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  • MIL-OSI USA: UConn Professor Examines the Health Risks of Life on the Road

    Source: US State of Connecticut

    They’re on our highways and our state roads.

    We see them at rest stops and service plazas.

    They move our economy. Literally.

    They’re tractor-trailer trucks, and they’re a vital part of the U.S. economy, hauling 70% of consumer and industrial goods and logging about 200 billion miles annually in the United States.

    Trucks, and the men and women who drive them, play an indispensable role in U.S. society.

    But truck driving is a high-stress, high-risk profession.

    Long-haul truck drivers work irregular hours under protracted and repeated stretches of continuous effort that can be exacerbated by road construction, traffic conditions, and changes in weather. For most, finding safe and suitable parking while on the road is a constant challenge.

    Many drivers deal with elevated stress levels and fatigue, and they have limited opportunities for physical activity and limited access to fresh, healthy foods.

    And moreover, life on the road is extremely isolating and lonely, with drivers often spending days or weeks away from home at a time, while coping with the constant pressure to log as many miles as they can, in order to earn as much money as possible, in an industry that has experienced significant consolidation in recent years.

    The impact of those occupational conditions – especially the risks that long-haul truck drivers face of developing multiple adverse health conditions due to the conditions they face on-the-job – recently caught the attention of Merrill Singer, a professor emeritus in the Department of Anthropology at UConn.

    “I began to read the literature on long-haul truck drivers, and the multiplicity of diseases that their jobs put them at special risk for, and how the political economy of truck driving is organized and controlled has increased the pressure on truck drivers – over time, it’s made their life more stressful,” says Singer. “And I started to explore the concept of occupational syndemics and how it related to the kinds of jobs that put people at heightened vulnerability.”

    A medical anthropologist who researches and explores the relationships between culture, health, and disease, Singer developed the public health concept of syndemics, which refers to the clustering of diseases in certain populations and the biological interaction of multiple comorbid diseases in populations.

    “Syndemics involves two or more diseases interacting and some set of social conditions that interact with those diseases and make people vulnerable, which then makes these diseases more harmful,” Singer explains.

    In recent years, Singer has been examining how syndemics can be used to assess the ways that living and working conditions can promote disease clustering and further the adverse interactions of comorbid diseases and other health factors.

    He looked at other high-risk occupation populations – including gold and coal mineworkers in South Africa and commercial fishermen – before turning his syndemics lens to long-haul truck drivers. He published his syndemic analysis on the biosocial health of long-haul truck drivers in the February 2025 edition of the Journal of Transport & Health.

    In his analysis, Singer notes studies that found that long-haul truck drivers frequently experienced elevated cortisol levels and are often subject to problems with sleep, including inadequate sleep, insomnia, and disrupted sleep linked to obstructive sleep apnea. Reduced sleep duration has been linked to fatigue, drowsiness, job performance lapses, slowed reaction time, and impaired driving ability.

    Long-haul truck drivers are also more likely to be cigarette smokers, to engage in binge drinking, and to use other substances. They often struggle with mental health disorders or chronic stress.

    Because of their working conditions, they typically eat while driving or dine at truck stops and fast-food outlets, factors that limit their available food choices. The occupation is highly sedentary as well – few rest stops offer any sort of exercise equipment, and opportunities for physical activity while on the road are infrequent.

    More than half of long-haul truck drivers report living with one or more health problems, while 80% report at least one serious health condition, including obesity, hypertension and cardiovascular disease, and diabetes and metabolic disorders.

    Getting regular medical care to help treat these conditions is also a struggle, as there aren’t medical providers on the road and drivers always face pressure to cover more miles.

    “A grave consequence of syndemics of the road,” Singer writes in his paper, “is family disruption and divorce, high turnover rate (employer hopping), a national shortage of drivers, a high and untreated disease burden, shortened lifespan, heightened rates of suicide, increased medical costs, and injurious and deadly highway crashes.”

    The challenges faced by long-haul truck drivers only intensified during the COVID-19 pandemic.

    Workers in the transportation/logistics sector have one of the highest per-capita excess mortality rates due to the COVID-19 virus, Singer notes. He recommends multipronged and multilayered syndemic interventions to help address the structural factors that place economically crucial long-haul truck drivers in the U.S. at risk.

    “In the case of [long-haul truck drivers],” he wrote, “this would involve advocacy for public policy changes, as part of state and federal infrastructure planning, that address an array of health, social, environmental, and economic challenges…[c]oupled with this kind of advocacy, there is a need for  funding to support direct structured health interventions for drivers that simultaneously address multiple health issues in this population.”

    In the current public health climate, where officials are closely monitoring the spread of bird flu into other mammals – including humans – policymakers and industry officials would be especially wise to consider the syndemics of the road, Singer says.

    “Once an infectious agent transitions from whatever its original host was to mammals, it makes it much easier to make the next transition into other mammals, which it’s already started to do,” Singer says.

    “If bird flu begins to spread directly human-to-human, it’s interaction with all of what else is going around, and in people with other preexisting conditions – diabetes, cancer, tuberculosis, et cetera – has the potential for another massive pandemic.”

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Recovers Over $5 Million From Nonprofit for Failing to Serve New York City Residents with Developmental Disabilities

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today secured over $5 million from Community Options, Inc. and Community Options NY, Inc. (Community Options) for failing to properly provide services for people with developmental disabilities and knowingly submitting false claims to Medicaid for services. Community Options is a nonprofit that provides “day habilitation” services to adults with developmental disabilities in New York City, ensuring they have enriching and educational community-based activities. A joint investigation between the Office of the Attorney General’s (OAG) Medicaid Fraud Control Unit (MFCU), and the United States Attorney’s Office for the Southern District of New York (USAO-SDNY) revealed that Community Options failed to follow regulations and requirements designed to ensure the people it serves are receiving safe and adequate care. Under settlements with OAG and USAO-SDNY, Community Options will repay Medicaid over $5 million in reimbursements it received for day habilitation services that it failed to provide and document in compliance with state regulations.

    “New Yorkers with developmental disabilities rely on quality, community-based activities to lead fulfilling and independent lives,” said Attorney General James. “Community Options ignored the rules meant to ensure it was delivering the services it promised, depriving vulnerable New Yorkers of opportunities to participate in valuable programs that meet their needs. I thank the U.S. Attorney’s Office for their assistance in this investigation that will ensure New Yorkers with developmental disabilities get the care and services they deserve.”

    Community Options’ services include the Day Habilitation Without Walls Program, where recipients can take part in activities, cultural events, and volunteer opportunities in their community. Medicaid and the New York Office for People with Developmental Disabilities (OPWDD) set requirements for day habilitation service providers to follow in order to receive Medicaid reimbursement. These requirements ensure organizations are providing an adequate number of services for enough time, are providing the correct types of services, and are documenting the services they provide.

    The OAG’s investigation found that Community Options violated the law by failing to meet these requirements for day habilitation services for which it billed New York’s Medicaid Program from January 1, 2017 to September 13, 2023. Community Options employees routinely failed to provide and document services in accordance with the OPWDD requirements. As a result, the adults with developmental disabilities that Community Options served did not receive the full benefits that the organization promised.

    The investigation also revealed that in January 2022, Community Options violated the law by failing to return overpayments it received from New York’s Medicaid program for services that it knew did not meet the state’s requirements. During a non-routine review, Community Options determined that it had failed to create and maintain monthly summary documents for dozens of day habilitation clients in Manhattan, Brooklyn, and Queens, affecting hundreds of claims for reimbursement. Despite a Community Options employee stating that these failures required Community Options to return payments for these claims, the senior Community Options employee overseeing day habilitation services instructed their subordinate to fraudulently create and back-date all of the missing monthly summary notes, in many instances up to a year after the services in question were purportedly provided.

    As a result of Attorney General James’ enforcement, Community Options will repay the over $5 million it improperly billed Medicaid, including paying approximately $2.8 million back to New York’s Medicaid program. The case against Community Options was initiated by a former employee, who will receive a portion of the settlement because the former employee filed a whistleblower lawsuit under the federal and New York False Claims Acts, which allow people to file civil actions under seal on behalf of the government and share in any recovery.

    The investigation and settlements were the result of a coordinated effort between OAG and USAO-SDNY. Attorney General James thanks USAO-SDNY for their partnership and assistance.

    For OAG’s MFCU, the investigation was conducted by Deputy Regional Chief Auditor Matthew Tandle, Auditor-Investigator Doni Corso, and Auditor-Investigator Che Cass, under the supervision of Chief Auditor Dejan Budimir, and Detective-Investigator Natalie Shifrin, under the supervision of Detective Supervisor Dominick DiGennaro. The settlement was handled by Special Assistant Attorney General Tiffany Castleman-Smith of the Civil Enforcement Division, under the supervision of Deputy Chief Diana Elkind. The Civil Enforcement Division is led by Chief Alee Scott. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. MFCU is part of the Division for Criminal Justice, which is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.

    Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

    New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is funded from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.

    MIL OSI USA News –

  • MIL-OSI Europe: AFRICA/SOUTH SUDAN – Escalation in South Sudan: Christian churches appeal for a peaceful solution

    Source: Agenzia Fides – MIL OSI

    Juba (Agenzia Fides) – The situation in South Sudan is escalating: Yesterday, March 26, Vice President Riek Machar was placed under house arrest, further escalating the renewed clashes between him and President Salva Kiir (see Fides, 5/3/2025).According to his party, the Sudan People’s Liberation Movement-in-Opposition (SPLM-IO), Machar, his wife, and two bodyguards are being held at home on suspicion of involvement in the recent clashes between the army and the White Army militia in Nasir, Upper Nile State.On the day of Machar’s arrest, artillery fire had been fired in the area around the capital, Juba. The high tensions of recent days have prompted several embassies in Juba to ask their citizens to leave South Sudan (the US Embassy has reduced its staff to the bare minimum), while calls are multiplying for a peaceful solution to the crisis that threatens to plunge the country back into civil war.”This is not the time for senseless wars; instead, politicians must foster an atmosphere of unity and engage in peace dialogues to address the challenges faced by the public,” said the Bishop of Wau, Matthew Remijio Adam Gbitiku.The Council of Evangelical Churches of South Sudan (CEOFSS) is calling for ” an impartial investigation into the root causes of these conflicts. If anyone is found guilty should be taken to court for justice.”The CEOFSS also expresses “concern about the presence of foreign forces in South Sudan and encourage the resolution of security concerns through diplomatic engagement, ensuring that national sovereignty and stability are upheld.” In addition to the political disputes between the two “strongmen” who have been competing for power since the country’s independence (2011), South Sudan is torn by communal and tribal conflicts that contribute to the country’s insecurity. In this context, the CEOFSS points out that “intercommunal violence remains a pressing problem, including cattle thefts in the states of Warrap and Jonglei, and clashes between farmers and herders in parts of Equatoria.” (L.M.) (Agenzia Fides, 27/3/2025)
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  • MIL-OSI Europe: ASIA/PHILIPPINES – In a nation divided over Duterte’s judicial affair, the Church preaches and works for unity

    Source: Agenzia Fides – MIL OSI

    Manila (Agenzia Fides) – In a country torn apart by the trial of former President Rodrigo Duterte, indicted by the International Criminal Court (ICC) for crimes against humanity committed during the “war on drugs” he waged (see Fides 11/03/2025), the Catholic Church in the Philippines is trying to restore national unity, while society – which is preparing, among other things, for the midterm elections next May – appears increasingly divided into pro-Duterte and anti-Duterte groups.One of the first measures adopted by Catholic communities is prayer: in a period considered extremely critical, the Archbishop of Manila, Cardinal José Advincula, invites the faithful to “overcome differences and be open to a constant conversion towards truth, justice and peace.” For this reason, the Cardinal issued a public appeal for an “oratio imperata,” a “compulsory prayer” for the nation, to be recited daily during Mass in all parishes of the archdiocese starting on the third Sunday of Lent.For the Catholic community, this time – which coincides with Lent -should be an opportunity for conversion: The imprisonment of former President Rodrigo Duterte in The Hague could be a “special grace,” “a spiritual opportunity,” according to Msgr. Patricio Buzon, Bishop of Bacolod, who urged Rodrigo Duterte’s supporters to “change their perspective.” The time in prison is like a spiritual retreat, said Bishop Buzon, adding: “After all, Duterte is his son. God wants him to be saved, because ‘God takes no pleasure in the death of the wicked, but rather that he turns from his ways and lives’ (Ez 18:23).” The bishop stigmatized “the blind fanaticism that is tearing us apart as a people”: “It is time to put our love for our country above any political loyalty,” he said.Among the countermeasures devised by Duterte’s supporters is the so-called “No Remittances Week”: As a form of protest, large groups of Filipinos abroad -more than 10 million people -plan, especially in Europe, to block remittances, the economic contributions sent home that are a vital support to the national economy. This measure would negatively impact thousands of Filipino families. Bishop Ruperto Santos of Antipolo said: “Freezing remittances, even if only temporarily, could devastate the lives of these families and leave them vulnerable, as they will struggle to make ends meet,” and there are fears of a “domino effect” on businesses and communities that depend on this flow of money. “As a bishop, I call for unity and dialogue. Let us seek peaceful and constructive ways to address problems without harming our families and our nation” in order to “promote healing and support the common good.” Archbishop Monsignor Jose Cabantan of Cagayan de Oro on the island of Mindanao – the region where Duterte had the most supporters – rejected claims that a daily Mass was being celebrated in the cathedral “for the return of former President Rodrigo Duterte to the Philippines.” The Eucharist, like all Masses, was “not dedicated to any particular person, group, or political cause,” he wrote. The archbishop emphasized the Church’s commitment to neutrality and to ensuring that “places of worship remain spaces of faith, reflection, and unity,” and urged the faithful to work for “peace, unity, and justice.”Meanwhile, the office of Philippine President Ferdinand Marcos Jr. reiterated that it would not cooperate with the International Criminal Court regarding the charges of crimes against humanity filed against former President Rodrigo Duterte, “since the Philippines does not recognize the jurisdiction of the ICC.” The government rejected claims that the transfer of former President Rodrigo Duterte to the ICC was due to a dispute between Marcos and Duterte, stressing that “there is nothing personal about the arrest.” Other politicians emphasized that “beyond political advantages, the country’s sovereignty and the interest in true justice for every Filipino must remain a priority”. (PA) (Agenzia Fides, 27/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Drone Manufacturers Racing to Introduce Latest Technology as Global Aerial Survey Services Market Projected to Reach $790 Billion By 2031

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 27, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Many investors have been watching the drone industry consistently growing over the past years and are expecting the same expansions to continue. The popularity of unmanned aerial vehicles (UAVs) for aerial imagery is quickly expanding this market. A report from Verified Market Research said that the Aerial Survey Services Market size, which was valued at USD 22.67 Billion in 2024, is projected to reach USD 791.21 Billion by 2031, growing at a CAGR of 55.90% during the forecast period 2024-2031. The report added: “The rising use of drone services for industry-specific solutions, improved regulatory framework, and increased demand for qualitative data in various industries are projected to boost the expansion of the Drone Aerial Survey Services Market. Aerial imaging is being more widely used in defense applications. Natural calamities are becoming more common. Aerial camera systems have been improving steadily. Drone technology has attracted venture capital investment. During the forecast period, the enterprise segment of the Aerial Survey Services Market is expected to grow at the fastest rate. All industries benefit from enterprise solutions because they provide end-to-end services. The enterprise solution segment is being driven by the rising demand for analytical services and software solutions in the Aerial Survey Services Market.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), AgEagle Aerial Systems Inc. (NYSE: UAVS), Red Cat Holdings, Inc. (NASDAQ: RCAT), AeroVironment, Inc. (NASDAQ: AVAV), KULR Technology Group, Inc. (NYSE American: KULR).

    Verified Market Research continued: “A rise in demand from a variety of industries is fueling the growth of the Drone Aerial Survey Services Market. Aerial photography is used in agriculture to track effective changes in yield production, crop health management, and soil improvement. Aerial imaging services are needed by the defense sector to protect border areas and prepare map structures. Aerial imaging services are also being used more widely in research and exploration, archaeological surveys, mining, oil and gas, and resource management. The Drone Aerial Survey Services Market is still in its early stages of development, and the expansion of application areas is expected to accelerate market growth over the forecast period. During the coronavirus pandemic, aerial imaging helped the construction industry. The benefits of aerial imaging for contracted surveying, onsite inspections, and design planning applications have been augmented by the construction, roofing, and solar industries.”

    ZenaTech (NASDAQ:ZENA) Signs LOI to Acquire Eighth Land Survey Company Advancing Drone as a Service in a $2.5 Billion US Drone Survey Market by 2033 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has signed an LOI (Letter of Intent) to acquire an eighth land survey engineering company which marks the second LOI located in Arizona. Upon completion, these locations will serve as a launchpad to further Southwest regional development and contribute to the Company’s national DaaS business model intended to bring the speed and precision of ZenaDrone’s AI drone solutions in a convenient subscription or pay-per-use model for businesses and government users.

    “Arizona is strategic to our US operations as the base of our subsidiary ZenaDrone where our second drone manufacturing facility will be. Our vision with Drone as a Service is to capture part of the drone survey market that is growing by double-digits and is expected to reach USD $2.5 billion by 2033. We plan to build our national presence offering ZenaDrone products and services for land surveys and many other applications,” said CEO Shaun Passley, Ph.D.

    According to Fact.MR, the global drone surveying market is poised for substantial growth and is expected to be worth over USD $8 billion globally by 2033 of which North America is expected to represent 35%. This market is expanding at a CAGR of over 19%, driven by increasing demand from industries such as construction, agriculture, and infrastructure development. Within the drone surveying market, land surveys represent 53%, with significant adoption in real estate, urban planning, environmental applications and infrastructure projects.

    Drones as a Service or DaaS works similarly to Software as a Service (SaaS), but instead of providing software over the internet, this business model offers drone technology solutions and services on a subscription or pay-per-use basis. With DaaS, businesses and government customers can conveniently access drones for tasks such as surveying, inspections, security, law enforcement, or precision agriculture solutions without having to buy, operate or maintain the drones themselves.

    ZenaTech’s DaaS model offers customers including government agencies, builders and real estate developers, construction firms and farmers reduced upfront costs as there is no need to purchase expensive drones, and convenience as the company manages maintenance and operation. DaaS also offers scalability to companies to use more often or less often based on their needs and enables access to advanced drone technology and applications without the need for specialized training or equipment.

    Accurate land surveys are essential for the planning, design, and execution of roads, bridges, and building projects for cities, commercial, and residential projects, and are required for legal purposes. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using more traditional photogrammetry methods.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    In Additional ZENA News: ZenaTech’s (NASDAQ:ZENA) ZenaDrone Developing Indoor Drone Swarm Application for Inventory Management and Security with Auto Parts Manufacturer Customer – ZenaTech, Inc. this week also announced its subsidiary ZenaDrone is developing a drone swarm application using multiple indoor IQ Nano drones for inventory management and security applications. ZenaDrone is conducting this development with its auto parts manufacturer customer where it is currently engaged in a paid trial.

    A drone swarm is a coordinated group of autonomous drones that communicate and work together using AI and real-time data sharing, to perform tasks collaboratively without direct human control. Drone swarms can enhance efficiency, accuracy, automation and performance compared to a single drone.

    “We are pioneering the development of autonomous drone swarm technology, revolutionizing indoor inventory management and warehouse security by providing real-time, more accurate stock tracking and surveillance with reduced manual processes. We believe this technology will enable warehouses to operate more efficiently, reduce costs, and enhance safety and security while setting a new industry standard for AI drones,” said CEO Shaun Passley, Ph.D.   Continued… Read this full release by visiting: https://www.zenatech.com/newsroom/

    Other recent developments in the drone industry include:

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that financial results for the 2024 Stub Period (as of December 31, 2024 and the eight months then ended) will be reported on Monday, March 31, 2025 at the market close.

    Company management will host an earnings conference call at 4:30p.m. ET on Monday, March 31, 2025 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Interested parties can listen to the conference call by dialing 1-844-413-3977 (within the U.S.) or 1-412-317-1803 (international). Callers should dial in approximately ten minutes prior to the start time and ask to be connected to the Red Cat conference call. Participants can also pre-register for the call using the following link: https://dpregister.com/sreg/10198203/fecb0dc7ae

    AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal third quarter ended January 25, 2025. “We faced a number of short-term challenges in the third quarter, including the unprecedented high winds and fires in Southern California, which impacted our ability to meet our goals,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Nevertheless, we made significant progress towards executing our long-term growth strategy and building resiliency for the future.

    “This quarter, we booked record Switchblade and Jump-20 orders, which helped expand our backlog to a record $764 million. We also announced our new Utah manufacturing facility, which will more than double our Switchblade capacity and provide resiliency against regional weather events. Finally, we made significant progress towards completing our BlueHalo acquisition, which we now expect to close in the second quarter of calendar year 2025. While this has been a transition year pivoting away from Ukraine demand, we still expect a strong fiscal year 2025 including record fourth quarter revenue.”

    KULR Technology Group, Inc. (NYSE American: KULR) recently announced will hold a conference call on Thursday, March 27th at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2024. The financial results will be issued in a press release prior to the call.

    KULR management will host the conference call, followed by a question-and-answer period. Interested parties can submit relevant questions prior to the call to Stuart Smith at SmallCapVoice.Com, Inc. via email: ssmith@smallcapvoice.com by 5:00 p.m. ET on Friday, March 21st, 2025. Mr. Smith will compile a list of questions and submit them to the Company prior to the conference call. The questions that will get addressed will be based on the relevance to the shareholder base, and the appropriateness of the questions in light of public disclosure rules.

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the appointment of Steve Mathias as Vice President of Global Sales and Business Development and Erik de Badts as Global Head of MicaSense Sales. AgEagle CEO Bill Irby commented, “As we execute a multi-faceted strategic growth plan focused on expanding our global footprint, the addition of both Steve and Erik’s impressive pedigrees will drive innovation, foster collaboration, and ensure that we remain agile in an evolving UAS marketplace. Steve brings multi-decade expertise in military and commercial aviation, both crewed and uncrewed, while Erik is a true subject matter expert in multi-spectral sensing. We are confident their leadership will help strengthen key partner relationships, unlock new opportunities, and accelerate revenue growth.”

    Steve Mathias is an aerospace business executive with over 30 years of senior leadership experience in both the military and aerospace industry. Prior to joining AgEagle, he served as Senior Vice President of Strategy and Growth at GKN Aerospace Defense, a leading global technology company specializing in advanced aerostructures and engine systems. Before his role at GKN Aerospace, Mr. Mathias was Vice President of Global Sales and Strategy at Bell Helicopter, where he led all domestic and international vertical lift defense sales, including both crewed and uncrewed systems. His background as a U.S. Army Officer includes significant special operations and conventional aviation experience with both manned and unmanned systems. In his final Army assignment, Steve served as the Deputy Chief of Staff G-8 for the U.S. Army Special Operations Command, overseeing the requirements and Program Objective Memorandum (POM) processes for over 200 Army and Special Operations air and land programs.

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    The MIL Network –

  • MIL-OSI: Block Advisors by H&R Block to Provide Timely Support for The Home Depot’s Pro Xtra Loyalty Members

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., March 27, 2025 (GLOBE NEWSWIRE) — Block Advisors by H&R Block and The Home Depot, the world’s largest home improvement retailer, have collaborated for the 2025 tax season to help hardworking Pro customers offload stressful administrative business tasks. This robust collaboration offers significant benefits to Pro Xtra members, such as discounted services, including tax preparation, empowering them to focus on growing their business.

    “Our initiative with The Home Depot helps Pro Xtra members navigate the complexities of running a business, such as taxes and bookkeeping,” says Jamil Khan, Chief Small Business Officer at H&R Block. “Having experts that understand the tax codes relevant to the industry helps Pro Xtra members keep more of their hard-earned money.”

    The service launched earlier this month ahead of the fast-approaching April 15 tax filing deadline. Block Advisors is backed by 70 years of H&R Block expertise and has category-specific knowledge to help Pro Xtra members lower their tax liability. A Block Advisors tax pro can help business owners understand and leverage such deductions and credits as:

    • 45L Tax Credit: This tax credit is available to eligible businesses who build or substantially renovate energy-efficient homes and offers significant tax-time upside.
    • Deductions for equipment and property: With a Section 179 deduction, companies can capture tax savings on some big-ticket expenses like property purchases, office renovations, and necessary equipment.
    • Professional materials deduction: The cost of materials and supplies can be deducted, depending on the timing of the usage. This often applies to things like cleaning supplies, production expenses, and shipping costs.
    • Vehicle and mileage deductions: The costs of driving and maintaining a vehicle for business use can add up fast. Owners can write off many expenses related to the business use of a vehicle.

    As part of the collaboration, Pro Xtra members benefit from a special offer* on Block Advisors tax preparation and year-round services, including:

    • $50 off tax preparation with a Small Business Certified Tax Pro
    • $25 off DIY online tax preparation
    • $25 off business formation services 
    • First month free, plus 10% off bookkeeping and payroll services 

    The Home Depot Pro Xtra members can learn about Block Advisors’ offer at The Home Depot Pro Desks and can also visit www.blockadvisors.com for more information on Block Advisors’ tax preparation and year-round business services.

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    The MIL Network –

  • MIL-OSI United Kingdom: Celebrate VE Day 80 in Plymouth

    Source: City of Plymouth

    Whether you host your own street party, or join us for the festivities on The Hoe, get ready for an unforgettable celebration, as Plymouth marks 80 years since the end of the Second World War in Europe.  

    Join us on Thursday 8 May, on Plymouth Hoe for a day packed with excitement, entertainment, and heartfelt remembrance. Funded by Plymouth City Council, with support from defence company Babcock International Group (Babcock), which owns and operates Devonport Royal Dockyard, VE Day 80 will start at 10.30am with a flag-raising ceremony and a full parade of Standards at the Belvedere, featuring the Royal Navy Guard and ships in the Sound.  

    The festivities will then continue throughout the day with live music on The Hoe, an evening concert, vibrant street party, stalls, and vintage vehicles. With the evening concluding with a Sunset Guard lighting the Plymouth beacon at 8.40pm.  

    Across the country, millions will be dancing, singing, and partying in the streets on Monday 5 May, to celebrate the end of the war. Plymouth City Council is making it easier for local people to join in by suspending road closure fees for street parties. This will hopefully encourage local people to come together with their neighbours to have their own community celebrations. The deadline to apply for a road closure is 11 April.  

    Councillor Sally Haydon, Cabinet Member with responsibility for Events, says: “This will be a fantastic community event to celebrate VE Day 80. It’s a chance for us all to give thanks and remember those who lost their lives during the war, and to reflect on the past.  

    “Plymouth City Council is proud to be organising a day of celebration on The Hoe. And, whilst residents and communities will need to buy their own Victoria sponges, we are happy to wave the cost of road closures, to enable communities to come together to organise their own celebrations.” 

    John Gane, Managing Director of Babcock’s Devonport facility said: “As part of Plymouth’s proud history and an important part of the fabric of the city today, we are pleased to be supporting such a significant event, which provides an excellent opportunity for the local community to come together and mark 80 years since Victory in Europe Day.  Our Armed Forces play an essential role in the defence of our nation and we are proud to continue supporting them as we aim to create a safe and secure world, together. 

    At the event on The Hoe, The Box will also be bringing history to life with amazing archive film clips showing Plymouth during the war years. Watch these fascinating glimpses into the city’s past on the Big Screen, including the King’s secret visit in 1941 and the bomb damage from the Blitz. 

    Brigadier Mike Tanner OBE ADC – Devonport Naval Base Commander, says:  “From a military perspective, I am always in awe of the enormous courage and sacrifice required to achieve that outcome of “Victory in Europe”.  Both those fighting directly and those back here in Plymouth – who kept the Naval Base running, whilst their houses and city were bombed.   

    “Like every service person, I am always proud of my connection to Plymouth.  But as I think of this 80th anniversary I am massively reminded that today we stand on the shoulders of the giants who led before us.” 

    And let’s not forget, the war in the Far East didn’t end until 15 August 1945, when Japan surrendered. On Friday 15 August, the Royal British Legion will lead the nation in honouring and remembering those who fought and died during the War in the Far East with a service marking 80 years since VJ Day (Victory over Japan) at the National Memorial Arboretum. Plymouth will also commemorate this anniversary with a special church service. 

    Dates for the diary  

    Thursday 5 May: Hold your own street party – with the cost of road closures suspended.  Apply here.

    Thursday 8 May: Celebration on Plymouth Hoe  

    • 10.30am: flag raising, standards and ships in the Sound  
    • 11am: live music on The Hoe, street party, stalls, and vintage vehicles  
    • 5.30pm: evening concert  
    • 8.40pm: Sunset Guard lighting the Plymouth beacon  

    Friday 15 August: Special church service to commemorate VJ Day at St Andrews Church. Further details will follow nearer the time.  

    For more information about VE Day 80 in Plymouth, go to: VE Day 80 – Visit Plymouth 

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: an ‘arms race’ of promises as prime minister set to call election

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Oops. Anthony Albanese’s own department pre-empted its boss on Thursday. Some unfortunate official, pressing the wrong button, posted on X that the government was in “caretaker” mode, although the prime minister had not yet called the election.

    There was a grovelling apology from the department, saying it was trying to find out why the error occurred.

    No matter. The department was only a day early. Albanese goes to government house on Friday for an election on May 3.

    Indeed, most players and observers had expected, before cyclone Alfred, that the campaign, with its “caretaker” period, would be well under way by now.

    Instead, we’ve had this budget week that’s seen an auction of handouts.

    First, the budget announced the tax cuts, which are more than a year away, and will be delivered in two stages, They are, to use Treasurer Jim Chalmers’ description, “modest”.

    Then came Peter Duttlon’s counter hit – a halving of the excise on petrol and diesel, briefed out ahead of his budget reply. The benefit would come more quickly – but would only last a year. This is a recycled, extended version of the Morrison government’s 2022 excise cut. Labor supported the 2022 move, but rejects Dutton’s proposal.

    The budget we nearly didn’t have gave Chalmers the stage to strut his stuff. Budget weeks traditionally belong to treasurers who, among other things, do a walkabout through the ranks of the journalists who are “locked up” and ploughing through the embargoed budget documents. So some old hands were surprised when the PM appeared with a senior staffer to do his own walkabout. Precedents didn’t come to mind.

    Labor sought to wedge the Coalition by pushing through legislation to enshrine the tax cuts. The Coalition voted against them in parliament, then declared if elected, it would repeal them. Dutton has confirmed he won’t be announcing any policy for tax cuts closer to the election.

    For the Liberals, to be seen opposing an income tax cut is unusual and risky. It’s made for campaign slogans. “The only thing they don’t want to cut is people’s taxes,” Albanese declared. “Labor is the party of lower taxes.” Both sides will be watching their polling carefully in coming days to see whether this stand rebounds against the Liberals.

    The opposition believes its excise reduction will hit the mark, especially in the seats it is most targeting – those in the outer suburbs where people drive a lot.

    But Kos Samaras, from the Redbridge political consultancy, predicts people will see this “arms race” of hand outs as providing just band-aids, with the measures likely to cancel each other out.

    Apart from the excise measure the other big initiative in Dutton’s reply was his plan for a gas reservation scheme.

    This is designed to fill what has been an apparent big hole in the opposition’s energy policy. It has its ambitious (many would say unrealistic) nuclear plan for the long term. But if it is arguing it would be able to bring down energy bills any time soon, it needs a here-and-now policy to do so.

    Its answer is to turn to gas. That requires ensuring a reliable and adequate supply for the local market, to drive down the price.

    “Gas sold on the domestic market will be de-coupled from overseas markets to protect Australia from international price shocks,” Dutton said in his Thursday speech. “And this will drive down new wholesale domestic gas prices from over $14 per gigajoule to under 10 per gigajoule.”

    Dutton told the ABC after his address that the price fall could be achieved by the end of this calendar year.

    That estimate sounds like a hostage to fortune. Precision can be dangerous when it comes to energy promises. Who can forget that number Labor put out so confidently before the last election – a $275 fall in household power bills?

    Critics will find all sorts of issues with Dutton’s east coast reservation scheme, including that it would be heavily interventionist and there’s no guarantee it would work. Labor says Dutton is reheating one of its old plans, and that the government has the gas situation under control anyway.

    The opposition says its plan is in line with warnings on gas supply released by the Australian Competition and Consumer Commission on Thursday.

    The potential effectiveness of Dutton’s gas plan will be highly contested. What is not in dispute is that the partisan divide over the energy transition will be one of the central issues of the campaign.

    This week the prime minister has had a spring in his step. The polls have improved somewhat, and the “vibe” seems to be with him. Responding to a challenge from a couple of podcasters, he playfully put the phrase, “delulu with no solulu” into a speech to describe his opponents. Never mind that middle-aged politicians sound slightly absurd when they try to be hip. Albanese is a confidence player and at the moment his confidence is up.

    The tactical games aren’t just around the tax cuts. Calling the election first thing Friday carpet bombs Dutton’s budget reply.

    And once the election is called, parliament will be prorogued and that will scrap the Friday sitting of estimates committees, denying the opposition an opportunity to quiz officials about the budget and other matters. (On Thursday, the “caretaker” fiasco became public during an estimates hearing, surprising officials from the PM’s department who happened to be appearing at the time.)

    For his part, Dutton understands the odds against him.

    Political scientist Rodney Tiffen, in an analysis of federal campaigns from 1972 to 2022, found no example where an opposition had started the campaign roughly equal in the polls and won, and three where it had lost (1980, 1987, and 2004). “All winning oppositions started the campaign already ahead,” Tiffen writes in a chapter in The Art of Opposition.

    In his budget reply, Dutton delivered one revealing line: “This election is as much about leadership as it’s about policy”.

    Dutton casts himself as the leader who would make the tough decisions. “I will lead with conviction – not walk both sides of the street,” he said.

    “I will be a strong leader and a steady hand – just as John Howard was.”

    Dutton might see Howard as his role model, but it will be a big leap of faith for many voters to see the opposition as a contemporary Howard.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Grattan on Friday: an ‘arms race’ of promises as prime minister set to call election – https://theconversation.com/grattan-on-friday-an-arms-race-of-promises-as-prime-minister-set-to-call-election-251257

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Former Brazilian president Bolsonaro will stand trial over alleged coup attempt

    Source: The Conversation – Global Perspectives – By Felipe Tirado, PhD Candidate in Law, King’s College London

    Bazil’s Supreme Court has unanimously accepted a complaint against former president Jair Bolsonaro and seven allies for attempting a coup d’état.

    Bolsonaro governed Brazil between 2019 and 2022, but lost his attempt at re-election to current president Luiz Inácio “Lula” da Silva.

    The decision is unprecedented. For the first time in the country’s history, a former president and high-ranking military officers are defendants alleged of crimes linked to a coup d’état.

    Besides Bolsonaro, there are other five members of the military accused of being at the heart of a plot. These are General Braga Netto, who was Bolsonaro’s minister and vice-presidential candidate; General Heleno, who was minister of the office of institutional security; General Nogueira, who was minister of defence; Admiral Garnier, former commander of the navy; and Lieutenant-Colonel Mauro Cid, Bolsonaro’s former main aid, who had become a whistleblower.

    The other two defendants are Anderson Torres, former minister of justice, and federal congressman Alexandre Ramagem, former director of the Brazilian intelligence agency.

    The indictment

    In February, the general prosecutor had indicted these individuals for the crimes of attempting to abolish the democratic state of law, coup d’état, qualified damage and damage to listed heritage, and armed criminal organisation. The sentences could exceed 30 years in prison.

    In all, 34 people were indicted. The next complaints to be examined by the court concern the “military nucleus”, responsible for tactical actions. Then, the court will judge complaints regarding the nucleus responsible for organising the actions. Finally, it will analyse claims concerning those accused of coordinating the disinformation initiatives.

    The only element that doesn’t have a trial date concerns the spread of disinformation outside Brazil.

    The judgement on the complaint

    All members of the panel voted to accept the charges. The rapporteur, Justice Alexandre de Moraes, stated that the judiciary “will not be intimidated by digital militias, whether national or foreign, because Brazil is a sovereign country”.

    Justice Moraes argued that the organisation sought to undermine the democratic rule of law, acting until January 2023. He also indicated that Bolsonaro led this structure, using disinformation about the elections to instigate the coup attempt.

    Other justices pointed out that the defences did not deny the coup attempt, but focused on maintaining their clients’ innocence. All justices repudiated acts that undermine the democratic rule of law and Brazilian institutions.

    Next steps

    Now that the complaint has been accepted, the panel will set the dates for the hearings and testimonies of the witnesses and the defendants. Then it will analyse the evidence produced throughout the process.

    After these phases, the panel will summon the defendants and the prosecution for their closing arguments. It is then that the panel will decide on a possible conviction. If the defendants are convicted, they will begin serving their sentences only after the appeals are over.

    The process is expected to develop over the next few months. Because of the 2026 elections, there is some expectation that the process will be finalised this year.

    Another Brazilian example

    The decision can be seen as yet another example that Brazil is setting for the world. Many believe the country can yet be a model for secure and efficient elections. Judicial initiatives to combat disinformation have become a reference to other countries.

    State institutions have already responded to the insurrection of 8 January 2023. This unprecedented decision that made a former president and high-ranking officers defendants for an attempted coup d’état reinforce the central role of the justice system in the defence of democracy.

    Felipe Tirado receives funding from the Centre for Doctoral Studies – King’s College London.

    – ref. Former Brazilian president Bolsonaro will stand trial over alleged coup attempt – https://theconversation.com/former-brazilian-president-bolsonaro-will-stand-trial-over-alleged-coup-attempt-253198

    MIL OSI – Global Reports –

  • MIL-OSI Global: Guinea-Bissau’s political crisis: a nation on the brink of authoritarianism

    Source: The Conversation – Africa – By Carlos Eduardo Machado Sangreman Proença, enseignant-chercheur, Universidade de Aveiro (Portugal)

    Guinea-Bissau faces a deep political crisis. For several years, the small west African nation has endured growing tensions between political institutions and there’s now a strong climate of uncertainty.

    Guinea-Bissau’s general elections had been scheduled for November 2024, but President Umaro Sissoco Embaló postponed them citing political instability, logistical challenges and disputes over presidential term limits. He has since announced 30 November 2025 as the new date for elections.

    Embaló has been president of Guinea Bissau since 27 February 2020. The opposition and the Supreme Court argue that his presidency should have ended on 27 February 2025. Embaló however insists his mandate should end on 4 September 2025. The dispute over Embaló’s five-year term stems from different interpretations of his inauguration date. He argues his official term began later, in November 2020 – when legal challenges to his election were resolved.

    The opposition now regard Embaló as an illegitimate president. Economic Community of West African States (Ecowas) representatives were also recently threatened with expulsion from the country when they came to assess the political situation.

    These developments highlight an unprecedented crisis. They raise concerns about Guinea-Bissau’s democratic future, given the political uncertainty.

    I’m an expert on Guinea-Bissau’s politics and have carried out research on the state of the country’s democracy. In this article, I examine the country’s current political crisis.

    Weakening institutions

    Nearly 50 years after independence, Guinea-Bissau is a fragile state, struggling to meet its people’s needs. Weak institutions, a self-serving political and economic elite, and a lack of basic public services have fuelled instability.

    The army, led by veterans, has staged three coups, and the country’s 1998-1999 civil war caused significant destruction.

    Despite this, civil society remains vibrant. It fills gaps left by the state. It plays a vital role in education, human rights, women’s rights, and environmental protection. It also supports vulnerable groups, including child beggars (talibés).

    Since taking office, Embaló has been weakening democratic institutions and consolidating power.

    His recent dissolution of parliament in December 2023, without scheduling timely elections, violated constitutional norms. He also directly appoints and dismisses governments, while the Supreme Court lacks the quorum needed to function. As a result, the legislative, executive and judicial branches all fall under the president’s direct control.

    The parliament’s permanent commission, made up of elected members, is the only institution still operating within constitutional limits. However, the president’s dissolution of parliament has blocked legislative sessions.

    This broader trend of power consolidation started with João Mário Vaz, who led the country between 23 June 2014 and 27 February 2020. Guinea Bissau has, for the past decade, been slipping into authoritarianism under different leaders.

    Growing authoritarianism

    Since Embaló won the 2019 presidential election, political, economic and social instability has persisted. This has severely affected human rights in the country.

    One of the major drivers of the current crisis was Embaló’s dissolution of the National Assembly in 2023.

    The assembly was being controlled by the opposition. This followed 2023 legislative elections in which a coalition led by the African Party for the Independence of Guinea-Bissau and Cape Verde (PAIGC) won. Its leader, Domingos Simões Pereira, became speaker of parliament. A government appointed by the winning coalition was then sworn in.

    In December 2023, a brief clash between two paramilitary groups – the national guard and the presidential battalion – became a pretext to dissolve the National Assembly. The president then appointed a prime minister and formed a government himself.

    Losing external support

    Embaló has taken every step to stay in power. He will eventually hold a presidential election but, I believe, only when the opposition is too weak to unite behind a candidate. He is also distancing himself from Ecowas, which urges elections within constitutional deadlines.

    Embaló is, however, not alone in his efforts for control. His 2020 provisional inauguration in a hotel in the capital in 2020 was attended by politicians and business figures. He continues to receive backing, as shown by ongoing consultations and public statements from political and civil actors.

    Still, his domestic support appears to be shrinking. He may consolidate his authoritarian rule as long as the military stays in its barracks and elections are delayed.

    Guinea-Bissau faces two possible paths. It could transition into a liberal democracy if presidential and legislative elections restore functioning institutions. Alternatively, it could slip into dictatorship marked by unchecked presidential power, repression of opposition, and lawlessness, including armed groups and drug trafficking.

    In a region already struggling with Islamist insurgencies and instability, Guinea-Bissau’s trajectory matters. The international community, particularly in Africa, must not ignore this crisis. Pressure on Embaló to allow a democratic transition is crucial for the country’s stability.

    Carlos Eduardo Machado Sangreman Proença is a permanent member and director of a university research centre in Lisbon. He has been receiving funds from the Portuguese government for several years for research projects in Guinea-Bissau.

    – ref. Guinea-Bissau’s political crisis: a nation on the brink of authoritarianism – https://theconversation.com/guinea-bissaus-political-crisis-a-nation-on-the-brink-of-authoritarianism-252317

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Sentence increase for violent robber caught wearing victim’s jacket

    Source: United Kingdom – Executive Government & Departments

    Press release

    Sentence increase for violent robber caught wearing victim’s jacket

    A violent robber who was caught wearing a jacket he had stolen has had his suspended sentence quashed and been sent to jail after the Solicitor General, Lucy Rigby KC MP intervened.

    The Court of Appeal increased the sentence of 27-year-old Zakaria Mohamed from 21 months’ imprisonment suspended for 24 months to four years and nine months’ imprisonment.

    This was the result of an intervention by the Solicitor General who referred the case under the Unduly Lenient Sentence (ULS) scheme.

    The court heard that the victim was on his way home after a night out in Leicester and was grabbed and dragged into a car in the early hours of 24 May last year. The victim was threatened with a kitchen knife and slapped as the group demanded his possessions.

    The victim was forced to hand over his belongings which included a smartphone, ear pods, a tablet, trainers, tracksuit and designer bag, and his jacket worth around £1,300.

    He was then told to get out of the vehicle before it sped off.

    Following the robbery, police caught Mohamed outside a nightclub handling and inspecting the stolen items. He was also wearing the victim’s jacket.

    In a victim impact statement after the incident, the victim said the robbery had led to him moving to another city and he continues to feel vulnerable every time he goes out.

    The Solicitor General Lucy Rigby KC MP said:

    This violent robbery was horrific and the substantial sentence increase following my intervention should serve as a stark warning that crime and lawlessness will not be tolerated.

    Mohamed pleaded guilty to robbery, driving without a licence and driving without insurance on 3 October 2024 at Leicester Crown Court. He was sentenced at the same court to 21 months’ imprisonment suspended for 24 months on 19 December 2024.

    The sentence was increased to a total of four years and nine months’ imprisonment at the Court of Appeal on 25 February 2025.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA News: ICYMI: UAW Praises President Trump’s Auto Tariffs

    Source: The White House

    Today, President Donald J. Trump imposed a 25% tariff on foreign automobiles imported into the United States — a continuation of President Trump’s Made in America renaissance.

    The move was immediately hailed by the United Auto Workers — one of the country’s largest labor unions — as a “victory for autoworkers.”

    “We applaud the Trump administration for stepping up to end the free trade disaster that has devastated working class communities for decades. Ending the race to the bottom in the auto industry starts with fixing our broken trade deals, and the Trump administration has made history with today’s actions. … The UAW and the working class in general couldn’t care less about party politics; working people expect leaders to work together to deliver results. The UAW has been clear: we will work with any politician, regardless of party, who is willing to reverse decades of working-class people going backwards in the most profitable times in our nation’s history. These tariffs are a major step in the right direction for autoworkers and blue-collar communities across the country, and it is now on the automakers, from the Big Three to Volkswagen and beyond, to bring back good union jobs to the U.S.”

    Read the UAW’s full statement here.

    MIL OSI USA News –

  • MIL-OSI: Primech Holdings Limited Provides Financial Updates and Corporate Highlights For the Six Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) — Primech Holdings Limited (the “Company”) (Nasdaq: PMEC), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, provides a financial and corporate update coincident with the filing of the Company’s financial results for the six months ended September 30, 2024.

    Financial Highlights:

    • Revenue was approximately $36.9 million for the six months ended September 30, 2024, representing a 5.1% increase from the same period in 2023;
    • Gross Profit Margin increased from 16.4% for the six months ended September 30, 2023, to 22.5% for the six months ended September 30, 2024;
    • Sales and marketing expenses increased from approximately $11,000 for the six months ended September 30, 2023 to approximately $1.4 million for the six months ended September 30, 2024.
    • Loss from operations was approximately $0.9 million for the six months ended September 30, 2024, while profit from operations was approximately $0.3 million for the six months ended September 30, 2023.
    • Net loss was approximately $1.3 million for the six months ended September 30, 2024, while net income was approximately $0.2 million for the six months ended September 30, 2023.

    Operational and Corporate Highlights:

    • Primech launched Primech AI as an operating subsidiary focused on creating robotic-based solutions to meet the growing demand for efficient and autonomous cleaning technology. With patents pending, Primech AI is developing HYTRON, a fully autonomous AI-powered toilet cleaning robot featuring 3D-cleaning and electrolyzed water for enhanced efficiency. Primech AI showcased its HYTRON robot at the 2024 CleanEnviro Summit Singapore (CESG) in June, generating significant industry interest.
    • Primech’s subsidiary, Primech A & P Pte. Ltd., was nominated as a finalist for The Singapore Apex Corporate Sustainability Awards in the “LowCarbonSG” category. This recognition acknowledges the Company’s achievement of at least 5% improvement in Scope 1 and 2 carbon emissions over 24 months through strategic initiatives.

    Management Commentary:

    Kin Wai Ho, CEO of Primech Holdings Limited, commented, “While our financial results for this period reflect the significant investments we are making in technology and market development, we believe these strategic initiatives position us for substantial long-term growth and enhanced shareholder value. The increased marketing expenses reflect our commitment to expanding our market presence and promoting our innovative solutions, particularly our AI-powered cleaning technologies.”

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.    

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI Economics: Media release: Coalition misfires in east coast gas market fix – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Coalition misfires in east coast gas market fix – Australian Energy Producers

    The Coalition’s plan to force an oversupply of gas into the east coast market in an attempt to artificially reduce prices is yet another damaging market intervention that will drive away investment and exacerbate the supply challenges in the longer term.  

    Australian Energy Producers Chief Executive Samantha McCulloch said industry agreed that addressing projected gas supply shortfalls on the east coast of Australia and ensuring reliable and affordable gas for Australian households and businesses was a national priority.  

    “Industry welcomes the Coalition’s commitment to fast-track new gas supply and streamline approvals, but the benefits of these reforms risk being undermined by deliberately oversupplying the market,” Ms McCulloch said.  

    “AEMO’s latest Gas Statement of Opportunities highlights that the east coast market will face gas supply shortfalls from 2028. There is an urgent need to develop new supply, particularly in the southern states, but the projected shortfalls are a fraction of what the Coalition is aiming to force into the market.”  

    “This glut of gas will deter investment in new supply and undermine our trading relationships.” 

    Ms McCulloch said the plan also ignored the reality that the pipelines from Queensland to Victoria already operate at capacity during peak periods, and even if it could be physically moved south there is currently nowhere to store it.  

    “Industry stands willing to engage constructively with government on considered policies that deliver more gas for Australians and attract continued investment in new gas projects to ensure Australians have reliable and affordable gas to 2050 and beyond,” she said. 

    “We urge all parties to work with industry on sustainable solutions that provide certainty and stability for investment in the new gas exploration and development that is needed for Australia’s long-term energy security.”     

    Ms McCulloch said industry was not looking for handouts but needed policy certainty and a return to normal market conditions to support continued investment in gas supply.  

    “Australia needs long-term solutions that do not further distort the gas market,” she said. 

    Media Contact:  0434 631 511

    MIL OSI Economics –

  • MIL-Evening Report: Researcher warns over West Papuan deforestation impact on traditional noken weaving

    Asia Pacific Report

    A West Papuan doctoral candidate has warned that indigenous noken-weaving practices back in her homeland are under threat with the world’s biggest deforestation project.

    About 60 people turned up for the opening of her “Noken/Men: String Bags of the Muyu Tribe of Southern West Papua” exhibition by Veronika T Kanem at Auckland University today and were treated to traditional songs and dances by a group of West Papuan students from Auckland and Hamilton.

    The three-month exhibition focuses on the noken — known as “men” — of the Muyu tribe from southern West Papua and their weaving cultural practices.

    It is based on Kanem’s research, which explores the socio-cultural significance of the noken/men among the Muyu people, her father’s tribe.

    “Indigenous communities in southern Papua are facing the world’s biggest deforestation project underway in West Papua as Indonesia looks to establish 2 million hectares  of sugarcane and palm oil plantations in the Papua region,” she said.

    West Papua has the third-largest intact rainforest on earth and indigenous communities are being forced off their land by this project and by military.

    The ancient traditions of noken-weaving are under threat.

    Natural fibres, tree bark
    Noken — called bilum in neighbouring Papua New Guinea — are finely woven or knotted string bags made from various natural fibres of plants and tree bark.

    “Noken contains social and cultural significance for West Papuans because this string bag is often used in cultural ceremonies, bride wealth payments, child initiation into adulthood, and gifts,” Kanem said.

    West Papua student dancers performed traditional songs and dances at the noken exhibition. Image: APR

    “This string bag has different names depending on the region, language and dialect of local tribes. For the Muyu — my father’s tribe — in Southern West Papua, they call it ‘men’.

    In West Papua, noken symbolises a woman’s womb or a source of life because this string bag is often used to load tubers, garden harvests, piglets, and babies.

    Noken string bag as a fashion item. Image: APR

    “My research examines the Muyu people’s connection to their land, forest, and noken weaving,” said Kanem.

    “Muyu women harvest the genemo (Gnetum gnemon) tree’s inner fibres to make noken, and gift-giving noken is a way to establish and maintain relationships from the Muyu to their family members, relatives and outsiders.

    “Drawing on the Melanesian and Indigenous research approaches, this research formed noken weaving as a methodology, a research method, and a metaphor based on the Muyu tribe’s knowledge and ways of doing things.”

    Hosting pride
    Welcoming the guests, Associate Professor Gordon Nanau, head of Pacific Studies, congratulated Kanem on the exhibition and said the university was proud to be hosting such excellent Melanesian research.

    Part of the scores of noken on display at the exhibition. Image: APR

    Professor Yvonne Underhill-Sem, Kanem’s primary supervisor, was also among the many speakers, including Kolokesa Māhina-Tuai of Lagi Maama, and Daren Kamali of Creative New

    The exhibition provides insights into the refined artistry, craft and making of noken/men string bags, personal stories, and their functions.

    An 11 minute documentary on the weaving process and examples of noken from Waropko, Upkim, Merauke, Asmat, Wamena, Nabire and Paniai was also screened, and a booklet is expected to be launched soon.

    The crowd at the noken exhibition at Auckland University today. Image: APR

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Justice Department Launches Anticompetitive Regulations Task Force

    Source: US State of California

    Task Force Invites Public Input Targeting Red Tape that Hinders Free Market Competition

    Today, the Justice Department launches an Anticompetitive Regulations Task Force to advocate for the elimination of anticompetitive state and federal laws and regulations that undermine free market competition and harm consumers, workers, and businesses. The Antitrust Division has a long history of advocacy against laws and regulations that create unnecessary barriers to competition.  The Task Force will surge resources to these efforts and invite public comments to support the Administration’s mission to unwind laws and regulations that hinder business dynamism and make markets less competitive.    

    “Realizing President Trump’s economic Golden Age will require unwinding burdensome regulations that stifle free market competition. This Antitrust Division will stand against harmful barriers to competition whether imposed by public regulators or private monopolists,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. “We look forward to working with the public and with other federal agencies to identify and eliminate anticompetitive laws and regulations.”

    On Jan. 31, President Trump signed Executive Order 14192 declaring “the policy of the executive branch” to be that federal agencies should “alleviate unnecessary regulatory burdens placed on the American people.” Consistent with this policy, on Feb. 19, President Trump signed Executive Order 14219 directing agencies to “initiate a process to review all regulations” and identify regulations that, among other things, “impose undue burdens on small businesses and impede private enterprise and entrepreneurship.” Consistent with longstanding practice, the Antitrust Division will support federal agencies’ deregulatory initiatives by sharing its market expertise on regulations that pose the greatest barriers to economic growth.

    Regulatory capture is a well-studied phenomenon in which agencies become “captured” by special interests and big businesses, rather than serving the interests of the American people. But when regulations serve the few and impose undue burdens on small businesses, private enterprise, and entrepreneurs, they also harm competition and ultimately hurt American consumers, workers, and businesses. For example, regulations can increase compliance costs, preventing businesses from competing on a level playing field with powerful corporations. Regulations can also discourage or even intentionally prohibit small businesses and new products from entering markets and lowering prices for American families. In contrast, eliminating unnecessary anticompetitive regulations makes it easier for businesses to compete. More competition empowers the American people — not government regulators — to drive economic progress and innovation. When every American has a fair opportunity to enjoy the benefits of competitive free markets, every American has an opportunity to realize the American dream.

    By identifying and working with state and federal agencies to revise or eliminate these laws and regulations, the Anticompetitive Regulations Task Force will contribute to making the American dream a reality. As a first step, the Antitrust Division will initiate a public inquiry to identify unnecessary laws and regulations that raise the highest barriers to competition. In particular, the Division will seek information from the public about laws and regulations that make it more difficult for businesses to compete effectively, especially in markets that have the greatest impact on American households, including:

    • Housing: Americans spend more than one-third of their monthly income on housing, and the cost of owning or renting a home continues to rise. Laws and regulations in housing markets can contribute to these problems by making it more difficult for companies to build and ordinary Americans to rent or buy.
    • Transportation: Laws and regulations in areas like airlines, rail, and ocean shipping can grant antitrust immunities, outright monopolies, or safe harbors for conduct that undermines competition. As a result, Americans pay more for travel, fuel, and a variety of other products.
    • Food and Agriculture: By the end of the Biden-Harris Administration, grocery prices were 27% higher than at the end of the first Trump Administration. Eliminating unnecessary anticompetitive regulations will help farmers, growers, and ranchers increase the amount of food they produce and unlock lower prices for American consumers.
    • Healthcare: Laws and regulations in healthcare markets too often discourage doctors and hospitals from providing low-cost, high-quality healthcare and instead encourage overbilling and consolidation. These kinds of unnecessary anticompetitive regulations put affordable healthcare out of reach for millions of American families.
    • Energy: Reliable and affordable energy is essential to modern American life — whether in homes, businesses, manufacturing plants, schools, hospitals, sporting events, or data centers. Laws and regulations can undermine reliability and affordability by protecting incumbent electricity providers from competition or disruptive innovation.

    The public will have 60 days to submit comments at Regulations.gov, no later than May 26. Once submitted, comments will be posted to Regulations.gov. All market participants are invited to provide comments in response to this inquiry, including consumers, consumer advocates, small businesses, employers, trade groups, industry analysts, and other entities that are impacted by anticompetitive state or federal laws and regulations.

    In addition to reviewing responses from the public, the Task Force will bring together attorneys, economists, and other staff from across the Division, together with interagency partners, to identify state and federal laws and regulations that unnecessarily harm competition. The Antitrust Division will then take appropriate action, including helping agencies revise or eliminate these regulations.

    The Task Force will also consider other ways to advocate for the removal of anticompetitive laws and regulations. The Division routinely files amicus briefs and statements of interests in private litigation, and it will continue to do so to promote competition and oppose anticompetitive laws and regulations. The Division also provides comments on proposed legislation in the states on the request of state legislators. These efforts will continue with an eye toward protecting competition and interstate commerce in light of dormant Commerce Clause principles.

    The Justice Department has a long history of serving as the Executive Branch’s chief competition advocate by working with agencies to identify and eliminate unnecessary regulations. In 2018, the Justice Department released a report on how regulations can harm competition. Following this report, the Justice Department submitted dozens of comments to federal agencies supporting efforts to eliminate unnecessary regulations and increase competition. For example, the Justice Department, in consultation with the Federal Trade Commission, submitted a comment opposing  regulations that would have protected incumbent electricity transmission companies from much-needed competition in energy markets across the country. The Justice Department filed comments aimed at making it easier for individuals and small businesses to navigate the federal government bureaucracy. The Justice Department also provided technical assistance and trainings to federal agencies to help them analyze how new and existing regulations might affect competition, or whether competition may be a better alternative to regulation altogether.

    The Anticompetitive Regulations Task Force will continue these efforts, supporting ongoing efforts across the Trump Administration to unleash competition by eliminating unnecessary, burdensome, and wasteful government regulations. For more information on the Task Force, including contact information, see the Anticompetitive Regulations Task Force page on the Division’s website.

    FOR FURTHER INFORMATION CONTACT: AnticompetitiveRegulations@usdoj.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Launches Anticompetitive Regulations Task Force

    Source: United States Attorneys General 1

    Task Force Invites Public Input Targeting Red Tape that Hinders Free Market Competition

    Today, the Justice Department launches an Anticompetitive Regulations Task Force to advocate for the elimination of anticompetitive state and federal laws and regulations that undermine free market competition and harm consumers, workers, and businesses. The Antitrust Division has a long history of advocacy against laws and regulations that create unnecessary barriers to competition.  The Task Force will surge resources to these efforts and invite public comments to support the Administration’s mission to unwind laws and regulations that hinder business dynamism and make markets less competitive.    

    “Realizing President Trump’s economic Golden Age will require unwinding burdensome regulations that stifle free market competition. This Antitrust Division will stand against harmful barriers to competition whether imposed by public regulators or private monopolists,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. “We look forward to working with the public and with other federal agencies to identify and eliminate anticompetitive laws and regulations.”

    On Jan. 31, President Trump signed Executive Order 14192 declaring “the policy of the executive branch” to be that federal agencies should “alleviate unnecessary regulatory burdens placed on the American people.” Consistent with this policy, on Feb. 19, President Trump signed Executive Order 14219 directing agencies to “initiate a process to review all regulations” and identify regulations that, among other things, “impose undue burdens on small businesses and impede private enterprise and entrepreneurship.” Consistent with longstanding practice, the Antitrust Division will support federal agencies’ deregulatory initiatives by sharing its market expertise on regulations that pose the greatest barriers to economic growth.

    Regulatory capture is a well-studied phenomenon in which agencies become “captured” by special interests and big businesses, rather than serving the interests of the American people. But when regulations serve the few and impose undue burdens on small businesses, private enterprise, and entrepreneurs, they also harm competition and ultimately hurt American consumers, workers, and businesses. For example, regulations can increase compliance costs, preventing businesses from competing on a level playing field with powerful corporations. Regulations can also discourage or even intentionally prohibit small businesses and new products from entering markets and lowering prices for American families. In contrast, eliminating unnecessary anticompetitive regulations makes it easier for businesses to compete. More competition empowers the American people — not government regulators — to drive economic progress and innovation. When every American has a fair opportunity to enjoy the benefits of competitive free markets, every American has an opportunity to realize the American dream.

    By identifying and working with state and federal agencies to revise or eliminate these laws and regulations, the Anticompetitive Regulations Task Force will contribute to making the American dream a reality. As a first step, the Antitrust Division will initiate a public inquiry to identify unnecessary laws and regulations that raise the highest barriers to competition. In particular, the Division will seek information from the public about laws and regulations that make it more difficult for businesses to compete effectively, especially in markets that have the greatest impact on American households, including:

    • Housing: Americans spend more than one-third of their monthly income on housing, and the cost of owning or renting a home continues to rise. Laws and regulations in housing markets can contribute to these problems by making it more difficult for companies to build and ordinary Americans to rent or buy.
    • Transportation: Laws and regulations in areas like airlines, rail, and ocean shipping can grant antitrust immunities, outright monopolies, or safe harbors for conduct that undermines competition. As a result, Americans pay more for travel, fuel, and a variety of other products.
    • Food and Agriculture: By the end of the Biden-Harris Administration, grocery prices were 27% higher than at the end of the first Trump Administration. Eliminating unnecessary anticompetitive regulations will help farmers, growers, and ranchers increase the amount of food they produce and unlock lower prices for American consumers.
    • Healthcare: Laws and regulations in healthcare markets too often discourage doctors and hospitals from providing low-cost, high-quality healthcare and instead encourage overbilling and consolidation. These kinds of unnecessary anticompetitive regulations put affordable healthcare out of reach for millions of American families.
    • Energy: Reliable and affordable energy is essential to modern American life — whether in homes, businesses, manufacturing plants, schools, hospitals, sporting events, or data centers. Laws and regulations can undermine reliability and affordability by protecting incumbent electricity providers from competition or disruptive innovation.

    The public will have 60 days to submit comments at Regulations.gov, no later than May 26. Once submitted, comments will be posted to Regulations.gov. All market participants are invited to provide comments in response to this inquiry, including consumers, consumer advocates, small businesses, employers, trade groups, industry analysts, and other entities that are impacted by anticompetitive state or federal laws and regulations.

    In addition to reviewing responses from the public, the Task Force will bring together attorneys, economists, and other staff from across the Division, together with interagency partners, to identify state and federal laws and regulations that unnecessarily harm competition. The Antitrust Division will then take appropriate action, including helping agencies revise or eliminate these regulations.

    The Task Force will also consider other ways to advocate for the removal of anticompetitive laws and regulations. The Division routinely files amicus briefs and statements of interests in private litigation, and it will continue to do so to promote competition and oppose anticompetitive laws and regulations. The Division also provides comments on proposed legislation in the states on the request of state legislators. These efforts will continue with an eye toward protecting competition and interstate commerce in light of dormant Commerce Clause principles.

    The Justice Department has a long history of serving as the Executive Branch’s chief competition advocate by working with agencies to identify and eliminate unnecessary regulations. In 2018, the Justice Department released a report on how regulations can harm competition. Following this report, the Justice Department submitted dozens of comments to federal agencies supporting efforts to eliminate unnecessary regulations and increase competition. For example, the Justice Department, in consultation with the Federal Trade Commission, submitted a comment opposing  regulations that would have protected incumbent electricity transmission companies from much-needed competition in energy markets across the country. The Justice Department filed comments aimed at making it easier for individuals and small businesses to navigate the federal government bureaucracy. The Justice Department also provided technical assistance and trainings to federal agencies to help them analyze how new and existing regulations might affect competition, or whether competition may be a better alternative to regulation altogether.

    The Anticompetitive Regulations Task Force will continue these efforts, supporting ongoing efforts across the Trump Administration to unleash competition by eliminating unnecessary, burdensome, and wasteful government regulations. For more information on the Task Force, including contact information, see the Anticompetitive Regulations Task Force page on the Division’s website.

    FOR FURTHER INFORMATION CONTACT: AnticompetitiveRegulations@usdoj.gov.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Interim Chair appointed to the Charity Commission for England and Wales

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    News story

    Interim Chair appointed to the Charity Commission for England and Wales

    The Secretary of State has appointed Mark Simms OBE as Interim Chair of the Charity Commission. This interim appointment has been made while the process for finding the next Chair is completed.

    Mark Simms OBE

    Appointed for a six month term from 25 April 2025 or until a new Chair is appointed, whichever is sooner. 

    Mark Simms is the Chief Executive Officer of P3 Charity, a national organisation that supports some of the most vulnerable people across the UK. Under his leadership, P3 has grown significantly in its reach and impact, delivering innovative services in homelessness, mental health, criminal justice, and social inclusion.

    Mark has more than 25 years’ experience in the voluntary and public sectors, with a deep understanding of how to lead purpose-driven organisations through complex and changing environments. He is widely recognised for championing person-led approaches and for building high-performing teams that deliver real social impact. He has contributed to several national advisory boards focused on systems change, public service reform, and tackling inequality.

    Mark joined the Charity Commission as a Board Member in March 2023 and was awarded an OBE in 2024 for services to social enterprise.

    Remuneration and Governance Code

    The Chair of the Charity Commission is remunerated £62,500 per annum. This interim appointment was made by the Secretary of State as an exceptional appointment without competition, following consultation with the Commissioner for Public Appointments, in accordance with the Cabinet Office’s Governance Code on Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Mark Simms has not declared any significant political activity. 

    DCMS has around 400 regulated Public Appointment roles across 42 Public Bodies, we encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Applications for the next substantive Chair of the Charity Commission for England and Wales will open soon, to receive a notification when applications open please create an account on the HM Government Public Appointments Website.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: an ‘arms race’ of promises as prime minister set to call election on Friday

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Oops. Anthony Albanese’s own department pre-empted its boss on Thursday. Some unfortunate official, pressing the wrong button, posted on X that the government was in “caretaker” mode, although the prime minister had not yet called the election.

    There was a grovelling apology from the department, saying it was trying to find out why the error occurred.

    No matter. The department was only a day early. Albanese goes to government house on Friday for an election on May 3.

    Indeed, most players and observers had expected, before cyclone Alfred, that the campaign, with its “caretaker” period, would be well under way by now.

    Instead, we’ve had this budget week that’s seen an auction of handouts.

    First, the budget announced the tax cuts, which are more than a year away, and will be delivered in two stages, They are, to use Treasurer Jim Chalmers’ description, “modest”.

    Then came Peter Duttlon’s counter hit – a halving of the excise on petrol and diesel, briefed out ahead of his budget reply. The benefit would come more quickly – but would only last a year. This is a recycled, extended version of the Morrison government’s 2022 excise cut. Labor supported the 2022 move, but rejects Dutton’s proposal.

    The budget we nearly didn’t have gave Chalmers the stage to strut his stuff. Budget weeks traditionally belong to treasurers who, among other things, do a walkabout through the ranks of the journalists who are “locked up” and ploughing through the embargoed budget documents. So some old hands were surprised when the PM appeared with a senior staffer to do his own walkabout. Precedents didn’t come to mind.

    Labor sought to wedge the Coalition by pushing through legislation to enshrine the tax cuts. The Coalition voted against them in parliament, then declared if elected, it would repeal them. Dutton has confirmed he won’t be announcing any policy for tax cuts closer to the election.

    For the Liberals, to be seen opposing an income tax cut is unusual and risky. It’s made for campaign slogans. “The only thing they don’t want to cut is people’s taxes,” Albanese declared. “Labor is the party of lower taxes.” Both sides will be watching their polling carefully in coming days to see whether this stand rebounds against the Liberals.

    The opposition believes its excise reduction will hit the mark, especially in the seats it is most targeting – those in the outer suburbs where people drive a lot.

    But Kos Samaras, from the Redbridge political consultancy, predicts people will see this “arms race” of hand outs as providing just band-aids, with the measures likely to cancel each other out.

    Apart from the excise measure the other big initiative in Dutton’s reply was his plan for a gas reservation scheme.

    This is designed to fill what has been an apparent big hole in the opposition’s energy policy. It has its ambitious (many would say unrealistic) nuclear plan for the long term. But if it is arguing it would be able to bring down energy bills any time soon, it needs a here-and-now policy to do so.

    Its answer is to turn to gas. That requires ensuring a reliable and adequate supply for the local market, to drive down the price.

    “Gas sold on the domestic market will be de-coupled from overseas markets to protect Australia from international price shocks,” Dutton said in his Thursday speech. “And this will drive down new wholesale domestic gas prices from over $14 per gigajoule to under 10 per gigajoule.”

    Dutton told the ABC after his address that the price fall could be achieved by the end of this calendar year.

    That estimate sounds like a hostage to fortune. Precision can be dangerous when it comes to energy promises. Who can forget that number Labor put out so confidently before the last election – a $275 fall in household power bills?

    Critics will find all sorts of issues with Dutton’s east coast reservation scheme, including that it would be heavily interventionist and there’s no guarantee it would work. Labor says Dutton is reheating one of its old plans, and that the government has the gas situation under control anyway.

    The opposition says its plan is in line with warnings on gas supply released by the Australian Competition and Consumer Commission on Thursday.

    The potential effectiveness of Dutton’s gas plan will be highly contested. What is not in dispute is that the partisan divide over the energy transition will be one of the central issues of the campaign.

    This week the prime minister has had a spring in his step. The polls have improved somewhat, and the “vibe” seems to be with him. Responding to a challenge from a couple of podcasters, he playfully put the phrase, “delulu with no solulu” into a speech to describe his opponents. Never mind that middle-aged politicians sound slightly absurd when they try to be hip. Albanese is a confidence player and at the moment his confidence is up.

    The tactical games aren’t just around the tax cuts. Calling the election first thing Friday carpet bombs Dutton’s budget reply.

    And once the election is called, parliament will be prorogued and that will scrap the Friday sitting of estimates committees, denying the opposition an opportunity to quiz officials about the budget and other matters. (On Thursday, the “caretaker” fiasco became public during an estimates hearing, surprising officials from the PM’s department who happening to be appearing at the time.)

    For his part, Dutton understands the odds against him.

    Political scientist Rodney Tiffen, in an analysis of federal campaigns from 1972 to 2022, found no example where an opposition had started the campaign roughly equal in the polls and won, and three where it had lost (1980, 1987, and 2004). “All winning oppositions started the campaign already ahead,” Tiffen writes in a chapter in The Art of Opposition.

    In his budget reply, Dutton delivered one revealing line: “This election is as much about leadership as it’s about policy”.

    Dutton casts himself as the leader who would take the tough decisions. “I will lead with conviction – not walk both sides of the street,” he said.

    “I will be a strong leader and a steady hand – just as John Howard was.”

    Dutton might see Howard as his role model, but it will be a big leap of faith for many voters to see the opposition as a contemporary Howard.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Grattan on Friday: an ‘arms race’ of promises as prime minister set to call election on Friday – https://theconversation.com/grattan-on-friday-an-arms-race-of-promises-as-prime-minister-set-to-call-election-on-friday-251257

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Crime and policing Bill: Government amendments for Committee

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Crime and policing Bill: Government amendments for Committee

    Correspondence relating to the Crime and Policing Bill, which was introduced in the House of Commons on 25 February 2025.

    Documents

    Letter from Minister Johnson to Public Bill Committee detailing government amendments for committee stage: 26 March 2025

    HTML

    Letter from Minister Johnson to Public Bill Committee detailing government amendments for committee stage: 26 March 2025

    PDF, 200 KB, 2 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@homeoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    Ministerial correspondence relating to the Crime and Policing Bill.

    Updates to this page

    Published 27 March 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Child poverty in Scotland falls

    Source: Scottish Government

    UK Government decisions ‘hold back further progress’.

    New statistics show that child poverty in Scotland has fallen, in contrast to the rest of the UK.

    Annual statistics published today show that compared with the previous year’s statistics, relative child poverty in 2023-24 reduced from 26% to 22% in Scotland while absolute child poverty fell from 23% to 17%. UK Poverty statistics published today show levels of relative child poverty at 31% and absolute child poverty at 26%.

    Modelling published today suggests that UK Government policies are “holding back” Scotland’s progress. It estimates the UK Government could reduce relative child poverty by an additional 100,000 children in 2025-26 if it heeded Scottish Government calls to end the two child limit, replicate the Scottish Child Payment in Universal Credit, remove the benefit cap and introduce an essentials guarantee.

    This model does not take into account the UK Government’s own impact assessment of its welfare cuts announced yesterday , which states that they will leave an additional 250,000 people, including 50,000 children, in poverty.

    Social Justice Secretary Shirley-Anne Somerville said:

    “Eradicating child poverty is the Scottish Government’s top priority and we are committed to meeting the 2030 targets unanimously agreed by the Scottish Parliament.

    “Our policies are having to work harder than ever to make a difference, against a backdrop of a continuing cost of living crisis, rising energy costs and UK Government decision making. However, we know these policies are working.

    “Statistics published today show that, although we have not met the interim child poverty targets, the proportion of children living in relative poverty has reduced and year-on-year rates are now lower than they have been since 2014-15, while the proportion in absolute poverty has also fallen with the annual figure the lowest in 30 years.

    “While JRF predict child poverty will rise in other parts of the UK by 2029, they highlight that policies such as our Scottish Child Payment, and our commitment to mitigate the two-child limit, ‘are behind Scotland bucking the trend’.

    “But decisions taken by the UK Government are holding us back, and yesterday’s Spring statement will only make things worse. The DWP’s own figures show that proposed welfare cuts will drive 50,000 more children into poverty, which must call into question their commitment to tackling child poverty. I have already written to Work and Pensions Secretary Liz Kendall to seek reassurance about the purpose and direction of the UK Government’s Child Poverty Taskforce. The Taskforce’s credibility has been drastically undermined by the policies announced by the UKG in the past few days.”

    Background:

    Poverty levels broadly stable over last decade

    Child poverty modelling: update

     Covering the period until March 2024, child poverty after housing costs (AHC) has been consistently lower in Scotland compared to the UK overall over the last two decades.

    • Three-year averages

    The latest statistics show that relative child poverty levels in Scotland are six percentage points lower than the UK average – 23% compared to 30% in 2021-24 (31% England, 31% Wales and 24% NI). 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Plymouth City Council and Homes England launch new City Centre Vision

    Source: City of Plymouth

    Vision outlines shared ambition to provide 10,000 new homes in the city centre 

    Plymouth’s city centre could see up to 10,000 new homes built over the next decade as part of a new working relationship with Homes England.

    The Council and Homes England have produced a new ‘Plymouth City Centre Vision’ which sets out a shared ambition to provide 10,000 new homes in the city centre and surrounding area.

    The vision recognises that there will be around £4.4 billion of Government investment in HM Naval Base Devonport over the next 10 years and that this will stimulate the demand for new homes, with Babcock requiring 5,500 new employees and a further 2,000 construction jobs being created in the Dockyard.

    It also recognises that Plymouth’s city centre currently has a very low level of housing with only 1,000 homes, compared to 8,000 homes for typical cities of Plymouth’s size.

    Council Leader Tudor Evans said: “This is huge and very, very exciting. We have talked about creating more homes in the city centre for a few years now, but this will help catapult words and plans into bricks, mortar and homes.

    “The regeneration of the city centre has a major role to play in supporting the Growth Alliance Plymouth programme to deliver new housing, new skills provision and, through regeneration, to transform perceptions of the city centre.

    “We have been working with Homes England to establish Plymouth as a priority place for investment and to bring forward plans to deliver 10,000 new homes as part of a “new town in the city”. We have a memorandum of understanding that describes the strategic objectives of our partnership, including the exploration of a potential joint venture.”

    The aim is to establish a new residential core in the city centre to stimulate market activity and maximise public and private investment to deliver transformational change, which will address the current housing shortage as well as deliver new homes for new workers.

    Eamonn Boylan, Homes England Chief Executive, said: “The partnership between Plymouth City Council and Homes England is a brilliant example of how the public sector can unite to promote and accelerate housing delivery. The Agency will work with the council and other key stakeholders in the Growth Alliance Plymouth programme to bring forward ambitious development plans, including a shared a vision for up to 12,000 new homes across a prioritised pipeline of sites.”

    Steve Hughes, Chief Executive of the Plymouth City Centre Company, said: “This is great news and yet another sign of growing confidence in our city centre which is definitely on the up.”

    The announcement has also been welcomed by members of the Growth Alliance Plymouth (GAP), the partnership established last year between Babcock, The Royal Navy and City Council to work across the city with Government to put in place the infrastructure, workforce and support for the wider business ecosystem to drive inclusive growth and address housing shortages and entice relocation of skilled workforces to the area.

    John Gane, Managing Director for Babcock’s Devonport site, said: “As a core partner of Growth Alliance Plymouth (GAP), Babcock, working alongside the Royal Navy and Plymouth City Council, is helping to optimise the city’s growth potential and drive regeneration, ensuring Plymouth is an attractive and prosperous city for people to live and work in. We are serious about the future of Plymouth and securing bids such as the Homes England investment, it is already clear the extent of influence this GAP partnership can have.”

    The Council has a successful track record of working with Homes England on projects including major estate regeneration schemes such as North Prospect and Barne Barton, as well as forward funding of land assembly for projects like Bath Street and the West End. This partnership will bring together the land, funding and expertise of both organisations, as well as seeking private sector partner(s) to deliver residential and commercial projects that build on the many successful projects that the Council has completed, such as the Box, the Barcode and the ongoing investment in Armada Way.

    Homes England has identified Plymouth as one of a number of priority places where it will work particularly closely with partners to transform struggling town centres into vibrant neighbourhoods with homes, jobs, leisure facilities and new public realm.

    Homes England’s Board and Executive visited Plymouth in November 2024 to see first-hand the scale of investment being made in the Dockyard and the opportunities for housing delivery in the city centre.

    Further work will now be carried out by the Council and Homes England on the detail of how and where these homes could be and what infrastructure would be required to support their delivery.

    The Council and Homes England have strengthened their partnership in the last 18 months, setting up a strategic regeneration and infrastructure board, and combining resources to produce a delivery plan that aims to deliver up to 12,000 new homes across the city and other parts of the city over a 15-year period. This includes exploring new models of partnership and co-investment that will unlock and accelerate housing delivery.

    Homes England and Plymouth City Council are also collaborating on the Civic Centre. The project will see the creation of the new City College Plymouth’s Blue Green Skills Hub within the basement, ground and first floor of the Civic Centre. This will deliver 60 new courses to 2,000 students.

    Councillor Tudor Evans said: “The Civic Centre is an iconic building and its transformation will signal confidence to the wider market that Plymouth is serious about regeneration.

    “This is a large and complex project – perhaps the biggest we have delivered and is only possible due to the commitment of some of our key City partners. We are enormously grateful to all who believe in us, believe in this scheme and believe in Plymouth.”

    Part of Homes England’s role is to introduce potential development partners who have a track record of delivering high quality residential projects. The Council has already had discussions with a number of these partners about the role that they might play in the delivery of new homes across Plymouth city centre.

    Last March, Cabinet agreed to enter into an agreement to lease with City College Plymouth, allocate £8.5m Levelling Up Fund grant and the purchase of the building from Urban Splash for £1.

    The project to refurbish the Civic Centre has also benefitted from grant funding from the Future High Streets Fund. Now, subject to approvals, additional grant funding is under consideration by Homes England to help complete the transformation.

    The Council and College are progressing design proposals, including workshop space in the basement, teaching space on the ground and first floors of the north and south block and public-facing spaces.

    The Civic Centre has planning consent for 144 apartments in the tower and a range of commercial space in the podium, with parking and plant in the basement. The consent includes demolishing some of the 1970s extensions on the west side of the building. City College is looking to take all of the commercial space and the changes to the existing consent means a new planning application will need to be submitted.

    Jackie Grubb, Chief Executive of City College Plymouth said: “This new campus provides a fantastic opportunity to ensure Plymouth’s residents are equipped with the skills needed to support the growth of the defence, marine and other sectors of the economy.

    “Almost half of the courses will be linked to the ‘blue and green’ economy – marine, nuclear and net zero, equipping students with the skills to work in sectors such as offshore wind, sustainable construction and environmental science.”

    Luke Pollard MP, Member of Parliament for Plymouth Sutton and Devonport, said: “I’ve been proud to work with the City Council and Government Ministers in securing funding. By working together we are creating a beacon to attract investors to our city, with more demand for shops, cafes, restaurants and entertainment.

    “It’s a team effort to deliver for Plymouth and convert an eyesore into new homes. 

    “We promised thousands of new homes will be built in the city centre and this is the start of us delivering on that promise.” 

    Within the building itself, contactors Gwella continue the strip out work that began under Urban Splash. Various concrete repair and strengthening works still need to be carried out, but the extent of this is not yet known. An extensive structural survey will take place to get a clear picture of concrete repairs needed.

    The Council will employ a principal contractor for the main refurbishment works, which are expected to start next Spring and will involve removing existing cladding. Re-cladding the building and other refurbishment work would start at the end of 2026 and be completed by May 2028.

    Once the ‘shell and core’ of the space to be occupied by City College Plymouth is complete, it will be handed over to the college to fit out. This is programmed to take up to 15 months. The Council has appointed a team of designers, professional advisers and consultants already working on the project, including structural engineers, mechanical and electrical engineers and planning consultants.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council shortlisted for prominent national local government awards including Local Authority of the Year Lancaster City Council is proud to have been shortlisted in four different categories at this year’s MJ Awards, including the prestigious Local Authority of the Year category.

    Source: City of Lancaster

    Lancaster City Council is proud to have been shortlisted in four different categories at this year’s MJ Awards, including the prestigious Local Authority of the Year category.

    Lancaster City Council has been shortlisted for Local Authority of the Year at the MJ Awards

    The recognition follows the council’s positive Local Government Association Corporate Peer Challenge in 2024, which praised the ‘Let’s do it’ culture and clear vision for the district.

    The MJ awards are held annually and recognise success in local government and outstanding work and commitment to local communities.

    The categories the city council has been shortlisted for in are:

    • Local Authority of the Year

    This category highlights success not just in one local authority department or project but right across the organisation. Successes celebrated in the entry include delivery of new recycling initiatives, support for Council Housing tenants, digital transformation initiatives, and leading the fight to tackle climate change.

    • Leadership in Responding to the Climate Emergency

    This recognises the city council’s work in delivering the Climate Emergency Local Plan Review, which focused on how new developments can be made better for nature while also making sure that homes and residents are better protected from flooding, lower fuel bills, and better access to sustainable travel. 

    Described as being “at the forefront of integrating net zero into local planning policy” the review has received national attention and featured on Channel 4’s The Great Climate Fight with Grand Design’s presenter Kevin McCloud.

    • Rising Star

    Susanna Dart (Principal Climate Policy Officer) has been instrumental in shaping the council’s response to the climate crisis, contributing significantly to policy development and community engagement. She has been shortlisted in the Rising Star category for her pivotal role in influencing climate resilience across the district and advocating the co-benefits that can ensue from taking a proactive approach to mitigating and adapting to climate change.

    • Digital Transformation

    The entry for this category featured a number of components that the council has focused on over the last 12 months to improve its digital services. It includes the installation of new digital screens across the district to provide visitor information, introduction of a new online portal to manage relationships with customers, and development of the 3D Mill Race App in conjunction with Lancaster University, underpinned by a new Digital Strategy which was co-created with key partners.

    Mark Davies, chief executive of Lancaster City Council, said: “Lancaster City Council is committed to delivering high quality services to its communities and being at the forefront of taking action to tackle our changing climate. All this has been achieved during particularly difficult financial times and by the council making the most of its resources while gaining outside funding to supplement its own investment.

    “Being shortlisted for these prestigious awards is testament to the hard work, innovative thinking and ingenuity that takes place every single day.

    “It’s particularly pleasing to be shortlisted for Council of the Year as this is recognises the work that takes place right across the authority and is something in which every single Elected Member and member of staff can take pride. Congratulations to all the teams representing the council and good luck in the final judging.”

    Judging in each of the categories will take place this spring with the results being announced in June.

    Last updated: 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Rosneft volunteers held literary readings in Novokuibyshevsk dedicated to the 80th anniversary of Victory

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Employees of the Novokuibyshevsk Oil Refinery (part of Rosneft) organized literary readings dedicated to the 80th anniversary of Victory in the Great Patriotic War. Schoolchildren and students of city technical schools, activists of the “Movement of the First”, teachers and veteran oil workers took part in the patriotic event. The initiative took place within the framework of the international campaign “Reading to Children about the War”. Over 15 years, more than 8 million children and teenagers in Russia and abroad took part in it.

    Thanks to the support of the Novokuibyshevsk Oil Refinery, a collection of works entitled “A Feat Forever Written in History” was published especially for the readings, which included the memories of factory workers who fought at the front. Volunteers of the plant and employees of the enterprise museum collected material in family and museum archives. The unique publication is illustrated with photographs from the war, award documents and materials that have not been published before.

    Young people read excerpts from the collection – excerpts from the diaries of participants in the Great Patriotic War, poems that the plant veterans dedicated to the exploits of their fellow countrymen. Schoolchildren and teachers also watched the documentary film “War of Motors”, created with the support of Rosneft and dedicated to the contribution of the domestic oil industry to bringing Victory closer. At the end of the readings, the enterprise volunteers presented the veterans with memorable gifts.

    More than 200 copies of the unique collection “Feat, forever inscribed in history” were given to city schools and technical schools, city libraries. The cycle of literary readings “Reading to children about the war” based on the book published by the plant workers will continue in educational institutions of the city of Novokuibyshevsk with the participation of activists of the “Movement of the First”.

    Reference:

    The Novokuibyshevsk Oil Refinery is actively developing the volunteer movement “Platform of Good Deeds”, within the framework of which employees take an active part in historical, cultural and social-humanitarian initiatives.

    Earlier, volunteers and veterans of the enterprise, employees of the plant museum carried out a large-scale search to restore more than 2.5 thousand names and information about the exploits of veterans of the enterprise – participants in the Great Patriotic War. As a result of this work, the “Book of Memory” was published for the 75th anniversary of the Victory and a memorial complex was erected to perpetuate the names of the front-line soldiers. In 2023, with the support of the plant, a monument to home front workers was erected in the city.

    Today, under the patronage of the Novokuibyshevsk Oil Refinery there are 2 veterans of the Great Patriotic War and 40 home front workers.

    In the year of the 80th anniversary of the Victory, the plant workers are holding a marathon of commemorative events and lessons aimed at developing spiritual and patriotic values in the younger generation.

    The campaign “Reading to Children about the War” has been held by the Samara Regional Children’s Library since 2010. The initiative is aimed at creating conditions for the formation of citizenship and patriotism as the most important spiritual, moral and social values in children and adolescents using the best examples of children’s literature about the Great Patriotic War as an example.

    Department of Information and Advertising of PJSC NK Rosneft March 27, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Global: Canadians are anxious as they ponder how to vote this election. Which leader can ease their fears?

    Source: The Conversation – Canada – By Lori Turnbull, Professor of Political Science in the Faculty of Management at Dalhousie University, Dalhousie University

    This federal election is being described as the most consequential in modern Canadian history. The country is in a tariff and trade war with its closest ally, the United States, and President Donald Trump is threatening Canada’s sovereignty.

    No wonder Canadians are feeling anxious and fearful. And in times of crisis, people tend to look extra hard for leaders they can trust.

    Liberal Leader Mark Carney, a rookie in politics but an internationally respected economist, is enjoying a wave of momentum. Due to his stints as governor of the Bank of Canada during the 2008-09 financial crash and the Bank of England during Brexit, he’s well-qualified to manage economic roller-coasters. Can his impressive CV help calm the fears of Canadians?

    Conservative Leader Pierre Poilievre, on the other hand, has been connecting with supporters by giving voice to their worries about the economy, jobs, crime and the housing crisis. He’s made people feel heard, but he’s also been accused of building his brand appeal by stoking — rather than soothing — Canadians’ fears about the future.

    Carney’s track record as a fixer could give him the edge now that the election campaign is in full swing and Canada’s fears are being amplified.

    Liberals wildly unpopular

    Before Justin Trudeau announced his plans to leave politics, the next federal election was shaping up to be a showdown between Trudeau and Poilievre, two career politicians with likeability problems and a palpable mutual resentment.

    Each of them often used fear as a tool to warn Canadians about the dangers of electing the other. The mood in the country was sour.

    In July 2024, an Abacus Data poll indicated only 23 per cent of Canadians felt the country was headed in the right direction. The affordability crisis was weighing on people, as 45 per cent of respondents reported having a hard time keeping up with daily expenses due to rising prices.

    The long-standing consensus around the benefits of immigration was crumbling due to the lack of suitable housing for everyone.



    Read more:
    Canada at a crossroads: Understanding the shifting sands of immigration attitudes

    A third of Canadians also self-identified as “political orphans” who felt that none of the political parties truly represented them.

    Most of the public was blaming the Liberals for the broad mismanagement of various important complex policy files, and the Conservatives were the largest beneficiaries of voter frustration. They looked like they had the next election in the bag.

    Dramatically altered landscape

    It’s now March 2025 and the political playing field looks wildly different. Though the aforementioned issues remain salient, Trudeau has resigned and Carney has erased the lead in public support that Poilievre and the Conservatives held not long ago.

    Most polls suggest the parties are in a dead heat while others have Carney pulling ahead. In the hope of winning enough votes to form a majority government — in Carney’s own words, he’s asked the public for a “strong, positive mandate” — he is running on a platform aimed at the political centre to offer a home to those political orphans.

    Carney’s pitching tax cuts, pipeline projects, reduced trade barriers between the provinces and balanced operational spending while running deficits for investments that would grow the economy. He’s done away with the unpopular consumer carbon tax.

    Given that Carney is pulling the Liberals back to the centre, and that there is actually overlap between the Conservatives and the Liberals — both spent the first full day of the campaign promising income tax cuts — it seems the real choice in this election is about leadership rather than dramatically different policy platforms.

    It’s no surprise that Carney’s unique professional experience elevates his bid to be prime minister in the current political climate. So far, he’s been a calm presence amid a volatile and developing storm. Despite Conservative efforts to try to diminish him, his credentials speak for themselves.

    This helps him to build trust among voters. At any other time, his snippiness with the media when asked about his financial holdings might cost him some political capital, but in the current moment, he will likely be given a pass.



    Read more:
    Can Mark Carney truly connect with Canadian voters? Canada will now find out

    Poilievre no longer has Trudeau for a target

    As British Prime Minister Harold Macmillan once explained, politics is about “events, dear boy, events.”

    Much to the certain chagrin of Conservatives, the polls suggest this moment was custom-made for Carney.

    Trump’s attacks and threats against Canadian sovereignty tee up Carney’s pitches for Canada’s economic independence perfectly. His campaign material basically writes itself, and his economic gravitas makes him a solid messenger.

    Carney is both reassuring Canadians in this moment of anxiety as well as tapping into Canadian pride, in his own words and through celebrity proxies like comedian Mike Myers who are helping him reach audiences who tuned out Trudeau a long time ago.

    Mike Myers appears with Mark Carney in this ad on Carney’s YouTube channel.

    This is not to count out Poilievre. With the Conservative base firmly behind him, he could be poised to form a government or keep Carney to a minority.

    But the question on the ballot is no longer about Trudeau — it’s about who Canadians trust to lead them through a disruptive and unpredictable time.

    Poilievre has been working tirelessly for years to position himself as the person for the job.

    But the peculiar circumstances of the moment — and the fear and anxiety that Canadians are having trouble shaking amid Trump’s continuing threats — might drive many voters towards the non-politician whose track record as a fixer gives people the reassurance they are looking for.

    Lori Turnbull does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Canadians are anxious as they ponder how to vote this election. Which leader can ease their fears? – https://theconversation.com/canadians-are-anxious-as-they-ponder-how-to-vote-this-election-which-leader-can-ease-their-fears-252701

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Public land unlocked for the next generation of home owners

    Source: United Kingdom – Executive Government & Departments

    Press release

    Public land unlocked for the next generation of home owners

    New taskforce to unlock thousands of homes across England as government takes on the blockers to release surplus public land for housing.

    • New taskforce to unlock thousands of homes across England as government takes on the blockers to release surplus public land for housing, with defence land becoming a ‘trailblazer’ for a new approach for development.

    • Network Rail property company set to unlock up to 40,000 new homes over the next decade with first homes set for development in Newcastle, Cambridge, Manchester, and Nottingham.  

    • Initiatives support the Plan for Change missions to deliver 1.5 million homes by the next parliament, creating jobs and stimulating economic growth.

    Thousands of new homes will be unlocked on surplus public defence land to speed up the delivery of housing for hard-working people and families, thanks to a new taskforce to remove the blockers, build homes and turbocharge economic growth. Alongside a pioneering new Network Rail property company, which will see a further 40,000 homes built, supporting delivery of building 1.5 million homes, as set out in the Plan for Change.

    This goes hand in hand with the government’s planning reforms, which are forecasted to add around £6.2 billion the UK’s economy, according to yesterday’s OBR forecast. This will bring jobs, opportunity and growth to regions across the country – enabling people to see the Plan for Change in action.

    Unused land will be identified, developed and released by a cross-government collaboration, which will focus on getting it back into productive use as quickly as possible by removing barriers that have prevented houses coming forward at pace on vacant public land for too long. 

    This ambitious new partnership approach will explore new delivery models, establish collaborative agreements between the Ministry of Defence, Homes England, Network Rail and other government bodies, bring in the private sector – ultimately getting spades in the ground sooner to deliver homes faster, making the dream of homeownership a reality for many.

    It will also see a new property company created between Network Rail property and London & Continental Railways, which will attract public and private investment to develop brownfield sites. It will become operational later this year and will have the potential to deliver 40,000 new homes over the next ten years. Today the Chancellor Rachel Reeves is confirming the first four sites that will be developed in Newcastle, Cambridge, Manchester, and Nottingham.

    Chancellor Rachel Reeves said:

    For too long, surplus government-owned sites have gone underused, but they are a huge untapped resource that could create opportunities for the next generation of homeowners. 

    In contrast to the failed approach of the past, we are making the best use of public land to build the homes that families and our Armed Forces need, improving opportunities for homeownership and creating jobs across the country.

    The OBR has confirmed our planning reforms will result in housebuilding being at its highest in over 40 years – that won’t just bring jobs and economic growth – but also will give families the homes that they deserve, delivering on our Plan for Change.

    Deputy Prime Minister and Housing Secretary, Angela Rayner said:

    So many working people and families are locked out of the dream of a secure home and this is a direct consequence of the housing crisis we’ve inherited.

    That’s why we’re unlocking public land today for much-needed new housing to help end the housing crisis, deliver 1.5 million homes, and unleash growth as part of our Plan for Change.

    Defence land 

    Today (27 March) the Chancellor is confirming the first of these sites to be unblocked through this ambitious new approach and begin delivering homes in this Parliament. This includes a site in Ripon, which will be transferred from MoD to Homes England to allow construction at Deverell Barracks to start within 12 months to expedite the delivery of 1,300 homes.

    A new partnership between the MoD and Homes England will also aim to unlock a further 1,300 homes by partially releasing land at Chetwynd Barracks, Chilwell and deliver thousands of new homes at Wyton airfield in Cambridgeshire in the coming years.

    This move is just the start, the Defence Secretary has identified the long-term opportunity to build over 100,000 homes on surplus defence land, improving opportunities for homeownership and creating jobs across the country. 

    Part of this effort includes a commitment to building and modernising family homes for the Armed Forces and Veterans. The disastrous 1996 privatisation of Armed Forces family housing was reversed in January this year, an established expert and independent Review Team will drive a once in a generation plan to modernise homes for 50,000 Armed Forces families, with a new Defence Housing Strategy to be launched later this Summer.

    The innovative partnership between the MoD and Homes England will be the blueprint for a new “trailblazer” approach to accelerate the release of public land.

    Defence Secretary John Healey said:

    This work will unlock thousands of new homes on surplus defence land, including in North Yorkshire, Nottingham and Cambridgeshire – developments promised for years by the last government, but never delivered.

    This heralds a new, trailblazer approach to the use of public land which will not be a fire sale of public assets, but a truly cross-government effort to remove blockers, deliver homes and boost growth in support of our Plan for Change.

    This taskforce is a bold first step, as we make the most of an historic opportunity to build over 100,000 homes on surplus defence land in the coming years, delivering on our commitments to British families and our Armed Forces.

    Rail estate land 

    As part of the new property company, significant sites that are in the pipeline for development, include: 

    • Newcastle Forth Yards: a 100-acre regeneration opportunity which could deliver 5,000 new homes 

    • Manchester Mayfield: opportunity for 1,500 new homes 

    • Cambridge: a mixed-use development with 425 homes  

    • Nottingham: 200 new homes following 348 successfully delivered homes at The Barnum, Nottingham 

    Today’s announcements follow the introduction of the Planning and Infrastructure Bill to Parliament which will see significant measures introduced to speed up planning decisions to boost housebuilding and builds on work the government has already carried out to get Britain building including overhauling the National Planning Policy Framework.

    More information

    • The government is committed to honouring the sacrifices made by veterans and ensuring homes will be there for heroes. In November, the government announced plans to give veterans greater access to social housing by removing a local connection requirement. More information within the Easier access to social housing for veterans confirmed press release.

    • The government will publish a Long-Term Housing Strategy and has committed to set out details of further new government investment in social and affordable housing to at the Spending Review this year, following on from the £2 billion down payment announced yesterday, as well as confirming the government’s plans to provide certainty for the transformative programme of building the new generation of new towns.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ Introduces Short Option Income Strategy ETF on MicroStrategy, Inc. (MSTR)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ Short MSTR Option Income Strategy ETF (NYSE: WNTR)

    WNTR Overview

    WNTR is an actively managed ETF that seeks to generate current income from a synthetic covered put strategy on MicroStrategy Incorporated (“MSTR”), while providing indirect short (inverse) exposure to the share price of MSTR. WNTR’s potential for gains from decreases in the share price of MSTR is limited, while its potential for losses resulting from increases in the share price of MSTR is up to 100%. WNTR does not invest directly in MSTR and does not directly short MSTR. Investors seeking direct exposure to the price of MSTR should consider an investment other than this Fund.

    WNTR Portfolio Construction

    WNTR’s synthetic covered put strategy consists of the following four elements:

    • Synthetic short exposure to MSTR, consisting of a long at-the-money put option and a short at-the-money call option, which allows WNTR to seek to participate on an inverse, unleveraged basis in changes, up or down, to the share price of MSTR.
    • Covered put writing (where MSTR put options are sold against the synthetic short portion of the strategy), which allows WNTR to generate income.
    • U.S. Treasuries, which are used for collateral for the options, and which also generate income; and;
    • Out-of-the money (“OTM”) call options, which are purchased to seek to cap WNTR’s potential losses from its short exposure to MSTR if MSTR’s share price appreciates significantly in value.

    The loss capping works only if the MSTR share price rises to or above the strike price of the purchased OTM call options. If the MSTR share price increases but stays below the strike price of these options, WNTR will incur losses proportionate to this price increase, which may be up to 100% of your investment.

    Why Invest in WNTR?

    • WNTR seeks to generate current income, which is not dependent on the price depreciation of MSTR.
    • WNTR seeks to benefit when the MSTR share price decreases, however WNTR’s potential corresponding benefit from decreases in the MSTR share price is limited.
    • WNTR’s short exposure to MSTR is not leveraged so does not result in daily resetting.

    WNTR is the newest member of the growing YieldMax™ ETF family and, like all YieldMax™ ETFs, aims to deliver income to investors. With respect to distributions, WNTR will be a Group D ETF and its first distribution is expected to be announced on May 7, 2025. Please see the table below for distribution information for all outstanding YieldMax™ ETFs as of March 26, 2025.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2787 34.92% 0.00% 98.94%
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4749 64.18% 0.00% 0.00%
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.2711 – – 55.02%
    RDTY YieldMax™ R2000 0DTE Covered Call Strategy ETF Weekly $0.3037 – – 100.00%
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.2133 – – 0.00%
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0986 77.95% 0.00% 100.00%
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0837 27.95% 61.87% 21.53%
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1315 48.21% 85.03% 61.95%
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.5025 12.89% 0.03% 100.00%
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4883 13.14% 0.00% 50.31%
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.4805 47.62% 2.98% 92.39%
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.3221 81.94% 4.64% 2.09%
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.2533 38.83% 4.02% 92.00%
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.4177 32.58% 3.79% 0.00%
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.3440 29.76% 3.15% 87.26%
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $0.7578 47.94% 2.36% 0.00%
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.5989 91.19% 4.56% 94.78%
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.6458 126.57% 3.00% 98.10%
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 weeks $3.9149 136.69% 0.00% 96.80%
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.5851 59.01% 2.90% 96.87%
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.2879 25.79% 4.48% 51.26%
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.5506 40.70% 3.47% 0.00%
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $0.6925 24.43% 122.88% 0.00%
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.6834 102.31% 3.52% 96.91%
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $0.7092 24.46% 67.34% 0.00%
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.6394 50.58% 3.08% 0.00%
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3284 34.06% 4.12% 0.00%
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.3717 28.22% 3.40% 42.17%
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.4783 77.02% 4.21% 95.22%
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.1827 73.97% 5.01% 94.71%
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.2845 22.77% 3.53% 83.81%
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $1.3775 78.55% 0.21% 97.54%
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.4008 29.98% 3.23% 0.00%
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $0.7874 60.92% 4.02% 100.00%
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.3210 50.64% 3.25% 71.26%
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $5.3257 103.41% 2.63% 97.91%
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.3773 35.12% 4.20% 90.73%
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $1.9742 114.93% 2.63% 0.00%
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.8119 64.03% 2.45% 0.00%
    SQY YieldMax™ XYZ Option Income Strategy ETF Every 4 weeks $0.5014 57.37% 5.21% 91.68%
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.4638 70.54% 4.69% 94.16%
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.5772 49.14% 3.59% 93.02%
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2950 26.24% 3.38% 77.73%
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.4357 55.99% 1.61% 97.70%
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.4483 55.99% 3.79% 92.77%


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1  All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2  The Distribution Rate shown is as of close on March 26, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5  ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Credit Corp Group Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Credit Corp Group Ltd. (ASX: CCP; OTCQX: CCGFF), Australia’s largest provider of responsible financial services to the credit-impaired consumer segment, has qualified to trade on the OTCQX® Best Market. Credit Corp Group Ltd. upgraded to OTCQX from the Pink® market.

    Credit Corp Group Ltd. begins trading today on OTCQX under the symbol “CCGFF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    About Credit Corp Group Ltd.
    Credit Corp is Australia’s largest provider of responsible financial services to the credit-impaired consumer segment. Credit Corp works with customers by adopting a flexible approach to agreeing affordable repayment plans and solutions. If you have received correspondence or a call from Credit Corp, we encourage you to contact us as soon as possible. To find out more about managing your account please follow the below link to our customer site.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Bitfarms Reports Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $56 million, up 21% Y/Y –
    – Gross mining margin of 47%, down from 57% from Q4 2023 –
    – 18.6 EHuM up 186% from Q4 2023-
    – Current efficiency of 19w/TH a 45% improvement from Q4 2023-
    -Total energy pipeline of ~1.4 GW, ~80% based in the U.S.-
    -Completed acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, March 27, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the fourth quarter ended December 31, 2024. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “Bitfarms is a completely different company than we were at the beginning of 2024. Across nearly every metric, we have rapidly transformed from the international Bitcoin miner to a North American energy and compute company.  We now have one of the largest portfolios of flexible MW in the PJM market among Bitcoin miners and are well-positioned to capitalize on macro tailwinds and surging demand for U.S. power and infrastructure. From January 2024, we’ve grown our energized capacity over 90% to 461 MW and secured a multi-year pipeline of over 1.4 GW, nearly 80% of which is based in the U.S and over 90% of which is based in North America.

    “Just last week, we closed both the transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data center, our largest constructed site. Thus far this quarter, we  advanced our HPC/AI strategy with the engagement of two new advisors,  hired two new critical team members, an SVP of HPC and an SVP of Infrastructure, and significantly improved our hashrate, reaching 18.6 EHuM, which we expect will generate operating cash flow through 2026 and beyond.

    “While we remain confident in the significant upside potential of our BTC mining operations and continue to maximize the value of our assets, our revenue diversification strategy—both in the U.S. and with HPC/AI—is geared toward driving greater shareholder value. We aim to secure long-term, predictable cash flows from a well-capitalized HPC/AI customer, while diversifying our revenue streams, reducing our dependency on BTC price volatility, and capitalizing on the growing demand for AI computing. Our two recent strategic transactions, the Stronghold acquisition and the Yguazu data center sale, demonstrate execution of this strategy,” concluded Mr. Gagnon.

    SVP of Mining Operations Alex Brammer stated, “We’ve made significant progress with our mining operations over the past year, nearly tripling our hashrate and improving our efficiency by over 40%. This momentum continues to accelerate. In the last three months alone, we grew our hashrate over 40% to 18.6 EH/s and reached our first half efficiency target of 19 w/TH three months ahead of schedule. This was achieved through the energization of two North American sites, new miner deliveries and continued optimizations across all of our sites.”

    CFO Jeff Lucas stated, “The recent acquisition of Stronghold and sale of Yguazu have expanded our growth opportunities and strengthened our financial profile. Our identified capex requirements for 2025 are now 20% lower than previously planned and we have no plans for large miner purchases in 2025 or 2026; instead, we will be deploying this capital towards developing U.S. energy and HPC infrastructure. We expect that this shift in our strategy will enable us to raise capital more cost-effectively and to secure steadier earnings streams and greater operating margins, the culmination of which we expect will drive long-term shareholder value.”

    Anticipated Megawatt Growth

    Mining Operations

    • Current hashrate of 18.6 EHuM, up from 6.5 EHuM in Q4 2023
    • Current efficiency of 19 w/TH, a 45% improvement from Q4 2023

    Recent Strategic Developments 

    • Completed previously announced acquisition of Stronghold Digital Mining, Inc.
    • Completed previously announced sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies 
    • Secured two strategic partners, ASG and World Wide Technology, to advance HPC/AI business
    • Strengthened Management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure 
    • Initiated Bitcoin One program following the success of Synthetic HODL program in 2024, which achieved a 135% return since the program’s inception in Q4 2023 through December 31, 2024.

    Q4 2024 Financial Highlights

    • Total revenue of $56 million, up 21% Y/Y
    • Gross mining margin of 47%, down from 57% in Q4 2023
    • General and administrative expenses of $18 million, compared to $13 million in Q4 2023
    • Operating loss of $16 million compared to an operating loss of $13 million in Q4 2023
    • Net income of $15 million, or $0.03 per basic and diluted share compared to a net loss of $62 million or $0.21 per basic and diluted share in Q4 2023
    • Adjusted EBITDA* of $14 million, or 25% of revenue, down from $16 million or 35% of revenue in Q4 2023
    • The Company earned 654 BTC at an average direct cost of production per BTC* of $40,800
    • Total cash cost of production per BTC* was $60,800 in Q4 2024

    Liquidity**
    As of March 26, 2025, the Company had total liquidity of approximately $135 million. 

    Q4 2024 and Recent Financing Activities

    • Sold 502 BTC at an average price of $81,400 for total proceeds of $41 million in Q4 2024 and sold 117 of the 414 BTC earned during January and February 2025, generating total proceeds of $11 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives.
    • As of March 26, 2025, the Company held 1,093 Bitcoin.
    • Raised $50 million in net proceeds during Q4 2024 bringing the total net proceeds to $314 million through March 26, 2025 under the Company’s 2024 at-the-market equity offering program.
    Quarterly Operating Performance      
      Q4 2024 Q3 2024 Q4 2023
    Total BTC earned                       654                       703                    1,236
    Average Watts/Average TH efficiency***                         22                         23                         35
    BTC sold                       502                       461                    1,135
      As of December 31, As of September 30, As of December 31,
      2024 2024 2023
    Operating EH/s                      12.8                      11.3                         6.5
    Operating capacity (MW)                       394                       310                       240
    Quarterly Average Revenue**** and Cost of Production per BTC*
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
    Avg. Rev****/BTC $82,400 $60,900 $65,800 $52,400 $36,400
    Direct Cost*/BTC $40,800 $36,600 $30,600 $18,400 $14,400
    Total Cash Cost*/BTC $60,800 $53,700 $47,600 $27,900 $23,300

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.
    ** Liquidity represents cash and balance of unrestricted digital assets.
    *** Average watts represent the energy consumption of miners.
    **** Average revenue per BTC is for mining operations only and excludes Volta revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q4 2024 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 15 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
     https://www.instagram.com/bitfarms/
     https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the the Company’s energy pipeline and its anticipated megawatt growth in each of the years 2025, 2026 and 2028, its revenue diversification strategy, the success of the Company’s HPC/AI strategy and its ability to capitalize on growing demand for AI computing while securing predictable cash flows, the Company’s ability to drive greater shareholder value,  and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com 

    Bitfarms Ltd. Consolidated Financial & Operational Results
         
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues    56,163      46,241          9,922   21 % 192,881   146,366        46,515   32 %
    Cost of revenues   (54,776 )   (44,484 )     (10,292 ) 23 % (225,240 ) (167,868 )     (57,372 ) 34 %
    Gross (loss) profit      1,387        1,757            (370 ) (21) %   (32,359 )   (21,502 )     (10,857 ) 50 %
    Gross margin (1) 2 % 4 % —   —   (17) % (15) %  —   —  
                     
    Operating expenses                
    General and administrative expenses   (18,042 )   (13,405 )       (4,637 ) 35 %   (71,240 )   (39,292 )     (31,948 ) 81 %
    Reversal of revaluation loss on digital
    assets    		            —        1,183         (1,183 ) (100) %            —        2,695         (2,695 ) (100) %
    Gain (loss) on disposition of property,
    plant and equipment and deposits    		         270              (2 )           272   nm        (336 )     (1,778 )        1,442   (81) %
    Impairment on short-term prepaid
    deposits, property, plant and
    equipment and assets held for sale    		            —       (2,270 )        2,270   100 %     (3,628 )   (12,252 )        8,624   (70) %
    Operating loss   (16,385 )   (12,737 )       (3,648 ) 29 % (107,563 )   (72,129 )     (35,434 ) 49 %
    Operating margin (1) (29) % (28) % —   —   (56) % (49) % —   —  
                     
    Net financial income (expenses)    21,843     (49,686 )      71,529   144 %    39,210     (37,194 )      76,404   205 %
    Net (loss) income before income taxes      5,458     (62,423 )      67,881   109 %   (68,353 ) (109,323 )      40,970   (37) %
                     
    Income tax recovery      9,707           378          9,329   nm    14,290           401        13,889     nm
    Net (loss) income    15,165     (62,045 )      77,210   124 %   (54,063 ) (108,922 )      54,859   (50) %
                     
    Basic (loss) earnings per share (in U.S. dollars)        0.03         (0.21 )              —           —         (0.13 )       (0.42 )              —           —  
    Diluted earnings (loss) per share (in U.S. dollars)        0.03         (0.21 )              —           —         (0.13 )       (0.42 )              —           —  
    Change in revaluation surplus – digital assets, net of tax    26,421        7,675        18,746   244 %    39,120        9,242        29,878   323 %
    Total comprehensive income (loss), net of tax    41,586     (54,370 )      95,956   176 %   (14,943 )   (99,680 )      84,737   (85 %)
                     
    Gross Mining profit (2)    25,786      25,454             332   1 %    94,469      70,277        24,192   34 %
    Gross Mining margin (2) 47 % 57 %              —   —   50 % 50 %              —   —  
    EBITDA (2)    29,752     (40,542 )      70,294   173 %    68,315     (21,879 )      90,194   412 %
    EBITDA margin (2) 53 % (88)  % —   —   35 % (15) %              —   —  
    Adjusted EBITDA (2)    14,315      16,332         (2,017 ) (12) %    54,661      43,558        11,103   25 %
    Adjusted EBITDA margin (2) 25 % 35 %              —           —   28 % 30 %              —           —  
       
    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.

     

    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues 56,163   46,241        9,922   21 % 192,881   146,366     46,515   32 %
                     
    Net (loss) income before income taxes 5,458   (62,423 )   67,881   nm (68,353 ) (109,323 )   40,970   (37) %
    Interest (income) and expense (290 ) 91         (381 ) (419) % (4,299 ) 2,659      (6,958 ) (262) %
    Depreciation and amortization 24,584   21,790        2,794   13 % 149,727   84,785     64,942   77 %
    Sales tax recovery – depreciation and amortization —   —              —   — % (8,760 ) —      (8,760 ) 100 %
    EBITDA 29,752   (40,542 )   70,294   nm 68,315   (21,879 )   90,194     nm
    EBITDA margin 53 % (88) %            —           —      35 % (15) %            —     nm
    Share-based payment 4,021   3,906           115   3 % 13,949   10,915        3,034   28 %
    Impairment on short-term prepaid deposits, property, plant and equipment and assets held for sale —   2,270      (2,270 ) 100 % 3,628   12,252      (8,624 ) (70) %
    Reversal of revaluation loss on digital assets —   (1,183 )      1,183   100 % —   (2,695 )      2,695   100 %
    Gain on extinguishment of long-term debt and lease liabilities —   —              —   — % —   (12,835 )   12,835   100 %
    (Gain) loss revaluation of warrants (6,314 ) 42,760   (49,074 ) (115) % (19,603 ) 42,974   (62,577 ) (146) %
    Gain on disposition of marketable securities (782 ) (999 )         217   (22) % (2,313 ) (12,245 )      9,932   (81) %
    Service fees not associated with ongoing operations 1,287   —        1,287   100 % 13,766   —     13,766   100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —   2,485      (2,485 ) 100 % (16,081 ) 9,281   (25,362 ) (273) %
    Net financial (income) expense and other (13,649 ) 7,635   (21,284 ) (279) % (7,000 ) 17,790   (24,790 ) (139) %
    Adjusted EBITDA 14,315   16,332      (2,017 ) (12) % 54,661   43,558     11,103   25 %
    Adjusted EBITDA margin 25 % 35 % —   —   28 % 30 % —   —  

    nm: not meaningful

       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
         
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Gross (loss) profit     1,387       1,757          (370 ) (21) % (32,359 ) (21,502 )   (10,857 ) 50 %
    Non-Mining revenues¹ (1,592 ) (1,285 )        (307 ) 24 % (5,102 ) (5,060 )           (42 ) 1 %
    Depreciation and amortization   24,584     21,790        2,794   13 % 149,727     84,785      64,942   77 %
    Sales tax recovery – depreciation and amortization            —              —              —   — % (8,760 )            —       (8,760 ) (100)  
    Electrical components and salaries     1,403       1,095           308   28 %     4,081       4,151             (70 ) (2) %
    Sales tax recovery – prior years – energy and infrastructure²            —       2,211      (2,211 ) 100 % (14,338 )     8,366     (22,704 ) (271) %
    Other             4        (114 )         118   nm     1,220        (463 )       1,683   nm
    Gross Mining profit   25,786     25,454           332   1 %   94,469     70,277      24,192   34 %
    Gross Mining margin 47 % 57 %            —           —      50 % 50 %             —          —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues       56,163         46,241          9,922   21 %     192,881       146,366         46,515   32 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:                
    Mining revenues³     (54,571 )     (44,956 )       (9,615 ) 21 %   (187,779 )   (141,306 )     (46,473 ) 33 %
    Non-Mining revenues        1,592          1,285             307   24 %        5,102          5,060               42   1 %
    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Cost of revenues    54,776      44,484      10,292   23 % 225,240   167,868      57,372   34 %
    Depreciation and amortization (24,584 ) (21,790 )     (2,794 ) 13 % (149,727 )   (84,785 )   (64,942 ) 77 %
    Sales tax recovery – depreciation and amortization            —              —              —   — %       8,760               —         8,760   100 %
    Electrical components and salaries     (1,403 )     (1,091 )        (312 ) 29 %     (4,081 )     (4,141 )            60   (1) %
    Infrastructure     (1,456 )     (1,607 )          151   (9) %     (5,784 )     (3,909 )     (1,875 ) 48 %
    Sales tax recovery – prior years – energy and infrastructure (1)            —       (2,211 )      2,211   100 %    14,338       (8,366 )    22,704   271 %
    Other        (649 )            —          (649 ) (100) %             —              82             (82 ) (100) %
    Direct Cost    26,684      17,785        8,899   50 %    88,746      66,749      21,997   33 %
    Quantity of BTC earned          654        1,236          (582 ) (47) %       2,914         4,928       (2,014 ) (41) %
    Direct Cost per BTC (in U.S. dollars)    40,800      14,400      26,400   183 %    30,500      13,500      17,000   126 %

    nm: not meaningful

    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Cost of revenues    54,776      44,484      10,292   23 % 225,240   167,868      57,372   34 %
    General and administrative expenses    18,042      13,405         4,637   35 %    71,240      39,292      31,948   81 %
         72,818      57,889      14,929   26 % 296,480   207,160      89,320   43 %
    Depreciation and amortization   (24,584 )   (21,790 )     (2,794 ) 13 % (149,727 )   (84,785 )   (64,942 ) 77 %
    Non-cash service expense (2)        (688 )             —          (688 ) (100) %     (1,252 )             —       (1,252 ) (100) %
    Sales tax recovery – depreciation and amortization             —               —               —   — %       8,760               —         8,760   100 %
    Electrical components and salaries     (1,403 )     (1,091 )        (312 ) 29 %     (4,081 )     (4,141 )            60   (1) %
    Share-based payment     (4,021 )     (3,906 )        (115 ) 3 %   (13,949 )   (10,915 )     (3,034 ) 28 %
    Service fees not associated with ongoing operations     (1,287 )             —       (1,287 ) (100) %   (13,766 )             —     (13,766 ) (100) %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)             —       (2,485 )       2,485   100 %    16,081       (9,281 )    25,362   273 %
    Other     (1,078 )          201       (1,279 ) (636) %     (5,659 )          890       (6,549 ) (736) %
    Total Cash Cost    39,757      28,818      10,939   38 % 132,887      98,928      33,959   34 %
    Quantity of BTC earned          654         1,236          (582 ) (47) %       2,914         4,928       (2,014 ) (41) %
    Total Cash Cost per BTC (in U.S. dollars)    60,800      23,300      37,500   161 %    45,600      20,100      25,500   127 %

    nm: not meaningful

       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d24a5e36-6201-4d4f-a4f9-8fdc9aaeb95b

    The MIL Network –

  • MIL-OSI: Sachem Capital Reports Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., March 27, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the year ended December 31, 2024.

    John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “We remain focused on effectively managing our loan portfolio and protecting our capital as we continue our efforts to navigate challenging financial and real estate markets. These efforts include managing our debt load and the associated carrying costs and selling non-performing loans, which should reduce the allowances for credit losses that have been a drag on earnings. We continue to evaluate attractive opportunities to invest capital while maintaining a disciplined capital allocation approach. With our experienced team, we remain confident that growth will return as we leverage strong industry relationships and work to increase shareholder value.”

    Results of operations for year ended December 31, 2024

    Total revenue was $57.5 million compared to $64.7 million in 2023. The decline in revenue was primarily due to fewer originations and a reduction in the number of loans held for investment. Also, interest income, fee income from loans and other investment income was lower compared to 2023. Interest income in 2024 was $43.2 million compared to $49.3 million for 2023. On the other hand, income from partnership investments increased approximately 48.8%, year-over-year.

    Total operating costs and expenses for 2024 were $75.3 million compared to $49.7 million in 2023. The change was primarily due to an increase of $21.3 million in provision for credit losses and a $1.9 million increase in general and administrative expenses. These increases were offset by lower interest and amortization expense of $1.4 million.

    Net loss attributable to common shareholders for 2024 was $43.9 million, or $0.93 per share compared to net income attributable to common shareholders of $12.1 million, or $0.27 per share for 2023.

    Balance Sheet

    Total assets as of the year ended December 31, 2024 were $492.0 million compared to $620.9 million as of December 31, 2023. The change was primarily due to net reduction in loans held for investment by $130.5 million. Total liabilities as of December 31, 2024 were $310.3 million compared to $390.8 million as of December 31, 2023, with the primary decreases coming from the repayment of unsubordinated unsecured five year notes that matured in 2024, in the aggregate principal amount of $58.3 million, and the paydown of lines of credit balances in the aggregate amount of $21.8 million.

    Total indebtedness at year-end was $301.2 million. This includes: $226.5 million of notes payable (net of $3.7 million of deferred financing costs) and $74.7 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.

    Total shareholders’ equity at year-end 2024 was $181.7 million compared to $230.1 million at year-end 2023. The change was primarily due to an operational total net loss for the year of $39.6 million and preferred and common stock dividends declared and paid of $15.7 million.

    Dividends

    Over the course of 2024, the Company paid an aggregate of $4.3 million in dividends to holders of its Series A Cumulative Redeemable Preferred Stock and $11.4 million to the holders of its common shares.

    On February 24, 2025, the Company declared a dividend of $0.484375 per share on the Series A Preferred Stock, payable on March 31, 2025 to Series A Preferred Stock shareholders of record on March 15, 2025.

    On March 6, 2025, the Company declared a quarterly dividend of $0.05 per common share payable to common shareholders of record on March 17, 2025. The dividend is expected to be paid March 31, 2025.

    The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.

    Investor Conference Webcast and Call

    The Company is hosting a webcast and conference call Thursday, March 27, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the full year ended December 31, 2024. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.

    Interested parties can access the conference call via telephone by dialing toll free 877-704-4453 for U.S. callers or +1-201-389-0920 for international callers.

    Replay

    The webcast will also be archived on the Company’s website and a telephone replay of the call will be available through Thursday, April 10, 2025, and can be accessed by dialing 1-844-512-2921 for U.S. callers or +1 412-317-6671 for international callers and by entering replay passcode: 13750432.

    About Sachem Capital Corp

    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

    Forward Looking Statements

    This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2024 to be filed with the U.S. Securities and Exchange Commission (the “SEC”) on or before March 31, 2025. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.

    Investor & Media Contact:
    Email: investors@sachemcapitalcorp.com

    SACHEM CAPITAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share data)
                 
           Years Ended
        December 31,
        2024    2023 
    Assets     (unaudited)       (audited)  
    Cash and cash equivalents   $ 18,066     $ 12,598  
    Investment securities (at fair value)     1,517       37,776  
    Loans held for investment (net of deferred loan fees of $1,950 and $4,647)     375,041       494,588  
    Allowance for credit losses     (18,470 )     (7,523 )
    Loans held for investments, net of allowances for credit losses     356,571       487,065  
    Loans held for sale (net, of valuation allowance of $4,880 and $0)     10,970       —  
    Interest and fees receivable, net     3,768       8,475  
    Due from borrowers, net     5,150       5,597  
    Real estate owned, net     18,574       3,462  
    Investments in limited liability companies     53,942       43,036  
    Investments in rental real estate, net     14,032       10,554  
    Property and equipment, net     3,222       3,373  
    Other assets     6,164       8,956  
    Total assets   $ 491,976     $ 620,892  
    Liabilities and Shareholders’ Equity            
    Liabilities:            
    Notes payable (net of deferred financing costs of $3,713 and $6,048)   $ 226,526     $ 282,353  
    Repurchase agreements     33,708       26,461  
    Mortgage payable     1,002       1,081  
    Lines of credit     40,000       61,792  
    Accrued dividends payable     —       5,144  
    Accounts payable and accrued liabilities     4,377       2,322  
    Advances from borrowers     4,047       10,998  
    Below market lease intangible     665       665  
    Total liabilities     310,325       390,816  
    Commitments and Contingencies            
    Shareholders’ equity:            
    Preferred shares – $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 and 2,029,923 shares of Series A Preferred Stock issued and outstanding at December 31, 2024 and December 31, 2023, respectively     2       2  
    Common stock – $.001 par value; 200,000,000 shares authorized; 46,965,306 and 46,765,483 issued and outstanding at December 31, 2024 and December 31, 2023, respectively     47       47  
    Additional paid-in capital     256,956       249,826  
    Accumulated other comprehensive income     —       316  
    Cumulative net earnings     35,518       75,089  
    Cumulative dividends paid     (110,872 )     (95,204 )
    Total shareholders’ equity     181,651       230,076  
    Total liabilities and shareholders’ equity   $ 491,976     $ 620,892  
    SACHEM CAPITAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
                 
        Years Ended
        December 31, 
           2024   2023
    Revenues     (unaudited)       (audited)  
    Interest income from loans   $ 43,154     $ 49,265  
    Fee income from loans     8,594       10,699  
    Income from limited liability company investments     5,239       3,522  
    Other investment income     391       1,209  
    Other income     122       54  
    Total revenues     57,500       64,749  
                 
    Operating expenses            
    Interest and amortization of deferred financing costs     27,798       29,190  
    Compensation and employee benefits     6,824       6,932  
    General and administrative expenses     6,841       4,955  
    Provision for credit losses related to available-for-sale debt securities     —       809  
    Provision for credit losses related to loans held for investment     26,928       5,588  
    Change in valuation allowance, loans held for sale     4,880       —  
    Impairment loss on real estate owned     492       794  
    (Gain) loss on sale of real estate and property and equipment, net     (439 )     88  
    Other expenses     1,952       1,354  
    Total operating expenses     75,276       49,710  
    Operating (loss) income before other (loss) income     (17,776 )     15,039  
                 
    Other (loss) income            
    Gain on equity securities     178       860  
    Loss on sale of loans     (21,973 )     —  
    Total other (loss) income, net     (21,795 )     860  
    Net (loss) income     (39,571 )     15,899  
    Preferred stock dividend     (4,304 )     (3,795 )
    Net (loss) income attributable to common shareholders   $ (43,875 )   $ 12,104  
                 
    Basic (loss) earnings per Common Share   $ (0.93 )   $ 0.27  
    Diluted (loss) earnings per Common Share   $ (0.93 )   $ 0.27  
    Basic weighted average Common Shares outstanding     47,413,012       44,244,988  
    Diluted weighted average Common Shares outstanding     47,413,012       44,244,988  
    SACHEM CAPITAL CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
                 
        Years Ended
        December 31,
           2024       2023 
    CASH FLOWS FROM OPERATING ACTIVITIES     (unaudited)       (audited)  
    Net (loss) income   $ (39,571 )   $ 15,899  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:            
    Amortization of deferred financing costs     2,456       2,415  
    Depreciation expense     372       266  
    Write-off of other assets – pre-offering costs     —       477  
    Stock-based compensation     863       823  
    Provision for credit losses related to available-for-sale debt securities     —       809  
    Provision for credit losses related to loans held for investment     26,928       5,588  
    Change in valuation allowance, loans held for sale     4,880       —  
    Loss on sale of Loans     21,973       —  
    Impairment loss on real estate owned     492       794  
    (Gain) loss on sale of real estate and property and equipment, net     (439 )     88  
    (Gain) on equity securities     (178 )     (860 )
    Changes in operating assets and liabilities:            
    Interest and fees receivable, net     1,574       (2,285 )
    Other assets     2,656       (3,596 )
    Due from borrowers, net     (689 )     (334 )
    Accounts payable and accrued liabilities     1,132       374  
    Deferred loan fees revenue     (2,697 )     287  
    Advances from borrowers     (6,951 )     1,106  
    Total adjustments and operating changes     52,372       5,952  
    NET CASH PROVIDED BY OPERATING ACTIVITIES     12,801       21,851  
                 
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of investment securities     (7,767 )     (30,415 )
    Proceeds from the sale of investment securities     43,964       18,120  
    Purchase of interests in limited liability companies     (18,271 )     (13,896 )
    Proceeds from limited liability companies returns of capital     7,310       1,661  
    Proceeds from sale of loans, net     36,122       —  
    Proceeds from sale of real estate owned     2,613       450  
    Acquisitions of and improvements to real estate owned     (510 )     (229 )
    Proceeds from sale of property and equipment     —       1,299  
    Purchase of property and equipment     (203 )     (784 )
    Improvements in investment in rental real estate     (3,496 )     (10,845 )
    Principal disbursements for loans     (134,298 )     (204,885 )
    Principal collections on loans     154,654       167,036  
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     80,118       (72,488 )
                 
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from lines of credit     27,959       58,204  
    Repayments on lines of credit     (49,751 )     —  
    Proceeds from repurchase agreements     19,055       14,028  
    Repayments of repurchase agreements     (11,808 )     (30,100 )
    (Repayment of) proceeds from mortgage payable     (79 )     331  
    Dividends paid on Common Shares     (16,507 )     (21,933 )
    Dividends paid on Series A Preferred Stock     (4,304 )     (3,795 )
    Proceeds from issuance of common shares, net of expenses     2,050       20,450  
    Repurchase of Common Shares     (1,489 )     (226 )
    Proceeds from issuance of Series A Preferred Stock, net of expenses     5,706       2,563  
    Repayment of notes payable     (58,283 )     —  
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (87,451 )     39,522  
                 
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     5,468       (11,115 )
                 
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD     12,598       23,713  
                 
    CASH AND CASH EQUIVALENTS – END OF PERIOD   $ 18,066     $ 12,598  

    The MIL Network –