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Category: housing

  • MIL-OSI: SOUTHERN MISSOURI BANCORP ANNOUNCES UPDATE TO ITS EXECUTIVE LEADERSHIP TEAM

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, March 31, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, today announced an update to its executive leadership team. On March 27, 2025, the Boards of Directors of Southern Missouri Bancorp, Inc. (the “Company”) and its wholly-owned bank subsidiary, Southern Bank (the “Bank”) appointed Justin G. Cox to the newly-created position of Chief Banking Officer, to be effective as of May 1, 2025. Mr. Cox currently serves as the west region’s Regional President for the Company and the Bank, and he will remain an Executive Vice President of the Company and the Bank.

    The Board of Directors is implementing this change after assessing recommendations included in a recent process improvement project conducted for Southern Bank by a community banking consulting firm for the purposes of improving customer engagement, team member satisfaction, and organizational profitability. “We believe this structure will improve our organization, as we align our customer engagement leadership under a single executive who will devote his full attention to ensuring that business development and customer experience efforts are consistently performed well across our organization,” noted Chairman Greg A. Steffens.

    “Justin has been successful over many years with Southern Bank, leading our west region team as it has grown our loan and deposit business there. That background provides an excellent basis for him to take on this new role. Our team and our customers can look forward to a better-unified customer engagement process with his new role,” added President and Chief Administrative Officer Matthew T. Funke.

    Mr. Cox has 22 years of experience in the banking industry, including 15 years with the Company. After joining Southern Bank as a lending officer in 2010, he advanced quickly to leadership roles of Community Bank President and later, Regional President. Mr. Cox holds a Bachelor of Science degree in Business Administration-Marketing & Management from Southwest Baptist University, Bolivar, Missouri.

    Southern Missouri Bancorp, Inc., is a Missouri corporation organized in 1994 to become the parent company of Southern Bank. Southern Bank was originally chartered in 1887 as a mutually-owned Missouri savings and loan association. In 2004, the Bank converted from a Missouri-chartered stock savings bank to become a Missouri-chartered trust company with banking powers. Southern Bank operates 67 locations in Missouri, Arkansas, Illinois, and Kansas. The Company holds total assets of approximately $4.9 billion, including loans, net of the allowance for credit losses, of $4.0 billion, and deposits of $4.2 billion. The Company’s common stock is quoted under the ticker “SMBC” on the NASDAQ Global Market.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: SCHUMER REVEALS: THIS WEEK CONGRESS WILL TAKE FINAL VOTE TO RAISE ‘JUNK’ BANK FEES—STARTING WITH OVERDRAFT FEES—FROM $5 TO $35, COSTING CONSUMERS HUNDREDS; CHAIRS OF HOUSE FINANCE & SENATE BANKING…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Exposes Final Leg Of Quiet Plan In House Financial Services & Senate Banking To Overturn CFPB Rule Limiting Excessive Bank Fees, That Would Cost New York Households More—Because Most Upstate NY Residents Have Bank Account 
    Plan To Overturn CFPB Overdraft Fee Rule Would Allow Banks To Extract $5 Billion In Excessive Fees – But, WORSE, Would Open Door To Even More Fees Across NY; Schumer Announces Full Opposition, Urges NY House Republicans To Vote “NO” On Tuesday 
    Schumer: Quiet Plan To Side With Big Banks Over Families Could Mean A Waterfall Of Fees That Would Drown New Yorkers With More Costs
    Amidst the anti-consumer, pro-big bank effort to dismantle the Consumer Financial Protection Bureau (CFPB), U.S. Senator Chuck Schumer revealed and exposed the FINAL leg of Congressional Republicans’ quiet plan to raise Americans’ bank fees, that will drive up unwanted fees for millions of Upstate New Yorkers. Schumer explained that Congressional Republicans will try to seal the deal to protect financial special interests with a vote on Tuesday when the House will vote to overturn the Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule that caps most big bank overdraft fees at just $5.
    “Republicans’ quiet plan to side with big banks against the little guy and working families could mean a waterfall of fees for Upstate New Yorkers already struggling to make ends meet,” said Senator Schumer. “Working families have been ripped off by abusive bank fees and practices in the past, and the CFPB’s rule is about protecting hard-working families, not charging them more. So I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people’s pockets and out of the hands of big predatory banks. If the Republicans let this one fee fly, a waterfall of fees will follow, and it is New Yorkers that will feel the brunt.”
    Schumer railed against this effort because it could hurt middle-class New Yorkers the hardest, given the number of consumer bank accounts in New York, which is higher than the national average. The rule would save upwards of $5 billion in excessive overdraft fees that millions of households pay. Overturning the rule, as proposed by the Republicans, would cost households an average of at least $225 each year, but MUCH more in New York, Schumer emphasized. Schumer said that some banks take billions of dollars a year from families and seniors that can least afford it. He said the banks don’t need to charge fees like this and that this effort to let fees run wild will open the door to even more excessive bank fees across Upstate New York.
    Schumer announced his opposition and is sounding the alarm on the clandestine pro-big bank GOP plan. Schumer said that the CFPB’s overdraft fee rule is designed to protect regular people from being ripped off by predatory bank fees. He urged the House Republicans to reject overturning the CFPB’s overdraft rule and to protect hard-working families instead of taking their hard-earned money to benefit big banks quietly and behind their backs.
    Last month, House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping overdraft fees, and the Senate GOP green-lit it last week. 
    The rule caps most bank overdraft fees at just $5, down from the typical $35 charge per transaction, according to National Consumer Law Center (NCLC). With these fees, banks take billions of dollars a year from families that can least afford it, and the Republican chairmen are moving to give big banks this ability, Schumer explained. Banks, which are already profitable, don’t need to charge these fees and some banks, including Capitol One and Citibank, have completely eliminated overdraft fees and they continue to cover overdrafts. However, other banks take about $1 billion a year in overdraft and nonsufficient funds (NSF) fees, and Wells Fargo is one of the biggest offenders.
    The CFPB’s overdraft fee rule stops predatory practices that allow the biggest banks to earn billions in profits from the most vulnerable families and seniors. The rule doesn’t stop big banks from covering overdrafts—it caps fees for “overdraft coverage” at $5 or the bank’s costs. Banks can still offer overdraft lines of credit without any price cap, though they are required to provide the same annual percentage rate (APR) pricing disclosure that credit cards provide and to give people adequate time to repay, NCLC explained. 
    Schumer explained how the rule helps everyone—especially New York families as New York is more ‘banked’ compared to other states. Schumer explained that by lowering most big bank overdraft fees from $35 to $5, consumers save $5 billion per year, reducing manipulative practices, and increasing transparency and fair competition, according to economists.
    “Now that the word is out on Tuesday’s vote, you’ll see the banks, lobbyists, and the people that want to protect the banks’ ability to charge excessive fees start to scramble, and devise a plan to defend it. But it’s indefensible. Who is for excessive bank fees?” Schumer said. “Show me a politician that wants to run an ad on increasing all your bank fees. I am blowing the lid on this disastrous plan and so what happens next? Watch them try to run away from this issue, while siding with big banks over working families and the middle class.”
    Schumer warned that other fee increases and gaps in consumer protection could soon follow with:
    ATM fees 
    Minimum balance fees for checking and savings accounts
    Outlandish cashier’s check fees
    Notary fees 
    Account “inactivity” fees
    The removal of $8 cap on credit card late fees
    No more Fair Credit Reporting (excluding medical bills from consumers credit score)
    Selling consumer data without consent
    No regulator for consumers to report predatory products
    The New York Federal Reserve Bank’s Credit Insecurity Index may shed light on the number of people with access to mainstream financial services, such as a bank account, who will possibly be exposed to higher fees if Congressional Republicans wipe away this protection. An Upstate New York county-by-county breakdown of percentage of New Yorkers with credit and Credit Insecurity Index Scores for 2023 can be found below:

    Capital Region

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Albany County

    77.4%

    22.6%

    Columbia County

    77.9%

    22.1%

    Greene County

    74.0%

    26.0%

    Rensselaer County

    78.9%

    21.1%

    Saratoga County

    88.8%

    11.2%

    Schenectady County

    81.3%

    18.7%

    Schoharie County

    73.7%

    26.3%

    Warren County

    82.4%

    17.6%

    Washington County

    72.2%

    27.8%

    Western New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cattaraugus County

    75.4%

    24.6%

    Chautauqua County

    76.2%

    23.8%

    Erie County

    80.0%

    20.0%

    Niagara County

    83.2%

    16.8%

    Rochester-Finger Lakes

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Genesee County

    82.5%

    17.5%

    Livingston County

    76.3%

    23.7%

    Monroe County

    82.1%

    17.9%

    Ontario County

    82.6%

    17.4%

    Orleans County

    70.2%

    29.8%

    Seneca County

    76.0%

    24.0%

    Wayne County

    84.4%

    15.6%

    Wyoming County

    78.6%

    21.4%

    Yates County

    69.5%

    30.5%

    Central New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cayuga County

    75.5%

    24.5%

    Cortland County

    69.5%

    30.5%

    Madison County

    79.5%

    20.5%

    Onondaga County

    81.1%

    18.9%

    Oswego County

    79.1%

    20.9%

    Hudson Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Dutchess County

    82.30%

    17.7%

    Orange County

    81.50%

    18.5%

    Putnam County

    90.10%

    9.9%

    Rockland County

    86.80%

    13.2%

    Sullivan County

    70.10%

    29.9%

    Ulster County

    78.40%

    21.6%

    Westchester County

    85.00%

    15.0%

    Southern Tier

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Allegany County

    65.3%

    34.7%

    Broome County

    74.0%

    26.0%

    Chemung County

    77.2%

    22.8%

    Chenango County

    78.7%

    21.3%

    Delaware County

    73.0%

    27.0%

    Otsego County

    70.85%

    29.15%

    Schuyler County

    77.95%

    22.05%

    Steuben County

    81.2%

    18.8%

    Tioga County

    83.2%

    16.8%

    Tompkins County

    69.6%

    30.4%

    North Country

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Clinton County

    74.8%

    25.2%

    Franklin County

    76.8%

    23.2%

    Hamilton County

    85.3%

    14.7%

    Jefferson County

    74.5%

    25.5%

    Lewis County

    78.3%

    21.7%

    St. Lawrence County

    70.9%

    29.1%

    Essex County

    75.05%

    24.95%

    Mohawk Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Fulton County

    79.1%

    20.9%

    Herkimer County

    80.7%

    19.3%

    Montgomery County

    74.5%

    25.5%

    Oneida County

    75.4%

    24.6%

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces Bill to Identify and Remove Barriers to Affordable Housing

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    WASHINGTON, D.C. ─ Today, Congresswoman Sheila Cherfilus-McCormick (D-FL) introduced the Lower Housing Costs Study Act of 2025, which would identify and remove barriers to affordable housing in South Florida. 

    “Outdated local and state laws often remain a barrier to the development of affordable homes,” said Congresswoman Cherfilus-McCormick (D-FL). “My bill cuts the red tape that comes in the form of antiquated ordinances, which stifle construction and drive-up housing prices. Homeownership should be attainable for every South Florida family — and this legislation takes us a step closer to making that reality.”

    There is an overwhelming consensus among experts that antiquated zoning and ordinance laws at the local and state levels make it extraordinarily difficult for housing developers to construct new homes. 

    The Lower Housing Costs Study Act of 2025 would require U.S. Department of Housing and Urban Development (HUD) Secretary to issue an annual report outlining successful strategies that promote affordable housing at the state and local levels. These policy recommendations would be developed using state and local housing regulations data collected by the Regulatory Barriers Clearinghouse (RUC), providing lawmakers with key insights on outdated or burdensome regulations that hinder the construction of new homes.

    South Florida and the nation are experiencing a widespread housing affordability crisis. The lack of supply has caused a record surge in housing prices — with the median U.S. housing price reaching $426,900 — the highest price on record since the year 1999. In South Florida, the problem is particularly acute, with the average sales price of a single-family home in the Miami-Fort Lauderdale-West Palm Beach area reaching $640,000.

    The bill is endorsed by the National Neighborworks Association and the National Housing Law Project.

    The full text of the bill can be found here. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Health and Energy – Rising power costs puts health at risk

    Source: Asthma and Respiratory Foundation

    With a hike in power prices and cooler nights on the way, energy poverty is about to become more widespread in New Zealand.
    Energy poverty – where a household is not able to afford power to provide a healthy home – it can pose serious health risks, especially for those living with respiratory conditions such as asthma and COPD.
    Asthma and Respiratory Foundation Chief Executive Letitia Harding says she is deeply saddened that so many New Zealanders are in this position.
    “Cold, damp homes significantly worsen respiratory conditions such as asthma and COPD, leading to more hospital visits and poorer health outcomes overall.
    “It’s heartbreaking that people have to choose between heating their home and protecting their health.”
    From today, April 1, the average household power bill will increase by about $10 per month.
    Many families are already facing desperate choices, with Consumer NZ estimating that last year, 140,000 households had to take out a loan to pay their electricity bills, and 38,000 households were disconnected because they couldn’t pay their electricity bill at least once.
    Energy poverty is not just a financial issue but a public health crisis, Ms Harding says.
    “The health system is spending over $38 million per year treating illnesses linked to cold, damp housing.
    “Poor indoor air quality and inadequate heating contribute to respiratory flare-ups, infections, and hospital admissions,” she says.
    “Māori and Pacific communities, who are overrepresented in low-income households, are disproportionately affected.”
    Phil Squire, Fair Energy Manager at Toast Electric (New Zealand’s only not-for-profit electricity supplier), says that while insulation and heat pump products can make housing in Aotearoa warmer and healthier, people need to feel confident about using heating without feeling worried about unforeseen power costs.
    “The reality is, without access to affordable power, Kiwis in low-income situations are reluctant to turn on any heating for fear of unexpectedly high energy bills.”
    The optimal healthy temperature for a home is 18-21 degrees, Mr Squire says.
    “So at Toast we do everything we can to help whānau feel educated on how to use their heating efficiently, feel confident to turn it on, and ensure their home has adequate insulation and other items like lined curtains and draught stopping to keep that heat in.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: MYANMAR CHILD ACCOUNT: ‘It was terrifying’ – Children prepare to spend Myanmar New Year festival in shelters following earthquake – Save the Children

    Source: Save the Children

    YANGON/BANGKOK, 31 March 2025 – On the morning that Myanmar’s 7.7 magnitude earthquake struck, 16-year-old student Yoon May- was having lunch at home in Mandalay and contemplating having a nap when she suddenly felt dizzy. 
    “I couldn’t process what was happening. I just ran. I barely escaped. The moment I stepped outside, bricks started falling from the ceiling. We all ran to the open field near our house. “This was the first earthquake I had ever experienced. It was terrifying.” 
    The earthquake on 28 March – the most powerful one in a century to hit Myanmar – caused extensive damage to infrastructure, as well as disrupting electricity and telecommunications services across the country. 
    More than 1,700 people have now been confirmed dead, and at least 3,400 people have been injured. Many others are still missing, and there is a high likelihood that the death toll could be significantly higher. [1] 
    The earthquake happened ahead of Myanmar’s New Year celebration, a traditional water festival known as ‘Thingyan’, which normally occurs in mid-April and is a time of festivity for four to five days, particularly for children. 
    This year, there will be no such celebrations for children and families affected by the earthquake. 
    “I had just finished my exams and was looking forward to celebrating Thingyan with my friends and visiting my aunt’s house. But now, all I want to do is cry. I’m so lucky I didn’t fall asleep-I’m not a light sleeper. If I had, I don’t know what would have happened.” 
    Yoon May’s family home was badly damaged, and her family have been left without water and electricity. They are now living in an open field, with only a mosquito net to protect them. 
    “I haven’t been able to sleep at all. Last night, we received an alert that another aftershock could hit between 1 am and 3 am. And it did.” 
    Hospitals, both public and private, are overwhelmed with people seeking medical care and many people have sought shelter in monasteries, football fields, and open spaces for fear of aftershocks. 
    Save the Children and our partners are providing lifesaving aid in earthquake affected areas in Myanmar with an immediate need for water, food and health care services for children and their families. We aim to provide cash to families so they can buy food, medicine and other essentials as well as access to clean water, essential hygiene and sanitation items and health services. 
    Save the Children has been working in Myanmar since 1995, providing life-saving healthcare, food and nutrition, education and child protection programmes.  

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy efficiency will help homes, businesses temper electricity bill shocks starting today

    Source: Ecobulb

    Homes and businesses must relook at energy efficiency as a way to minimise electricity bill shocks from April 1, an energy efficiency expert says.

    “Power prices are headed in one direction – up – as Transpower and lines companies from today  start increasing their network charges to fund improved capacity and resilience of their networks,” said Chris Mardon, managing director of Ecobulb.
     
    Electricity retailers will be passing on larger lines’ charges along with other increases, such as the higher cost of generation.
     
    Dr Mardon said a typical power bill in Wellington will increase 12 percent or $24 a month tomorrow, from $2,296 a year to $2,580 a year[1].
     
    “This is considerably higher than the Commerce Commission estimate that Wellington bills would rise on average $6 a month[2] excluding GST.
     
    “While $6 might be the increase for the lines’ component of the bill, the total bill is what people care about, and the bottom-line is considerably higher.”
     
    “As the weather cools, and people start using more power at higher prices, they’ll be wondering what they can do about it. One option is to invest in more efficient appliances such as LEDs, efficient shower heads and heat pump water heaters, which benefit homes and businesses wanting to save money,” Dr Mardon said.
     
    Many New Zealand households could save over $1,000 a year by switching out key household appliances for more efficient options.
     
    One of the positive changes from April 1 is the possibility for lines companies to spend money on supporting energy efficiency, which is a regulatory objective under the Commerce Act.
     
    “We’ll be watching closely to see when, where and how much lines companies allocate their $91.9[3] million of funding to support energy efficiency.”
     
    Meanwhile customers should be looking at their own options to reduce their power consumption through energy efficiency.
     
    “Rolling out various low-cost energy saving measures to 1.5 million New Zealand homes could save kiwis $1 billion a year in power, with a four-month payback based on energy savings,” Dr Mardon said.

    [1] A customer using 7,200 kWh a year; lines charge increasing to $1.50/day from $1.20 a day, variable charge increasing to 23.57 c/kWh from 21.66 c/kWh.  GST then added.
    [2] Default-price-quality-paths-for-electricity-distribution-businesses-from-1-April-2025-Final-decision-Reasons-paper-20-November-2024.pdf page 109
    [3] EDB-DPP4-Final-decision-Reasons-paper-Attachment-D-Innovation-and-section-54Q-incentives-16-December-2024.pdf page 13

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Local News – Pātaka opens vibrant new season – Porirua

    Source: Porirua City Council

    The autumn season of exhibitions opened at Pātaka over the weekend with three new exhibitions that will run through to 6 July.
    Lovers & Castaways takes the 1980 book “Contemporary New Zealand Painters” by Jim and Mary Barr as its starting point and focuses on that decade as an important time for art in New Zealand. The exhibition brings together more than 50 works made in the 1980s – and drawn from the Arts House Trust Collection – and highlights what concerns were prominent for artists in that decade. This exhibition features works from well-known artists, including Gretchen Albrecht, Nigel Brown, Tony Fomison, Dick Frizzell and Ralph Hotere.
    Hemi Macgregor’s solo exhibition, Waiora, draws on geometric structures, patterns and processes in the natural world to explore our relationship with sky, water, earth and seasons. Working across painting, sculpture and installation, Macgregor’s work looks at the spiritual elements that connect humans to the external worlds of te taiao, te taimoana, te taiwhenua and into tātai tuarangi (the cosmos).
    In Toloa Tales, new video works by Tāmaki Makaurau-based artists Edith Amituanai (Aotearoa, Sāmoa) and Sione Tuívailala Monū (Aotearoa, Australia, Tonga) explore what it means to return to an ancestral homeland. In 2023, both artists returned to Samoa – Monū to celebrate a friend participating in the Miss Sāmoa Fa‘afafine Pageant and Amituanai to visit family.
    In Toloa Tales, the artists share their own kind of “return” – through personal stories, exchanges and tender moments of everyday life – and examine some of the ways the Pacific diaspora maintain their identity and culture after migration to countries like Aotearoa, Australia and the United States.
    Later in the season, Arca Arcade “Round One” opens on 12 April and runs until 22 June.

    MIL OSI New Zealand News –

  • MIL-OSI: SolarMax Technology Reports 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) — SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024.

    2024 Financial Highlights

    • Revenue: $23.0 million, compared with $54.1 million in 2023.
    • Gross profit: $2.3 million, compared with $11.1 million in 2023.   Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
    • Total operating expense: $35.4 million, which included a one-time, non-cash stock-based compensation expense of $17.2 million and a $7.5 million goodwill impairment relating to our China segment, compared with $10.7 million in 2023.
    • Net loss: $35.0 million, or $0.79 per share, compared with net income of $434,786, or $0.01 per share, in 2023.

    David Hsu, CEO of SolarMax, stated, “Our 2024 results reflect a transitional year for SolarMax as we moved through a period of regulatory and market change in the residential solar segment. While revenue was lower compared to the prior year’s elevated levels, which were driven by pre-regulatory change purchasing activity. We also recognized certain one-time, non-cash expenses during the year, including goodwill impairment and stock-based compensation associated with our IPO, which are now fully reflected in our financials.”

    “Looking ahead, we are encouraged by the progress we’re making toward expanding our commercial and industrial solar portfolio,” continued Hsu. “These projects represent an important potential growth opportunity and reflect our continued evolution as a diversified solar solutions provider. We believe our platform is well positioned to support this next phase of development and are excited about what lies ahead although we don’t currently have any contracts for the commercial and industrial market.”

    About SolarMax Technology Inc.

    SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US. Our website is www.solarmaxtech.com.

    Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, including but not limited to the Company’s ability to develop its commercial solar business and to be accepted as a provider of commercial solar systems in the United States, and its ability to recommence its operations in China where is has not generated any revenue since 2021, and to respond to any changes in governmental policies relating to renewable energy and those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    Contact:
    For more information, contact:
    Stephen Brown, CFO
    (951) 300-0711

    The MIL Network –

  • MIL-OSI New Zealand: Police investigating Roseneath deaths

    Source: New Zealand Police (National News)

    Please attribute to Detective Inspector Haley Ryan:

    Police are making enquiries after two people were located deceased in a residential address in Roseneath overnight.

    About 10pm last night, Police received a request for a welfare check for a concerned family member who had not heard from their loved ones.

    On arriving at the property, Police located two people deceased.

    A scene examination is underway at the property today and enquiries into the circumstances of their deaths are ongoing.

    I want to provide assurance that there is no ongoing risk to the Roseneath community. 

    The Roseneath community can expect to see a high presence of Police while our enquiries are carried out. 

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Māori economic growth plan aimed at boosting jobs and incomes

    Source: New Zealand Government

    Tōia mai te waka, ki te urunga te waka, ki te moenga te waka, ki te takotoranga i takoto ai te waka! 

    Creating jobs and boosting incomes is at the heart of a renewed Government Māori economic growth plan, Māori Development Minister Tama Potaka says. 

    “Today, the Government is releasing the ambitious Going for Growth with Māori | Tōnui Māori framework to boost Māori economic development.

    “The framework has three main prongs: increasing infrastructure investment, accelerating exports and unlocking the potential of whenua Māori. This may expand or change in the future.

    “The Māori contribution to the overall economy is growing fast, from $17 billion GDP in 2018 to $32 billion in 2023, and almost doubling in valued asset base. However, it continues to suffer from infrastructure deficits, barriers to accessing finance, and unproductive land laws.

    “To address this, we will work together across Government and connect to the Government’s broader Going for Growth agenda. That’s why the Going for Growth with Māori | Tōnui Māori framework has an initial focus on three key areas:
     

    • Increasing targeted infrastructure investment to drive employment and sustainable growth.
      For example, investment in Parininihi ki Waitōtara incorporation to accelerate work exploring the potential of a large-scale solar farm, capable of supplying over 8,500 homes. And the recent mahi tahi between the Government and Māori leaders at the Investment Infrastructure Summit.
    • Accelerating Māori business exports.
      For example, establishing a means to recognise traditional knowledge in the IP system that protects Māori point of difference and property rights.
    • Unlocking the growth potential of whenua Māori.
      For example, making targeted improvements to Te Ture Whenua Māori Act 1993 to simplify planning and related processes, encourage greater development opportunities and reduce red tape.

    “To progress this mahi, Te Puni Kōkiri has released a public discussion document to encourage ideas and feedback on improving Te Ture Whenua Māori Act 1993.

    “Māori land is often under-utilised, so we intend to make the Act more efficient, streamlined, and easier to navigate, with the aim of removing legislative barriers to economic development. 

    “It’s important that we hear from Māori landowners, whānau, hapū and iwi about these changes and I really encourage people to provide their feedback.”

    Going for Growth with Māori | Tōnui Māori has been released alongside a discussion document for public consultation on proposed changes to Te Ture Whenua Maori Act 1993.

    The discussion document is available on the Te Puni Kōkiri website. Consultation closes on May 23 2025.

    Ko te whāinga a te mahere whakatupu ōhanga Māori he whakarea i ngā tūranga mahi me ngā whiwhinga utu

    Tōia mai te waka, ki te urunga te waka, ki te moenga te waka, ki te takotoranga i takoto ai te waka! 

    Kei te ngako o te mahere whakatupu ōhanga Māori a te Kāwanatanga hou ko te waihanga tūranga mahi hou me te whakapiki ake i ngā whiwhinga utu, te kī a te Minita Whanaketanga Māori Tama Potaka. 

    “Nō te rangi nei, e whakarewa ana te Kāwanatanga i te anga pae tawhiti Going for Growth with Māori | Tōnui Māori hei hiki ake i te whanaketanga ōhanga Māori.

    “E toru ngā marau matua o te anga: ko te whakapiki i te whakapaunga ki te hanganga, ko te whakahohoro ake i ngā hokotai, me te huaki i te pitomata o te whenua Māori. Ka whānui ake, ka rerekē rānei tēnei ā ngā tau e tū ake nei.

    “Kua tere te piki haere o te takoha a te iwi Māori ki te ōhanga katoa o te motu, mai i te $17 piriona GDP i te tau 2018 ki te $32 piriona i te tau 2023, ka mutu, i tata tonu te whakatōpūtanga o te uara o te puna rawa. Heoi anō, nā te korenga o ētahi o ngā āhuatanga hanganga e tika ana, mai i ngā tauārai aukati pūtea tatū atu ki ngā ture whenua hua kore, kei te raru tonu, kei te raru tonu.

    “Hei whakatikatika i tēnei, ka mahi tahi mātou puta noa i te Kāwanatanga me te tūhonohono ki kaupapa whānui a te Kāwanatanga Going for Growth . Koia te take e aro tuatahitia ana te anga Going for Growth with Māori | Tōnui Māori ki ngā wāhi matua e toru:

     

    • Te whakapiki ake i te whakapaunga pūtea ki te hanganga hei kōkiri i te whakapikinga o ngā tūranga mahi me te whakapūmautanga o te whakatupuranga.
      Hei tauira, ko te whakapaunga pūtea ki te kaporeihana o Parininihi ki Waiotōtara ki te whakatere ake i ngā mahi tūhura i te pitomata o te pāmu kōmaru nui tonu, e āhei ana ki te whāngai hihiko ki ngā kāinga neke atu i te 8,500. Me te mahi tahi o nā noa nei i waenga i ngā manukura o te Kāwanatanga me te iwi Māori ki te Hui Taumata mō te Whakapaunga Pūtea Hanganga.
    • Te whakatere ake i ngā hokotai pakihi Māori.
      Hei tauira, ko te whakaritenga o te ara hei āhukahuka i te mātauranga o neherā ki te pūnaha IP hei whakamarumaru i ngā tūāhuatanga ahurei me ngā motika rawa o te Māori.
    • Te huaki i te pitomata tupuranga o te whenua Māori.
      Hei tauira, ko ngā whakatikatika i arotahitia ki Te Ture Whenua Māori 1993 ki te whakangāwari i ngā hātepe me ngā tukanga whai pānga, te whakatenatena i ngā arawātea whakawhanake, me te whakamarino i ngā wai karekare o te hunga kātipa.

    “Hei kauneke haere i tēnei mahi, kua whakaputaina e Te Puni Kōkiri te tuhinga matapakinga mā te iwi whānui hei whakatenatena i ngā ariā me ngā urupare e pā ana ki te whakapaitanga ake i Te Ture Whenua Māori 1993.

    “He nui ngā wā kāore i kaha te whakamahia o te whenua Māori, nō reira ko tō mātou koronga kia pai, kia kakama ake te whakahaere, kia ngāwari ake hoki te whakatere, me te whai kia whakakorea ngā tauārai ā-ture ki te whakawhanaketanga ā-ōhanga. 

    “He mea nui kia rongo mai mātou i ngā kaipupuri whenua Māori, ngā whānau, ngā hapū me ngā iwi i ngā kōrero mō ēnei huringa, ka mutu, kei te tino whakamanawa au i ngā tāngata ki te whakahoki mai i ā rātou kōrero urupare.

    Kua whakaputaina ko te Going for Growth with Māori | Tōnui Māori ki te taha o te tuhinga matapakinga mō te rūnanga tūmatanui e pā ana ki ngā huringa ki Te Ture Whenua Māori 1993 kua whakatakotoria.

    E wātea ana te tuhinga matapakinga ki te paetukutuku o Te Puni Kōkiri. Ka kati te matapakinga ā te 23 o Haratua, 2025.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Home removal goes sky-high

    Source: Auckland Council

    Removing a couple of storm-damaged homes sounds like a bread and butter task for an experienced home relocation company, but two homes in Blockhouse Bay had more than their share of challenges.

    Firstly there were two sets of major transmission power lines overhead – one directly above the Margate Road houses and one between the houses and the road. So the operation had to be precisely timed in a window when one of the transmission lines was in a scheduled shutdown.

    Secondly the two houses being removed (located down a narrow driveway) had to be lifted over a home on the roadside that was remaining.

    [embedded content]

    A tricky operation

    The three-day operation undertaken by Auckland House Lifting and Clear Site Demolition involved lifting the homes one at a time onto a truck, moving them into a safe zone between the power lines, and then lifting them over the house at the front during the power shutdown window.

    And then late in the evening the homes were driven off down the road to a storage facility where they will be sold to a new family.

    Auckland House Lifting’s Reuben Turvey says this certainly isn’t a typical house relocation.

    “The challenge on this project is working under the live lines, which are the ones at the back of the property, and getting the buildings forward of that and staying in the safe zone between the two [power lines]. And then highloading (lifting using blocks) the building, and coming out over the top of the houses.

    “This isn’t a typical project, but we like a challenge. It’s not overly difficult but we just needed to spend the time planning to ensure everyone’s safety.”

    Hundreds of storm-affected homes being removed

    Nearly 180 Category 3 homes have been removed across the region since the 2023 storms, with approximately 30 per cent of the houses being relocated. The aim is to remove 350-400 dwellings each year, with the home removal programme expected to be completed in November 2027.

    Auckland Council Home Removals Programme Manager Kris Bird says the challenge of removing 1200 storm-affected houses is not to be underestimated.

    “We’re trying to do things differently by maximising the number of houses we can relocate, which sometimes means it takes us slightly longer but relocating houses is the most cost-effective and sustainable way.

    “It would have been easy to say relocating these two houses was too complicated but the team took the time to find a workable solution which gave these homes a second life for another family in need.”

    Check out the Blockhouse Bay home removals in the above short timelapse video.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Next steps to improve flood resilience for the Wairau community

    Source: Auckland Council

    Auckland Council is looking to progress a comprehensive flood resilience (blue-green) network to significantly reduce flood risks across the Wairau catchment in Auckland’s North Shore.

    A proposed business case for design, consenting and early enabling works for improved flood resilience in Wairau will be presented to the Transport, Resilience and Infrastructure Committee on 3 April.

    The decision at the committee will enable design and consenting required for this work to begin – a further business case will be required before full delivery of the project can progress.

    Protecting against future flooding

    As part of this broader initiative, AF Thomas Park (home to Takapuna Golf Course and other recreational facilities) is being considered for redevelopment into a recreational flood storage wetland, detention basin and overland flow path. In this proposed option the park would remain a critical recreational asset whilst forming the cornerstone of a blue-green network.

    North Shore Ward Councillor Richard Hills acknowledges that potential changes to the park is a tough conversation for the current users of the park but says this is about protecting against future flooding and potential loss of life and property.

    “The Wairau Valley, Milford, Sunnynook and Tōtara Vale make up the worst affected area from the January 2023 floods,” says Cr Hills.

    “This area experienced tragic loss of life alongside tens of millions of dollars in property damage to homes, businesses, vehicles and community facilities – volunteers rescued 69 people in the Wairau Valley alone.

    “We asked council staff to investigate all possible options to help reduce the flooding impacts and staff strongly believe the options presented in the business case are the best opportunities to ensure long-term flood resilience against future events.

    “I understand potential changes to AF Thomas Park is upsetting to our golfing community and those further afield that regularly use this course. As part of the design process, the council and local boards will work with the community, to understand the future public use of the reserve, alongside providing much needed flood protection and safety for our community.

    “And I’d like to thank all those involved, including central government, the local boards, Mayor and councillors, who all back this option to go forward to business case and consultation stages.”

    What is being proposed?

    As part of the Making Space for Water programme, co-funded by local and central government, a comprehensive blue-green network for the Wairau Valley is proposed.

    This aims to integrate multiple flood management systems to restore natural processes, enhance drainage, and create recreational spaces that serve as flood storage areas during extreme weather events.

    The current business case covers two stages of works as part of a long-term holistic approach to reducing flooding risks across the Wairau catchment.

    Taking a phased approach ensures that the needs of the community are considered and that the project aligns with their vision for a safer and more resilient Wairau Valley.

    Stage 1 Initiatives

    The first stage of the Wairau catchment blue-green network focuses on the design and consenting of critical flood management infrastructure at AF Thomas Park.

    • This stage includes the development of a recreational flood storage wetland and detention basin.
    • This will act as a natural sponge to capture and hold excess water during heavy rain events.
    • By slowing the flow of water and releasing it gradually, this system reduces pressure on surrounding areas prone to flooding.

    Stage 2 Initiatives

    Stage 2 of the proposed blue-green network will focus on several key initiatives in and around land being acquired as part of the Category 3 buy-out programme in Milford and Tōtara Vale.

    • This will include improvements to informal overland flow paths, stream widening and daylighting to enhance natural flow.
    • In addition, some minor upgrades will be made to existing detention facilities.

    Upon completion of both stages, 261 dwellings and three large retirement villages will have flood risk reduced including 35 properties removed from high flood risk. Additionally, 3,900m² of commercial floor area will also see a reduced flood risk.

    This comprehensive network will also protect critical infrastructure such as key roads, power substations, and wastewater systems while providing vibrant recreational areas with walking paths and amenities, similar to Greenslade Reserve.

    “By enhancing flood resilience across the catchment, the project will support the safety, economic stability, and quality of life for the community,” says Cr Hills.

    How will this project reduce flooding?

    The Wairau Valley area suffered significant flooding during the severe weather events in early 2023 resulting in extensive flood damage to residential and commercial properties, including the Eventfinda Stadium. The Wairau Stream channel above and below AF Thomas Park could not convey the volume of water during the event, putting a high number of properties at risk.

    Tom Mansell, Auckland Council Head of Sustainable Partnerships (Healthy Waters and Flood Resilience) explains the reasons that this first stage is a critical step for the Wairau blue-green network.

    “The redevelopment of the park would provide the equivalent to 220 Olympic-sized swimming pools or 550 million litres of water storage in a flood event, which is a significant increase from the park’s current 60 million litre capacity,” says Mr Mansell.

    This would protect downstream residential properties as well as road flooding to Nile, Waterloo and Alma Roads in Milford – which are access points for North Shore Hospital and Westlake Boys and Girls High Schools.”

    Working with the community

    Early engagement has informed the business case. This is just the first step amid a staged engagement approach and will not be the only opportunity for the community to be part of this significant project.

    “If this business case is approved by the council, there will be more opportunities for engagement and for the community to be involved in the design,” says Mr Mansell.

    “We will need to work collaboratively with mana whenua, a variety of funders and members of the community, taking a catchment-wide approach to ensure the right outcomes are achieved for the community over the short and long-term.”

    “As part of this work, we will engage with community and key stakeholders to review both the golfing and wider recreation needs of the North Shore. This will inform how we develop this space into a vibrant recreation area for the community to enjoy and there will be time to consider the full range of options. It’s really important that we get the balance right and we can only do that by working with the Wairau community.”

    Planning and prioritisation for future projects

    Many communities were heavily impacted by the severe weather events of early 2023. Further areas across Tāmaki Makaurau continue to be assessed and prioritised for future blue-green works.

    You can find out more information about these projects on the council’s website or you can reach out to the team at bluegreen@aucklandcouncil.govt.nz

    About Making Space for Water

    The Making Space for Water programme includes a range of initiatives to reduce flood risk to Aucklanders. Part of this is building new flood resilient infrastructure to enhance stormwater assets and green spaces to deliver increased flood management.

    Auckland Council is sharing some of the cost of flood resilience projects with central government as part of a $2 billion co-funding agreement for storm recovery. These are subject to business case approvals from both the council and the government, and projects must demonstrate a flood risk reduction for the wider community, not just individual properties.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Chairman Mast Leads GOP in Demanding UN Reject Francesca Albanese’s Reappointment

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led several members of the panel in demanding that UN Human Rights Council President Jürg Lauber reject Francesca Albanese’s reappointment to another three-year term as special rapporteur for the “occupied palestinian territories.” 

    Mast and his fellow Republicans specifically outlined that Albanese has repeatedly failed to uphold the UNHCR code of conduct and made inflammatory and offensive comments about Israel in the wake of the October 7th attacks.  

    “[Albanese] has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the ‘Third Reich,’ and compared Prime Minister Benjamin Netanyahu to Adolf Hitler,” the lawmakers wrote in a letter to Lauber. “The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account.”

    In addition to Chairman Mast, the letter was co-signed Reps. Young Kim (R-CA), Michael Lawler (R-NY), Keith Self (R-TX), Maria Elvira Salazar (R-FL), Cory Mills (R-FL), and Ryan Zinke (R-MT).

    Read the full letter here and below.

    Dear Mr. President,

    We are writing to strongly object to the renewal of UN Special Rapporteur for the “occupied Palestinian territories,” Francesca Albanese, for a second three-year term. As you are well aware, UN Special Rapporteurs have a duty to uphold the code of conduct as written in Council Resolution 5/2. The code of conduct expressly asserts that Special Rapporteurs must act in an independent capacity with a professional, impartial assessment, and maintain the highest standards of efficiency, competence, and integrity through impartiality, equity and honesty. Based on the following, Special Rapporteur Albanese has failed to uphold the code. Consequently, her term must not be renewed.

    Ms. Albanese has repeatedly violated the code of conduct since she took the position on May 1, 2022. She has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the “Third Reich,” and compared Prime Minister Benjamin Netanyahu to Adolf Hitler. Ms. Albanese unapologetically uses her position as a UN Special Rapporteur to purvey and attempt to legitimize antisemitic tropes, while serving as a Hamas apologist. Moreover, she has erroneously accused the United States Congress and our Executive of being bought and paid for by the Israel lobby. In her malicious fixation, she has even called for Israel to be removed from the United Nations while likening Israel to apartheid South Africa.

    Since the abhorrent and cowardly October 7th attacks, Ms. Albanese’s inflammatory rhetoric has only increased in atrociousness. For example, following Hamas’ murder of over 1,200 people, 250 hostages taken – 59 of whom are still held by Hamas terrorists – and irreversibly changed the lives of countless others, Ms. Albanese wrote that the “violence must be put in context,” and that the attack occurred in response to Israeli “aggression.” In a statement that was rightfully condemned by the United States, France, and Germany, Ms. Albanese attempted to justify that the October 7th massacre was “in response to Israel’s oppression.” Such comments alone violate several provisions within the code of conduct.

    Regrettably, Ms. Albanese’s rhetoric has perverted the very institution and its foundational principles in which she was appointed to serve. Her comments above, and many others she has made, are case in point as to why President Trump rightfully withdrew the United States from the Human Rights Council (Council). The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account. Notably, in January 2023, I, along with many of my colleagues, sent a letter to the United Nations Secretary General and High Commissioner for Human Rights calling for Ms. Albanese’s removal. We were not alone in our requests for her admonishment. Several governments, including France, Germany, Canada and the Netherlands, have all condemned her statements as antisemitic, as well. To this day, no action has been taken.

    Francesca Albanese’s service as a UN Special Rapporteur must end at the conclusion of her first term. Given the numerous instances provided above, but certainly not limited to, her behavior is not only reprehensible, but most unbecoming of a UN Special Rapporteur. As such, it is the view of the undersigned that Ms. Albanese must face serious consequences. As the new President of the Human Rights Council, it is your sworn duty to utilize your authority as stated in Presidential Statement 8/2 (PRST/8/2) to “convey to the Council any information brought to [your] attention of concerning cases of persistent non-compliance by a mandate-holder with the provisions of Council Resolution 5/2, especially prior to the renewal of mandate holders in office.” By rejecting the renewal of Ms. Albanese’s term, the Council would bring much needed credibility, integrity, and accountability back to the institution – attributes of which it has been severely lacking in recent years.

    ###

    MIL OSI USA News –

  • MIL-OSI Submissions: Africa’s Business Heroes Launches 2025 Call for Applications, Building on Unprecedented Momentum

    SOURCE: Africa’s Business Heroes (ABH)

    Beyond funding, ABH finalists gain unparalleled media exposure and access to an exclusive network of Africa’s top business leaders, investors and fellow entrepreneurs
    KIGALI, Rwanda, March 31, 2025/ — Following the success of its 6th Summit and Grand Finale held in Kigali, Africa’s Business Heroes (ABH)  (www.AfricaBusinessHeroes.org) – the Jack Ma Foundation’s flagship philanthropic initiative in Africa – is proud to announce the launch of its 2025 Call for Applications. This year, ABH is building on its momentum to deepen its impact across the continent by actively encouraging applications from typically underrepresented regions in entrepreneurship competitions, including Francophone and Central Africa.
    In 2024, ABH saw a historic level of diversity:

    39% of applicants were women, with 60% of the Top 10 finalists being female entrepreneurs.
    For the first time, a Top 10 finalist hailed from the Democratic Republic of Congo (DRC) – a powerful milestone for Central Africa.
    And in another first, a Francophone entrepreneur – Henri Ousmane Gueye from Senegal – won the Grand Prize, marking a major moment for Francophone Africa.

    Now in its 7th edition, ABH continues its mission to spotlight and support exceptional African entrepreneurs who are creating positive impact in their communities.

    Why Apply? Unmatched Benefits for African Entrepreneurs

    Winning a spot among the ABH finalists unlocks the resources and support needed to elevate a business. The Top 10 finalists share $1.5 million in grant funding, with the grand prize winner receiving $300,000, the first runner-up $250,000, and the second runner-up $150,000. The remaining finalists each secure $100,000, plus an additional $100,000 for global immersion training.

    Beyond funding, ABH finalists gain unparalleled media exposure and access to an exclusive network of Africa’s top business leaders, investors and fellow entrepreneurs. This community enables high-level networking and collaboration as well as mentorship and strategic insights to help scale their ventures.

    Throughout the competition, they also receive valuable feedback from seasoned professionals, strengthening their business acumen, storytelling and long-term growth trajectory.

    A Testament to Resilience and Perseverance

    ABH Managing Director for Africa, Zahra Baitie-Boateng, emphasized the resilience needed to succeed in entrepreneurship, highlighting two standout examples from the 2024 competition. “Henri Ousmane Gueye from Senegal won the Grand Prize on his third attempt, and Alexander Odhiambo from Kenya, our second runner-up, applied twice before reaching the Top 10. Their journeys are a powerful reminder that success at ABH isn’t just about taking home the prize. It’s about resilience – the courage to keep showing up, to learn, to grow and to keep believing in your vision even when the odds are tough. That’s the true spirit of entrepreneurship, and exactly what ABH celebrates.”

    Eligibility Criteria

    ABH welcomes applications from entrepreneurs across all sectors and African countries. To qualify, applicants must be the founder or co-founder of a business that is registered, headquartered, and primarily operating in Africa. They must be African citizens or direct descendants and have at least three years of revenue with proven market traction.

    Application Process

    The ABH competition offers valuable learning opportunities at every stage. Judges rigorously review applications in the first round, selecting the Top 50 based on merit. These finalists then face in-depth interviews with seasoned business leaders, who assess their potential and narrow the pool to the Top 20.

    Following due diligence on the Top 20, they are announced and advance to the Semi-Final, where they pitch in person to a distinguished panel. Judges then select the Top 10, who compete in the Grand Finale’s live pitch competition to determine the winners of the $1.5 million grant funding.

    How to Apply

    Entrepreneurs eager to seize this opportunity can begin their journey by registering (https://apo-opa.co/4lc6DNy) an ABH account and confirming their eligibility. The application requires them to articulate their personal vision, business model and future plans, alongside submitting a reference and a video introduction. Aspiring business leaders across Africa are invited to take this bold step toward funding, mentorship and unparalleled exposure.

    About Africa’s Business Heroes:
    The Africa’s Business Heroes prize competition is the flagship philanthropic initiative spearheaded by the Jack Ma Foundation aimed at supporting and inspiring the next generation of African entrepreneurs across all sectors who are building a more sustainable and inclusive economy for the future of the continent. Over a 10-year period, ABH will recognize 100 African entrepreneurs and commit to allocating grant funding, training programs, and support for the development of an entrepreneurial ecosystem. Each year, the ABH prize competition and show features 10 Finalists as they pitch their business to win a share of US$1.5 million in grant money. Jack Ma, founder of Alibaba Group and the Jack Ma Foundation, created the prize after he made his first trip to Africa in 2017 and was inspired by the energy and entrepreneurial potential of the young people he met with there.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Padilla, Ruiz Introduce Bill to Establish the César E. Chávez and the Farmworker Movement National Park

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Ruiz Introduce Bill to Establish the César E. Chávez and the Farmworker Movement National Park

    WASHINGTON, D.C. — On César Chávez Day, U.S. Senator Alex Padilla (D-Calif.) and Representative Raul Ruiz (D-Calif.-25) introduced bicameral legislation to create the César E. Chávez and the Farmworker Movement National Historical Park. This bill would preserve the nationally significant sites associated with César E. Chávez and the farm worker movement across California and Arizona. Senator Adam Schiff (D-Calif.) is cosponsoring the legislation.

    César Chávez is a Latino icon and civil rights leader, labor leader, and community organizer whose legacy is deeply embedded in the story of California, the farm worker movement, and the push for worker and civil rights. Chávez empowered Latinos and farm workers to fight for fair wages, health care coverage, pension benefits, housing improvements, and countless other protections. His commitment to social justice has inspired generations, and fuels ongoing efforts to improve the lives of all people, regardless of their ethnicity or the color of their skin.

    “On César Chávez Day, we commemorate the work and legacy of an iconic Latino civil rights leader. His example of defending workers’ rights across the country serves as a blueprint for overcoming some of our nation’s biggest challenges, demonstrating the immense power behind organized movements fighting against injustice,” said Senator Padilla. “Establishing the César E. Chávez and the Farmworker Movement National Historical Park would pay proper homage to César Chávez’s tireless work for the dignity, respect, and equal treatment of workers — priorities facing immense threats under the Trump Administration. Our National Park system should memorialize the diverse legacy and culture of all Americans and give farm workers the recognition they deserve.”

    “Having grown up as the son of farmworkers in the Coachella Valley, I remember the profound hope César Chávez instilled in our communities and farmworkers across the nation. His legacy continues to inspire me to this day,” said Representative Ruiz. “It’s vital that we amplify the voices of communities whose stories are too often left unheard. The César E. Chávez and the Farmworker Movement National Historical Park Act, aims to empower the National Park Service to honor and share these important stories, celebrating the diverse and vibrant history of our country.”

    “Today, we honor the profound legacy and sacrifices of César Chávez — a civil rights activist who expanded and defended the rights of farm workers through the power of organizing. The designation of the César E. Chávez and the Farmworker Movement National Historical Park recognizes the countless contributions he made which paved the way for better wages and working conditions for millions of farm workers,” said Senator Schiff. 

    The hundreds of sites that are part of the National Park system preserve our natural, historical, and cultural heritage while offering vital spaces for teaching, learning, and outdoor recreation. While the National Park Service (NPS) embraces their role as “America’s storytellers,” too few national park units primarily focus on women, communities of color, or other historically marginalized groups. The sites preserved by this bill would ensure that the National Park system better represents the diverse history of our nation. As a farm worker himself, César Chávez maintained a strong connection to the natural environment, and this bill uplifts his story and those of others whose contributions helped build the farm worker and civil rights movements that are pillars of American history.

    Specifically, this legislation would:

    • Create the César E. Chávez and the Farmworker Movement National Historical Park, which would include the existing the César E. Chávez National Monument, which includes La Nuestra Señora Reina de la Paz in Keene, California.
    • Upon written agreement from the site owners, the National Historical Park would include the following sites: Forty Acres in Delano, California; the Santa Rita Center in Phoenix, Arizona; and McDonnell Hall in San Jose, California.
    • Conduct a National Historic Trail Study for the “Farmworker Peregrinación National Historic Trail,” the 300-mile march route taken by farm workers between Delano and Sacramento in 1966.

    In 2008, Congress enacted bipartisan legislation from former Arizona Senator John McCain and former California Representative Hilda Solis to direct the NPS to conduct a special resource study of sites that are significant to the life of César Chávez and the farm labor movement in the western United States. In 2012, President Obama established the César E. Chávez National Monument in Keene, California. In 2013, the NPS transmitted the Special Resource Study to Congress. The study team evaluated over 100 sites significant to César Chávez and the farm labor movement in the western United States, finding that several were nationally significant and depicted a distinct and important aspect of American history associated with civil rights and labor movements that is not adequately represented or protected elsewhere. While the NPS included five potential management alternatives to protect these sites, they ultimately recommended that Congress establish a National Historical Park that would incorporate nationally significant sites in California and Arizona related to the life of César Chávez and the farm labor movement.

    A map of the proposed park can be found here.

    A list of endorsing organizations can be found here.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Schiff, Panetta Lead California Democratic Delegation Demanding Continuation of Critical Food Programs

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff, Panetta Lead California Democratic Delegation Demanding Continuation of Critical Food Programs

    WASHINGTON, D.C. — U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.), along with Representative Jimmy Panetta (D-Calif.-19), led all members of the California Democratic Congressional delegation in demanding that the U.S. Department of Agriculture (USDA) reverse harmful federal program cancellations and freezes impacting state food banks and farmers. Chair of the California Democratic Congressional delegation Zoe Lofgren (D-Calif.-18) and Speaker Emerita Nancy Pelosi (D-Calif.-11) also co-led the letter.

    Despite encompassing less than 4 percent of the country’s farmland, California generates over 11 percent of the U.S. agricultural value — over a third of the country’s vegetables and over three-quarters of the country’s fruits and nuts are grown in California. The Trump Administration’s discontinuation of the Local Food Purchase Assistance (LFPA) Cooperative Agreements for 2025 and the Local Food for Schools (LFS) Cooperative Agreement Program, along with its freeze of the Emergency Food Assistance Program (TEFAP) funds, jeopardizes food assistance for more than 6 million Californians and threatens the livelihoods of more than 600 California farmers. A network of 49 food banks, serving 58 counties in California, have already seen over 300 food loads paused or canceled.

    “These programs provide critical support to farmers and food producers in California while ensuring access to nutritious, locally sourced food for families, students, and communities, which we feel are in line with this Administration’s stated goals to provide more opportunities for Americans to eat healthy, support farmers, and boost domestic demand for produce,” wrote the lawmakers.

    “We remain committed to working with USDA to find solutions that sustain and expand market access for American farmers while ensuring that families and communities continue to benefit from fresh, locally produced food. We respectfully request that you revisit these decisions in light of the millions of our constituents who would be impacted,” continued the lawmakers.

    In addition to Padilla, Schiff, Panetta, Lofgren, and Pelosi, the letter was also signed by Representatives Pete Aguilar (D-Calif.-33), Nanette Barragán (D-Calif.-44), Ami Bera (D-Calif.-06), Julia Brownley (D-Calif.-26), Salud Carbajal (D-Calif.-24), Judy Chu (D-Calif.-28), Gil Cisneros (D-Calif.-31), Lou Correa (D-Calif.-46), Jim Costa (D-Calif.-21), Mark DeSaulnier (D-Calif.-10), Laura Friedman (D-Calif.-30), John Garamendi (D-Calif.-08), Robert Garcia (D-Calif.-42), Jimmy Gomez (D-Calif.-34), Adam Gray (D-Calif.-13), Josh Harder (D-Calif.-09), Jared Huffman (D-Calif.-02), Sara Jacobs (D-Calif.-51), Sydney Kamlager-Dove (D-Calif.-37), Ro Khanna (D-Calif.-17), Mike Levin (D-Calif.-49), Sam Liccardo (D-Calif.-16), Ted Lieu (D-Calif.-36), Doris Matsui (D-Calif.-07), Dave Min (D-Calif.-47), Kevin Mullin (D-Calif.-15), Scott Peters (D-Calif.-50), Luz Rivas (D-Calif.-29), Raul Ruiz (D-Calif.-25), Linda Sánchez (D-Calif.-38), Brad Sherman (D-Calif.-32), Lateefah Simon (D-Calif.-12), Eric Swalwell (D-Calif.-14), Mark Takano (D-Calif.-39), Mike Thompson (D-Calif.-04), Norma Torres (D-Calif.-35), Derek Tran (D-Calif.-45), Juan Vargas (D-Calif.-52), Maxine Waters (D-Calif.-43), and George Whitesides (D-Calif.-27).

    Earlier this month, Senator Padilla joined a Senator Schiff-led letter demanding the reversal of the USDA’s cancellation of $1 billion in food purchase programs across the United States, warning of the harmful impacts this move will have on both families and American farmers. 

    Full text of letter is available here and below:

    Dear Madam Secretary,

    We write regarding recent decisions to discontinue the Local Food Purchase Assistance (LFPA) Cooperative Agreements for 2025, the Local Food for Schools (LFS) Cooperative Agreement Program, and the freeze of the Emergency Food Assistance Program (TEFAP) funds. These programs benefit producers of all sizes, expand market opportunities, and increase resilience in our local food systems, particularly as farmers continue to navigate rising input costs and economic uncertainty. With these cancellations, more than 600 California farmers will lose a vital market, and families and children will lose an important lifeline and access to healthy, locally grown food. We request and encourage you to reverse this decision and continue to fully fund and support these important initiatives.

    As Members of the California Delegation, we proudly represent the farmers and producers that contribute to California’s agricultural abundance and the nation’s food supply. Despite encompassing less than 4% of the country’s farmland, California generates over 11% of the U.S. agricultural value; over a third of the country’s vegetables and over three-quarters of the country’s fruits and nuts are grown in California. It is important that this Administration continues to support California producers and bolster their access to local markets.

    Given the significant role that USDA plays in bolstering local and regional agricultural supply chains in California and across the country, we urge your reconsideration of the discontinuation of the LFPA Cooperative Agreements for 2025 and LFS Cooperative Agreement Program. As you know, LFPA strengthens agricultural supply chains by facilitating the purchase of regionally grown food, while LFS helps schools and childcare facilities provide fresh, local options to students. These programs provide critical support to farmers and food producers in California while ensuring access to nutritious, locally sourced food for families, students, and communities, which we feel are in line with this Administration’s stated goals to provide more opportunities for Americans to eat healthy, support farmers, and boost domestic demand for produce.

    Additionally, both the freeze and cancellation of TEFAP funds will significantly impact our state’s food banks who partner with their network of churches, schools, and food pantries. As of the writing of this letter, we are aware that food banks across the state have had over 300 food loads paused or cancelled across the network of 49 food banks for distribution to eligible individuals and households within 58 counties. This means less food than expected for food banks who are serving more than 6 million Californians each month.

    We remain committed to working with USDA to find solutions that sustain and expand market access for American farmers while ensuring that families and communities continue to benefit from fresh, locally produced food. We respectfully request that you revisit these decisions in light of the millions of our constituents who would be impacted. Thank you for your attention to this matter, and we look forward to your response.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Security: Convicted felon sentenced to 20 years in federal prison for possessing a firearm

    Source: Office of United States Attorneys

    EAST ST. LOUIS, Ill. – A district judge sentenced a Belleville man to 240 months’ imprisonment after he was caught with a firearm as a convicted felon after a police chase in Washington County.

    In December, a federal jury convicted Michael Oliver, 46, of one count of felon in possession of a firearm.

    “This 20-year sentence delivers an unmistakable warning: felons who arm themselves, flee justice, and threaten our officers’ safety will confront the full, unwavering strength of our commitment to protect those who serve—accountability isn’t just a word, it’s our mission,” said U.S. Attorney Steven D. Weinhoeft.

    According to court documents and evidence presented at trial, Nashville Police Department officers tried to conduct a traffic stop on Oliver’s vehicle on July 5, 2024, but Oliver kept driving and tried to evade law enforcement.

    “The Nashville Police Department would like to thank the assistance received during this investigation. The ATF was extremely resourceful to our agency during this investigation, and the U. S. Attorney’s Office for the Southern District of Illinois did an excellent job with the prosecution of this case,” said Nashville Police Lt. Brock Styninger. “We look forward to working with these agencies again in the future to help bring dangerous individuals to justice.”

    Oliver took officers on a chase through the grass of the Perry County Courthouse. Deputies with the Perry County Sheriff’s Office tried to cut off Oliver in the roadway, and Oliver struck the police vehicle. Oliver then proceeded to flee on foot until his arrest.

    Along the police chase route, officers located a Lorcin model L380 firearm Oliver discarded from his vehicle.

    “ATF has no greater mission than working with our law enforcement partners to bring those who blatantly disregard the safety of our communities, to justice. As this sentence shows, those who choose to put the lives of our citizens and police officers at risk, will be held accountable,” said Bureau of Alcohol, Tobacco, Firearms and Explosives, Special Agent in Charge, Bernard Hansen.

    Following imprisonment, Oliver will serve four years of supervised release.

    The Nashville Police Department and ATF contributed to the investigation. Assistant U.S. Attorney Jennifer Hudson prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    • Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
    • Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
    • Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
    • EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
    • On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.

    Financial Overview for the Year Ended December 31, 2024

    • Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
    • Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
    • Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
    • General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
    • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
    • Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
    • Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
    • Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
    • Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
    • Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
    • Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
    • Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.

    CEO Review for 2024

    In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:

    In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.

    In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.

    In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.

    In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.  

    Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.

    The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.

    In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:

    The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.

    Activity of Dorad:

    In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    Activity in the USA:

    In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.

    Activity in Italy:

    The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.

    New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.

    Activity in Israel:

    The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.

    Development of Solar licenses combined with storage:

    1. The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
      The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA.
    2. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
    3. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.

    Activity in the Netherlands:

    During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

      December 31,
    2024 2023 2024
    Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$ in thousands*
    Assets      
    Current assets:      
    Cash and cash equivalents 41,134 51,127 42,819
    Short term deposits – 997 –
    Restricted cash 656 810 683
    Intangible asset from green certificates 178 553 185
    Trade and other receivables 20,734 11,717 21,583
    Derivatives asset short-term 146 275 152
    Assets of disposal groups classified as held for sale – 28,297 –
      62,848 93,776 65,422
    Non-current assets      
    Investment in equity accounted investee 41,324 31,772 43,017
    Advances on account of investments 547 898 569
    Fixed assets 482,166 407,982 501,918
    Right-of-use asset 34,315 30,967 35,721
    Restricted cash and deposits 17,052 17,386 17,751
    Deferred tax 9,039 8,677 9,409
    Long term receivables 13,411 10,446 13,960
    Derivatives 15,974 10,948 16,628
      613,828 519,076 638,973
    Total assets 676,676 612,852 704,395
           
    Liabilities and Equity      
    Current liabilities      
    Current maturities of long-term bank loans 21,316 9,784 22,189
    Current maturities of other long-term loans 5,000 5,000 5,205
    Current maturities of debentures 35,706 35,200 37,169
    Trade payables 8,856 5,249 9,219
    Other payables 10,896 10,859 11,342
    Current maturities of derivatives 1,875 4,643 1,952
    Current maturities of lease liabilities 714 700 743
    Liabilities of disposal groups classified as held for sale – 17,142 –
    Warrants 1,446 84 1,505
      85,809 88,661 89,324
    Non-current liabilities      
    Long-term lease liabilities 25,324 23,680 26,361
    Long-term bank loans 245,866 237,781 255,938
    Other long-term loans 31,314 29,373 32,597
    Debentures 155,823 104,887 162,206
    Deferred tax 2,486 2,516 2,588
    Other long-term liabilities 939 855 977
    Derivatives 288 – 300
      462,040 399,092 480,967
    Total liabilities 547,849 487,753 570,291
           
    Equity      
    Share capital 25,613 25,613 26,662
    Share premium 86,271 86,159 89,805
    Treasury shares (1,736) (1,736) (1,807)
    Transaction reserve with non-controlling Interests 5,697 5,697 5,930
    Reserves 14,338 4,299 14,925
    Accumulated deficit (12,019) (5,037) (12,511)
    Total equity attributed to shareholders of the Company 118,164 114,995 123,004
    Non-Controlling Interest 10,663 10,104 11,100
    Total equity 128,827 125,099 134,104
    Total liabilities and equity 676,676 612,852 704,395

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Revenues 8,678 8,424 40,467 48,834 9,033 42,125
    Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614)
    Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143)
    Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368
                 
    Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269)
    General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311)
    Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515
    Other income, net 524 – 3,409 – 545 3,549
    Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852
                 
    Financing income 710 345 2,495 8,747 739 2,597
    Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187
    Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444)
    Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913)
    Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232)
    Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651)
    Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456)
                 
    Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604)
    Tax benefit 1,475 799 1,547 1,436 1,535 1,610
    Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994)
    Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Profit (loss) attributable to:            
    Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268)
    Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583)
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Other comprehensive income (loss) item            
    that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            
    Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335
    Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265
    Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861
    Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846)
    Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615
                 
    Total other comprehensive income (loss) attributable to:            
    Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450
    Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165
    Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 
    Total comprehensive income (loss) attributable to:            
    Owners of the Company 467 (3,318) 3,057 19,150 485 3,182
    Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
    Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
                 
    Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
    Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
                 
    Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
    Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

                         
    Attributable to shareholders of the Company
    		 Non-controlling Interests Total Equity
    Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total    
    € in thousands
    For the year ended                    
    December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
    Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464)
    Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080
    Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 112 – – – – – 112 – 112
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827
                         
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303
    Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983)
    Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486
    Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 21 – – – – – 21 – 21
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

      Share capital Share premium Attributable to shareholders of the Company Non- controlling Total
    Interests Equity
    Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    € in thousands
    For the year ended December 31, 2023 (audited):                    
    Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077
    Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625
    Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276
    Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 121 – – – – – 121 – 121
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
                         
    For the three months                    
    ended December 31, 2023 (unaudited):                    
    Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187
    Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815)
    Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699
    Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 28 – – – – – 28 – 28
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

          Attributable to shareholders of the Company Non- controlling Total
        Interests Equity
    Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
    For the year ended December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223
    Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851)
    Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615
    Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 117 – – – – – 117 – 117
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644
    Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476)
    Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914
    Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 22 – – – – – 22 – 22
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024
    2024 2023 2024 2023
    Unaudited Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$*
    Cash flows from operating activities            
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Adjustments for:            
    Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035
    Loss from settlement of derivatives contract 266 – 316 – 277 329
    Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422
    Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193
    Share-based payment transactions 21 28 112 121 22 117
    Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515)
    Payment of interest on loan from an equity accounted investee – 33 – 1,501 – –
    Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185)
    Change in other assets 2,894 69 3,770 (681) 3,013 3,924
    Change in receivables from concessions project – 259 793 1,778 – 825
    Change in trade payables 48 (332) (31) (45) 50 (32)
    Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636
    Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615)
    Income taxes refund (paid) 277 (473) 623 (912) 288 649
    Interest received 605 524 2,537 2,936 630 2,641
    Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277)
      14,405 1,630 17,431 7,979 14,996 18,147
    Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296
                 
    Cash flows from investing activities            
    Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909)
    Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618)
    Proceeds from sale of investments – – 9,267 – – 9,647
    Repayment of loan by an equity accounted investee – 1,221 – 1,324 – –
    Loan to an equity accounted investee – (60) – (128) – –
    Advances on account of investments – – (163) (421) – (170)
    Proceeds from advances on account of investments 514 297 514 2,218 535 535
    Proceeds in marketable securities – – – 2,837 – –
    Investment in settlement of derivatives, net (540) – (316) – (562) (329)
    Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717
    Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045
    Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082)
                 
    Cash flows from financing activities            
    Issuance of warrants – – 2,666 – – 2,775
    Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672)
    Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061)
    Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280
    Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258)
    Repayment of Debentures – – (35,845) (17,763) – (37,313)
    Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972
    Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723
                 
    Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215
    Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848)
    Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221
    Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446
    Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

     
                           
    Italy Spain USA Netherlands Israel  
    Solar Subsidized Solar
    Plants    		 28 MW
    Solar    		 Talasol
    Solar    		 Solar Biogas Dorad Manara Pumped Storage Solar* Total
    reportable
    segments    		 Reconciliations
    		 Total consolidated
      For the year ended December 31, 2024
      € in thousands
                             
    Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467
    Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803)
    Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468)
    Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196
                             
    Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196
    Project development costs                       (4,101)
    General and administrative expenses                       (6,063)
    Share of income of equity accounted investee                       11,062
    Other income, net                       3,409
    Operating profit                       8,503
    Financing income                       2,495
    Financing income in connection with
    derivatives and warrants, net    		                       1,140
    Financing expenses in connection with projects finance                       (6,190)
    Financing expenses in connection with debentures                       (6,641)
    Interest expenses on minority shareholder loan                       (2,144)
    Other financing expenses                       (8,311)
    Financing expenses, net                       (19,651)
    Profit before taxes on income                       (11,148)
                             
    Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676

    * The results of the Talmei Yosef solar plant are presented as a discontinued operation.

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
      € in thousands Convenience Translation into US$ in thousands*
    Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456
    Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610)
    Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143
    EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.

    Net Financial Debt

    As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.

    Discussion concerning Warning Signs

    Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjusted EBITDA as defined the Series C Deed of Trust 26,201

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440
    Adjusted EBITDA as defined the Series D Deed of Trust 26,641

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440
    Adjusted EBITDA as defined the Series E Deed of Trust 26,641
       

    In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

    As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440
    Adjusted EBITDA as defined the Series F Deed of Trust 26,641
       

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440
    Adjusted EBITDA as defined the Series G Deed of Trust 26,641
       

    1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

    2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

    3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.

    5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

    6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    7 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    9 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    11 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    13 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    14 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    The MIL Network –

  • MIL-OSI USA: ICE San Diego, multiagency case results in 4 defendants charged after warrant served in El Cajon

    Source: US Immigration and Customs Enforcement

    SAN DIEGO – John Washburn, general manager of San Diego Powder & Protective Coatings in El Cajon, and three employees, made their first appearances in federal court March 28 to face immigration charges stemming from a search warrant that was served by federal agents at the property March 27. This case is being investigated by U.S. Immigration and Customs Enforcement with significant assistance from multiple law enforcement agencies.

    Washburn, along with employees Gilver Martinez-Juanta, Miguel Angel Leal-Sanchez and Fernando Casas-Gamboa, were arrested March 27. Washburn was charged with conspiracy to harbor aliens; the employees were charged with using false documents to work in the United States.

    According to the complaint, Washburn employed undocumented workers and allowed them to live in the company’s warehouse. The three charged employees allegedly provided a false attestation regarding their immigration status to secure employment at the business.

    U.S. Magistrate Judge Barbara L. Major set bond for Washburn at $5,000 and ordered him and the other defendants to appear in court for a preliminary hearing on April 8, at 9:30 a.m.

    Assisting agencies in this investigation include: the Department of Homeland Security, Office of Inspector General; General Services Administration, Office of Inspector General; United States Border Patrol; U.S. Customs and Border Protection; Naval Criminal Investigative Service; Small Business Administration, Office of Inspector General; Drug Enforcement Administration, San Diego Field Division, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.

    These cases are being prosecuted by Assistant U.S. Attorneys Henry F.B. Beshar and Michael A. Deshong.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Sheila Cherfilus-McCormick Delivers $1 Million in Federal Funding for the Eagle Cove Residence at Lauderhill

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    SUNRISE, FL– Congresswoman Sheila Cherfilus-McCormick joined Faith Center Ministries to announce $1 million in critical Community Project Funding (CPF) for the Eagle Cove Residence at Lauderhill. 

    “With this federal funding that I helped deliver, we’re simultaneously laying a foundation for economic opportunity in Lauderhill and empowering the next generation for long-term success,” said Congresswoman Sheila Cherfilus-McCormick (D-FL). “Access to housing and higher education are integral to helping more Floridians realize the American Dream. I want to thank the Faith Center for its partnership on this community project and for being a good steward of opportunity.” 

    “I want to thank Congresswoman Sheila Cherfilus-McCormick for securing these funds for the University of Fort Lauderdale,” said Faith Center Ministries Bishop Henry B. Fernandez. “One of our issues in the past has been housing. We are blessed to receive.”

    This funding will be used to provide affordable housing and mixed-use property in Lauderhill — a total of 195 units of one- and two-bedroom apartments for residents. The funding will also be used to develop 8,500 square feet for housing the fully accredited University of Fort Lauderdale. 

    The funding for the Eagle Cove Residence at Lauderhill was included in Congresswoman Cherfilus-McCormick’s CPF requests for Fiscal Year (FY) 2024. The requests delivered over $14.4 million in critical resources for Florida’s 20th Congressional District to address the district’s most pressing needs. 

    For more information about Congresswoman Cherfilus-McCormick’s FY24 CPF requests, please click here.

    A photo from the presentation can be accessed here.

    MIL OSI USA News –

  • MIL-OSI Canada: Recovery program opens, supports healing for people in northern B.C.

    Source: Government of Canada regional news

    More people living with substance-use challenges now have access to treatment and recovery with the opening of the new Northern BC Therapeutic Community in Prince George.

    The recovery program has 25 publicly funded treatment and recovery beds and opened on March 13, 2025, following building renovations and program updates.

    “People living in B.C.’s northern communities need access to treatment and care as close to home as possible,” said Josie Osborne, Minister of Health. “As we expand services around the province, it is essential that people in remote communities can also connect with the right recovery options. These new beds in Prince George mean that more people will be able to access treatment and recovery services, while removing some of the significant barriers faced by people living in rural and remote communities.”

    The Northern BC Therapeutic Community is located 30 kilometres southwest of Prince George on the former Baldy Hughes site. It provides a safe environment for individuals to build community while focusing on recovery from substance-use challenges, and equips participants with the tools needed to sustain long-term success in their post-care journeys.  

    “When people need support in their recovery journey, every barrier removed helps them get closer to reaching their goals,” said Jonny Morris, CEO, Canadian Mental Health Association of B.C. “The new publicly funded treatment and recovery beds will help people access the supports they need, while staying closer to home – closing the distance and removing the financial costs that could otherwise hold them back. We are grateful to work with the Province of B.C. and Connective Support Society in providing these accessible, life-changing supports.”

    The Therapeutic Community is operated by Connective, a community-based social services non-profit organization working throughout B.C. and Yukon to create safe, healthy and inclusive communities. Program stays will last between six and 12 months, with after-care services available for one year after program completion. This new holistic model focuses on rebuilding physical, emotional, mental, and spiritual well-being using personal and social responsibility within the recovery community as a vehicle for growth and development.

    “As the toxic-drug crisis continues to cause tremendous harm in our communities, it is critical that we diversify the range of supports available for long-term recovery and stability,” said Mark Miller, CEO, Connective. “We are eager to offer this vital northern resource to those facing substance-use challenges, and to contribute our experience in response to this urgent and under-served need.”

    These 25 beds are part of the 180 publicly funded beds announced in January 2024 and surpasses that for a total of 190 beds. Since 2017, the Province has added more than 750 substance-use beds, bringing the total number of publicly funded substance-use beds throughout B.C. to 3,778.

    The Province is expanding treatment and recovery options in all regions of B.C. so more people can find the pathway to recovery that works for them. Adding bed-based services is one part of the government’s work to build up the entire continuum of mental-health and substance-use care for people to get the right support for them.

    Quotes:

    Amna Shah, parliamentary secretary for mental health and addictions –

    “The network of full-service support and care for people battling substance use is increasing in B.C. The opening of this therapeutic community removes an obstacle for people in northern communities seeking help and relief from substance-use challenges.”

    Debra Toporowski, parliamentary secretary for rural health –

    “No matter where people live in B.C., they should have access to treatment and recovery care. The opening of the Northern BC Therapeutic Community means that now people in northern B.C. have expanded access to treatment when they are ready to take the first courageous step in their recovery. These 25 beds represent hope and healing for people struggling with substance-use challenges and provide life-saving care for those seeking support.”

    Learn More:

    To find mental-health and substance-use supports in B.C., visit: https://helpstartshere.gov.bc.ca/

    To see the new data snapshot on mental health and substance use in B.C., visit: https://www2.gov.bc.ca/assets/gov/health/mental-health/building_a_mental_health_and_substance_use_system_of_care_snapshot.pdf

    MIL OSI Canada News –

  • MIL-OSI Economics: Fueling tomorrow’s AI with new agentic capabilities and security innovations in Fabric 

    Source: Microsoft

    Headline: Fueling tomorrow’s AI with new agentic capabilities and security innovations in Fabric 

    The Microsoft Fabric Community Conference returns to Las Vegas this week—bigger and better than ever. Thank you to our attendees, speakers, customers, and dedicated teams for making FabCon 2025 an event to remember.

    Microsoft Fabric is a unified data platform that continues to transform businesses worldwide, with more than 19,000 organizations and 74% of Fortune 500 companies leveraging Fabric. At FabCon, customers from around the world will share how they are pushing the boundaries of data at scale and unlocking new possibilities for business innovation. 

    The London Stock Exchange (LSEG), for example, is leveraging Fabric to unify their data estates and efficiently process their data:

    “Microsoft Fabric has been pivotal in LSEG’s data platform modernization journey. With Fabric Spark as the core engine powering our customer facing enterprise data platform, LSEG manages large volumes of time critical financial markets data that require complex data quality and transformation rules, executed at scale and with consistent service levels. Combining this with the broader Fabric eco-system has opened up new and exciting customer experiences and AI-powered opportunities.” 

     —Phil Withey, Head of Architecture, LSEG Microsoft Partners

    Similarly, International Workplace Group (IWG) is revolutionizing its approach to data integration: 

    “Microsoft Fabric was a game changer because of its ability to create shortcuts without physically moving data from one place to another. Before, if I had to incorporate three sources, I had to create pipelines to bring in the data. That pipeline had a cost. The data movement had a cost. With Fabric, it’s two clicks and that’s it.” 

    —José Viegas, Senior Data Architect, IWG 

    We’re always listening and learning to further enable customer successes like these by delivering the latest innovations across the data estate. See how customers around the world are using Fabric to transform their teams and industries.

    New capabilities coming to Microsoft Fabric 

    Today, we’re enhancing the Fabric experience by unlocking new possibilities through key innovations designed to help strengthen security and harness the power of AI to streamline data workstreams like never before:

    Introducing OneLake security—an industry breakthrough in data protection 

    Managing granular data security across multiple applications and engines is complex, often resulting in excessive restrictions or accidental data exposures. That’s why we’re introducing OneLake security—an industry breakthrough in data protection. OneLake is Fabric’s unified data lake, which seamlessly connects your entire multi-cloud and on-premises data estate. All your teams get a single place to discover, explore, and manage their data—even within apps like Microsoft Teams and Excel. 

    Now with OneLake security, you can define access permissions once, and Fabric will enforce it consistently across all engines. Data owners can create security roles, refine permissions, and control access at the row and column levels to securely share data. For example, you can grant access to only certain folders, tables, or even rows in a lakehouse—restricting Personally Identifiable Information (PII) while keeping other data available. This security propagates automatically, so whether you query the data in SQL or visualize it in a Power BI report, you can only see what has been authorized. Check out the following demo to see OneLake security in action:

    We are thrilled to share that OneLake security will be available in preview within a few months. In the meantime, if you are interested in trying OneLake security on your workspaces and providing feedback, please visit this early access sign-up page.

    Empowering agentic AI by integrating Fabric data agents with Azure AI Foundry

    Data plays a critical role in agentic AI, enabling AI agents to operate independently, make informed decisions, and take meaningful actions. That’s why we are expanding capabilities and deepening integrations between our data and AI platforms. 

    Data agents (formerly known as AI skills) in Microsoft Fabric are AI-powered assistants that can learn, adapt, and deliver insights instantly, helping teams make better data-driven decisions. Fabric data agents not only retrieve data from OneLake, but they can reason over and understand the data—what it means, how it’s structured, and when it’s relevant. 

    Starting today, organizations can use Azure AI Foundry to connect customized, conversational agents, created in Fabric. AI developers can now use Azure AI Agent Service to securely ground AI agent outputs with enterprise knowledge in Fabric data agents, so that responses are accurate, relevant, and contextually aware. By combining Fabric’s sophisticated data analysis over enterprise data with Azure AI Foundry’s cutting-edge GenAI technology, businesses can create custom conversational AI agents leveraging domain expertise. 

    “Fabric data agents are a powerful and value-adding tool in data environments. Acting as a conversational capability layer, we can use data agents to ‘talk’ to our data, understand it, and derive different insights in support of our daily decision making.”

    —Maureen Tan, Head of AI Center of Expertise, NTT DATA

    Copilot and AI capabilities in Fabric will be available for all SKUs

    We are excited to announce that Copilot and AI capabilities will be enabled for all paid SKUs in Fabric, making these tools accessible to everyone within the coming weeks. This expansion is driven by your feedback about the impact Copilot in Microsoft Fabric has had on your productivity, and how broadening access to Copilot would benefit more teams. With this latest update, customers on F2 and above can use Copilot and AI capabilities, such as Fabric data agents, to streamline workflows, generate insights, and drive impactful decisions.

    Seamlessly migrate your data to Fabric 

    We are excited to announce the preview of a migration experience natively built into the Fabric UI, enabling Azure Synapse Analytics (data warehouse) customers to transition seamlessly to Microsoft Fabric. With a built-in, intelligent assessment, guided support, and AI-powered assistance, this experience simplifies migration of code and data while helping customers unlock Fabric’s unified data foundation, AI-driven analytics, and enhanced performance—without the complexity of traditional migrations. 

    Microsoft Fabric Community Conference

    Join us this year in Las Vegas for FabCon 2025.

    Additional Fabric innovations

    In addition to the above, we are introducing a series of updates across the Microsoft Fabric platform and its workloads. These advancements will further progress our commitments to our four core Fabric pillars: 

    • A complete, AI-powered data platform. 
    • An open, AI-ready data lake. 
    • Empowering AI-enabled business users. 
    • A mission-critical foundation. 

    Fabric is a complete AI-powered data platform

    Fabric is a unified, AI-powered data platform that fosters seamless collaboration across your organization. Today, we’re sharing new enhancements and capabilities that will further strengthen the Fabric platform and workloads, which will unlock even more possibilities for your data initiatives. 

    Platform enhancements: 

    • The preview of Command Line Interface (CLI) in Fabric introduces a new terminal that allows users and admins to execute commands across Fabric using interactive prompts or scripts, enabling a seamless, code-first experience without relying on clicks. 
    • The preview of new CI/CD enhancements expands support across the Fabric platform, including variable libraries for workspaces, Service Principal support for GitHub, and Deployment Pipelines Fabric APIs Phase II. 
    • The preview of User Data Functions introduces a way for developers to implement and reuse custom business logic in Fabric data science and data engineering workflows, streamlining development and improving efficiency. 
    • The general availability of the Terraform provider for Fabric, to help customers ensure deployments and management tasks are executed accurately and consistently. 
    • The general availability of Tags, which allows users to optimally describe items they own, and help enhance organization and discoverability of data in Fabric. 

    Data integration enhancements: 

    • The general availability of Apache Airflow job empowers customers to run their Apache Airflow DAGs in Microsoft Fabric, with a serverless Apache Airflow runtime. 
    • The general availability of the Copy job introduces a new simplified experience for customers who need to move data between different data sources and destinations. It also introduces support for batch and incremental data movement. 
    • The preview of key orchestration enhancements is now available, enabling the creation of metadata-driven pipelines that orchestrate Dataflow Gen2 (CI/CD) parameterized invocation from Data Pipelines 

    Real-time intelligence enhancements:

    • The general availability of Fabric Events transforms Fabric into an event-driven platform. Users can leverage the Real-Time hub to discover and subscribe to Fabric Events across OneLake, Fabric jobs, and Workspaces. 
    • The preview of new eventstream connectors which allows users to bring in data from additional non-Microsoft sources, including Weather, Solace PubSub+, ADX Table Streamify, MQTT v5, Event Grid Namespaces, and Confluent with Schema Registry. 

    Data Engineering and Data Science enhancements: 

    • The preview of Autoscale Billing for Spark helps optimize Spark job costs by offloading Data Engineering workloads to a serverless billing mode. Capacity admins can set a max capacity units (CUs) limit in capacity settings, ensuring Spark jobs use dedicated CUs instead of shared Fabric Capacity. 
    • The preview of AI functions provides powerful capabilities to apply LLM-powered transformations, such as summarization, classification, and text generation to your OneLake data—all with a single line of code.

    Partner/ISV integrations 

    • At Ignite, we announced the general availability of the Workload Development Toolkit (WDK) and introduced ISV workloads that bring new capabilities and value to our joint customers. We are excited to now announce the general availability of Fabric workloads from Osmos, Profisee, and PowerBI.tips, along with public previews of new workloads from Celonis, CluedIn, Neo4j, Lumel, Statsig, and Striim in the Fabric Workload Hub. In addition, CluedIn also announced a public preview of its integration with Open Mirroring in Fabric.

    Fabric is open with an AI-ready data lake 

    In addition to OneLake Security, we are also making enhancements to OneLake, including: 

    • A modern get-data experience with OneLake catalog integration in Microsoft Excel (in Office Insiders Fast) enables users to explore the OneLake catalog directly from Excel, expanding accessibility beyond the existing Microsoft Teams integration. 
    • Coming soon, we are releasing the general availability of on-premises data gateways support for Amazon S3, S3-compatible sources, and Google Cloud Platform allows users to create shortcuts to on-premises data sources hosted behind a firewall or within a Virtual Private Cloud. 
    • The enhancements for cross-tenant sharing, including the ability to share multiple tables at once, Lakehouse schemas, as well as tables from Fabric SQL databases, KQL databases, and OneLake shortcuts (coming soon). This shared data can now be accessed via SQL analytics endpoints and semantic models. 
    • An updated version of the Fabric Link to Dataverse preview enables even faster and more secure data virtualization from Dataverse, the data platform for the Power Platform and Dynamics 365, thanks to back-end improvements. We are also announcing a new Mirrored Dataverse option in Fabric. Learn more about both announcements. 

    Fabric empowers every business user with AI capabilities

    Fabric empowers business users to quickly uncover key insights in a Power BI report by simply asking Copilot. With AI-enhanced Q&A and intuitive visuals seamlessly embedded in Microsoft 365 apps, everyone can better understand and act on their data with ease. To further empower this mission, we’re announcing that: 

    • The preview of Direct Lake semantic models in Power BI desktop, which allows users to build Power BI semantic models for lightning-fast reports that query data directly from OneLake without scheduling refreshes and without data duplication. This feature will also enable users to add in tables from multiple Fabric artifacts in the same Direct Lake semantic model for ultimate reusability of OneLake data.

    Fabric provides a mission-critical foundation 

    Our final promise is that you can confidently deploy and manage Microsoft Fabric with category-leading performance, instant scalability, shared resilience, and built-in security, governance, and compliance. To further that mission, we’re excited to introduce several enhancements to our mission-critical promise, including: 

    Mission-critical foundation enhancement with Microsoft Purview:

    • Coming soon, the preview of Microsoft Purview for Copilot in Power BI. The integration will enable discovery of data risks such as sensitive data in user prompts and responses, protect sensitive data with Insider Risk Management to identify and investigate risky AI usage, and govern AI usage with audit, eDiscovery, retention policies, and non-compliant usage detection.  
    • Coming soon, we are expanding Purview Data Loss Prevention policies Fabric coverage beyond lakehouses and semantic models, to now also include Fabric KQL databases and mirrored databases. This will allow security admins to detect sensitive data uploads, such as SSNs, and trigger automated actions in more sources. 
    • The preview of Data Observability within the Unified Catalog to investigate the relationship between data products and any assets (including Fabric assets) associated with them to identify the root cause of quality issues. 

    Getting started with Microsoft Fabric 

    New customers can try out everything Fabric has to offer by signing up for a free 60-day trial—no credit card information required. Learn how to start your free trial. 

    If you’re considering purchasing Fabric and need help choosing a SKU, we’re excited to share that a new Fabric SKU Estimator will soon be available in public preview. Stay tuned. 

    Watch the action at the Fabric Conference

    To see these announcements in action, register and secure your spot today through Wednesday April 2, 2025. With over 200 expert-led sessions, you can join thousands of attendees who are diving deep into Microsoft Fabric, exploring innovations in AI, databases, analytics, business intelligence, and more.  

    Join us at FabCon 2025

    Explore additional resources for Microsoft Fabric 

    To learn more about Fabric:  

    Read additional blogs by industry-leading partners: 

    Arun Ulagaratchagan

    Corporate Vice President, Azure Data–Microsoft

    Arun leads product management, engineering, and cloud operations for Azure Data, which includes databases, data integration, big data analytics, messaging, and business intelligence. The products in his teams’ portfolio include Azure SQL DB, Azure Cosmos DB, Azure PostgreSQL, Azure MySQL, Azure Data Factory, Azure Synapse Analytics, Azure Service Bus, Azure Event Grid, Power BI, and Microsoft Fabric.

    See more articles from this author

    MIL OSI Economics –

  • MIL-OSI Video: Department of State Press Briefing – March 31, 2025

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on March 31, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=5TDMjWQV1Yo

    MIL OSI Video –

  • MIL-OSI USA: Florida Hurricane Recovery DR-4834-FL RU-033

    Source: US Federal Emergency Management Agency

    Headline: Florida Hurricane Recovery DR-4834-FL RU-033

    Florida Hurricane Recovery DR-4834-FL RU-033

    Florida Hurricane Recovery   Marc  31, 2025 (Distributed on Mondays) Key MessagesMore than 1,100 FEMA staff are on the ground in Florida to help survivors recover from Hurricanes Milton, Helene and Debby

     FEMA will continue to process applications, receive and manage appeals, conduct inspections and assist applicants and local officials with questions and information about recovery programs

    FEMA may call Floridians who applied for disaster assistance from unknown phone numbers

    It is important to answer these calls

    Survivors should return any missed phone calls

    Survivors who applied for FEMA assistance should continue to stay in touch with the agency to update their application

    Missing or outdated information could result in delays

    Homeowners and renters can update their contact information online at DisasterAssistance

    gov,by using the FEMA App or by phone at 800-621-3362

     Lines are open every day and help is available in most languages

    Hazard Mitigation Community Education Outreach FEMA Mitigation staff are onsite at big box stores to help homeowners learn ways to build back stronger against future storms

    These specialists can offer free improvement tips and proven methods for rebuilding in a way that can lessen damage from future disasters

    Insurance specialists are also available to answer NFIP questions

    As of March 31, the state of Florida has removed more than 36 million cubic yards of debris

    FEMA specialists will be available from March 27 through April 5 from 8:00 a

    m

    to 4:30 p

    m

    ET, Monday – Friday and on Saturday from 8:00 a

    m

    to 2:30 p

    m

    ET, at the following location:Charlotte County: Home Depot, 12621 McCall Road, Port Charlotte, FL 33981FEMA specialists will be available from March 31 through April 12 from 8:00 a

    m

    to 4:30 p

    m

    ET, Monday – Friday and on Saturday from 8:00 a

    m

    to 2:30 p

    m

    ET, at the following location:Lee County: Lowe’s, 285 SW 25th Lane, Cape Coral, FL 33914Debris RemovalAppealsSurvivors who applied for FEMA assistance will receive a decision letter in the mail or via email

    If survivors disagree with the decision about their eligibility, they can appeal within 60 days from the date on that letter

      If survivors have questions about their letter or how to appeal, they can call the FEMA Helpline at 800-621-3362

     FraudWe encourage survivors to be aware of fraud and scams and report any suspicious activity to local authorities

    For more information, visit: Be Alert to Fraud After Florida Hurricanes | FEMA

    govIndividual AssistanceAs of March 31, FEMA has approved a total of more than $1

    5 billion to help Floridians with losses from Milton, Helene and Debby, including: $734

    3 million approved for Hurricane Milton $753

    7 million approved for Hurricane Helene $56

    8 million approved for Hurricane DebbyFEMA may provide financial assistance to help displaced survivors rent temporary housing

     FEMA Rental Assistance is intended to cover the monthly rent amount, which may include a security deposit, at a place other than a damaged home

    The rental can be near the survivor’s job, home, school and place of worship

    The assistance may include essential utilities such as gas, oil, trash, sewer, electricity, and water, but not cable or Internet

    Public AssistanceFEMA has obligated over $1 billion in Public Assistance funds to aid Florida’s recovery from Hurricane Milton

     In just over two months from the date Hurricane Milton was presidentially declared, Public Assistance was able to obligate more than $1 billion to the state of Florida – something that has never been done before in Florida

    This rapid response highlights the partnership with the State of Florida to aid local governments’ efforts to help communities recover

    Milton: Category A (Debris) total obligated: $338,280,729      Milton: Category B (Emergency Protective Measures) total obligated: $647,677,699Helene: Category A (Debris) total obligated: $86,995,225       Helene: Category B (Emergency Protective Measures) total obligated: $348,183,066National Flood Insurance ProgramAs of March 31, NFIP has paid $6

    6 billion in claims to 60,884 claimants from Milton, Helene and Debby

    NFIP Information available online at https://www

    floodsmart

    gov/

    U

    S

     Small Business AdministrationDR-4806DR-4828DR-4834Applications: 1,949Applications: 21,361Applications: 44,612Dollars Approved: $39,401,071Dollars Approved: $758,941,081Dollars Approved: $672,442,659Additional ResourcesActivate Hope: Displaced survivors can apply for State Non-Congregate Sheltering by visiting the Activate Hope website at hopeflorida

    com and filling out the Assistance Request Form or by calling the Hope Florida support line at 833-GET-HOPE (833-438-4673)

    Florida 211: Whether it’s a natural or human-caused disaster, a mental health issue, searching for job training or a food pantry, Florida 211 connects people to help, with a caring human on the other end of the phone

    It’s a go-to, 24/7 free resource that can connect you with a wide range of social services and resources, including food, housing, utilities payment assistance, health care, transportation, childcare, employment opportunities, mental health crises, disaster information and assistance, and more

    FDEM Statewide Debris Dashboard: Debris Survey Results (Milton)

    Clean & Sanitize: FEMA may be able to provide up to $300 in one-time financial assistance to help with cleanup

     Clean and Sanitize Assistance | FEMA

    gov

    Multi-Agency Resource Centers: Florida Division of Emergency Management and local communities are operating these centers to assist residents with storm recovery

    FEMA specialists are available at most centers

     U

    S

    Department of Agriculture/Farm Services Agency: emergency_disaster_designation_declaration_process-factsheet

    pdf  FEMA & Citizenship: You or a member of your household must be U

    S

    citizen, non-U

    S

    citizen national or qualified non-citizen to qualify for FEMA assistance

    FEMA Rumor Response: Know what’s true and what isn’t

     Hurricane Rumor Response | FEMA

    govSmall Business Hurricane Recovery Grant Program FAQs | U

    S

    Chamber of Commerce FoundationMental health resources for Floridians For help with cleanup: Call 833-GET HOPETips for Mold CleanupFlorida Division of Emergency Management Updates: floridadisaster

    org/disaster-updates/storm-updates/Disaster Legal Hotline: 833-514-2940 
    lindsay

    tozer
    Mon, 03/31/2025 – 18:04

    MIL OSI USA News –

  • MIL-OSI USA: One Week Remains to Apply for FEMA Assistance in North Carolina

    Source: US Federal Emergency Management Agency 2

    strong>HICKORY, N.C. – North Carolinians with uninsured damage or loss from Tropical Storm Helene have one week remaining to apply for FEMA financial assistance. The application deadline is April 7, 2025. 
    FEMA may be able to help with temporary lodging, basic home repairs, personal property loss or other disaster-caused needs. Homeowners and renters in these counties can apply: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties, and members of the Eastern Band of Cherokee Indians.
    There are several ways to apply: Go online to DisasterAssistance.gov, use the FEMA App, or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other, give FEMA your number for that service. In some communities, local Resource Centers have FEMA specialists who can help residents apply.
    To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Mitigation Experts Offer Rebuilding Advice in Lee County

    Source: US Federal Emergency Management Agency

    Headline: FEMA Mitigation Experts Offer Rebuilding Advice in Lee County

    FEMA Mitigation Experts Offer Rebuilding Advice in Lee County

    FEMA Mitigation Experts Offer Rebuilding Advice in Lee CountyTALLAHASSEE, Fla

    – As Floridians rebuild, survivors of Hurricanes Milton, Helene and Debby can get free advice on how to rebuild stronger and safer against storms

    FEMA mitigation specialists will be available to answer questions and offer free home improvement tips and proven methods to lessen damage from future disasters

    This information is geared for do-it-yourself work and general contractors

    FEMA specialists will be available from March 31 through April 12, from 8:00 a

    m

    to 4:30 p

    m

    ET, Monday – Friday and on Saturday from 8:00 a

    m

    to 2:30 p

    m

    ET, at the following location:Lee County: Lowe’s, 285 SW 25th Lane, Cape Coral, FL 33914Mitigation is an effort to reduce the loss of life and property damage by lessening the impact of a disaster through   construction and remodeling best practices

    An insurance specialist will be present to answer National Flood Insurance Program (NFIP) questions

    Disaster Survivor Assistance teams will be on hand to provide updates on FEMA applications and answer questions

    Stay in Touch with FEMAIt is important to let FEMA know about any changes to your contact information

     You may update contact information or check on the status of your application by:Visiting DisasterAssistance

    govCalling FEMA directly at 800-621-3362Using the FEMA appFor the latest information about Hurricane Milton recovery, visit fema

    gov/disaster/4834

     For Hurricane Helene recovery information, visit fema

    gov/disaster/4828

     For Hurricane Debby, visit fema

    gov/disaster/4806

     Follow FEMA on X at x

    com/femaregion4or on Facebook at facebook

    com/fema

    ###FEMA’s mission is helping people before, during and after disasters

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    Also, follow on X FEMA_Cam

     For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

      
    lindsay

    tozer
    Mon, 03/31/2025 – 12:29

    MIL OSI USA News –

  • MIL-OSI USA: Governor Polis Signs Bills Into Law Creating More Housing Coloradans Can Afford, Designating State Agaricus Julius, The Emperor Mushroom Formerly Known as Prince, as the State Mushroom

    Source: US State of Colorado

    Governor Polis also signed a law to increase healthcare access for children with disabilities and complex medical conditions

    DENVER – Today, Governor Polis signed the following bipartisan bills into law during a ceremony in the Governor’s Office.

    HB25-1093 – Limitations on Local Anti-Growth Land Use Policies, sponsored by Representatives Rebekah Stewart and Carlos Barron, and Senators Matt Ball and Nick Hinrichsen.

    “We are building on our historic progress to break down government barriers that block new housing so that we can build more housing that Coloradans can afford. This bill will help unlock the housing supply, lower costs, and expand access to homes for Coloradans and families. We know that cost of housing is a top concern for Coloradans, and I am proud to sign this legislation to continue lowering costs for hardworking families,” said Governor Polis.

    HB25-1091 – Designation of State Mushroom, sponsored by Representative Jacque Phillips and Senator Kyle Mullica.

    “Today, Agaricus Julius, or the Emperor Mushroom Formerly Known as Prince, joins the iconic Rocky Mountain Columbine, Lark Bunting, Bighorn Sheep, Colorado Blue Spruce, and others as a symbol of our beautiful state. Designating a state mushroom helps us celebrate the important and diverse plants and animals that make up and strengthen the lands and ecosystems that make the landscapes of our state so vibrant and inspiring. Our state mushroom has coloring similar to a portobello, a cherry-almond aroma, and it’s delicious,” said Governor Polis.  

    (Photos Courtesy of the Denver Botanic Gardens)

    Finally, Governor Polis signed HB25-1003 – Children Complex Health Needs Waiver, sponsored by Representatives Rebekah Stewart and Max Brooks, and Senator Lisa Cutter.

    “In Colorado, we are committed to ensuring every child has access to the high-quality care needed to live a healthy life. This new law will increase access to important services for kids with disabilities and complex medical conditions, help administer services more efficiently, and lower the cost. In our Colorado for all, everyone should have access to the care needed to thrive, and this bill does exactly that,” said Governor Polis.

    Governor Polis also signed the following bills administratively:

    • HB25-1131 – Eliminate Student Cap at Colorado State University’s Veterinary Program, sponsored by Representatives Andrew Boesenecker and Dusty Johnson, and Senators Cathy Kipp and Byron Pelton. This bill is bipartisan.
    • HB25-1063 – FDA-Approved Crystalline Polymorph Psilocybin Use, sponsored by Representatives Anthony Hartsook and Kyle Brown, and Senator Dafna Michaelson Jenet. This bill is bipartisan.
    • HB25-1070 – Electroconvulsive Treatment for Minors, sponsored by Representatives Mary Bradfield and Gretchen Rydin, and Senator Dafna Michaelson Jenet. This bill is bipartisan.
    • HB25-1040 – Adding Nuclear Energy as a Clean Energy Resource, sponsored by Representatives Alex Valdez and Ty Winter, and Senators Dylan Roberts and Larry Liston. This bill is bipartisan.
    • HB25-1009 – Vegetative Fuel Mitigation, sponsored by Representatives Tisha Mauro and Junie Joseph, and Senators Lisa Cutter and Nick Hinrichsen. This bill is bipartisan.
    • HB25-1015 – Ability to Pay Bond Online Clarifications, sponsored by Representatives Javier Mabrey and Yara Zokaie, and Senators Robert Rodriguez and Julie Gonzales. This bill is bipartisan.
    • HB25-1016 – Occupational Therapist Prescribe Medical Equipment, sponsored by Representative Katie Stewart, and Senators Dafna Michaelson Jenet and Janice Rich. This bill is bipartisan.
    • SB25-180 – Population Growth Calculation, sponsored by Senators Barbara Kirkmeyer and Judy Amabile, and Representatives Rick Taggart and Emily Sirota. This bill is bipartisan.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Federal Court Permanently Shuts Down Detroit Tax Preparers

    Source: US State of California

    Note: View Turner permanent injunction here. View Qualls permanent injunction here. View Stewart permanent injunction here. View Bishop and Green permanent injunction here.

    A federal court in Michigan issued a permanent injunction on Friday against Detroit-area tax return preparers Alicia Bishop and Tenisha Green, permanently barring them from preparing federal tax returns for others.

    The court previously barred Alicia Qualls, Michael Turner, and Constance Stewart from preparing federal tax returns for others by judgments entered on March 3. By judgment dated Dec. 16, 2024, the court also barred the business for which all of the preparers worked, United Tax Team Inc., and United Tax Team’s incorporator, Glen Hurst, from preparing federal tax returns for others. Hurst, United Tax Team, Qualls, Turner, and Stewart consented to entry of the judgments against them.

    According to the civil complaint, Hurst incorporated United Tax Team in 2016, was its sole shareholder and corporate officer, and hired the return preparers who work at United Tax Team —including Qualls, Bishop, Green, Turner, and Stewart — who each worked as tax return preparers at United Tax Team locations in the Detroit area and prepared returns for customers that included false information not provided by the customer.

    The civil complaint alleges that that the defendants used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. Specifically, the complaint alleges that Qualls, Bishop, Green, Turner, and Stewart each repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their customers’ knowledge. For example, the complaint alleges that Qualls, Green, Turner, and Stewart fabricated Schedule C businesses to report fictitious business expenses and income to improperly reduce overall taxable income for some customers. The complaint also alleges that Bishop and Green fabricated education expenses on customer returns to falsely add tax credits; that Bishop and Stewart improperly claimed COVID-19 Relief tax credits for some customers; that Qualls and Turner improperly claimed head-of-household status for customers who did not qualify for such status to falsely reduce some customers’ tax liabilities; and that Stewart claimed fictious child and dependent care expenses for some customers.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom proclaims César Chávez Day 2025

    Source: US State of California 2

    Mar 31, 2025

    Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 31, 2025, as César Chávez Day.

    The text of the proclamation and a copy can be found below:

    PROCLAMATION

    Throughout his life of work and service, César Chávez empowered thousands to stand together for their rights and led our nation toward a more equitable and just society. His visionary leadership inspired a powerful movement that burns brightly to this day, rallying people from all walks of life to champion the dignity of work.

    Born near Yuma, Arizona in 1927, Chávez and his family moved to California after losing their home during the Great Depression. Toiling in the fields from a young age, Chávez faced dismal working conditions, racism, abuse, and exploitation. Moved to confront these injustices, he began working as an organizer in the farmworker community, advocating for improvements in their working and living conditions.

    Founding the United Farm Workers together with Dolores Huerta, Chávez challenged Americans to recognize that the produce on their dinner tables was picked by people who were being denied the most basic human rights. Chávez led a historic march of farmworkers from Delano to Sacramento in 1966 and helped launch a successful boycott of grapes that galvanized support across the country. His tireless efforts were instrumental in the passage of the 1975 California Agricultural Labor Relations Act, which made our state the first in U.S. history to give farmworkers the right to join a union.

    On the anniversary of his birth, we celebrate César Chávez’s hard-won strides for social justice and reflect on the work that lies ahead to build a brighter future for all our communities. Let us carry on his timeless legacy by lifting up our neighbors, speaking out against injustice, and working together to extend the dream of prosperity, equity, and progress to all.

    NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim March 31, 2025, as “César Chávez Day.”

    IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 27th day of March 2025.

    GAVIN NEWSOM
    Governor of California

    ATTEST:
    SHIRLEY N. WEBER, Ph.D.
    Secretary of State

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    MIL OSI USA News –

  • MIL-OSI Security: Federal Court Permanently Shuts Down Detroit Tax Preparers

    Source: United States Attorneys General

    Note: View Turner permanent injunction here. View Qualls permanent injunction here. View Stewart permanent injunction here. View Bishop and Green permanent injunction here.

    A federal court in Michigan issued a permanent injunction on Friday against Detroit-area tax return preparers Alicia Bishop and Tenisha Green, permanently barring them from preparing federal tax returns for others.

    The court previously barred Alicia Qualls, Michael Turner, and Constance Stewart from preparing federal tax returns for others by judgments entered on March 3. By judgment dated Dec. 16, 2024, the court also barred the business for which all of the preparers worked, United Tax Team Inc., and United Tax Team’s incorporator, Glen Hurst, from preparing federal tax returns for others. Hurst, United Tax Team, Qualls, Turner, and Stewart consented to entry of the judgments against them.

    According to the civil complaint, Hurst incorporated United Tax Team in 2016, was its sole shareholder and corporate officer, and hired the return preparers who work at United Tax Team —including Qualls, Bishop, Green, Turner, and Stewart — who each worked as tax return preparers at United Tax Team locations in the Detroit area and prepared returns for customers that included false information not provided by the customer.

    The civil complaint alleges that that the defendants used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. Specifically, the complaint alleges that Qualls, Bishop, Green, Turner, and Stewart each repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their customers’ knowledge. For example, the complaint alleges that Qualls, Green, Turner, and Stewart fabricated Schedule C businesses to report fictitious business expenses and income to improperly reduce overall taxable income for some customers. The complaint also alleges that Bishop and Green fabricated education expenses on customer returns to falsely add tax credits; that Bishop and Stewart improperly claimed COVID-19 Relief tax credits for some customers; that Qualls and Turner improperly claimed head-of-household status for customers who did not qualify for such status to falsely reduce some customers’ tax liabilities; and that Stewart claimed fictious child and dependent care expenses for some customers.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –