% of total assets), equivalent to a book value of $7.29 per common share. Total stockholders’ equity on September 30, 2023, was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share.

    Asset quality, which has trended within a narrow range over the past several years, has remained sound as of September 30, 2024. Nonperforming assets, which consist of nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.08% of total assets on September 30, 2024, compared to 0.15% on December 31, 2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.75 million, or 1.33% of total loans, as of September 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $597,000 as of September 30, 2024, compared to $473,000 as of December 31, 2023.

    Review of Financial Results

    For the three-month periods ended September 30, 2024, and 2023

    Net income for the three-month period ended September 30, 2024, was $129,000, as compared to net income of $551,000 for the three-month period ended September 30, 2023. The decrease is primarily the result of a $614,000 increase in interest expense on deposits and a $126,000 increase in interest expense on short-term borrowings, a $287,000 decrease in interest and dividends on securities, a $170,000 increase in the provision for credit losses on loans and a $197,000 increase in noninterest expenses. These decreases were partially offset by an increase of $763,000 in loan interest income and fees, and a $133,000 increase in interest on deposits with banks. The Company’s need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction that resulted in the increased interest expense.

    Net interest income for the three-month period ended September 30, 2024, totaled $2.8 million, a decrease of $131,000 from the three-month period ended September 30, 2023. The decrease in net interest income was due to a $740,000 increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $16.6 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $609,000 increase in total interest income due to a 0.66% increase in the yield of interest earning assets.

    Net interest margin for the three-month period ended September 30, 2024, was 3.06%, compared to 3.21% for the same period of 2023.   Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields and balances on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $16.6 million, respectively, and the cost of funds increased 0.86%, when comparing the three-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets increased $0.8 million while the yield increased 0.66% from 3.64% to 4.30%, when comparing the three-month periods ending September 30, 2023, and 2024, respectively.

    The average balance of interest-bearing deposits in banks and investment securities decreased $25.3 million from $188.2 million to $162.9 million for the third quarter of 2024, compared to the same period of 2023, while the yield remained unchanged during that same period.

    Average loan balances increased $26.1 million to $203.3 million for the three-month period ended September 30, 2024, compared to $177.2 million for the same period of 2023, while the yield increased 0.89% from 4.80% to 5.69% during that same period. The increase in loan yields for the third quarter of 2024 reflected the runoff of the lower yielding loans and the origination of higher yielding loans in the current higher rate environment.

    The provision of allowance for credit loss on loans for the three-month period ended September 30, 2024, was $78,000, compared to a release of allowance for credit loss of $92,000 for the same period of 2023. The $170,000 increase in the provision for the three-month period ended September 30, 2024, when compared to the three-month period ended September 30, 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.

    For the three-month period ended September 30, 2024, noninterest expense was $3.0 million, compared to $2.8 million for the three-month period ended September 30, 2023, an increase of $200,000. The primary contributors to the $200,000 increase, when compared to the three-month period ended September 30, 2023, were increases in legal, accounting, and other professional fees, data processing and item processing services, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits.

    For the nine-month periods ended September 30, 2024, and 2023

    Net loss for the nine-month period ended September 30, 2024, was $72,000, as compared to net income of $1.3 million for the nine-month period ended September 30, 2023. The decrease is primarily the result of a $460,000 decrease in interest and dividends on securities, a $1.0 million increase in interest expense on short-term borrowings, a $1.4 million increase in interest expense on deposits and a $780,000 increase in the provision for credit losses on loans, partially offset by an increase of $1.3 million in loan interest income and fees, a $535,000 increase in interest on deposits with banks and a $569,000 decrease in the provision for income taxes.

    Net interest income for the nine-month period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the nine-month period ended September 30, 2023. The decrease in net interest income was due to a $2.4 million increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $20.0 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $1.3 million increase in total interest income due to a 0.51% increase in the yield of interest earning assets.

    Net interest margin for the nine-month period ended September 30, 2024, was 2.98%, compared to 3.35% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields on interest-earning assets, were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $20.0 million, respectively, and the cost of funds increased 0.94%, when comparing the nine-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets decreased $2.7 million, while the yield increased 0.51% from 3.59% to 4.10%, when comparing the nine-month periods ending September 30, 2023, and 2024, respectively.

    The average balance of interest-bearing deposits in banks and investment securities decreased $10.1 million from $187.9 million to $177.8 million for the first nine months of 2024, compared to the same period of 2023, while the yield increased 0.20% from 2.51% to 2.71% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

    Average loan balances increased $7.4 million to $188.6 million for the nine-month period ended September 30, 2024, compared to $181.2 million for the same period of 2023, while the yield increased 0.72% from 4.70% to 5.42% during that same period. The increase in loan yields for the first nine months of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

    The Company recorded a provision of allowance for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of allowance for credit loss of $7,000 for the same period in 2023. The $780,000 increase in the provision in 2024, compared to 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.75 million on September 30, 2024, representing 1.33% of total loans, compared to $2.09 million, or 1.20% of total loans on September 30, 2023.

    For the nine-month period ended September 30, 2024, noninterest expense was $8.8 million, compared to $8.7 million for the nine-month period ended September 30, 2023. The primary contributors when comparing to the nine-month period ended September 30, 2023, were increases in occupancy and equipment expenses, legal, accounting, and other professional fees, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits costs.

    Glen Burnie Bancorp Information

    Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

    Forward-Looking Statements

    The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

    For further information contact:

    Jeffrey D. Harris, Chief Financial Officer
    410-768-8883
    jdharris@bogb.net
    106 Padfield Blvd
    Glen Burnie, MD 21061

    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (dollars in thousands)
                   
      September 30,   June 30,   December 31,   September 30,
        2024       2024       2023     2023  
      (unaudited)   (unaudited)   (audited)   (unaudited)
    ASSETS              
    Cash and due from banks $ 2,255     $ 1,804     $ 1,940     2,380  
    Interest-bearing deposits in other financial institutions   20,207       14,982       13,301     12,142  
    Total Cash and Cash Equivalents   22,462       16,786       15,241     14,522  
                   
    Investment securities available for sale, at fair value   119,958       117,180       139,427     142,705  
    Restricted equity securities, at cost   246       246       1,217     980  
                   
    Loans, net of deferred fees and costs   206,975       201,500       176,307     174,796  
    Less: Allowance for credit losses(1)   (2,748 )     (2,625 )     (2,157 )   (2,094 )
    Loans, net   204,227       198,875       174,150     172,702  
                   
    Premises and equipment, net   2,723       2,833       3,046     3,177  
    Bank owned life insurance   8,789       8,744       8,657     8,614  
    Deferred tax assets, net   6,879       8,329       7,897     10,187  
    Accrued interest receivable   1,478       1,358       1,192     1,373  
    Accrued taxes receivable   497       552       121     189  
    Prepaid expenses   486       355       475     538  
    Other assets   614       458       390     377  
    Total Assets $ 368,359     $ 355,716     $ 351,813     355,364  
                   
    LIABILITIES              
    Noninterest-bearing deposits $ 115,938     $ 109,631     $ 116,922     126,898  
    Interest-bearing deposits   198,335       196,235       183,145     187,943  
    Total Deposits   314,273       305,866       300,067     314,841  
                   
    Short-term borrowings   30,000       30,000       30,000     25,000  
    Defined pension liability   329       328       324     322  
    Accrued expenses and other liabilities   2,597       2,051       2,097     2,040  
    Total Liabilities   347,199       338,245       332,488     342,203  
                                 
    STOCKHOLDERS’ EQUITY                            
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of September 30, 2024, June 30, 2024, December 31, 2023, and September 30,2023 respectively.   2,901       2,894       2,883     2,877  
    Additional paid-in capital   11,037       11,014       10,964     10,940  
    Retained earnings   22,921       23,081       23,859     23,980  
    Accumulated other comprehensive loss   (15,699 )     (19,518 )     (18,381 )   (24,636 )
    Total Stockholders’ Equity   21,160       17,471       19,325     13,161  
    Total Liabilities and Stockholders’ Equity $ 368,359     $ 355,716     $ 351,813     355,364  
                   
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME
    (dollars in thousands, except per share amounts)
    (unaudited)
                   
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Interest income              
    Interest and fees on loans $ 2,908     $ 2,145     $ 7,648     $ 6,368  
    Interest and dividends on securities   814       1,101       2,605       3,065  
    Interest on deposits with banks and federal funds sold   237       104       1,004       469  
    Total Interest Income   3,959       3,350       11,257       9,902  
                   
    Interest expense              
    Interest on deposits   730       116       1,716       337  
    Interest on short-term borrowings   408       282       1,363       320  
    Total Interest Expense   1,138       398       3,079       657  
                   
    Net Interest Income   2,821       2,952       8,178       9,245  
    Provision (release) of credit loss allowance   78       (92 )     773       (7 )
    Net interest income after provision of credit loss provision   2,743       3,044       7,405       9,252  
                   
    Noninterest income              
    Service charges on deposit accounts   36       40       109       120  
    Other fees and commissions   273       233       584       560  
    Income on life insurance   45       42       132       120  
    Total Noninterest Income   354       315       825       800  
                   
    Noninterest expenses              
    Salary and employee benefits   1,654       1,691       4,872       5,089  
    Occupancy and equipment expenses   327       329       996       955  
    Legal, accounting and other professional fees   267       194       769       692  
    Data processing and item processing services   263       206       755       755  
    FDIC insurance costs   41       40       119       122  
    Advertising and marketing related expenses   40       26       88       72  
    Loan collection costs   5       10       11       13  
    Telephone costs   41       38       110       113  
    Other expenses   380       287       1,052       880  
    Total Noninterest Expenses   3,018       2,821       8,772       8,691  
                   
    Income (loss) before income taxes   79       538       (542 )     1,361  
    Income tax (benefit) expense   (50 )     (13 )     (470 )     99  
                   
    Net income (loss) $ 129     $ 551     $ (72 )   $ 1,262  
                   
    Basic and diluted net income (loss) per common share $ 0.04     $ 0.19     $ (0.02 )   $ 0.44  
                   
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
    For the nine months ended September 30, 2024 and 2023
    (dollars in thousands)
    (unaudited)
                       
                  Accumulated    
          Additional       Other   Total
      Common   Paid-in   Retained   Comprehensive   Stockholders’
      Stock   Capital   Earnings   Loss   Equity
    Balance, December 31, 2022 $ 2,865   $ 10,862   $ 23,579     $ (21,252 )   $ 16,054  
                       
    Net income   –     –     1,262       –       1,262  
    Cash dividends, $0.30 per share   –     –     (861 )     –       (861 )
    Dividends reinvested under                  
       dividend reinvestment plan   12     78     –       –       90  
    Other comprehensive loss   –     –     –       (3,384 )     (3,384 )
    Balance, September 30, 2023 $ 2,877   $ 10,940   $ 23,980     $ (24,636 )   $ 13,161  
                       
                       
                  Accumulated    
          Additional       Other   Total
      Common   Paid-in   Retained   Comprehensive   Stockholders’
      Stock   Capital   Earnings   (Loss) Income   Equity
    Balance, December 31, 2023 $ 2,883   $ 10,964   $ 23,859     $ (18,381 )   $ 19,325  
                       
    Net loss   –     –     (72 )     –       (72 )
    Cash dividends, $0.30 per share   –     –     (866 )     –       (866 )
    Dividends reinvested under                  
       dividend reinvestment plan   18     73     –       –       91  
    Other comprehensive income   –     –     –       2,682       2,682  
    Balance, September 30, 2024 $ 2,901   $ 11,037   $ 22,921     $ (15,699 )   $ 21,160  
                       
    THE BANK OF GLEN BURNIE
    CAPITAL RATIOS
    (dollars in thousands)
    (unaudited)
     
                  To Be Well
                  Capitalized Under
            To Be Considered   Prompt Corrective
            Adequately Capitalized Action Provisions
      Amount Ratio   Amount Ratio   Amount Ratio
    As of September 30, 2024:                
    Common Equity Tier 1 Capital $ 36,755 15.47 %   $ 10,691 4.50 %   $ 15,443 6.50 %
    Total Risk-Based Capital $ 39,729 16.72 %   $ 19,006 8.00 %   $ 23,758 10.00 %
    Tier 1 Risk-Based Capital $ 36,755 15.47 %   $ 14,255 6.00 %   $ 19,006 8.00 %
    Tier 1 Leverage $ 36,755 10.11 %   $ 14,539 4.00 %   $ 18,173 5.00 %
                     
    As of June 30, 2024:                
    Common Equity Tier 1 Capital $ 36,896 15.59 %   $ 10,652 4.50 %   $ 15,386 6.50 %
    Total Risk-Based Capital $ 39,857 16.84 %   $ 18,937 8.00 %   $ 23,671 10.00 %
    Tier 1 Risk-Based Capital $ 36,896 15.59 %   $ 14,202 6.00 %   $ 18,937 8.00 %
    Tier 1 Leverage $ 36,896 10.10 %   $ 14,617 4.00 %   $ 18,271 5.00 %
                     
    As of December 31, 2023:                
    Common Equity Tier 1 Capital $ 37,975 17.37 %   $ 9,840 4.50 %   $ 14,213 6.50 %
    Total Risk-Based Capital $ 40,237 18.40 %   $ 17,493 8.00 %   $ 21,867 10.00 %
    Tier 1 Risk-Based Capital $ 37,975 17.37 %   $ 13,120 6.00 %   $ 17,493 8.00 %
    Tier 1 Leverage $ 37,975 10.76 %   $ 14,113 4.00 %   $ 17,641 5.00 %
                     
    As of September 30, 2023:                
    Common Equity Tier 1 Capital $ 38,053 17.12 %   $ 10,004 4.50 %   $ 14,450 6.50 %
    Total Risk-Based Capital $ 40,227 18.10 %   $ 17,785 8.00 %   $ 22,231 10.00 %
    Tier 1 Risk-Based Capital $ 38,053 17.12 %   $ 13,338 6.00 %   $ 17,785 8.00 %
    Tier 1 Leverage $ 38,053 10.56 %   $ 14,420 4.00 %   $ 18,026 5.00 %
                     
    GLEN BURNIE BANCORP AND SUBSIDIARY
    SELECTED FINANCIAL DATA
    (dollars in thousands, except per share amounts)
                   
      Three Months Ended   Year Ended
      September 30, June 30,   September 30,   December 31,
        2024       2024       2023       2023  
      (unaudited)   (unaudited)   (unaudited)   (unaudited)
                   
    Financial Data              
    Assets $ 368,359     $ 355,716     $ 355,364     $ 351,813  
    Investment securities   119,958       117,180       142,705       139,427  
    Loans, (net of deferred fees & costs)   206,975       201,500       174,796       176,307  
    Allowance for loan losses   2,748       2,625       2,094       2,157  
    Deposits   314,273       305,866       314,841       300,067  
    Borrowings   30,000       30,000       25,000       30,000  
    Stockholders’ equity   21,160       17,471       13,161       19,325  
    Net income (loss)   129       (204 )     551       1,429  
                   
    Average Balances              
    Assets $ 364,127     $ 366,071     $ 360,767     $ 361,731  
    Investment securities   142,972       148,690       177,856       173,902  
    Loans, (net of deferred fees & costs)   203,316       186,650       177,223       179,790  
    Deposits   312,019       307,427       321,318       330,095  
    Borrowings   30,001       38,891       19,946       12,580  
    Stockholders’ equity   19,559       17,369       17,548       17,105  
                   
    Performance Ratios              
    Annualized return on average assets   0.14 %     -0.22 %     0.61 %     0.40 %
    Annualized return on average equity   2.63 %     -4.72 %     12.47 %     8.35 %
    Net interest margin   3.06 %     3.02 %     3.21 %     3.31 %
    Dividend payout ratio   224 %     -142 %     52 %     80 %
    Book value per share $ 7.29     $ 6.04     $ 4.57     $ 6.70  
    Basic and diluted net income per share   0.04       (0.07 )     0.19       0.50  
    Cash dividends declared per share   0.10       0.10       0.10       0.40  
    Basic and diluted weighted average shares outstanding   2,897,929       2,891,203       2,875,329       2,873,500  
                   
    Asset Quality Ratios              
    Allowance for loan losses to loans   1.33 %     1.30 %     1.20 %     1.22 %
    Nonperforming loans to avg. loans   0.14 %     0.17 %     0.33 %     0.29 %
    Allowance for loan losses to nonaccrual & 90+ past due loans   937.5 %     827.1 %     359.4 %     409.3 %
    Net charge-offs annualize to avg. loans   -0.09 %     -0.14 %     0.09 %     0.06 %
                   
    Capital Ratios              
    Common Equity Tier 1 Capital   15.47 %     15.59 %     17.12 %     17.37 %
    Tier 1 Risk-based Capital Ratio   15.47 %     15.59 %     17.12 %     17.37 %
    Leverage Ratio   10.11 %     10.10 %     10.56 %     10.76 %
    Total Risk-Based Capital Ratio   16.72 %     16.84 %     18.10 %     18.40 %

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Significant Technology Upgrades Fueling Strong Growth Opportunities for U.S. Commercial Drone Market

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone industry is witnessing rapid growth and transforming various sectors such as agriculture, delivery and logistics, and energy among others. Advancements in drone technologies have led to increased demand and utilization in industries such as filming, emergency response, construction, and real estate. Additionally, drone software solution providers and manufacturers are continuously innovating and upgrading their offerings to cater to diverse market needs. As governments establish regulatory frameworks, the integration of drones into industries is expected to accelerate. This, in turn, is likely to create lucrative opportunities for market expansion over the forecast period. A report from Grand View Research projected that the U.S. commercial drone market size is expected to grow at a compound annual growth rate (CAGR) of 9.1% through 2030. The report said: “Furthermore, favorable legislations and rising use of commercial drones by authorities in the U.S. is expected to attract various industries to utilize drones for different processes. Similarly, government authorities across the region are constantly working on framing new regulations for the commercial applications of drones. This is attributed to increased focus on the adoption of commercial drones due to their economic potential, while prioritizing the safety and security of the country. This, in turn, is anticipated to drive the U.S. commercial drone market growth over the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), AgEagle Aerial Systems Inc. (NYSE: UAVS), EHang Holdings Limited (NASDAQ: EH), Ondas Holdings Inc. (NASDAQ: ONDS).

    Grand View Research continued: “Moreover, the U.S. is expected to witness a convergence of technologies, societal acceptance as well as a favorable regulatory landscape that is further expected to increase demand for commercial drones in various industries. The continuous development in drone technological capabilities and related software, their commercial applications, as well as the associated benefits, are anticipated to experience steady expansion as it offers added features and easy control to drone operators. Such type of developments by market players are expected to drive the U.S. commercial market growth. Additionally, the introduction of updated drone regulations has optimized the procedure for legally conducting commercial drone operations. The positive regulations are expected to attract entrepreneurs to use commercial drones. For instance, in the U.S., some of the significant changes in the Federal Aviation Administration (FAA) regulation’s Part 107 update includes the removal of “section 333 exception” and relaxed standards for pilots. This change in regulations that are required for commercial operations of drones, is anticipated to drive the market growth over the forecast period.”

    ZenaTech Inc.’s (NASDAQ:ZENA) ZenaDrone Completes the First Phase of an IQ Nano Inventory Management Trial for Multinational Auto Parts Customer – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone solutions and enterprise SaaS (Software-as-a-Service) solutions, today announced that its subsidiary, ZenaDrone, has successfully completed the first phase of drone testing and 3D mapping, and is beginning the next phase of production of a paid trial for a multinational auto parts manufacturer. This production phase consists of flying automatic and fully autonomous flights of the IQ Nano drone in an inventory management application.

    Testing took place over several months at ZenaDrone’s production facility in Sharjah, United Arab Emirates (UAE) to ensure the smooth operation of the inventory scanning application. The 3D mapping took place just recently at the customer’s site consisting of scanning and mapping the warehouse area to create a 3D map that automates the drone flight path and its operations while in production.

    View video showing the IQ Nano in test flight here.

    The production phase is set to begin imminently and will consist of the IQ Nano flying and reading product and component bar codes, collecting information for verification and integration with the customer’s inventory management and accounting systems.

    “We look forward to the production phase and concluding a successful trial, proving the viability of the IQ Nano and enabling us to deliver our product to our customer. A successful trial also opens the potential to win additional business with this customer and to verifiably demonstrate IQ Nano’s utility for the benefit of attracting additional market interest. The revolutionary use of an indoor drone for productivity and cost savings value can be implemented across hundreds of warehouse facilities, turning a week-long activity like counting inventory into a day,” said CEO Shaun Passley, Ph.D. – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Enters the Drone Sensor and Components Market Establishing a New Taiwan Subsidiary to Win More US Defense Contracts for Its AI Drones – ZenaTech also announced it will establish a new company in Taiwan to manufacture drone sensors and components for use in the drone products produced by its subsidiary ZenaDrone. The new company, named Spider Vision Sensors Ltd., will ensure ZenaDrone’s products are compliant with the US National Defense Authorization Act (NDAA), an important requirement for the company to win more business with the US Military.

    Spider Vision Sensors Ltd. will manufacture drone sensors, electronics, and components such LiDAR (Light Detection and Ranging), thermal, infrared, multi-spectral and hyper sensors, cameras, and PBCs (Printed Circuit Boards). Having in-house manufactured sensors and components will enable ZenaDrone to have a steady supply to fulfill customer orders and drone production needs at its Sharjah, UAE, and future Arizona-based drone manufacturing facilities. Taiwan was selected due to its size and skills as an electronics hub, and the availability of low-cost alternative components versus those from China. The new company is currently at the prototype stage, and the manufacturing facility is expected to be open in November.

    “Establishing a drone sensor and components manufacturer in Taiwan will help bring our products to market faster and removes dependencies on any Chinese made electronics. This will position us to win more US military contracts via achieving Green UAS (Uncrewed Arial Systems) and Blue UAS certifications as an approved supplier,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-enters-drone-sensor-components-113000155.html

    Other recent developments in the technology industry include:

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, recently announced that it will publish financial results for the third quarter 2024 after the close of market on Thursday, November 7th. Management will discuss the Company’s operations and financial results in a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern).

    The call will be available at www.kratosdefense.com. Participants may register for the call using this Online Form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. For those who cannot access the live broadcast, a replay will be available on Kratos’ website.

    AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently announced the appointment of Kevin Lowdermilk to the Company’s board of directors effective October 25, 2024.

    Company CEO, Bill Irby, commented, “It is a privilege to have Kevin join our board. His distinguished career and leadership in some of the most challenging technology sectors speak to his ability to drive success through vision, strategy and execution. We are grateful to work alongside him and leverage his expertise to support the future expansion of our global footprint in both government and commercial verticals, as we position the Company for long-term shareholder value.”

    EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced it has entered into a strategic partnership with the Civil Aviation Flight University of China (the “CAFUC”). Building upon the CAFUC’s extensive expertise in civil aviation education, research, and talent development, the two parties will collaborate on cultivating skilled personnel, including operators and maintenance staffs for EHang’s pilotless electric Vertical Take-Off and Landing (“eVTOL”) aircraft, and their training for personnel licenses and operational supervision. This partnership aims to address the surging demand for talents in the low-altitude economy and foster the sustainable, high-quality development of the civil unmanned aerial vehicle (“UAV”) industry.

    During a briefing of the State Council Information Office of China on October 8, 2024, Chunlin Li, Vice Chairman of the National Development and Reform Commission (“NDRC”), highlighted the booming low-altitude economy and the rising demand for UAV operators. It is estimated that China faces a talent shortage of up to 1 million in this field. The NDRC will continue enhancing job creation efforts and driving the development of strategic emerging industries such as the low-altitude economy and future industries.

    Ondas Holdings Inc. (NASDAQ:ONDS), a leading provider of private industrial wireless networks and commercial drone and automated data solutions, recently announced that its wholly-owned subsidiary Ondas Autonomous Systems Inc. (“OAS”) has entered into an investment agreement with a private investor group, including Charles & Potomac Capital, LLC (“Charles & Potomac”) and Privet Ventures LLC (“Privet Ventures”), for an investment of $3.5 million in convertible notes of OAS. The investment in OAS will support OAS’ business expansion plan and deliver on the substantial growth opportunity in the defense, security, and critical infrastructure and industrial markets targeted by OAS’ Optimus and Iron Drone autonomous drone platforms.

    “We are pleased to secure this initial investment to support the exceptional growth opportunities created by our OAS team across Airobotics and American Robotics,” said Eric Brock, Chairman and CEO of Ondas Holdings and OAS. “Indeed, we have a responsibility to now expand operations and accelerate growth at OAS to meet the urgent needs for security and intelligence for our critical military, government and industrial customers. I am personally investing $1.0 million in this transaction, via Privet Ventures, signaling my firm belief in the substantial value we are creating for all stakeholders including the investors in OAS and Ondas Holdings.”

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    January 25, 2025

  • MIL-OSI: KingsRock Advisors Announces Expanded Presence in the US with Additional Senior Hires and Transactions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — KingsRock Advisors, LLC (“KingsRock”), an independent global advisory firm, announced today that it has expanded its presence in the US, with the opening of a new office in New York and the addition of senior bankers, including a new Managing Partner to accelerate the growth of KingsRock’s capital solutions and corporate finance business.

    We are pleased to welcome the following Senior Investment Bankers who have joined KingsRock recently, with additional hires pending:

    New York

    Paul Young, Managing Partner, former Salomon/Citi, MUFG and Apollo
    Tammer Fahmy, Managing Director, former Morgan Stanley, Silver Swan
    Paul Bitler, Managing Director, former Salomon/Citi
    Scott Dauer, Managing Director, former JP Morgan
    Wit Derby, Managing Director, former Bear Stearns, MUFG

    Gregory Raykher, Managing Director, former ORIX USA, Commerzbank
    Aidan Livingston, Senior Associate, former Deutsche Bank
    Huanjie Yuan, Senior Associate, former Deutsche Bank

    California

    Erich Griffin-Mauff, Managing Director, former Deutsche Bank
    Sud Subramanian, Managing Director, former JP Morgan, Deutsche Bank

    “We are excited to welcome our new Managing Partner, Managing Directors, and Senior Associates to KingsRock as we continue to expand the global reach of our capital solutions business. Our commitment to strengthening our partnership model will further enhance our ability to serve our credit, corporate and sponsor clients in the US and internationally. In the near term, we will share more details about our European expansion, and our growing partnerships beyond Europe to support clients worldwide,” said Hakan Wohlin, Founder & Managing partner and Louis Jaffe Co-Founder, Managing Partner.

    KingsRock is also pleased to announce the closing of several US transactions in 2024, including a significant programmatic sale leaseback of community and regional bank branches. KingsRock advised Mountainseed, an Atlanta based company serving the U.S. banking community with a range of services and solutions, and after running a competitive process, paired them with a globally established institutional investor. This investor committed up to $2 billion to support this strategy.

    About KingsRock:

    KingsRock Advisors, LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

    Founded in 2020, KingsRock comprises a team of over 20 professionals who advise on a wide range of private capital markets transactions including debt, hybrid capital, equity and M&A with structures ranging from plain vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

    KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides unconflicted strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock advisors operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

    Disclaimer:

    Securities offered by KingsRock Securities LLC, a FINRA, member firm and a member of SIPC., a wholly owned subsidiary of KingsRock Advisors LLC. • 900 Third Avenue, 10th Floor • New York, NY 10022.

    This message is provided for information purposes and does not constitute an invitation, solicitation or offer to buy or sell any securities or investment. Neither KingsRock Securities, LLC nor its affiliates provide accounting, tax or legal advice; such matters should be discussed with your advisors and/or counsel. 

    Info@kingsrock.com

    Download press release PDF here

    The MIL Network –

    January 25, 2025

  • MIL-OSI Banking: BSTDB Partners with Evocabank to Strengthen SME Financing in Armenia

    Source: Black Sea Trade and Development Bank

    Press Release | 31-Oct-2024

    Facility tailored to strengthen small businesses and boost regional trade 

    The Black Sea Trade and Development Bank (BSTDB) has initiated a new partnership in Armenia by providing USD 10 million to Evocabank. With USD 9 million of the loan dedicated to financing small and medium-sized enterprises (SMEs) and USD 1 million for trade finance operations, the BSTDB facility is specifically designed to address the capital expenditure and working capital needs of Armenian SMEs, including those engaged in trade with other countries in the Black Sea region. Evocabank will utilize these funds to support domestic SMEs, helping them deliver their investment programmess, expand into new markets, and strengthen their competitiveness and export capabilities.

    As a new partner for BSTDB in Armenia, Evocabank’s advanced digital channels and extensive branch network, will play a crucial role in delivering this support to SMEs across Armenia. This collaboration opens new opportunities for Armenian companies to engage in cross-border trade and foster stronger economic ties within the region, in line with BSTDB’s mandate to promote intra-regional cooperation.

    Upon signing the loan agreement, Dr. Serhat Köksal, BSTDB President said: “Supporting the development of the SME sector is a core strategic priority for BSTDB, not just in Armenia but across all our member countries. Small and medium-sized enterprises are the backbone of any economy, and in Armenia, they play a crucial role in driving growth, innovation, and employment.  The funds we are providing will support these businesses in enhancing their operations and building resilience, ultimately contributing to the overall development and sustainable growth of the country’s economy.”

    Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, said: “We are excited to announce a transformative partnership with The Black Sea Trade and Development Bank, aimed at boosting Armenia’s micro, small, and medium-sized enterprise sector. This collaboration marks a significant milestone, with BSTDB providing a substantial investment of USD 10 mln to Evocabank. Of this, USD 9 mln will be directed to empowering SMEs, while USD 1 mln will facilitate trade finance operations. This initiative is tailored to address the challenges faced by Armenian SMEs, ensuring they have the necessary means for growth and innovation. By supporting enterprises involved in trade within the Black Sea region, we are not only enhancing their operational capacity but also fostering a more robust and competitive business landscape. At Evocabank, we are committed to leveraging these funds to help local SMEs realize their investment goals, expand into new markets, and enhance their competitiveness and export potential.”

    Founded in 1990, Evocabank is the first registered commercial bank in Armenia with over 34 years of experience in the banking market. Headquartered in Yerevan, Evocabank provides inclusive financial services to individuals, MSMEs, and larger businesses through its extensive network in Yerevan and regions. The bank is aimed at delivering financial services with extensive application of the latest technologies in a fast, simple and convenient way, operating in a mobile- first format. Focused on innovative digital approach Evocabank is one of the fastest growing banks in Armenia. The bank has received a number of international awards including “The Best SME Bank of Armenia” and “The Best Digital Bank of Armenia” awards by Global Finance Magazine. More information at: www.evoca.am

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:

    Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

    January 25, 2025

  • MIL-OSI USA: A Proclamation on National Alzheimer’s Disease Awareness Month,  2024

    US Senate News:

    Source: The White House
         Too many Americans know the pain of losing a loved one to Alzheimer’s — a leading cause of death in older adults.  During National Alzheimer’s Disease Awareness Month, we honor the courage and resilience of all those facing this devastating disease.  We recommit to supporting every caregiver who pours their heart into helping people with Alzheimer’s face this disease with dignity.  And we strengthen our resolve to do everything we can to prevent, treat, and eliminate Alzheimer’s as we know it.
         Currently, over six million Americans have Alzheimer’s disease, which robs people of their memories, clarity, and identity — taking a difficult emotional, financial, and physical toll on people facing the disease and the loved ones standing by their side.  Alzheimer’s also disproportionately impacts African Americans and Latino Americans, who are more likely to develop dementias than people of any other race or ethnicity.  People with Down syndrome also have a higher risk of developing Alzheimer’s.
         My Administration has taken steps to drive new breakthroughs toward preventing, detecting, and treating Alzheimer’s.  I secured $4 billion for the Advanced Research Projects Agency for Health, directing funding to researchers and innovators who are pioneering new techniques and technologies to transform the lives of people with Alzheimer’s and improve human health outcomes.  I was also proud to sign the reauthorization of the National Alzheimer’s Project Act and the Alzheimer’s Accountability and Investment Act, ensuring the Federal Government is doubling down on our commitment to address Alzheimer’s disease and related dementias.  The National Institutes of Health is funding new clinical trials that are doing cutting-edge work to improve the lives of people with Alzheimer’s — from pursuing new drugs that could prevent and treat dementia to improving cognition and memory for those who have it.
         My Administration is committed to supporting the caregivers who care for people with Alzheimer’s.  I signed the Executive Order on Increasing Access to High-Quality Care and Supporting Caregivers — the most comprehensive set of executive actions any President has ever taken to improve care for hardworking families while supporting care workers and family caregivers.  In response, the Centers for Medicare and Medicaid Services (CMS) launched the GUIDE Model, which offers a package of respite services, caregiver support and education, and care management and coordination for people living with Alzheimer’s and related dementias.  CMS is also continuing to increase access to cognitive care assessments so more people with Alzheimer’s get the resources and care they need.  And the Centers for Disease Control and Prevention is working to increase access to early detection, prevention, and treatment of dementias like Alzheimer’s.
         During National Alzheimer’s Disease Awareness Month, we recommit to improving the prevention and treatment of Alzheimer’s disease.  We honor all the lives we have lost and all those we can still save.  And we uplift the spirit of hope that countless medical professionals, researchers, and caregivers working to help people with Alzheimer’s carry each day.
         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim November 2024 as National Alzheimer’s Disease Awareness Month.  I call on the people of the United States of America to honor and support those living with Alzheimer’s and the many people who continue extraordinary and tireless efforts to combat this disorder and care for those affected by it.  I encourage all Americans to visit Alzheimers.gov for evidence-based resources and information.
         IN WITNESS WHEREOF, I have hereunto set my hand this thirty-first day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
                                   JOSEPH R. BIDEN JR.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: United States Files Suit for Unpaid Duties and Penalties for Alleged Failure to Pay Duties on Imported Chinese Bedroom Furniture

    Source: US State Government of Utah

    The United States has filed a civil lawsuit against Lawrence Bivona, who was the President of LaJobi Inc., a Delaware corporation that imported Chinese-manufactured children’s bedroom furniture into the United States. The lawsuit alleges that Bivona made false statements to customs officials and, as a result, avoided paying antidumping duties owed on the imported furniture.

    At the time merchandise is entered into the United States, the importer is responsible for providing all information necessary to enable Customs and Border Protection (CBP) to assess the applicable duties owed on the goods, including any antidumping duties applicable to the merchandise. Antidumping duties are trade remedies that help protect domestic industries from unfair trade practices by foreign businesses and countries, such as government subsidies or below market sales.

    The United States’ complaint contends that Bivona caused LaJobi to misrepresent the identity of the manufacturers of the children’s furniture imported from China. In particular, the United States alleges that Bivona falsely represented that the furniture was manufactured by Chinese entities subject to duty rates of approximately 7% or less, and failed to disclose that the furniture was actually manufactured by entities subject to duty rates of 216%.

    “Anti-dumping duties play an important role in countering illegal foreign trade practices and protecting U.S. manufacturers,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to pursue those who seek to gain an unfair advantage by violating our trade laws.”

    “These civil penalties support the seriousness of CBP’s trade mission and protect the U.S. economy, while maintaining fair trade and preserving American jobs from predatory practices,” said Executive Director Susan Thomas of CBP’s Cargo and Conveyance Security, Office of Field Operations. “CBP’s antidumping and countervailing duties enforcement aims to mitigate harm by anti-competitive behavior and supports a level playing field for U.S. companies injured by unfair trade practices.”

    “We take very seriously our role in protecting the U.S. economy from illegal and predatory trade practices,” said Assistant Director Ivan J. Arvelo of Homeland Security Investigations (HSI) Global Trade Investigations. “HSI is committed to working alongside CBP and partners to stop those who engage in fraud to circumvent U.S. trade laws.”

    The complaint seeks the recovery of over $7 million in import duties and over $15 million in civil penalties.

    HSI Newark led the investigation with CBP Trade Regulatory Audit Newark, CBP Associate Chief Counsel New York, CBP Consumer Products and Mass Merchandising (CPMM) Center of Excellence and Expertise. CBP and HSI are the agencies responsible for enforcing U.S. laws related to the importation of merchandise into the United States, including the collection of duties and assessment of penalties.

    Trial Counsel Daniel Hoffman of the Civil Division’s Commercial Litigation Branch, National Courts Section, is handling the case.

    The case is filed in the Court of International Trade and captioned United States v. Lawrence Bivona No. 24-00196.

    To combat trade fraud, including avoidance of import duties, the Justice Department created a Trade Fraud Task Force. The Task Force partners with CBP and other law enforcement agencies to ensure compliance with U.S. trade laws.

    The claims in the complaint are allegations only. There has been no determination of liability. 

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: U.S. Commercial Drone Market Size Estimated to Reach a Value of $ 31 Billion By End of 2034

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone industry is witnessing rapid growth and transforming various sectors such as agriculture, delivery and logistics, and energy among others. Advancements in drone technologies have led to increased demand and utilization in industries such as filming, emergency response, construction, and real estate. Additionally, drone software solution providers and manufacturers are continuously innovating and upgrading their offerings to cater to diverse market needs. As governments establish regulatory frameworks, the integration of drones into industries is expected to accelerate. This, in turn, is likely to create lucrative opportunities for market expansion over the forecast period. A report from Grand View Research projected that the U.S. commercial drone market size is expected to grow at a compound annual growth rate (CAGR) of 9.1% through 2030. The report said: “Furthermore, favorable legislations and rising use of commercial drones by authorities in the U.S. is expected to attract various industries to utilize drones for different processes. Similarly, government authorities across the region are constantly working on framing new regulations for the commercial applications of drones. This is attributed to increased focus on the adoption of commercial drones due to their economic potential, while prioritizing the safety and security of the country. This, in turn, is anticipated to drive the U.S. commercial drone market growth over the forecast period.”   Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), AeroVironment, Inc. (NASDAQ: AVAV), Draganfly Inc. (NASDAQ: DPRO), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI).

    Fact.MR continued: “In addition, surveyors and engineers use drones to visualize the progress made in their construction projects by taking overhead images. Having a project overview leads to simplification of decision-making, thereby streamlining building site operations. Drones are now being used for several applications, ranging from surveillance, deployment in military operations, video recording, agriculture, and film & television. With this rise in drone applications, key players in the United States market are incorporating advanced technologies in drones. Increasing drone payload capacity and introducing drones for specific applications are anticipated to promote the profits of drone manufacturers. Furthermore, leading companies are also making drones with high-power motors. Home deliveries through drones have now become a reality with the help of retail and logistics organizations such as Amazon.”

    ZenaTech Inc.’s (NASDAQ:ZENA) ZenaDrone Completes the First Phase of an IQ Nano Inventory Management Trial for Multinational Auto Parts Customer – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone solutions and enterprise SaaS (Software-as-a-Service) solutions, today announced that its subsidiary, ZenaDrone, has successfully completed the first phase of drone testing and 3D mapping, and is beginning the next phase of production of a paid trial for a multinational auto parts manufacturer. This production phase consists of flying automatic and fully autonomous flights of the IQ Nano drone in an inventory management application.

    Testing took place over several months at ZenaDrone’s production facility in Sharjah, United Arab Emirates (UAE) to ensure the smooth operation of the inventory scanning application. The 3D mapping took place just recently at the customer’s site consisting of scanning and mapping the warehouse area to create a 3D map that automates the drone flight path and its operations while in production.

    View video showing the IQ Nano in test flight here.

    The production phase is set to begin imminently and will consist of the IQ Nano flying and reading product and component bar codes, collecting information for verification and integration with the customer’s inventory management and accounting systems.

    “We look forward to the production phase and concluding a successful trial, proving the viability of the IQ Nano and enabling us to deliver our product to our customer. A successful trial also opens the potential to win additional business with this customer and to verifiably demonstrate IQ Nano’s utility for the benefit of attracting additional market interest. The revolutionary use of an indoor drone for productivity and cost savings value can be implemented across hundreds of warehouse facilities, turning a week-long activity like counting inventory into a day,” said CEO Shaun Passley, Ph.D. – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Enters the Drone Sensor and Components Market Establishing a New Taiwan Subsidiary to Win More US Defense Contracts for Its AI Drones – ZenaTech also announced it will establish a new company in Taiwan to manufacture drone sensors and components for use in the drone products produced by its subsidiary ZenaDrone. The new company, named Spider Vision Sensors Ltd., will ensure ZenaDrone’s products are compliant with the US National Defense Authorization Act (NDAA), an important requirement for the company to win more business with the US Military.

    Spider Vision Sensors Ltd. will manufacture drone sensors, electronics, and components such LiDAR (Light Detection and Ranging), thermal, infrared, multi-spectral and hyper sensors, cameras, and PBCs (Printed Circuit Boards). Having in-house manufactured sensors and components will enable ZenaDrone to have a steady supply to fulfill customer orders and drone production needs at its Sharjah, UAE, and future Arizona-based drone manufacturing facilities. Taiwan was selected due to its size and skills as an electronics hub, and the availability of low-cost alternative components versus those from China. The new company is currently at the prototype stage, and the manufacturing facility is expected to be open in November.

    “Establishing a drone sensor and components manufacturer in Taiwan will help bring our products to market faster and removes dependencies on any Chinese made electronics. This will position us to win more US military contracts via achieving Green UAS (Uncrewed Arial Systems) and Blue UAS certifications as an approved supplier,” said CEO Shaun Passley, Ph.D.    Read this full release at:      https://finance.yahoo.com/news/zenatech-enters-drone-sensor-components-113000155.html

    Other recent developments in the technology industry include:

    AeroVironment (NASDAQ: AVAV) recently successfully showcased the maritime prowess of its combat-proven JUMP® 20 uncrewed aircraft system (UAS) during the NATO REPMUS 2024 (Robotic Experimentation and Prototyping using Maritime Uncrewed Systems) exercise off the coast of Portugal. This dynamic demonstration reinforced JUMP 20’s advanced Intelligence, Surveillance, and Reconnaissance (ISR) capabilities, autonomously launching and landing on a moving vessel in rough seas, with conditions reaching sea state level 5 and winds over 20 kts.

    The JUMP 20 also highlighted its multi-sensor mission versatility, seamlessly executing wide-area search and detection tasks. Its advanced Electro Optical and Mid-Wave Infrared (MWIR) turret automatically slewed to investigate identified targets without repositioning the platform, ensuring constant operational focus. Full-motion video was captured and later analyzed using AV’s cutting-edge computer vision technology, SPOTR-Edge™, enabling perception analysis using its robust library of object classifications, including persons, vehicles, and maritime vessels. Additionally, video from this event will further enhance the solution, making the JUMP 20 even more capable for future deployments by refining its object recognition and situational response capabilities.

    Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading developer of drone solutions and systems, recently announced its participation in the upcoming Wings of Saskatchewan event in Regina, from October 30 to October 31, 2024. Draganfly will showcase its latest drone technology advancements, contributing to discussions on industry trends, safety, and regulatory considerations alongside key stakeholders in the aviation sector.

    The Wings of Saskatchewan Conference, hosted by the Saskatchewan Aerial Applicators Association and the Saskatchewan Aviation Council, serves as a vital gathering for the aviation community. This year’s event will bring together leaders from both civil and commercial aviation sectors to discuss technological advancements, regulatory updates, and future trends within the industry.

    Draganfly will emphasize the need for synergy across the aviation industry at the conference by addressing essential topics, including airspace safety and the regulatory challenges impacting the drone sector. This presentation will spotlight the benefits of enhanced communication and collaboration between fixed-wing, helicopter, and RPAS (Remotely Piloted Aircraft Systems) to promote safe, efficient, and integrated airspace management.

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced a new contract and order for 12 of its FlightWave Edge 130 Blue system from the Royal Australian Navy. The contract was secured through Criterion Solutions Pty Ltd., an Australian-based distributor of intelligence, surveillance, reconnaissance and information technology solutions.

    FlightWave, an industry-leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently shared a video highlighting the capabilities of the Company’s patent-pending SpotlightAI™ AI-powered demining solution presented by Amazon Web Services (AWS) at this year’s AWS Summit Washington, D.C. The video highlights AWS Partners in the AWS Partner Network (APN) featuring senior Safe Pro team members discussing how AWS’s hyper scalability and compute resources are enabling the Company to modernize demining efforts in Ukraine by utilizing AI-powered image analysis of drone-based imagery.

    “Our inclusion in this year’s AWS Summit Washington, D.C. spotlights our continued success in locating thousands of landmines and unexploded ordnance currently scattered over thousands of hectares of land in Ukraine utilizing our AI-powered image analysis technology. AWS continues to provide us invaluable support as we work to harness the power of AI and AWS’s hyper scalability to modernize real world demining operations. Working with AWS, we have greatly enhanced our ability to provide leading humanitarian mine action organizations with powerful new tools that can improve their situational awareness as they execute their land clearance operations across Ukraine, expediting the release of land for agricultural and civilian use,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc.

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    January 25, 2025

  • MIL-OSI: First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HAMMOND, La., Oct. 31, 2024 (GLOBE NEWSWIRE) — First Guaranty Bancshares, Inc. (“First Guaranty”) (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the third quarter and nine months ending September 30, 2024.

    Financial Highlights for the third quarter and nine months ended September 30, 2024, are as follows:

    • Total assets increased $371.2 million and were $3.9 billion at September 30, 2024 and $3.6 billion at December 31, 2023. Total loans at September 30, 2024 were $2.8 billion, an increase of $20.9 million, or 0.8%, compared with December 31, 2023. Total deposits were $3.4 billion at September 30, 2024, an increase of $420.8 million, or 14.0%, compared with December 31, 2023. Retained earnings were $72.7 million at September 30, 2024, an increase of $4.7 million compared to $68.0 million at December 31, 2023. Shareholders’ equity was $256.4 million and $249.6 million at September 30, 2024 and December 31, 2023, respectively.
    • Net income for the third quarter of 2024 and 2023 was $1.9 million and $1.8 million, respectively, an increase of $0.2 million or 8.7%. Net income for the nine months ended September 30, 2024 and 2023 was $11.4 million and $7.9 million, respectively, an increase of $3.5 million or 44.5%.
    • Earnings per common share were $0.11 and $0.10 for the third quarter of 2024 and 2023, respectively, and $0.78 and $0.56 for the nine months ended September 30, 2024 and 2023, respectively. Total weighted average shares outstanding were 12,504,717 and 11,431,083 for the third quarter of 2024 and 2023, respectively, and 12,499,799 and 11,022,919 for the nine months ended September 30, 2024 and 2023, respectively. The change in shares was due to the issuance of 44,341 and 29,293 shares of common stock under the Equity Bonus Plan during the fourth quarter of 2023 and the first quarter of 2024, respectively, and the issuance of 1,714,287 shares of common stock under private placement in 2023.
    • The allowance for credit losses was 1.20% of total loans at September 30, 2024 compared to 1.13% at December 31, 2023.
    • Net interest income for the third quarter of 2024 was $22.7 million compared to $20.4 million for the same period in 2023. Net interest income for the nine months ended September 30, 2024 was $65.9 million compared to $63.7 million for the nine months ended September 30, 2023.
    • The provision for credit losses for the third quarter of 2024 was $4.9 million compared to $0.6 million for the same period in 2023. The provision for credit losses for the nine months ended September 30, 2024 was $14.0 million compared to $1.5 million for the nine months ended September 30, 2023.
    • Charge-offs were $13.7 million during the first nine months ended September 30, 2024 and $2.0 million during the same period in 2023. Recoveries totaled $0.7 million during the first nine months ended September 30, 2024 and $1.2 million during the same period in 2023.
    • Net gains on the sale of loans for the third quarter of 2024 was $1.5 million compared to $0 for the same period in 2023. Net gains on the sale of loans for the nine months ended September 30, 2024 was $1.5 million compared to $12,000 for the nine months ended September 30, 2023.
    • First Guaranty had $1.2 million of other real estate owned as of September 30, 2024 compared to $1.3 million at December 31, 2023.
    • The net interest margin for the three months ended September 30, 2024 was 2.51% which was a decrease of 3 basis points from the net interest margin of 2.54% for the same period in 2023. The net interest margin for the nine months ended September 30, 2024 was 2.52% which was a decrease of 23 basis points from the net interest margin of 2.75% for the same period in 2023. First Guaranty attributed the decrease in the net interest margin to the increase in market interest rates that began in 2022 and continued through 2023 that increased the cost of liabilities. Loans as a percentage of average interest earning assets decreased to 80.0% at September 30, 2024 compared to 83.2% at September 30, 2023.
    • Investment securities totaled $664.0 million at September 30, 2024, an increase of $259.9 million when compared to $404.1 million at December 31, 2023. At September 30, 2024, available for sale securities, at fair value, totaled $342.6 million, an increase of $259.1 million when compared to $83.5 million at December 31, 2023. The increase in available for sale securities was primarily due to purchase of Treasury securities. At September 30, 2024, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $321.4 million, an increase of $0.8 million when compared to $320.6 million at December 31, 2023. The allowance for credit losses for HTM securities was $0.1 million at September 30, 2024 and December 31, 2023.
    • Total loans net of unearned income were $2.8 billion at September 30, 2024, a net increase of $20.9 million from December 31, 2023. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $33.3 million at September 30, 2024 and $30.9 million at December 31, 2023, respectively.
    • Nonaccrual loans increased $40.6 million to $65.8 million at September 30, 2024 compared to $25.2 million at December 31, 2023. The increase in total nonaccrual loans was concentrated primarily in one commercial real estate relationship that totaled $37.0 million. This relationship is comprised of five loans secured by real estate located in the Midwest. $13.9 million of this relationship was previously reported in 90 day plus but still accruing at December 31, 2023.
    • At September 30, 2024, our largest non-performing assets were comprised of the following nonaccrual loans: (1) a $37.0 million non-farm non-residential loan relationship comprised of five loans with a specific reserve of $4.1 million; (2) a $3.3 million one- to four-family loan relationship; (3) a $1.8 million commercial real estate loan; (4) a commercial lease loan that totaled $1.7 million; (5) a commercial lease loan that totaled $1.6 million; (6) a $1.3 million one- to four-family loan relationship; and (7) a $1.3 million loan relationship that is classified as purchased credit deteriorated.
    • First Guaranty charged off $2.6 million in loan balances during the third quarter of 2024. The details of the $2.6 million in charged-off loans were as follows:
    1. First Guaranty charged off $0.5 million in consumer loans during the third quarter of 2024. The consumer loan charge offs included $0.1 million in credit card loans, $0.1 million of loans secured by automobiles or equipment, and $0.3 million in unsecured loans.
    2. First Guaranty charged off $1.0 million on a loan relationship that is classified as purchased credit deteriorated during the third quarter of 2024. This relationship had remaining principal balance of $1.3 million at September 30, 2024.
    3. First Guaranty charged off $0.1 million on a commercial and industrial loan relationship during the third quarter of 2024. This relationship had a remaining principal balance of $1.0 million at September 30, 2024.
    4. First Guaranty charged off $0.1 million on a one- to four-family loan during the third quarter of 2024. This loan had no remaining principal balance at September 30, 2024.
    5. Smaller loans and overdrawn deposit accounts comprised the remaining $0.9 million of charge-offs for the third quarter of 2024.
    • Return on average assets for the three months ended September 30, 2024 and 2023 was 0.21%, for each period. Return on average assets for the nine months ended September 30, 2024 and 2023 was 0.42% and 0.33%, respectively. Return on average common equity for the three months ended September 30, 2024 and 2023 was 2.40% and 2.27%, respectively. Return on average common equity for the nine months ended September 30, 2024 and 2023 was 5.87% and 4.06% respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.
    • Book value per common share was $17.86 as of September 30, 2024 compared to $17.36 as of December 31, 2023. The increase was due primarily to the recent issuance of new shares and changes in accumulated other comprehensive income (“AOCI”). AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.
    • First Guaranty’s Board of Directors declared cash dividends of $0.08 and $0.16 per common share in the third quarter of 2024 and 2023. First Guaranty has paid 125 consecutive quarterly dividends as of September 30, 2024.
    • First Guaranty paid preferred stock dividends of $1.7 million during the first nine months of 2024 and 2023.
    • As previously announced, on June 28, 2024, the Bank consummated a sale-leaseback transaction relating to two stand-alone branches and a portion of the headquarters building which also contains a branch (collectively, the “Properties”). The aggregate cash purchase price was $14.7 million. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.2 million, or $10.4 million after tax. Aggregate first full year of rent expense under the Lease Agreements will be approximately $1.3 million pre-tax, or $1.0 million after tax.

    About First Guaranty Bancshares, Inc.

    First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty-six locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.

    For full release click here.

    CONTACT: ERIC DOSCH, CFO

    985.375.0308

    The MIL Network –

    January 25, 2025

  • MIL-OSI Global: Overshooting 1.5°C is risky – that’s why we need to hedge our bets

    Source: The Conversation – UK – By Carl-Friedrich Schleussner, Research Group Leader, International Institute for Applied Systems Analysis (IIASA)

    Further warming hugely increases the risk we will pass climate tipping points, such as the collapse of Greenland’s ice sheet. Michal Balada / shutterstock

    The global response to climate change has gained momentum since the 2015 Paris agreement, yet it remains inadequate to meet the scale of the challenge. That agreement established the goal of holding global warming to well below 2°C, and to pursue efforts to limit it to 1.5°C. To achieve this, greenhouse gas emissions should peak and decline as soon as possible.

    The latest reports of the UN Environment Programme, the International Energy Agency and others have suggested that we are on the cusp of global emissions peaking. However, halting the increase in annual emissions is only the first step. Failure to act earlier and more decisively to bring emissions down to net zero has made limiting global warming to 1.5°C an uncomfortably close call.

    The IPCC has looked at “pathways” to keeping 1.5°C in reach. In nearly all of these, temperature rises will exceed 1.5°C, after which warming is reversed by humanity removing more carbon from the atmosphere than it emits. This temporary breach of 1.5°C for at least a few decades is referred to as “overshoot”.

    In a recent study in the journal Nature, we discuss the pitfalls of being overly optimistic about the feasibility and safety of such temperature overshoot scenarios. Excessive confidence could lead to underestimating the risks associated with going over 1.5°C – even temporarily.

    There is a need to be clear about what climate science does and does not know about overshoot, and plan accordingly. This means that, while some risks can be directly reduced by global climate action, others may require additional measures. A responsible strategy to limit near- and long-term climate risks requires both stringent near-term emission reductions and to develop a large-scale carbon removal capacity.

    What if the planet warms more than we expect?

    Even if warming goes below 1.5°C after the overshoot, the impacts of climate change will not automatically and uniformly reverse. Overshoot comes with irreversible consequences for people and ecosystems, such as species extinction, and the world we return to will be different from the one we failed to safeguard.

    We can’t be certain how much warming a given amount of greenhouse gas emissions will lead to, and overshoot projections are often based on a best estimate. The IPCC, for instance, talks about high overshoot pathways exceeding 1.5°C “by 0.1–0.3°C”.

    But those numbers are just the middle of a wide range of possible outcomes. In reality, uncertainty about how some features of the Earth system will respond to warming, such as the carbon cycle, means that peak warming could be substantially higher – by up to 1°C or more. We cannot even rule out continuous warming after reaching net zero carbon emissions. Every fraction of a degree of warming counts – exceeding 1.5°C by as much as an additional 1°C would come with grave repercussions.

    We may have to remove billions of tonnes of carbon from the atmosphere.
    TR STOK

    A capacity to remove several hundred billion tonnes of CO₂ in this century might be needed to hedge against the risks of high warming outcomes, and to ensure we can bring warming back to 1.5°C once this has been exceeded.

    In fact, our results imply we might need close to 10 billion tonnes of CO₂ removal a year after 2050 (about 25% of current annual emissions). This would require a massive effort, but might just be possible with the rapid scaling up of a range of methods.

    These include well-known strategies such as restoring forests and wetlands and managing the soil better. But it also includes novel methods such as direct air capture technology, in which carbon would be sucked directly from the sky, or bioenergy and carbon capture and storage, which involves extracting CO₂ from the atmosphere and storing it underground.

    Some of these methods may not work out as envisioned due to technological, economic, social or sustainability limitations. But even if they do not work at the scale envisioned, or not at all, we still need to try.

    Limiting near- and long-term climate risks

    Because we can’t be certain exactly how much the climate will warm, we’ll need to limit the risks as much as possible.

    First, we must reduce emissions as fast as possible to slow down Earth’s temperature increase, limit peak warming, and reduce how dependent we ultimately are on removing large amounts of CO₂ to achieve net zero emissions.

    The Paris agreement accommodates such temperature reversal. Even if 1.5°C is exceeded, countries are obliged to hold peak temperatures to “well below 2°C” and to aim for long-term temperature decline.

    However, every fraction of warming will disproportionately make poor and vulnerable people suffer greater hardship, so delaying stringent emissions cuts is not a resilient strategy. The urgency to reduce emissions now should guide the next round of countries’ targets for cutting emissions that are due early next year.

    Second, we should consider hedging against high-risk, high-warming outcomes by building up our capacity to remove carbon and reverse warming. Just as governments hold strategic food and water reserves to weather unexpected disruptions, the world needs to develop the ability to remove large amounts of carbon from the atmosphere. But, given potential limits to how much carbon removal we can scale up in time, we also cannot afford to squander this capacity on any emissions that could be avoided in the first place.

    Investing in this kind of removal capability, on top of pursuing the most ambitious emissions cuts possible, is a no-regrets strategy. Should we have certainty that a more fortunate climate outcome will materialise, being able to remove this scale of carbon would enable us to bring temperatures down faster. And if the warmer side of our projections are realised, we will have put ourselves in a position in which we are best equipped to make temperatures decline again.

    Achieving temperature decline in the long run would limit longer-term climate impacts. For instance, in our study we showed that temperature decline could shave off about 40cm (and potentially up to 1.5 metres) of global sea level rise in 2300. This could be the difference between having a future or not for whole nations of people. It may also limit risks from triggering tipping points in the Earth system, such as the collapse of the Greenland ice sheet or currents in the Atlantic ocean.

    The high-risk outcomes of overshooting 1.5°C means we need to do more, not less, right now – and to focus on bringing temperatures back below 1.5°C in the long run.


    Don’t have time to read about climate change as much as you’d like?

    Get our award-winning weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Carl-Friedrich Schleussner received funding from European Union’s Horizon 2020 research and innovation
    programme under grant agreement No 101003687 (PROVIDE).

    Gaurav Ganti received funding from European Union’s Horizon 2020 research and innovation programme.

    Joeri Rogelj received funding from European Union’s Horizon 2020 research and innovation programme.

    – ref. Overshooting 1.5°C is risky – that’s why we need to hedge our bets – https://theconversation.com/overshooting-1-5-c-is-risky-thats-why-we-need-to-hedge-our-bets-241623

    MIL OSI – Global Reports –

    January 25, 2025

  • MIL-OSI United Kingdom: Birmingham Cultural Compact launch and Culture Strategy refresh

    Source: City of Birmingham

    Early October saw the first official ‘coming together’ of the new Birmingham Cultural Compact Board.

    A cross-sector partnership designed to support the city’s cultural sector and enhance its contribution to development, it has a special emphasis on cross-sector engagement beyond the cultural sector itself.  

    The Cultural Compacts model was born out of the UK Cultural Cities Investment Inquiry 2019 and their implementation in towns and cities across the country has been supported by Arts Council England and the Department for Digital, Culture, Media and Sport.

    Chaired by Professor David Mba (Vice-Chancellor at Birmingham City University) with Councillor Saima Suleman (Cabinet Member for Digital, Culture, Heritage and Tourism at the city council) as Deputy Chair, the Birmingham Cultural Compact brings together stakeholders from the local authority, culture, business, education, healthcare and allied sectors with the aim to help culture thrive and grow in the city and, in turn, increase the city’s health, wellbeing, resilience, economic prosperity and environmental sustainability. 

    Chair of the Birmingham Cultural Compact Professor David Mba said “It is an immense privilege to lead Birmingham’s Cultural Compact Board. We hope to offer the strategic vision for the future that represents the voices of all local communities.  Birmingham has a unique and diverse culture that has global impact. We saw this through the Commonwealth Games in 2022 and, more recently, the city’s successful bid to host the Serendipity Arts Festival.  Our work will put the preservation and celebration of culture at the forefront of regional decision making.” 

    Councillor Saima Suleman, Cabinet Member for Digital, Culture, Heritage and tourism and Deputy Chair of the Birmingham Cultural Compact, stated: “The establishment of the Birmingham Cultural Compact marks a pivotal moment for our city. By uniting diverse sectors—culture, business, education, and healthcare—we can cultivate a thriving cultural landscape that not only enriches lives but also drives economic growth and community wellbeing. Together, we will ensure that Birmingham’s cultural sector flourishes for generations to come.”

    Erica Love, Chief Executive Office of Culture Central said “We know the power Culture has on people and places and we believe in the power of working collectively. Culture Central are excited to be supporting Birmingham’s Cultural Compact and the collaborative approach to the Cultural strategy. It’s great to see the importance of Culture recognised and the vital role it plays in the City.  We look forward to working with the Compact to advocate for, develop and celebrate the vibrant and varied cultural ecology of Birmingham.”

    One of the first actions for the Birmingham Cultural Compact is to lead and oversee development of Birmingham’s new Cultural Strategy 2025 – 2035. Creative Concern, a creative and strategy agency that works on local and regional projects across the UK has been commissioned to deliver the new ten-year arts and culture strategy for Birmingham, supported by its partner consultancy Hatch. Their work will build  on the previous extensive consultation that resulted in the city’s Cultural Statement of Intent but also build on the considerable cultural successes that Birmingham has demonstrated to date. The outcome of the project will be an action-orientated framework strategy that supports culture and the arts across Birmingham for the next ten years.

    Founder and Director of Creative Concern, Steve Connor, said: “Culture is the lifeblood of any city and never was that more the case than for Birmingham. We’re delighted to be working collaboratively with a range of partners from across the city to develop this new strategy, which will re-affirm the importance of culture and the transformative role it can play in delivering civic pride, greater prosperity, wellbeing and of course, joy, happiness and entertainment.” 

    Tim Fanning, Director at Hatch, said: “Culture makes life worthwhile, and we at Hatch spend a lot of time helping institutions and places make the case for it. We are very happy to be supporting partners in Birmingham to ensure that its cultural strategy is built on firm socio-economic evidence.” 

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI Russia: Interest of foreign citizens in studying at HSE is growing: results of 2024/25 admissions and the start of a new campaign

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The steady growth of interest in studying at HSE, especially among applicants from the CIS and Asia, speaks to the high quality of Russian education. This year, as part of a separate competition for foreign citizens, 2,267 students were enrolled in all HSE campuses for the 2024/25 academic year, which is 14% more than last year.

    November 1st starts Admission campaign for foreign citizens planning to enter in 2025. The results of the 2024/25 admissions campaign for foreign applicants were previously announced.

    HSE Vice-Rector Victoria Panova commented on the growing demand for Russian higher education, emphasizing the campaign’s success: “There are a number of factors that explain the interest in studying at HSE. Applicants and their parents are attracted by the opportunity to receive a high-quality, world-class education in various fields of study. HSE occupies leading positions in national and international rankings. Our graduates are in demand in most sectors of the labor market and can count on a very high level of salary already at the start of their careers, which is proven, among other things, by first place in the ranking of universities with the best reputation among employers by Forbes Education“.

    Having received a diploma from the National Research University Higher School of Economics, a graduate receives a ticket to a world of great opportunities and a wide range of modern, well-paid professions.

    Total number of applicants

    The number of applications for undergraduate and graduate programs has also increased this year: 33.3% more applications for undergraduate programs and almost twice as many for graduate programs. At the same time, the ratio of the number of enrolled students to the number of applications has decreased, which indicates that the requirements for international applicants have increased. Among the first-year undergraduate students of 2024/25, as in the previous year, the majority are from Kazakhstan, Kyrgyzstan, China and Turkmenistan. The number of students from Moldova, Vietnam and Armenia has increased. In the graduate program, there has been a noticeable increase in the number of enrolled citizens of Pakistan, Nigeria, Ghana, Afghanistan and Bangladesh, while the number of applicants from Kazakhstan, Uzbekistan, India and Kyrgyzstan has decreased.

    What areas do foreign applicants choose?

    Among the most popular areas for international undergraduate students are still “Design”, “Business Management” And “Economy”. Master’s programs are in demand “Data Analytics for Business and Economics”, “International Relations: European and Asian Studies” And “Finance”.

    Alexander Deev, Director of Talent Abroad, notes: “The 2024/25 admissions campaign was a success, and this was made possible by the coordinated work of all HSE campuses. We are proud that HSE attracts truly talented applicants not only from Russia, but also from around the world. Thanks to the unified admissions system, international applicants do not need to take exams at each individual campus, or travel or fly in, which makes the process more convenient and creates equal opportunities for everyone.”

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

    MIL OSI Russia News –

    January 25, 2025

  • MIL-OSI Canada: An additional $22.2 million to support farm businesses affected by weather hazards in 2023

    Source: Government of Canada News (2)

    News release

    The Government of Canada and the Government of Quebec are launching the Canada-Quebec Initiative to Help Mitigate the Impacts of Excess Rainfall in Quebec in 2023 (known as AgriRecovery).

    Canada-Quebec Initiative to Help Mitigate the Impacts of Excess Rainfall in Quebec in 2023

    October 31, 2024 – Quebec City, Quebec – Agriculture and Agri-Food Canada

    The Government of Canada and the Government of Quebec are launching the Canada-Quebec Initiative to Help Mitigate the Impacts of Excess Rainfall in Quebec in 2023 (known as AgriRecovery). The Canada-Quebec Initiative will provide $22,2 million in addition to the sums already allocated by existing programs. The financial support will partially offset the extraordinary costs incurred by vegetable, potato, strawberry and raspberry growers affected by the exceptionally adverse weather conditions of summer 2023.

    André Lamontagne, Minister of Agriculture, Fisheries and Food and Minister responsible for the Centre-du-Québec Region, and the Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, made the announcement today.

    Here are the key points for companies affected by the Initiative:

    • The registration form will be available in December 2024 in the producer’s online account at La Financière agricole du Québec (FADQ).
    • The registration period will run from December 2024 to February 2025.
    • The registration will be online only, and no paper forms will be made available.
    • If necessary, a FADQ staff member will contact the company to obtain information or request additional supporting documents.
    • To demonstrate that they have incurred costs beyond their capacity, companies will have to provide financial data covering the 2022 and 2023 growing seasons if they have not already done so. They will also have to meet the Initiative’s criteria, in particular having incurred a given level of expenditure for the categories eligible for the Initiative.

    In the meantime, companies are asked to create or update their FADQ online account. If they need assistance in this regard, they are asked to contact their service centre.

    To speed up the processing of applications, if they have not already done so, companies participating in AgriStability are encouraged to submit their financial data for the 2023 participation year to the FADQ as soon as possible. For companies not participating in AgriStability, it will be possible to register by filing audited tax documents, such as the T2042 form.

    Full participation details will be available shortly on the FADQ website.

    Quotes

    “Our farmers work so hard every single day, often in the face of different challenges, including unpredictable weather. Our government will always be there to support them and help them build resilience, so they can continue to produce the top-quality products they have become known for.”

    – The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food

    “For our government, it was essential to come to the aid of agricultural businesses to respond to the consequences of exceptional weather, which were disastrous for many of them. I would like to take this opportunity to reaffirm our commitment to supporting farms in their efforts to improve their resilience to the impacts of climate change, for a strong, agile and competitive sector.”

    – André Lamontagne, Minister of Agriculture, Fisheries and Food and Minister responsible for the Centre-du-Québec Region

    Quick facts

    • Summer 2023 was characterized by abundant and frequent rainfall in the regions of Montérégie, Capitale-Nationale, Laurentides, Montréal-Laval-Lanaudière, Chaudière-Appalaches, Mauricie, Estrie, Centre-du-Québec, Saguenay–Lac-Saint-Jean, Outaouais, Bas-Saint-Laurent, Gaspésie–Îles-de-la-Madeleine and Côte-Nord.

    • Production losses, combined with the extraordinary costs due to the situation, have had an impact on the liquidity and financial capacity of Quebec horticultural companies.

    • The Initiative, which will be administered by the FADQ, stems from the AgriRecovery disaster relief framework under the Sustainable Canadian Agricultural Partnership Multilateral Framework Agreement.

    • AgriRecovery is a federal-provincial/territorial disaster relief framework. It is more precisely designed to help agricultural producers meet the extraordinary costs of recovering from natural disasters. AgriRecovery initiatives are cost-shared by the federal government and the provinces and territories concerned on a 60%-40% basis, as set out by the Sustainable Canadian Agricultural Partnership (Sustainable CAP).

    • In addition to risk management programs, the Initiative completes a series of measures put in place by the FADQ and the Ministère de l’Agriculture, des Pêcheries et de l’Alimentation (MAPAQ) to support horticultural producers following the excess rainfall in 2023, for example:

      • Introduction of the Mesure complémentaire pour certaines productions horticoles affectées lors de la saison de culture 2023 (Complementary assistance measure for certain horticultural crops affected during the 2023 growing season). This measure offers assistance, which is complementary to the Agri-Québec Plus assistance, which allows the company to record at most $200,000 in net profit, depending on the number of shareholders or the equivalent established by the FADQ;
      • $30 million increase in the Working Capital component of the Sustainable Growth Investment Program, for a total of $55 million;
      • Grant of $50,000 in financial assistance to the Association des producteurs maraîchers du Québec to conduct a study explaining the low rate of enrollment in crop insurance;
      • Payment of indemnities in advance at the request of producers;
      • Extension of warehouse loss coverage for some crops;
      • Extensions of sowing deadlines for market garden crops;

    • Cancellation of the account-to-account policy for companies that request it.

    • Financial assistance could reach up to $904 per hectare for vegetable crops and potatoes, and up to $3,613 per hectare for strawberries and raspberries.

    • This announcement is the result of discussions and exchanges between various stakeholders involved.

    • Agricultural associations and the MAPAQ continue their collaboration to adapt the sector to climate change.

    Associated links

    Contacts

    For media:

    Annie Cullinan
    Director of Communications
    Office of the Minister of Agriculture and Agri-Food
    annie.cullinan@agr.gc.ca

    Media Relations
    Agriculture and Agri-Food Canada
    Ottawa, Ontario
    613-773-7972
    1-866-345-7972
    aafc.mediarelations-relationsmedias.aac@agr.gc.ca
    Follow us on Twitter, Facebook, Instagram, and LinkedIn
    Web: Agriculture and Agri-Food Canada

    Makena Mahoney
    Minister’s Office
    Makena.Mahoney@ontario.ca

    Meaghan Evans
    Communications Branch
    OMAFRA.media@ontario.ca
    519-826-3145

    MIL OSI Canada News –

    January 25, 2025

  • MIL-OSI Security: NATO Secretary General to visit Germany

    Source: NATO

    On Monday, 4 November 2024, Secretary General Mark Rutte will travel to Berlin, Germany.

    The Secretary General will meet the President, Mr Frank-Walter Steinmeier, the Chancellor, Mr Olaf Scholz, the Minister of Defence, Mr Boris Pistorius, the Minister of Finance, Mr Christian Lindner, and other senior officials.

    Media advisory

    15:50 (CET)  Joint press conference by the Secretary General and the Chancellor of Germany

    Media coverage

    The press conference will be streamed live on the NATO website.

    A transcript of the Secretary General’s remarks, as well as photographs, will be on the NATO website. Video can be downloaded from the NATO Multimedia Portal after the event.

    For more information:
    General queries: contact the NATO Press Office
    Follow us on X: @NATO, @SecGenNATO and @NATOPress

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI: Baron Capital Enterprise, Inc. (OTC: BCAP) Announces Successful Reinstatement with the State of Florida and Outlines Strategic Path to Regulatory Compliance and Market Expansion

    Source: GlobeNewswire (MIL-OSI)

    Miami, FL, Oct. 31, 2024 (GLOBE NEWSWIRE) — Baron Capital Enterprise, Inc. (OTC: BCAP) is pleased to announce its successful reinstatement with the State of Florida Secretary of State, effective October 30, 2024. This significant milestone underscores the company’s commitment to regulatory compliance and sets the foundation for a new era of growth and development.

    Strategic Compliance Initiatives

    Under the leadership of Jake P. Noch, Chief Executive Officer and Chairman of the Board, Baron Capital Enterprise, Inc. is undertaking several key initiatives to enhance its corporate governance and regulatory standing:

    •       Updating Articles of Incorporation: The company will proceed to update its Articles of Incorporation to reflect its renewed strategic direction and operational focus.

    •       Financial Statement Preparation: Baron Capital is committed to preparing and filing comprehensive financial statements covering the period from 2017 to the present. This effort is crucial for regaining compliance with disclosure requirements and ensuring transparency for shareholders and regulatory bodies.

    •       Regaining Disclosure Compliance: By addressing past filing deficiencies, the company aims to restore its compliance with all regulatory disclosure obligations, reinforcing its reputation as a trustworthy publicly traded entity.

    •       Engaging a Market Maker: The company plans to engage a leading market maker to assist in filing a new Form 211 with the Financial Industry Regulatory Authority (FINRA). This action is intended to restore proprietary quote eligibility, enhancing market confidence and facilitating efficient trading of the company’s shares.

    Rebranding and Expansion Strategy

    In alignment with its forward-looking strategy, Baron Capital Enterprise, Inc. plans to rename and rebrand itself as Sunset Trading Group LTD. This rebranding initiative reflects the company’s commitment to innovation and its focus on emerging opportunities in the financial services sector.

    As part of its expansion plans, the company intends to establish or acquire a non-U.S. subsidiary that will seek registration as an offshore broker-dealer. This subsidiary will specialize in ultra-high-frequency proprietary trading, leveraging advanced trading algorithms and strategies to capitalize on market inefficiencies and drive profitability.

    Commitment to Shareholders

    Baron Capital Enterprise, Inc. extends its sincere gratitude to its shareholders for their patience and unwavering support during this transitional period. The company is dedicated to maintaining open and transparent communication as it progresses through each phase of its strategic plan. Under Mr. Noch’s leadership, Baron Capital is poised to re-emerge as a dynamic and influential player in the financial markets, with a focus on sustainable, long-term growth.

    About Baron Capital Enterprise, Inc. (OTC: BCAP)

    https://www.sunsettg.com

    Baron Capital Enterprise, Inc. (OTC: BCAP) is a publicly traded portfolio company of Jake P. Noch Family Office, LLC., a St. Kitts & Nevis-based single family office. The company is currently undergoing a comprehensive restoration and restructuring process under the leadership of Jake P. Noch. Baron Capital is focused on exploring new business opportunities in the financial services sector, including the establishment of an offshore Broker-Dealer subsidiary to engage in ultra-high-frequency proprietary trading. As part of its transformation, the company plans to rename and rebrand itself as Sunset Trading Group LTD.

    About Jake P. Noch Family Office, LLC

    https://www.jakepnoch.com/

    Jake P. Noch Family Office, LLC is a single-family office with no outside clients, dedicated to strategically investing in Qualified Small Business Stock (QSBS) and fostering the growth of emerging companies. Our firm specializes in guiding these ventures towards successful exits through public market mergers, leveraging our expertise and resources to maximize their potential. At Jake P. Noch Family Office, LLC, we are more than just investors—we are partners committed to the long-term success of the companies we support. Through continuous financial backing facilitated by court-approved 3(a)(10) mechanisms, we provide ongoing support to ensure sustained growth and prosperity, driving value creation and innovation in the businesses we invest in.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Jake P. Noch Family Office, LLC., BARON CAPITAL ENTERPRISE, INC. to accomplish their stated plan of business. Jake P. Noch Family Office, LLC., BARON CAPITAL ENTERPRISE, INC. believe that the assumptions underlying the forward-looking statements contained herein are reasonable; however, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Jake P. Noch Family Office, LLC., BARON CAPITAL ENTERPRISE, INC., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

    Contact

    investors@ProMusicRights.com

    Twitter: https://twitter.com/JPNFamilyOffice

    Twitter: https://x.com/Sunset_TG

    SOURCE: BARON CAPITAL ENTERPRISE, INC.

    The MIL Network –

    January 25, 2025

  • MIL-OSI Security: McKeesport Felon Charged for Possession of Firearm and Ammunition

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    PITTSBURGH, Pa. – A resident of McKeesport, Pennsylvania, has been indicted by a federal grand jury in Pittsburgh on a charge of possession of a firearm and ammunition by a convicted felon, United States Attorney Eric G. Olshan announced today.

    The one-count Indictment named Richard L. Edwards Jr., 49, as the sole defendant. Edwards was arrested on August 9, 2024, by the City of McKeesport Police Department related to this charge.

    According to the Indictment, on or about August 9, 2024, Edwards, who was previously convicted of a felony, was found to be in possession of a Ruger Security-9 semi-automatic pistol, a Smith and Wesson SD40 VE semi-automatic pistol, a Smith and Wesson .357 Magnum revolver, and one Winchester 1300 20-gauge shotgun, as well as 20-gauge ammunition, .357 Magnum ammunition, 38 Special ammunition, and 40 caliber ammunition. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

    The law provides for a maximum total sentence of up to 15 years in prison, a fine of up to $250,000 or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history of the defendant.

    Assistant United States Attorney Rebecca L. Silinski is prosecuting this case on behalf of the government.

    Westmoreland County Adult Probation, the City of McKeesport Police Department, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives conducted the investigation leading to the Indictment.

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

    An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.
     

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI: UK-Based HealthTech Startup Definition Health Raises £5.75 million in Pre-Seed Funding to Streamline Surgical Care with Advanced Predictive AI Technology

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) — Definition Health, a UK-based, clinician-led HealthTech innovator, has secured £5.75 million ($7.5 million USD) in pre-seed funding for surgical care with cutting-edge predictive AI. This funding will further fuel the enhancement of its platform, designed to seamlessly integrate into healthcare systems, transforming surgical workflows. By delivering personalized, data-driven care, Definition Health’s platform improves surgical efficiency, reduces complications, and optimizes outcomes for patients, hospitals, and insurers—positioning the company as the leader in value-based care.

    “Medicine does not stand still, nor should it. In my opinion, Definition Health is quite literally a glimpse into the future,” says Dr. David Redfern, CEO of David Redfern Surgery, Orthopedic Surgeon, and Definition Health Angel Investor. “Not only do Definition Health systems already improve patient safety in the hospital environment but they offer perhaps one of the Holy Grails of medicine – The opportunity to tailor treatments to specific patient attributes. To link a whole host of parameters to outcomes and understand how to improve those outcomes.”

    Co-founded by Dr. Sandeep Chauhan, an internationally renowned practicing orthopedic surgeon with over two decades of clinical experience, and Dr. Rosie Scott, an NHS Clinical Entrepreneur and celebrated radiologist, Definition Health was born from a vision to modernize surgical care by addressing the inefficiencies that burden both clinicians and patients. “We saw firsthand how fragmented the surgical care process was, leading to delays, cancellations, and complications,” said Dr. Chauhan. “Our platform streamlines the entire surgical journey, surfacing actionable patient data to clinicians, enabling them to intervene earlier and make more informed decisions, resulting in better outcomes for patients.”

    U.S. hospitals face increasing pressure to maximize revenue from elective surgeries, a critical income stream that accounts for 48% of hospital gross revenue. With 40% of U.S. hospitals operating at a loss, current solutions are failing to address both financial and clinical inefficiencies. Definition Health combats this by drawing on proprietary data from over 400,000 surgeries to build predictive models that optimize care and mitigate surgical risk. With U.S. healthcare under pressure from staffing shortages, rising costs, and growing surgical demands, Definition Health’s platform integrates predictive analytics and machine learning into clinical workflows to optimize pre-op planning, reduce complications, and accelerate recovery.

    Their platform has already saved the NHS the equivalent of $2.6 million per 40,000 patients by reducing surgical cancellations, and Definition Health is eager to replicate this success in the U.S., where outpatient surgeries are growing exponentially. As a participant in the UK-Florida Life Sciences Trade Corridor, the company is well-positioned to connect with key players in Florida’s healthcare market, including leading hospitals and healthcare systems, making it an ideal partner for U.S. institutions looking to improve efficiency and patient outcomes.

    “As a former NHS Hospital CEO with over two decades of experience, I immediately recognised the transformative potential of Definition Health. Sandeep and Rosie’s vision for revolutionizing end-to-end surgical pathways is not just innovative – it’s essential for the future of healthcare. Their solution is a game-changer, offering tangible benefits for both patients and front-line staff. The evaluation results are not just impressive; they’re indicative of a significant leap forward in healthcare delivery. I am truly excited to see the contribution Definition Health will make to healthcare, not only in the UK and US but on a global scale. This is the kind of innovation that investors and healthcare systems should be paying close attention to.” – Dame Jackie Daniel, former CEO of NHS Newcastle Hospitals, Healthcare Advisor to Definition Health, and Global Luminary for Accenture

    As Definition Health scales, the company is focused on expanding into key U.S. markets, starting with Florida, where the demand for surgical innovation is growing rapidly. With the success of their pre-seed round, Definition Health has opened a Series A funding round to support this growth and foster strategic partnerships in the U.S. By combining AI-powered predictive analytics with seamless clinical integration, Definition Health is transforming surgical care and providing a comprehensive solution to the challenges facing hospitals globally. The company’s success in the NHS, the largest single-payer system in the world, demonstrates its capacity to deliver value-based care at scale.

    About Definition Health
    Definition Health is a clinician-led HealthTech company transforming surgical care through advanced predictive AI technology. By streamlining the entire surgical journey, from pre-op to recovery, its AI-powered platform improves patient outcomes, enhances clinical workflows, and reduces costs for hospitals and insurers. With proven success in the NHS, Definition Health is poised to expand globally, delivering value-based care solutions that address the critical challenges facing modern healthcare systems.

    Contact:
    Sandeep Chauhan, CEO
    hello@definitionhealth.co.uk
    sandeep@lifeboxhealth.com

    Disclaimer: This content is provided by Definition Health. This press release includes forward-looking statements about Definition Health’s future plans and growth, subject to risks and uncertainties that may cause actual outcomes to differ. These statements reflect current expectations and are not guarantees of future performance. Definition Health assumes no obligation to update these statements. This release is for informational purposes only, not investment advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14572bea-f33e-4cbe-b409-d58b9e129005

    The MIL Network –

    January 25, 2025

  • MIL-OSI USA: Crapo, Smith Statement on Biden Administration’s Taiwan Double-Tax Relief Announcement

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Published: October 30, 2024

    Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. House Ways and Means Committee Chair Jason Smith (R-Missouri) issued the following statement on the Biden Administration’s Taiwan double-tax relief announcement:
    “Last year, our committees worked closely together and consulted with the Administration to carefully craft a legislative package providing both expedited double-tax relief through the tax code and paving the way for future agreements on additional double-tax relief.  This legislation—which passed unanimously through the Ways and Means Committee, and the expedited double tax relief provisions of which passed unanimously through the Senate Finance Committee—remains the best path forward to address double taxation between the U.S. and Taiwan.  Unfortunately, the timing of the Biden-Harris Administration’s announcement appears to be driven more by politics than an effort to provide expedited tax relief.  Pursuing an approach that does not harmonize with the Congressionally-endorsed framework could jeopardize delivering that relief, impeding the shared goal of facilitating broader investment between the U.S. and Taiwan to promote our collective prosperity, national security, and economic resilience.”

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI Canada: Man sentenced for sexual assault and immigration and citizenship fraud following joint CBSA and Ottawa Police Service investigations

    Source: Government of Canada News (2)

    News release

    The Canada Border Services Agency and the Ottawa Police Service today announced the sentencing of Kwene Tombwe following joint investigations into immigration and citizenship fraud as well as sexual assault.

    October 31, 2024
    Ottawa, Ontario

    The Canada Border Services Agency (CBSA) and the Ottawa Police Service (OPS) today announced the sentencing of Kwene Tombwe following joint investigations into immigration and citizenship fraud as well as sexual assault.

    On October 15, 2024, in Ottawa, Ontario, Mr. Tombwe pleaded guilty to:

    • three counts of sexual assault
    • one count of sexual interference involving a minor
    • one count of making a false statement in relation to a passport
    • two counts of misrepresentation under the Immigration and Refugee Protection Act
    • one count of misrepresentation under the Citizenship Act

    As a result, Mr. Tombwe was sentenced to six years incarceration for the sexual assaults, and one year for each of the four other charges, to be served concurrently. He was also ordered to pay $26,500 restitution to his victims, and to have his DNA collected for inclusion on the sex offender registry.

    The sentencing decision is the result of investigations which began in 2016 and spanned several international borders.

    In 2017, Mr. Tombwe absconded from Canada when he became aware that the CBSA was investigating the authenticity of refugee claims made by the people he had been exploiting and abusing. When he returned to Canada to seek medical attention in 2023, he was met and arrested by the CBSA and returned to Ottawa to face criminal proceedings. 

    Quotes

    “Everyone in Canada deserves to be safe and be treated with dignity. I want to thank the Canada Border Services Agency for their years of hard work in protecting vulnerable persons and bringing those who knowingly infringe Canada’s laws and immigration system to justice. The sentencing outcome reflects the thoroughness of the investigations and is a testament to the partnerships that have been fostered within the law enforcement community.” 

    – The Honourable Dominic LeBlanc, Minister of Public Safety, Democratic Institutions and Intergovernmental Affairs

    “Officers at the CBSA worked diligently with the Ottawa Police Service to investigate and prosecute immigration and citizenship fraud and sexual assaults against vulnerable persons. Together, we ensure that those who break the law are held accountable for their actions.” 

    – Jag Johnston, Regional Director General, CBSA Northern Ontario Region

    “The Ottawa Police Service is committed to working closely with our law enforcement partners to ensure justice is served and the safety of our community is upheld. This sentencing is a direct result of the tireless efforts and collaboration between the OPS and the CBSA, demonstrating our shared commitment to protecting vulnerable individuals and ensuring that those who commit serious crimes are held accountable. We are proud of the joint efforts that have brought justice to the victims of these heinous acts.”

    – Superintendent Heather Lachine, OPS Criminal Investigations Directorate

    Quick facts

    • The Ottawa Police Service Human Trafficking Unit prioritizes the safety, security, and well-being of victims and survivors of Human Trafficking, regardless of whether they choose to participate in the criminal justice system or seek support to exit. We strive to treat everyone with compassion, dignity, and respect, and we aim to minimize re-traumatization by actively connecting victims and survivors with internal and community supports that best meet their needs and wishes.

    • If you or someone you know is trapped in the cycle of Human Trafficking and needs help, please contact the OPS Human Trafficking Unit at 1-800-292-1168. We are here to help.

    • Anyone with information on suspicious cross border activities, including individuals who have entered Canada based on misrepresentation, is encouraged to call the CBSA’s Border Watch Line at 1-888-502-9060

    Contacts

    Canada Border Services Agency

    Media Relations: media@cbsa-asfc.gc.ca / 1-877-761-5945 or 613-957-6500

    Website: www.cbsa-asfc.gc.ca
    X: @CBSANOR
    Facebook: CanBorder
    Instagram: canborder
    YouTube: CanBorder

    Ottawa Police Service

    Media Relations: media.relations@ottawapolice.ca / 613-236-1222 ext. 5366

    Website: www.ottawapolice.ca
    X: @OttawaPolice
    Facebook: OttawaPoliceService
    Instagram: ottawapolice
    YouTube: OttawaPoliceService

    MIL OSI Canada News –

    January 25, 2025

  • MIL-OSI USA: COVID Select Refers Former New York Governor Andrew Cuomo for Criminal Prosecution

    Source: United States House of Representatives – Congressman Brad Wenstrup (OH-02)

    Select Subcommittee on the Coronavirus Pandemic Chairman Brad Wenstrup (R-Ohio) sent a criminal referral to the Department of Justice (DOJ) recommending former New York Governor Andrew M. Cuomo be charged with making false statements to Congress. In an apparent effort to shield himself from accountability, evidence suggests Mr. Cuomo knowingly and willfully made false statements to the Select Subcommittee on numerous occasions about material aspects of New York’s COVID-19 nursing home disaster and the ensuing cover-up.

    Overwhelming evidence uncovered by the Select Subcommittee proves that Mr. Cuomo reviewed, edited, and even drafted portions of a purportedly independent and peer-reviewed New York State Department of Health (NYSDOH) Report that was used to combat criticism of his Administration’s pandemic-era nursing home policies. This Report low-balled nursing home fatalities and blamed nursing home staff for causing excess COVID-19 deaths. During Mr. Cuomo’s transcribed interview in June, he testified (1) he was not involved in the review or drafting of this Report, (2) he did not have any discussions about a peer-review of the Report, and (3) he did not have any knowledge of individuals outside the NYSDOH reviewing the Report. Each of these statements are demonstrably false. The Select Subcommittee recommends the DOJ review the evidence laid out in the criminal referral and immediately evaluate criminal charges against Mr. Cuomo.

    “Andrew Cuomo repeatedly lied to Congress, and he must be held accountable to the fullest extent of the law. Both witness testimony and new documents serve as evidence that the former Governor made false statements to the Select Subcommittee during our COVID-19 nursing home investigation. This deliberate and self-serving attempt to avoid accountability for the thousands of lives lost in New York nursing homes during the pandemic will not stand. If his prior criminal activity is any reflection, Andrew Cuomo is not a man of principle, and his willingness to lie to the Select Subcommittee is unfortunately a continuance of this behavior. Plain and simple, making false statements to Congress is a federal crime. We look forward to cooperating fully with the Justice Department’s investigation into Andrew Cuomo’s wrongdoings,” said Chairman Wenstrup.

    Read the full criminal referral here and an additional supporting transcript here.

    Review former New York Governor Andrew Cuomo’s transcribed interview transcript here.

    Relevant Nursing Home Investigation Timeline:

    • March 25, 2020: The Cuomo Administration recklessly directed New York nursing homes and long-term care facilities to admit COVID-positive and potentially COVID-positive patients. As a result, New York’s most vulnerable population was recklessly exposed to COVID-19.
    • July 6, 2020: The NYSDOH released a Report alleging nursing home staff — not the March 25 Directive — caused excess COVID-19 deaths in nursing homes. According to witness testimony and new documents revealed in the Select Subcommittee’s referral, Mr. Cuomo personally drafted and edited portions of this purportedly independent and peer-reviewed report.
    • January 28, 2021: New York State Attorney General Letitia James released an investigative report claiming, in part, that Mr. Cuomo and his team undercounted the total number of nursing home deaths by as much as 50 percent.
    • May 19, 2023: The Select Subcommittee began its investigation into New York’s pandemic response and the disastrous March 25 Directive.
    • As a part of this investigation, the Select Subcommittee conducted transcribed interviews with notable former New York State officials, such as Dr. Howard Zucker, Dr. Eleanor Adams, Dr. James Malatras, Mr. Gareth Rhodes, Ms. Linda Lacewell, Ms. Elizabeth Garvey, and Ms. Melissa DeRosa.
    • December 1, 2023: The Select Subcommittee requested Mr. Cuomo appear for a transcribed interview.
    • December 22, 2023 – March 5, 2024: The Select Subcommittee engaged in the negotiation and accommodation process with Mr. Cuomo and his legal team in an effort to secure his testimony.
    • March 5, 2024: After months of unjustified and unreasonable delays, the Select Subcommittee was forced to announce a subpoena for Mr. Cuomo’s testimony.
    • June 11, 2024: Mr. Cuomo appeared for a transcribed interview. During this interview, he testified that he was not involved in drafting the NYSDOH’s July 6 Report and that he did not review the Report prior to its public release. New evidence demonstrates these statements to be false.
    • September 9, 2024: The Select Subcommittee released a nearly 50-page memo presenting evidence that Mr. Cuomo and his team were involved in the decision to issue New York’s disastrous March 25 Directive, and then, acted repeatedly to downplay the tragic aftermath of their decision.
    • September 9, 2024: Mr. Cuomo’s attorney expressed her objections regarding the above-mentioned memo. In an effort to address those objections, the Select Subcommittee sent a series of additional questions to a former witness concerning his recent communication with Mr. Cuomo. (See September 25, 2024 for further information)
    • September 10, 2024: Mr. Cuomo appeared for a hearing, at which he was held publicly accountable for his role in New York’s pandemic-era failures.
    • September 10, 2024: The Select Subcommittee announced a subpoena for current New York Governor Kathy Hochul. Her administration has continued to withhold documents related to the Cuomo Administration’s nursing home disaster.
    • September 25, 2024: The Select Subcommittee released evidence suggesting Mr. Cuomo attempted to inappropriately influence a witness.
    • October 30, 2024: Mr. Cuomo was referred to the Justice Department for making false statements to Congress.

    ###

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Why NASA’s SPHEREx Mission Will Make ‘Most Colorful’ Cosmic Map Ever

    Source: NASA

    The space telescope will detect over 100 colors from hundreds of millions of stars and galaxies. Here’s what astronomers will do with all that color.
    NASA’s SPHEREx mission won’t be the first space telescope to observe hundreds of millions of stars and galaxies when it launches no later than April 2025, but it will be the first to observe them in 102 colors. Although these colors aren’t visible to the human eye because they’re in the infrared range, scientists will use them to learn about topics that range from the physics that governed the universe less than a second after its birth to the origins of water on planets like Earth.
    “We are the first mission to look at the whole sky in so many colors,” said SPHEREx Principal Investigator Jamie Bock, who is based jointly at NASA’s Jet Propulsion Laboratory and Caltech, both in Southern California. “Whenever astronomers look at the sky in a new way, we can expect discoveries.”
    Short for Spectro-Photometer for the History of the Universe, Epoch of Reionization and Ices Explorer, SPHEREx will collect infrared light, which has wavelengths slightly longer than what the human eye can detect. The telescope will use a technique called spectroscopy to take the light from hundreds of millions of stars and galaxies and separate it into individual colors, the way a prism transforms sunlight into a rainbow. This color breakdown can reveal various properties of an object, including its composition and its distance from Earth.

    [embedded content]
    NASA’s SPHEREx mission will use spectroscopy — the splitting of light into its component wavelengths — to study the universe. Watch this video to learn more about spectroscopy. NASA’s Goddard Space Flight Center

    Here are the three key science investigations SPHEREx will conduct with its colorful all-sky map.
    Cosmic Origins
    What human eyes perceive as colors are distinct wavelengths of light. The only difference between colors is the distance between the crests of the light wave. If a star or galaxy is moving, its light waves get stretched or compressed, changing the colors they appear to emit. (It’s the same with sound waves, which is why the pitch of an ambulance siren seems to go up as its approaches and lowers after it passes.) Astronomers can measure the degree to which light is stretched or compressed and use that to infer the distance to the object.
    SPHEREx will apply this principle to map the position of hundreds of millions of galaxies in 3D. By doing so, scientists can study the physics of inflation, the event that caused the universe to expand by a trillion-trillion fold in less than a second after the big bang. This rapid expansion amplified small differences in the distribution of matter. Because these differences remain imprinted on the distribution of galaxies today, measuring how galaxies are distributed can tell scientists more about how inflation worked.
    Galactic Origins
    SPHEREx will also measure the collective glow created by all galaxies near and far — in other words, the total amount of light emitted by galaxies over cosmic history. Scientists have tried to estimate this total light output by observing individual galaxies and extrapolating to the trillions of galaxies in the universe. But these counts may leave out some faint or hidden light sources, such as galaxies too small or too distant for telescopes to easily detect.
    With spectroscopy, SPHEREx can also show astronomers how the total light output has changed over time. For example, it may reveal that the universe’s earliest generations of galaxies produced more light than previously thought, either because they were more plentiful or bigger and brighter than current estimates suggest. Because light takes time to travel through space, we see distant objects as they were in the past. And, as light travels, the universe’s expansion stretches it, changing its wavelength and its color. Scientists can therefore use SPHEREx data to determine how far light has traveled and where in the universe’s history it was released.
    Water’s Origins
    SPHEREx will measure the abundance of frozen water, carbon dioxide, and other essential ingredients for life as we know it along more than 9 million unique directions across the Milky Way galaxy. This information will help scientists better understand how available these key molecules are to forming planets. Research indicates that most of the water in our galaxy is in the form of ice rather than gas, frozen to the surface of small dust grains. In dense clouds where stars form, these icy dust grains can become part of newly forming planets, with the potential to create oceans like the ones on Earth.
    The mission’s colorful view will enable scientists to identify these materials, because chemical elements and molecules leave a unique signature in the colors they absorb and emit.
    Big Picture
    Many space telescopes, including NASA’s Hubble and James Webb, can provide high-resolution, in-depth spectroscopy of individual objects or small sections of space. Other space telescopes, like NASA’s retired Wide-field Infrared Survey Explorer (WISE), were designed to take images of the whole sky. SPHEREx combines these abilities to apply spectroscopy to the entire sky.
    By combining observations from telescopes that target specific parts of the sky with SPHEREx’s big-picture view, scientists will get a more complete — and more colorful — perspective of the universe.
    More About SPHEREx
    SPHEREx is managed by JPL for NASA’s Astrophysics Division within the Science Mission Directorate in Washington. BAE Systems (formerly Ball Aerospace) built the telescope and the spacecraft bus. The science analysis of the SPHEREx data will be conducted by a team of scientists located at 10 institutions across the U.S. and in South Korea. Data will be processed and archived at IPAC at Caltech, which manages JPL for NASA. The mission principal investigator is based at Caltech with a joint JPL appointment. The SPHEREx dataset will be publicly available.
    For more information about the SPHEREx mission visit:
    https://www.jpl.nasa.gov/missions/spherex/
    News Media Contact
    Calla CofieldJet Propulsion Laboratory, Pasadena, Calif.626-808-2469calla.e.cofield@jpl.nasa.gov
    2024-152

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: SCHUMER: THIS IS IT! AFTER YEARS OF ADVOCACY, ALBANY NANOTECH SELECTED AS AMERICA’S FIRST NATIONAL SEMICONDUCTOR TECHNOLOGY CENTER – CREATED BY HIS CHIPS & SCIENCE LAW

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Schumer Lands A Whopping $825 Million Initial Federal Investment And Establishes Albany NanoTech As Fed Headquarters For Semiconductor Research; A Once In A Generation Recognition Making The Capital Region A Chip R&D Center For The Entire World

    Schumer Created NSTC Program — With Albany As His North Star — And Worked Relentlessly To Secure This Prestigious Investment, Bringing Good-Paying Jobs, New Companies, And Innovation With Most Advanced Machinery In World To Upstate NY

    Schumer: A Historic Moment. Uncle Sam Just Picked Upstate NY & The Capital Region As THE Place To Develop The Future Of America’s Chip Industry

    After years of relentless advocacy, U.S. Senate Majority Leader Chuck Schumer today announced Albany NanoTech has been selected as America’s first location for the National Semiconductor Technology Center (NSTC) supported by an up to $825 million federal investment from Schumer’s bipartisan CHIPS & Science Law.

    The NSTC is a critical part of Schumer’s and the Biden-Harris Administration’s mission of re-establishing America’s leadership in the semiconductor industry and will bring together industry leaders, researchers from the nation’s top universities, innovators, and entrepreneurs to help give them access to the most advanced chip making machinery in the world and drive the next frontier of innovation.

    “This is the dawn of a new day for Upstate NY and a turning point in U.S. leadership in semiconductor research. I am proud to announce America’s first major National Semiconductor Technology Center facility will be right here in Albany. This will help ensure advancements in semiconductors that will shape the next century are stamped ‘Made in America’ and not developed and made in places like China,” said Senator Schumer. “Today, Uncle Sam is saying that Albany NanoTech is THE place for developing the next frontier of America’s technological future. I wrote the NSTC in my CHIPS & Science Law with Albany NanoTech as my inspiration, and now that dream is becoming a reality. Today we help usher in America’s next era of chip research and manufacturing, with Upstate NY leading the way.”

    The Department of Commerce and Natcast, the operator of the NSTC, will invest an initial up to $825 million to further build out equipment at Albany NanoTech, to conduct cutting-edge extreme ultraviolet (EUV) research and development (R&D), and to establish an NSTC presence with offices and support services in Albany. Today’s announcement not only makes Albany NanoTech the CHIPS for America R&D flagship facility but also the headquarters for national EUV research as the country’s NSTC EUV Accelerator. EUV technology is essential to the semiconductor industry and some of the most advanced machinery in the world, in which light is used to print patterns and make chips on wafers. EUV lithography is what has allowed the breakthroughs to make this technology nanoscopic and allows for the chips that power everything from smartphones, computers, and vehicles to artificial intelligence. Albany NanoTech will soon be one of the only two public facilities in the world with the most advanced EUV technology, a High NA Extreme Ultraviolet Lithography tool, and will be the only publicly-owned High NA EUV Center in North America.

    Schumer continued, “The NSTC is a historic and new effort by the federal government to fuel the quest to make breakthroughs in chips that engineers today cannot even fathom, just as Albany NanoTech had produced before, including most recently with the development of the world’s first 2 nanometer chip. This $825 million initial federal investment will further equip Albany NanoTech and fund EUV research projects that are central to the global chip industry, ensuring the U.S. leads the world in semiconductor innovation and manufacturing, with the Capital Region and Upstate NY central to that effort.”

    Schumer explained that the state-of-the-art new EUV facility at Albany NanoTech and today’s designation and federal investment will help the United States establish dominance in advanced semiconductor research and development. The NSTC EUV Accelerator will help address gaps in American knowledge about semiconductors and provide information to stakeholders including universities, small businesses and entrepreneurs, large manufacturers, and government agencies by providing NSTC members with access to EUV technology to facilitate research and commercialization.

    The NSTC EUV Accelerator at Albany NanoTech will be a place for leaders in the semiconductor industry to conduct research and collaborate, including bringing industry leaders like Micron, IBM, GlobalFoundries, Applied Materials, Tokyo Electron, ASML, and more to the table to partner on next-generation R&D. Being designated the EUV accelerator will also open up opportunities for Albany NanoTech and Upstate NY to attract further federal investment and help attract more companies from around the world to Albany to conduct research, all with the potential of creating more good-paying jobs and making Upstate NY a global leader in semiconductors. The U.S. Department of Commerce and Natcast intend for the NSTC EUV Center at Albany NanoTech to be operational by 2025. 

    Schumer added, “Having the federal headquarters for EUV research that is critical to the most advanced chip development in the world will benefit every corner of NY. It will supercharge the historic investments and thousands of new, good-paying jobs the chip industry has proposed across the state, spurred by my CHIPS & Science Law. The NSTC will help complete my vision of Upstate NY’s I-90 corridor becoming America’s Semiconductor Superhighway. From our Tech Hub in Western NY and Rochester to Micron’s massive $100+ billion planned investment near Syracuse and Wolfspeed’s investment in the Mohawk Valley, to now the National Semiconductor Technology Center here in Albany.”

    The NSTC, first authorized by Schumer in 2020 and then funded by the CHIPS & Science Law, which Schumer crafted and led to passage, will bridge the gap between research and industry to bolster semiconductor research and development for the U.S. and its allies. Today, practically none of the most advanced chips – which are critical to national security and growing industries like artificial intelligence – are manufactured in the United States. The research conducted through the NSTC will help ensure the U.S. remains on the cutting-edge globally in chip R&D and bring this manufacturing back to the United States, boosting local economies by creating good-paying jobs and strengthening the country’s national security.

    The EUV Center at Albany NanoTech is the first of three planned major NSTC facilities. The U.S. Department of Commerce has not yet made announcements about the NSTC’s Administrative and Design Facility and Prototyping and NAPMP Advanced Packaging Piloting Facility. Together, these three major hubs will lead the NSTC’s core functions and help fulfill the CHIPS & Science Law’s vision of developing more American-made technology and boosting America as a global semiconductor leader. The new NSTC EUV Center at Albany NanoTech will also open the doors to millions of dollars in additional awards and research opportunities with the federal government, as well as help bring in additional industry partners to leverage the state-of-the-art facilities to develop and manufacture advanced chips.

    Schumer said, “In the past two years, the federal government has made unprecedented investments in Upstate NY because of my CHIPS & Science Law. They listened when I said this community is the most qualified in the nation to bring this industry back from overseas, the most ready to build America’s future, and the NSTC is the crown jewel that will complete this vision as the centerpiece of research in the most cutting-edge chip development.”

    “From day one of my administration, I pledged that New York State would lead the charge to bring back advanced manufacturing and R&D to the U.S., creating good jobs and opportunity in the process,” Governor Hochul said. “Thanks to the winning combination of federal CHIPS funding and New York’s determination and ingenuity, the Albany NanoTech Complex will be home to the CHIPS for America EUV Accelerator, an NSTC Facility, and fuel America’s advanced manufacturing renaissance. I thank the Biden-Harris Administration, the Department of Commerce, Natcast, and our federal delegation for their partnership as we continue to work together to advance U.S. semiconductor leadership, safeguard our national security and create a brighter future for all.”

    “Building up America’s domestic semiconductor industry is critical to create good-paying jobs, protect our supply chains, and strengthen our national security, and I’m proud to see New York leading this effort,” said Senator Gillibrand. “Upstate New York is already a hub for cutting-edge semiconductor manufacturing, research, and development, and the designation of NY CREATES’ Albany NanoTech Complex as the location of the CHIPS for America EUV Accelerator will help us maintain our status as a global leader in such a vital industry. I fought hard to pass the CHIPS and Science Act, and I’m proud to see this historic legislation bring scientific innovation and economic development to the Capital Region.”

    “Today is a monumental moment for our region, for job creation, for cutting-edge research, and for our 21st century precision economy,” Congressman Paul Tonko (NY-20) said. “In the years since Congress passed the CHIPS and Science Act, I have been relentlessly advocating alongside the many stakeholders who call NY CREATES home to leverage the shovel-ready infrastructure and advanced R&D capabilities right here at the Albany NanoTech Complex. Our region has long been poised to take the reins to steer America’s semiconductor revitalization and, thanks to the pioneering work and sound investment of New York leadership, local chip manufacturers, researchers, educational institutions, and other stakeholders, that reality is upon us. I’m thrilled to celebrate this groundbreaking announcement and remain as determined as ever to secure strong federal action that delivers for American workers, consumers, and communities.”

    NY CREATES’ President Dave Anderson said, “With a legacy spanning more than 20 years of technological achievements, NY CREATES and our industry partners have been central to establishing and growing New York’s — and the nation’s — semiconductor R&D ecosystem. This is an historic moment for New York and the semiconductor industry, and we look forward to working closely with Natcast to leverage our resources, capabilities, and know-how to bring this innovative vision to fruition. We are thrilled that the NSTC at NY CREATES will become an even greater beacon of opportunity and collaboration for our partners as we transform today’s ideas into tomorrow’s technologies. Together, we can shape the future and in doing so, bolster America’s economic and national security while cementing our position as a global leader. We are grateful to Governor Hochul, whose unwavering commitment to the industry has positioned NY CREATES to host the NSTC EUV Center, and to Majority Leader Schumer, who not only helped author and lead to passage the CHIPS & Science Act but also made the case for Albany NanoTech’s leadership of the NSTC, all of which makes today’s investment possible.”

    “Nearly 20 years ago, ASML shipped one of the world’s first EUV lithography demo tools to Albany, NY. The important role that New York has played in the industrialization of this critical technology is reflected in today’s announcement that the NSTC EUV Accelerator will be based at the Albany NanoTech Complex. The first chips made using High NA, ASML’s most advanced EUV tool, will power the technology of the future: robotics, artificial intelligence, the internet of things, and beyond. As we work with partners across the industry to push technology to new limits, we applaud Senator Schumer and Governor Hochul’s clear commitment to semiconductor innovation in the U.S.,” said Christophe Fouquet, President and CEO of ASML.

    “GF applauds the decision to base the NSTC EUV Accelerator in Albany, NY. Building on years of R&D, semiconductor leadership and ecosystem partnerships, this center will stimulate innovation and work to develop the talent our industry needs to continue to grow and succeed. Congratulations to NYCREATES and thank you to Senator Schumer and Governor Hochul for their enduring leadership and commitment to strengthening both the U.S. and NY semiconductor industry,” said Dr. Thomas Caulfield, president and CEO of GlobalFoundries.

    “We are thrilled that New York State has been selected as the home of our nation’s first NSTC EUV Center. For over 20 years, IBM and our public-private partners at NY CREATES’s Albany NanoTech Complex have produced many of the technical breakthroughs that have propelled the semiconductor industry forward. Thanks to Sec. Raimondo, Gov. Hochul, Sen. Schumer, and many others, the new Center in Albany will support the United States’ mission to lead global chip innovation,” said Arvind Krishna, Chairman and CEO of IBM.

    “The compelling factors for Micron in choosing New York as home to our megafab are the rich ecosystem in support of research and development, synergistic university partnerships, an exceptional talent pipeline, and strong public support, which fosters an environment to grow semiconductor R&D in the U.S.  Micron is pleased to see that the U.S. Department of Commerce has awarded the NY CREATES Albany NanoTech Center the designation of being named the NSTC’s EUV Accelerator. Thanks to the leadership of Majority Leader Schumer and Governor Hochul, we will be able to scale our memory technology leadership and advance next-generation semiconductor R&D,” said Scott DeBoer, Micron’s Executive Vice President, Chief Technology and Products Officer.

    “The announcement of the National Semiconductor Technology Center here in New York State is a monumental step forward, not only for Wolfspeed but for the entire U.S. semiconductor industry. This Center will become a cornerstone of innovation, helping drive the research, development, and workforce training critical to meeting the world’s surging demand for advanced semiconductor technology. Thanks to Senator Schumer’s visionary leadership, New York State is now positioned at the forefront of this vital industry, advancing our nation’s technological independence and reinforcing its global leadership,” said Gregg Lowe, CEO of Wolfspeed.

    THIS HAS BEEN A YEARS-LONG EFFORT BY SCHUMER TO LAND THE NSTC IN THE CAPITAL REGION

    Schumer has worked for years to highlight Albany NanoTech and the Capital Region’s ability to lead the country’s semiconductor research and development efforts. In December 2020, after Schumer worked with key stakeholders across the semiconductor industry, including key partners at Albany NanoTech like IBM to develop the federal CHIPS programs, including the NSTC, he successfully authorized these programs in law as part of the Fiscal Year 2021 National Defense Authorization Act.

    In addition to directly highlighting Albany NanoTech to President Biden, Schumer has brought top government officials to the Capital Region to promote Albany NanoTech as a major hub for the NSTC. In July 2021 prior to the passage of the CHIPS & Science Law, Schumer brought Commerce Secretary Gina Raimondo to Albany to show that Albany is a global leader in semiconductor research and development. Schumer brought Commerce Deputy Secretary Don Graves to tour Albany NanoTech’s facility in January 2022 and National Economic Council Director Lael Brainard toured the facility in February 2024 after Schumer’s invitation. In 2023, Schumer additionally brought Albany Nanotech head David Anderson as his personal guest to President Biden’s 2023 State of the Union to highlight the facility and leadership.

    Schumer has also promoted Albany NanoTech while meeting with both semiconductor industry and international leaders. Schumer highlighted Albany NanoTech when pitching Micron to locate their massive $100+ billion megafab project in Upstate NY, which Micron said was a critical factor in their selection of Central NY. Schumer also secured a commitment for South Korea to partner with Albany Nanotech on research, pushed for increased collaboration on semiconductor R&D between Japan and the United States, pitched Albany NanoTech to major Japanese chip suppliers for further investment, and met with the leadership of Belgium’s imec on multiple occasions to discuss ways Albany NanoTech and imec can collaborate as the two global leading semiconductor public-private research institutions. Schumer said these international partnerships underscore the ability of Albany NanoTech’s unique and world-renowned assets to help forge deeper ties with allies and partners in building more resilient chip supply chains and encouraging R&D collaboration, a key national security priority of the CHIPS programs, including the NSTC.

    Late last year, Schumer and Governor Hochul announced a new $10 billion public-private investment at Albany Nanotech which will help install a High NA EUV lithography machine, the most advanced semiconductor equipment ever made, designed, and manufactured by ASML, at its Albany NanoTech Complex. Schumer said this helps uniquely prepare them to quickly lead the NSTC as one of only two public research institutions in the world home to the new advanced EUV tool. In September 2023, Schumer announced NY CREATES, which leads Albany NanoTech, as one of the first to tap CHIPS funding with a $40 million award through the CHIPS DoD Microelectronics Commons Program to establish a new consortium, known as the Northeast Regional Defense Technology Hub. In September 2024, the consortium received an additional $30 million. Schumer also recently helped secure $4.7 million from the National Science Foundation for NY CREATES to provide workforce training associated with Albany NanoTech. These funds, made possible by a program boosted in the CHIPS & Science Law, will support the establishment of the Education Alliance for Semiconductor Experiential Learning (EASEL) program to help address the growing national demand for a skilled workforce in the semiconductor industry.

    ACROSS NEW YORK THE CHIPS & SCIENCE LAW HAS DELIVERED HISTORIC INVESTMENT & IS CREATING THOUSANDS OF GOOD-PAYING JOBS

    Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory megafab in Central New York with the support of an over $6 billion preliminary CHIPS agreement. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region, with support from a $1.5 billion preliminary CHIPS agreement. Wolfspeed has opened a 200mm silicon carbide fabrication facility in the Mohawk Valley, one of the largest in the world, with a $750 million preliminary CHIPS agreement accelerating their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand its facilities in Onondaga County, supported by federal investment to strengthen domestic supply chains, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants, and following Schumer’s advocacy, Edwards Vacuum has announced a $300+ million investment to build a dry pump manufacturing facility, made possible by a $18 million preliminary CHIPS agreement, creating 600 good-paying jobs to support the growing chip industry in Western New York. Earlier this year, Schumer also secured a major $40 million in federal funding for the federally-designated “NY SMART I-Corridor Tech Hub”, one of only 12 awardees nationally, to further position Upstate NY as a semiconductor center for the world.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI United Kingdom: ‘Green’ tea and economic growth on the menu at Minister’s SUKI TEA visit

    Source: United Kingdom – Executive Government & Departments

    Minister Anderson discusses UK Government’s plans for investment and growth in Northern Ireland which follows the Budget’s largest real terms settlement for Northern Ireland since devolution. 

    Minister Anderson with SUKI TEA co-founder, Oscar Wooley.

    Parliamentary Under-Secretary of State for Northern Ireland, Fleur Anderson MP, highlighted Northern Ireland’s crucial role in delivering the Government’s missions of kickstarting economic growth and making the UK a clean energy superpower during today’s (Thursday 31 October) visit to Lisburn-based global tea exporter SUKI TEA.

    Minister Anderson met with SUKI TEA’s co-founder, Oscar Woolley and took part in a tour of the factory and a tea tasting, enjoying blends which included SUKI TEA’s own Northern Ireland-grown tea. SUKI TEA uses fair trade products and as a result, are an ethically responsible company. 

    The Minister and Mr Woolley discussed the opportunities and challenges facing the company, including the £500k investment SUKI TEA has made in its eco-friendly headquarters, and the Government’s Industrial Strategy, “Invest 2035”. 

    Reflecting on the “Invest 2035” Industrial Strategy, which will be developed in lockstep with local and regional leaders, the Minister highlighted how it will enable innovative and enterprising companies like SUKI TEA adapt and grow in key areas to support Net Zero, regional growth and economic security and resilience. The public consultation on this strategy closes on 24 November. 

    Speaking after the visit, Minister Anderson said:

    SUKI TEA is a perfect example of the crucial role Northern Ireland businesses play in delivering this Government’s missions to kickstart economic growth and make the UK a clean energy superpower.

    Yesterday’s Budget was the biggest real terms settlement for Northern Ireland since devolution. 

    Stability is the foundation for growth, and I am wholly confident that yesterday’s Budget will provide a strong foundation for growth and stability for real change in Northern Ireland.

    This is why we are working closely and collaboratively with the Northern Ireland Executive to unlock greater investment, put more money in people’s pockets and boost opportunities and outcomes for everyone across Northern Ireland.

    Following today’s visit, Co-Founder of SUKI TEA, Oscar Woolley, said:

    SUKI TEA was delighted to welcome Minister Fleur Anderson to our new Eco Factory today, discussing the essential role SMEs play as the backbone of Northern Ireland’s economy, driving growth, innovation, and resilience across the region. 

    We also had the unique opportunity to taste SUKI’s locally grown tea, the first tea cultivated on the island of Ireland.

    Notes to editors: 

    • For further details on the implications of the Chancellor’s Budget on Northern Ireland, see here.
    • To view the open consultation on Invest 2035: the UK’s modern industrial strategy, see here.

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    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI Canada: Crown Sector 2023-24 Payee Disclosure Report Released

    Source: Government of Canada regional news

    Released on October 31, 2024

    Crown Investments Corporation (CIC) tabled its 2023-24 Payee Disclosure Report with the Standing Committee on Crown and Central Agencies today. The report lists Crown sector payments from April 1, 2023 to March 31, 2024. 

    This report emphasizes the transparency and accountability of the Crown corporations to their shareholders, the people of Saskatchewan, and provides the public with an opportunity to gain insight into the sector’s spending.

    On behalf of the Crown sector, CIC provided $152 million in dividends in 2023-24 to Saskatchewan’s General Revenue Fund to support priorities in health care, education, highways and more. The Crowns also invested $1.9 billion in infrastructure to ensure system reliability and safety and continued quality service delivery. Meanwhile, these activities helped stimulate local economies and created jobs for families and communities. High-quality infrastructure and strong local procurement are key to the Crowns’ abilities to deliver the reliable and affordable services that Saskatchewan people have come to expect. 

    The sector continues to respond to an increased demand for social and public policy programing support by investing $20.2 million through grants, contributions, donations and sponsorships to communities, not-for-profit organizations, educational institutions and others.  

    More than 11,000 Crown employees work across Saskatchewan. In 2023-24, payments to employees totaled $1.2 billion, an eight per cent increase compared to 2022-23, due to factors including a three per cent economic increase and retroactive adjustments to salaries and benefits resulting from negotiated in-scope collective agreements. Crown executive remuneration increased three per cent, reflecting a three per cent economic increase.

    Reporting Methodology

    The report is prepared in accordance with the guidelines established by the Standing Committee on Crown and Central Agencies. The report lists detailed information for CIC and its subsidiary Crown corporations under the following categories:

    • ministerial and board member payments for expenses;
    • payments to suppliers and other payees who received more than $50,000;
    • employees who received more than $50,000 in remuneration; and
    • grants, contributions, donations and sponsorships greater than $5,000.

    The report discloses amounts paid during the April 1 – March 31 fiscal year. Amounts earned by or owing to suppliers and employees but paid in a different fiscal year are not included. Caution should be exercised when making year-over-year comparisons.

    The report is available on Crown Investment Corporation’s website at www.cicorp.sk.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

    January 25, 2025

  • MIL-OSI New Zealand: Infrastructure Sector – Research shows ways to improve our stewardship of infrastructure

    Source: New Zealand Infrastructure Commission

    Whether it is leaky pipes or potholes or cities struggling under demands for growth, New Zealanders will have seen how important it is to look after and plan for infrastructure. A new report from the New Zealand Infrastructure Commission, Te Waihanga speaks to this need, finding ways we can do better in managing our infrastructure.
    The Taking care of tomorrow today: Asset Management State of Play report is a high-level snapshot of New Zealand’s approaches to asset management. It incorporates the findings of independent asset management experts as well as expertise and observations from Te Waihanga.
    Te Waihanga Chief Executive Geoff Cooper says New Zealand’s most formidable challenge is looking after the assets we already have. On this score, the report shows New Zealand is currently sitting at a ‘pass’, but only just.
    “We have inherited $287 billion worth of infrastructure from past generations. But this comes with the obligation of stewardship. The goal should be to proudly hand infrastructure to future generations as a benefit, not a burden. This report highlights some of the challenges to this aspiration, and how we can improve.”
    “Like calendars and to-do lists in our daily lives, following strong plans and processes is central to the task,” Cooper says. “These are efforts that must become business-as-usual; sustained, not over weeks and months, but over years and decades.
    Cooper points to a lack of progress in many sectors over the past 10 years. And while mature processes don’t necessarily guarantee good asset management outcomes, they certainly increase the likelihood of these.
    “When it comes to our public infrastructure, good stewardship should be largely unequivocal and uncontested; simply part of the furniture. Cooper says. “This includes making sure that what we spend on ‘new’ infrastructure versus ‘renewals’ means we are getting the best value for our dollar.”
    Earlier research by Te Waihanga has highlighted that for every $10 spent on building infrastructure, $6 should be spent renewing existing assets and $4 spent on building new.
    The Taking care of tomorrow today report says that we don’t generally have the resourcing and capability needed to support good all-of-life decision-making, and there is opportunity to grow leadership and governance over asset management across most sectors.
    “There’s a need to make sure that the fees and charges funding maintenance keep pace with rising costs. Without this, the funding gap will grow, compromising the quality of infrastructure services we all rely so heavily on.”
    Improvement comes through building committed teams and leaders, the report says. It found pockets of excellence that reveal common characteristics: passionate, high-performing asset management teams; representation around the executive table; and funding that is prioritised, or even ringfenced.
    “We need to create an environment where we can build out these pockets of excellence and set durable, persistent standards across the infrastructure system,” Cooper says. “This will ultimately improve value for money and allow us to start making progress against our infrastructure deficit”
    He points to an example of good asset management and the value this created which was seen during Cyclone Gabrielle – where it’s estimated that the $2 million invested to increase the Taradale stop-banks in Napier may have averted $2 billion in damage and almost certainly saved lives.
    The report sets out eight ambitious recommendations that cover: improving governance and leadership, improving transparency, prioritising infrastructure resilience over ‘recovery’, and building asset management capacity and capability generally.
    Findings from Taking care of tomorrow today: Assert Management State of Play will also be considered as Te Waihanga works to develop a National Infrastructure Plan to provide a long-term view of our infrastructure needs and priorities.
    Key issues and gaps highlighted in Taking care of tomorrow today include:
    – There is limited awareness of the ‘what’ and ‘why’ of asset management in many sectors. We need to look at the big picture when it comes to infrastructure. This includes everything from strategic planning and management of assets through to the day-to-day maintenance.
    – Capability and capacity are the biggest constraints in improving infrastructure asset management maturity in NZ. This includes improving the resourcing and skillset of the asset management workforce, as well as the leadership and governance of the asset management system across most sectors.
    – There is little transparency of infrastructure and asset management performance and planning. This includes a lack of user-friendly access to information on how infrastructure is performing and what future funding intentions are.
    – There is need to better provide for renewal and maintenance of infrastructure. In some cases, funding gaps for maintenance and renewals are known, but there is not always the appetite to achieve the investment required.
    – Demand planning and management needs greater focus and we can go further than a Statistics New Zealand population forecast. This could include greater understanding of demographic change, customer behaviour, demand management strategies and potential future scenarios.
    – Making the most of operational programmes is a key opportunity for improvement. Organisations can usefully quantify the levels of planned versus reactive maintenance to inform more cost-effective approaches to asset management.
    – System and Improvement is one of the lowest scoring functions for all sectors. This is shown in a lack of asset management maturity progress for many sectors over the last ten years.
    The study contains recommendations under four key areas:
    Improving governance and leadership
    1. Strengthen infrastructure asset management requirements and their oversight and enforcement by the relevant system lead.
    2. Require all public major infrastructure providers to have an identified and accountable governance body and/or executive lead for asset management. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.
    Improving transparency in asset management practices, infrastructure performance and medium-long term funding plans.
    3. Require all public major infrastructure providers to periodically undertake an independently verified asset management maturity assessment and publicly report on the results. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.
    4. Require all public major infrastructure providers to publicly disclose a consistent set of asset performance measures, subject to external audit or scrutiny. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.
    5. Require all public major infrastructure providers to publicly disclose a minimum core level, 10-year asset management plan, refreshed at least three-yearly, and subject to external audit or scrutiny. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.
    Better prioritising of resilience over ‘recovery’.
    6. All providers of critical infrastructure should be required to explicitly assess and appropriately prioritise infrastructure resilience through their asset management and renewals cycles in accordance with their strategic objectives. Other major infrastructure providers should be encouraged to meet this requirement.
    Build asset management capacity and capability.
    7. Invest in asset management training programmes and develop a clear training and professional pathway for asset managers.
    8. Improve co-ordination of regional planning across infrastructure sectors, so that future demand requirements can be met.

    MIL OSI New Zealand News –

    January 25, 2025

  • MIL-OSI Security: U.S. Attorney’s Office Announces Guilty Plea in Fatal DUI Crash on Navajo Nation

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Vanderwagen man pleaded guilty in federal court to two counts of involuntary manslaughter in connection with a fatal drunk driving crash that occurred on the Navajo Nation reservation in 2022.

    According to court documents, on October 2, 2022, Sheldon Carlton Daye, 30, an enrolled member of the Navajo Nation, drove while impaired by alcohol. He knew that driving drunk would pose a risk to others on the road. While driving on Highway 602 near Bread Springs, New Mexico, within the boundaries of the Navajo Nation reservation, Daye struck and killed two motorists who were stopped on the side of the highway changing a tire.

    Daye will remain on conditions of release pending sentencing, which has not yet been scheduled. At sentencing, Daye faces up to 16 years in prison. Upon his release from prison, Daye will be subject to up to three years of supervised release.

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

    The Gallup Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigations. Assistant U.S. Attorneys Mark A. Probasco and Meg P. Tomlinson is prosecuting the case.

    # # #

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: U.S. Attorney’s Office Charges Mescalero Man with Assault

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Mescalero man has been charged by criminal complaint with assault resulting in serious bodily injury after allegedly attacking a friend with a beer bottle, leaving the victim with severe facial injuries.

    According to the criminal complaint, on January 5, 2024, Lewis Michael Bigmouth, 27, an enrolled member of the Mescalero Apache Tribe, allegedly assaulted another enrolled tribal member on the Mescalero Apache Reservation, striking the victim multiple times in the face with a beer bottle. The victim suffered severe injuries, including a partial amputation of his nose requiring multiple reconstructive surgeries.

    Bigmouth appeared before a federal judge and will remain in custody pending trial, which is has not been set.

    If convicted, Bigmouth faces up to 10 years in prison followed by three years of supervised release.

    U.S. Attorney Alexander M.M. Uballez, Jason T. Stevens, Acting Special Agent in Charge of Homeland Security Investigations (HSI) El Paso and Brendan Iber, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, made the announcement today.

    The Bureau of Indian Affairs investigated this case. Assistant United States Attorneys Joni Autrey Stahl and Kirk Williams are prosecuting the case.

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

    # # #

    MIL Security OSI –

    January 25, 2025
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