NewzIntel.com

Category: Intelligence Agencies

  • MIL-OSI USA: ICE San Juan arrests 5 illegal aliens at a Vega Baja construction site

    Source: US Immigration and Customs Enforcement

    VEGA BAJA, Puerto Rico — U.S. Immigration and Customs Enforcement, with support from the FBI, the Drug Enforcement Administration, U.S. Marshals Service, U.S. Customs and Border Protection’s Air and Marine Operations, Office of Field Operations, U.S. Border Patrol, Vega Baja Municipal Police, and the Puerto Rico Police Bureau, arrested five illegal aliens April 10 during a targeted worksite enforcement operation in Vega Baja.

    The multiagency operation took place at a construction worksite where one Haitian national and four Dominican nationals were taken into custody. All five individuals are currently being held by ICE pending removal proceedings.

    “Through worksite enforcement investigations, ICE often uncovers more than just unauthorized employment — many cases reveal serious crimes like document fraud, human smuggling, and human trafficking,” said ICE Homeland Security Investigations San Juan Special Agent in Charge Rebecca González-Ramos. “Following the president’s executive order, ICE San Juan will continue enforcing the immigration laws in Puerto Rico and the U.S. Virgin Islands.”

    ICE officials emphasized the agency’s continued focus to identifying public safety and national security threats. Individuals unlawfully present in the United States who are encountered during enforcement operations may be taken into custody and processed for removal in accordance with federal law.

    Members of the public with information about suspected immigration violations or related criminal activity are encouraged to contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or submit information online via the ICE tip form.

    For more information about ICE HSI San Juan and its efforts to enhance public safety in Puerto Rico and the U.S. Virgin Islands, follow: Instagram: @HSISanJuan Facebook: @HSISanJuanPR X: @HSISanJuan

    MIL OSI USA News –

  • MIL-OSI Security: St. Paul Man Sentenced to 24 Years in Prison for Paying and Directing a Woman in the Philippines to Produce Child Sexual Abuse Material

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – Jason Speed of St. Paul, Minnesota, has been sentenced to 292 months in prison followed by 15 years of supervised release for solicitation and production of child sexual abuse material (CSAM), announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, between January 2020 through February 2024, Jason Miller Speed, 42, solicited the production of child pornography over the internet. During that time, Speed conducted an online relationship with an adult woman located in the Philippines. In exchange for money from Speed, and under his direction, the woman produced CSAM content featuring minor victims under the age of 12. Speed was aware the victims were minors. Through cooperation with the FBI’s International Operations division, local authorities were able to rescue the minor victims.

    “Child predators are conniving, creative, and profoundly dangerous. Speed lived in our community and lurked in the dark corners of the internet. From his perch in St. Paul, Speed victimized little children halfway around the world,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “While I am appalled at Speed’s predation, I am extraordinarily proud of the above-and-beyond efforts of law enforcement in this case. Because of the heroic efforts of the FBI and AUSA Will Mattessich, the young victims in the Philippines were rescued from a life of sexual torture.”

    “Speed’s actions were calculated, exploitative, and deeply disturbing,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “He knowingly financed and directed the creation of content that victimized innocent children. The FBI, in close coordination with the U.S. Attorney’s Office and our law enforcement partners will continue to pursue those who exploit minors. We remain unyielding in our commitment to identifying offenders, dismantling these networks of abuse, and ensuring perpetrators are brought to justice.”

    Speed pleaded guilty to one count of aiding and abetting the production of child pornography. He was sentenced in U.S. District Court by Judge Jeffrey M. Bryan. In handing down the sentence Judge Bryan noted, “What happened to the two minor children is appalling and it is horrific.”

    This case is the result of an investigation conducted by the FBI, Maplewood Police Department, St. Paul Police Department, and the Carver County Sheriff’s Office. It was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    Assistant U.S. Attorney William C. Mattessich prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI USA: DLNR News Release – DLNR Clarifies Ocean Commercial Use Permiting Status, April 15, 2025

    Source: US State of Hawaii

    DLNR News Release – DLNR Clarifies Ocean Commercial Use Permiting Status, April 15, 2025

    Posted on Apr 15, 2025 in Latest Department News, Newsroom

     

     

    STATE OF      HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

    KA ‘OIHANA KUMUWAIWAI ‘ĀINA

     

    JOSH GREEN, M.D.
    GOVERNOR

     

    DAWN CHANG
    CHAIRPERSON

    DLNR CLARIFIES OCEAN COMMERCIAL USE PERMITTING STATUS

     

    FOR IMMEDIATE RELEASE 

    April 15, 2025

     

    HONOLULU – After being made aware of misinformation circulated by commercial boating interests, the DLNR Division of Boating and Ocean Recreation (DOBOR) is clarifying the status of Commercial Use Permits (CUPs) following a series of judicial actions.

    At this time, no new CUPs will be issued, pursuant to the court’s order in Nā Papaʻi Wawae ʻUlaʻula, et al. v. DLNR, Case No. 2CC-17-1-000483. Existing permits in good standing will continue to be renewed and at this time, permittees will only be allowed to maintain current activity and/or passenger capacity levels, or reduce existing levels.  DOBOR will continue to allow vessel substitutions, but will not authorize increases in passenger capacity levels, regardless of vessel size.

    Permittees planning to upgrade their vessels are advised to ensure that Certificates of Inspection show a passenger carrying capacity that is the same as, or lower than, what is permitted as of December 4, 2024, the date that the court issued its order. The department’s stance on maintaining current activity and/or passenger capacity levels is to ensure that the department does not take any actions that can be construed as contrary to the court’s order.

    The lawsuit, originally filed in 2017, and after a series of legal proceedings, culminated in the December ruling by the Second Circuit Court prohibiting DOBOR from issuing or renewing CUPs for activities in Kāʻanapali ocean waters off West Maui until what’s known as a Hawaii Revised Statutes (HRS) Chapter 343 environmental review is completed, or until a determination is made that the activities are exempt from environmental review.

    Following the court’s ruling last December, DLNR filed a motion for reconsideration of the decision, informing the court that some commercial operators would be immediately and unfairly impacted if unable to renew their CUPs.

    As a result, the court stayed its prohibition on renewing CUPs until a reconsideration hearing takes place. The court also maintained its prohibition on new CUPs. The reconsideration hearing, initially scheduled for February, has been rescheduled a number of times at the request of the plaintiffs, and DLNR did not object. Most recently, a continuation was approved until September of this year.

    In a March 27 letter from DLNR Chair Dawn Chang to the Chairs of the House Water & Land and Energy & Environmental Protection Committees, she explained, “The initial scope of the litigation targeted six CUPs issued by DOBOR, but the court’s immediate decision also affects the renewal of over 30 active DOBOR CUPs for Kāʻanapali ocean waters. The department believes that the court’s ruling has broad implications beyond commercial activities in Kāʻanapali ocean waters and could have statewide implications to other commercial activities permitted or authorized by the department as a whole.”

    DLNR is aware that some people accused the department of delaying settlement talks. In her letter, Chang wrote, “This is not true.” DLNR received a settlement offer in early March and rejected it before the end of the month because it was determined that the settlement terms were outside of the state’s jurisdiction.

    DLNR intends to fully comply with HRS Chapter 343 requirements and will continue working toward properly managing commercial activities while remaining in compliance with the law. Depending on which environmental review may be required, or which activities may be exempted, an Environmental Assessment, Environmental Impact Statement (EIS), or a programmatic environmental review, could take six months for an exemption, to as long as six years for an EIS.

    Chang added, “We realize the potential impacts of the court’s decision could have significant economic impacts on many permittees and businesses, however the DLNR needs to comply with the law.”

    # # #

     

    Media Contact: 

    Dan Dennison 

    Communications Director

    Hawai‘i Dept. of Land and Natural Resources

    808-587-0396 

    [email protected] 

    MIL OSI USA News –

  • MIL-OSI USA: ICE, law enforcement partners arrest more than 200 alien offenders during enhanced immigration enforcement operation in New York

    Source: US Immigration and Customs Enforcement

    NEW YORK — U.S. Immigration and Customs Enforcement and law enforcement partners apprehended 206 illegal aliens during an enhanced targeted immigration enforcement operation focusing on egregious criminal alien offenders in and around New York City April 6-12.

    “New York is much safer today because of the hard work of ICE and our law enforcement partners,” said acting ICE Director Todd M. Lyons. “Working with our partner agencies, ICE officers and agents arrested hundreds of alien offenders and removed them from the streets of New York. Throughout this enhanced enforcement operation, we targeted the most dangerous alien offenders in some of the most crime-infested neighborhoods in and around the city of New York. Our efforts resulted in 206 arrests in just one week. I commend the efforts of everyone involved, as all were truly committed to the success of this operation. ICE remains dedicated to our mission to prioritize public safety by arresting and removing illegal alien offenders from communities throughout this great nation.”

    During the week-long enhanced operation, ICE Enforcement and Removal Operations, ICE Homeland Security Investigations and their law enforcement partners from the Federal Bureau of Investigations; Bureau of Alcohol, Tobacco, Firearms and Explosives; U.S. Drug Enforcement Administration; U.S. Marshals Service; U.S. State Department Diplomatic Security Service and the U.S. Attorney’s Offices from the Eastern and Southern Districts of New York targeted egregious criminal alien offenders including transnational criminal organizations known to operate in and around New York. These organizations include the notorious MS-13, Tren de Aragua, Sureños and 18th Street gangs.

    “The success of this enhanced operation highlights the resolve of ICE and our federal partners in keeping our country safe from violent criminal aliens,” said ICE Enforcement and Removal Operations New York City Acting Field Office Director Judith Almodovar. “The majority of the aliens arrested have egregious criminal histories to include manslaughter, rape, assault, drug trafficking and sex assault against minors. I am exceptionally grateful for the professionalism and dedication of our ICE New York City officers and special agents as well as the unwavering support from our partners in the FBI, DEA, ATF, USMS, DSS and the USAOs of both SDNY and EDNY during this week-long operation to remove dangerous alien offenders from our New York City communities.”

    ICE and their federal partners concentrated their efforts in and around the New York City area, but operations extended throughout Long Island and the Lower Hudson Valley region of New York.

    121 of the 206 apprehended had significant criminal convictions or are currently facing charges or for crimes such as murder, assault, arson, sex crimes, drug crimes and firearms crimes. One is a foreign fugitive wanted for crimes in his home country, and one has a conviction of homicide in the Philippines.

    ICE and their law enforcement partners made many of the apprehensions after local jurisdictions refused to honor immigration detainers and released the alien offenders back into their communities.

    Among those arrested during the enhanced targeted operation include:

    • Camilo Cesar Gonzales-Encalada, 23, an illegally present Spanish national and member of the Sureños gang whose criminal history includes convictions for assault, criminal possession of a loaded firearm and criminal possession of a controlled substance. Officers with ICE New York arrested Gonzales April 6.

    • Alexander Steven Jimbo-Perez, 25, an illegally present Ecuadoran national whose criminal history includes arrests assault with intent to cause physical injury, act in a manner to injure a child less than 17, criminal possession stolen property and harassment physical contact. Officers with ICE New York arrested Jimbo April 6.

    • Derrick Alphonso Roberts, 60 an illegally present Jamaican national whose criminal history includes convictions for manslaughter with intent to cause serious physical injury, criminal possession of controlled substance, criminal solicitation, corruption of minors, possessing an instrument of crime, terrorist threats, criminal conspiracy, cocaine possession with intent to distribute, carrying a firearm during and in relation to a drug trafficking crime, possession of a firearm by a convicted felon and possession of a firearm with an obliterated serial number. Officers with ICE New York City arrested Roberts April 7.

    • Luis Olmedo Quishpi-Poalasin, 35, an illegally present Ecuadoran national whose criminal history includes a conviction for rape: forcible compulsion, sexual abuse: contact by forcible compulsion, rape: anal sexual contact with a person incapable of consent, unlawful imprisonment, forcible touching – touch sexual/intimate parts of another person, sexual misconduct: engage in vaginal sexual contact without consent and sexual abuse: subject another person to sex contact without consent. Quishpi also has arrests for witness tampering: prevent testimony – fear of injury, criminal contempt: violate order protection – communicating with person, aggravated harassment – communicating threat by phone/computer/mail, unlawful imprisonment and various traffic charges including driving while intoxicated and leaving the scene of property damage accident. Officers with ICE New York City arrested Quishpi April 7.

    • Edimar Alejandra Colmenares Mendoza, 22, an illegally present Venezuelan national and member of the notorious Tren de Aragua gang whose criminal history includes charges for conspiracy, larceny and possession of stolen property. Officers with ICE New York City arrested Colmenares April 8, 2025.

    • Marcos Tul-Guallpa, 39, an illegally present Guatemalan national whose criminal history includes an arrest for sexual abuse: subject another person to sex without consent and a conviction for acting in a manner to injure a child less than 17 years old. Officers with ICE New York City arrested Tul April 9.

    • Modesto Arias-Soto, 35, an illegally present Dominican national whose criminal history includes a conviction for conspiracy to distribute narcotics and an arrest for tampering with public records. Officers with ICE New York City arrested Arias April 9.

    • Jhonny Morocho-Veletanga, 32, an illegally present Ecuadoran national whose criminal history includes convictions for assault: causing injury to a non-participant during the commission of a felony and disorderly conduct: fight/violent behavior. ICE New York City arrested Morocho April 10.

    • Will Alexander Ordonez, 48, an illegally present Honduran national whose criminal history includes convictions for arson, criminal possession of controlled substance, criminal possession of stolen property, unlawful use of controlled substance, driving while intoxicated and false impersonation. Ordonez has numerous additional charges for criminal possession of controlled substance. Officers with ICE New York City arrested Ordonez April 11.

    • Jaime Gustavo Quizpi-Romero, 51, an illegally present Ecuadoran national whose criminal history includes arrests for assault: intent to cause physical injury with weapon/instrument and strangulation: obstruct breath/blood circulation causing serious injury. ICE New York City arrested Quizpi April 11.

    • Adnan Paulino-Flores, 58, an illegally present Mexican national whose criminal history includes arrests for sexual abuse: person incapable of consent – physically helpless, Sexual Abuse-3rd Degree: Subject Another Person to Sex Contact Without Consent, and Forcible Touching – Touch Sexual/Intimate Parts of Another Person, pending. Officers with ICE New York City arrested Paulino April 11.

    • Jose Felix Ortiz-Martinez, 49, an illegally present Mexican national whose criminal history includes a conviction for assault and an additional arrest for assault. Officers with ICE New York City arrested Ortiz April 12.

    Partner law enforcement participating in the operation were FBI New York; DEA New York; ATF New York; USMC New York; DSS New York and the U.S. Attorney’s Office for the Eastern and Southern Districts of New York.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @ICEgov.

    MIL OSI USA News –

  • MIL-OSI USA: Physician Convicted at Trial for Illegal Distribution of Opioids and Healthcare Fraud Conspiracies

    Source: US State Government of Utah

    A federal jury convicted a medical doctor yesterday for his participation in conspiracies to commit health care fraud and wire fraud and to unlawfully distribute controlled substances.

    According to court documents and evidence presented at trial, Neil K. Anand M.D., 48, of Bensalem, Pennsylvania, conspired to submit false and fraudulent claims to Medicare, health plans provided by the U.S. Office of Personnel Management (OPM), Independence Blue Cross (IBC), and Anthem, for “Goody Bags” of medically unnecessary prescription medications, which were dispensed to patients by in-house pharmacies owned by Anand. As the evidence at trial showed, the conspirators required patients to take the Goody Bags, which they did not need or want, to receive prescriptions for controlled substances. In total, Medicare, OPM, IBC, and Anthem paid over $2.3 million for the Goody Bags. Anand also conspired to distribute oxycodone outside the usual course of professional practice and without a legitimate medical purpose. In furtherance of the conspiracy, unlicensed medical interns wrote prescriptions for controlled substances using blank prescriptions that were pre-signed by Anand. Anand prescribed 20,850 oxycodone tablets for nine different patients, as part of the scheme. After learning that he was under investigation, Anand concealed the proceeds of the fraud by transferring approximately $1.2 million into an account in the name of his father and for the benefit of his minor daughter.

    Anand was convicted of conspiracy to commit health care fraud and wire fraud; three counts of health care fraud; one count of money laundering; four counts of unlawful monetary transactions; and conspiracy to distribute controlled substances. He is scheduled to be sentenced on Aug. 19 and faces a statutory maximum penalty of 130 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of the Inspector General (HHS-OIG); Special Agent in Charge Kathleen Woodson of the U.S. Postal Service Office of Inspector General (U.S. Postal Service OIG); and Special Agent in Charge of Investigative Operations Derek Holt of the OPM-Office of the Inspector General (OPM-OIG) made the announcement.

    The HHS-OIG, U.S. Postal Service OIG, and OPM OIG investigated the case.  FBI’s Philadelphia Field Office provided valuable assistance.

    Trial Attorneys Paul J. Koob, Patrick J. Campbell, and Arun Bodapati of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

  • MIL-OSI Security: Bridgeport Gang Member Sentenced to 20 Years in Federal Prison

    Source: Office of United States Attorneys

    LUIS GARCIA, also known as “Ebk Lou,” 27, of Bridgeport, was sentenced today by U.S. District Judge Kari A. Dooley in Bridgeport to 240 months of imprisonment, followed by three years of supervised release, for his participation in a violent Bridgeport street gang.

    Today’s announcement was made by Marc H. Silverman, Acting United States Attorney for the District of Connecticut; Joseph T. Corradino, State’s Attorney for the Fairfield Judicial District; Bridgeport Police Chief Roderick Porter; Anish Shukla, Acting Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation; James Ferguson, Special Agent in Charge, ATF Boston Field Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration for New England, and Acting U.S. Marshal Lawrence Bobnick.

    According to court documents and statements made in court, the FBI, ATF, DEA, U.S. Marshals Service, Connecticut State Police and Bridgeport Police have been investigating multiple Bridgeport-based gangs whose members are involved in narcotics trafficking, murder, and other acts of violence.  Garcia was a member of the Original North End (“O.N.E.”), a gang based in the Trumbull Gardens area of Bridgeport that committed acts of violence against rival gangs, including the East End gang, the East Side gang, and the PT Barnum gang.  O.N.E. members also robbed drug dealers, customers, and others, sold narcotics, and stole cars from inside and outside Connecticut, often using the cars to commit crimes.  They frequently used social media to promote and coordinate their criminal activities.

    Text messages and social media posts reviewed during the investigation confirmed that Garcia possessed and sold narcotics and firearms, stole vehicles, and was involved in related violent criminal activity alongside other O.N.E. members and associates.

    On August 9, 2018, O.N.E. members stole a Jeep Grand Cherokee in Newburgh, New York, and drove it back to Bridgeport.  In the following days, O.N.E. members conspired to use the car to kill East End gang members and their allies who they had learned through social media were at a deli on Stratford Avenue in Bridgeport.  Although that plan fell through, in the early morning hours of August 13, 2018, Garcia, Ta’Ron Pharr, and Lorenzo Carter drove the stolen Jeep to Stratford and Union Avenues in Bridgeport where they shot and killed Len Smith, 25, who they mistook for a rival East End group member, and shot and seriously wounded Smith’s female companion, both of whom were seated in a parked car.  After the shooting, O.N.E. members transported the Jeep to Indian Wells State Park in Shelton where they burned the vehicle in an effort to destroy evidence of the murder.

    O.N.E. members committed other violent crimes, including murder.

    Garcia has been detained since his arrest on September 8, 2021.  On September 6, 2023, he pleaded guilty to conspiring to engage in a pattern of racketeering activity.

    Approximately 47 members and associates of multiple Bridgeport-based gangs have been convicted of federal offenses stemming from this investigation, which has solved eight murders and approximately 20 attempted murders.

    Pharr pleaded guilty and, on August 30, 2022, was sentenced to 18 years of imprisonment.  On November 21, 2023, a jury found Carter guilty of racketeering conspiracy.  He awaits sentencing.

    This investigation has been conducted by the FBI’s Safe Streets and Violent Crimes Task Forces, ATF, DEA, U.S. Marshals Service, Bridgeport Police Department, Connecticut State Police, and the Bridgeport State’s Attorney’s Office, with the assistance of the U.S. Postal Inspection Service, Connecticut Forensic Science Laboratory, Waterbury Police Department, and Naugatuck Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Karen L. Peck, Jocelyn C. Kaoutzanis, Stephanie T. Levick, and Rahul Kale.

    This prosecution is a part of the Justice’s Department’s Project Safe Neighborhoods (PSN), Project Longevity and Organized Crime Drug Enforcement Task Forces (OCDETF) programs.

    PSN is the centerpiece of the Department of Justice’s violent crime reduction efforts.  PSN is an evidence-based program proven to be effective at reducing violent crime. 

    Project Longevity is a comprehensive initiative to reduce gun violence in Connecticut’s major cities.  Through Project Longevity, community members and law enforcement directly engage with members of groups that are prone to commit violence and deliver a community message against violence, a law enforcement message about the consequences of further violence and an offer of help for those who want it.  If a group member elects to engage in gun violence, the focused attention of federal, state and local law enforcement will be directed at that entire group.

    OCDETF identifies, disrupts, and dismantles drug traffickers, money launderers, gangs, and transnational criminal organizations through a prosecutor-led and intelligence-driven approach that leverages the strengths of federal, state, and local law enforcement agencies.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI Security: Physician Convicted at Trial for Illegal Distribution of Opioids and Healthcare Fraud Conspiracies

    Source: United States Attorneys General 1

    A federal jury convicted a medical doctor yesterday for his participation in conspiracies to commit health care fraud and wire fraud and to unlawfully distribute controlled substances.

    According to court documents and evidence presented at trial, Neil K. Anand M.D., 48, of Bensalem, Pennsylvania, conspired to submit false and fraudulent claims to Medicare, health plans provided by the U.S. Office of Personnel Management (OPM), Independence Blue Cross (IBC), and Anthem, for “Goody Bags” of medically unnecessary prescription medications, which were dispensed to patients by in-house pharmacies owned by Anand. As the evidence at trial showed, the conspirators required patients to take the Goody Bags, which they did not need or want, to receive prescriptions for controlled substances. In total, Medicare, OPM, IBC, and Anthem paid over $2.3 million for the Goody Bags. Anand also conspired to distribute oxycodone outside the usual course of professional practice and without a legitimate medical purpose. In furtherance of the conspiracy, unlicensed medical interns wrote prescriptions for controlled substances using blank prescriptions that were pre-signed by Anand. Anand prescribed 20,850 oxycodone tablets for nine different patients, as part of the scheme. After learning that he was under investigation, Anand concealed the proceeds of the fraud by transferring approximately $1.2 million into an account in the name of his father and for the benefit of his minor daughter.

    Anand was convicted of conspiracy to commit health care fraud and wire fraud; three counts of health care fraud; one count of money laundering; four counts of unlawful monetary transactions; and conspiracy to distribute controlled substances. He is scheduled to be sentenced on Aug. 19 and faces a statutory maximum penalty of 130 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of the Inspector General (HHS-OIG); Special Agent in Charge Kathleen Woodson of the U.S. Postal Service Office of Inspector General (U.S. Postal Service OIG); and Special Agent in Charge of Investigative Operations Derek Holt of the OPM-Office of the Inspector General (OPM-OIG) made the announcement.

    The HHS-OIG, U.S. Postal Service OIG, and OPM OIG investigated the case.  FBI’s Philadelphia Field Office provided valuable assistance.

    Trial Attorneys Paul J. Koob, Patrick J. Campbell, and Arun Bodapati of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI Security: Poplar man sentenced to seven years in prison on assault and gun charges

    Source: Office of United States Attorneys

    GREAT FALLS – A Poplar man who broke into a house on the Fort Peck Indian Reservation and assaulted a resident was sentenced today to 85 months in prison to be followed by five years of supervised release, U.S. Attorney Kurt Alme said.

    Marion Wallace Runs Through, Jr., 33, pleaded guilty in December 2024 to assault with a dangerous weapon and use (by brandishing) of a firearm during a crime of violence.

    Chief U.S. District Judge Brian Morris presided.

    The government alleged in court documents that on the evening of November 21, 2023, Runs Through and a co-defendant went to a remote residence on the Fort Peck Indian Reservation. Runs Through carried with him an AR-15 style rifle. He met with two other co-defendants outside the home. While still outside the residence Runs Through fired one round into the ground and six into the air. He and a co-defendant then broke into the residence. The defendant assaulted the two occupants of the home, striking them with the rifle while demanding access to a safe. The victims identified the assailant as the man with face tattoos. Runs Through has noticeable face tattoos. While Runs Through was the only assailant armed during the home invasion, one witness heard a co-defendant tell Runs Through to “Kill the white guy! Shoot him! Shoot him!” Runs Through then pointed the rifle at the witness, but did not pull the trigger.

    Runs Through was arrested the next day at his parents’ house and law enforcement found an assault rifle. The weapon was purchased in North Dakota by a cousin of one of the co-defendants.

    The U.S. Attorney’s Office prosecuted the case and the investigation was conducted by the FBI, BIA, ATF and Fort Peck Tribes Department of Law & Justice.

    XXX

    MIL Security OSI –

  • MIL-OSI: NOTICE OF ANNUAL GENERAL MEETING IN TERRANET AB

    Source: GlobeNewswire (MIL-OSI)

    N.B. THIS ENGLISH TEXT IS AN UNOFFICIAL TRANSLATION OF THE SWEDISH ORIGINAL OF THE NOTICE TO ATTEND THE EXTRAORDINARY GENERAL MEETING IN TERRANET AB, AND IN CASE OF ANY DISCREPANCIES BETWEEN THE SWEDISH AND THE ENGLISH TRANSLATION, THE SWEDISH TEXT SHALL PREVAIL.

    The shareholders of Terranet AB, reg. no. 556707-2128, (the “Company“) are hereby invited to the Annual General Meeting on 23 May 2025 at 14.00 at Mobilvägen 12, Bricks building, room “Oktagonen”, Lund. Registration will commence at 13.45 p.m.

    ELIGIBILITY AND REGISTRATION

    Shareholders who wish to attend the General Meeting shall

    • be entered in the share register maintained by Euroclear Sweden AB on 15 May 2025,
    • notify the Company no later than 19 May 2025 of their intention to attend the meeting by e-mail to pal.eriksson@terranet.se or by mail to the Company at Mobilvägen 10, SE-223 62 Lund, Sweden, and mark the envelope with “Annual General Meeting 2025”. When giving notice of attendance, shareholders must state their name, personal or corporate identity number, address, and telephone number and, where applicable, information about assistants (maximum 2).

    NOMINEE-REGISTERED SHARES

    Shareholders whose shares are registered in the name of a nominee must have their shares registered in their own name in order to be entitled to attend the AGM. Such registration may be temporary (so-called voting rights registration) and is requested from the nominee according to the nominee’s procedures. Voting rights registrations that have been completed (registered with Euroclear Sweden AB) no later than 19 May 2025 are taken into account in the preparation of the share register.

    PROXY

    Shareholders represented by proxy shall issue a written power of attorney for the proxy, signed and dated by the shareholder. The period of validity of the power of attorney may not exceed five years if specifically stated. If no period of validity is specified, the power of attorney shall be valid for a maximum of one year. If the power of attorney is issued by a legal entity, a copy of the certificate of registration or equivalent for the legal entity must be attached. A copy of the power of attorney and any registration certificate should be sent by letter or e-mail to the Company at the above addresses in good time before the meeting. Furthermore, the original power of attorney must be brought to the meeting. A proxy form is available on the Company’s website (www.terranet.se) no later than three weeks before the meeting.

    PROPOSED AGENDA

    1.   Opening of the meeting
    2.   Election of Chairman
    3.   Establishing and approval of the voting list
    4.   Election of one or more persons to verify the minutes
    5.   Examination of whether the meeting has been duly convened
    6.   Approval of the agenda
    7.   Presentation of the annual accounts and the auditors’ report as well as the consolidated accounts and the consolidated auditors’ report
    8.   Decision on
    a)  Adoption of the income statement and balance sheet and the consolidated income statement and consolidated balance sheet
    b)  Allocation of the Company’s profit or loss according to the adopted balance sheet and the adopted consolidated balance sheet
    c)  Discharge from liability of the members of the Board of Directors and the Managing Director
    9.   Resolution on the determination of the number of members of the Board of Directors and
    10.   Resolution on the determination of the remuneration of the Board of Directors and auditors
    11.   Election of the Board of Directors, auditors and any deputies
    12.   Resolution to amend the articles of association
    13.   Resolution on approval of the Board of Directors’ decision of 16 April 2025 on a directed issue of units
    14.   Resolution to approve the Board of Directors’ decision of 16 April 2025 on a rights issue of units
    15.   Resolution on authorisation for the Board of Directors to resolve on new issues of shares, warrants and/or convertibles
    16.   Resolution authorising the Board of Directors to make minor adjustments to the resolutions adopted by the General Meeting
    17.   Closure of the meeting

    PROPOSAL FOR A DECISION BY THE NOMINATION COMMITTEE

    Prior to the Annual General Meeting of the Company, the Nomination Committee was established by the Chairman of the Board of Directors contacting the shareholders who, as of August 31, 2024, were the three largest shareholders in the Company, who each appointed one member to the Nomination Committee.

    Prior to the 2025 AGM, the Nomination Committee consisted of Julian Aleksov, Chairman of the Nomination Committee, appointed by Maida Vale Capital AB and Oliver Aleksov, Michael Knutsson, appointed by Knutsson Holdings AB, and Torgny Hellström, Chairman of the Board of Terranet AB. The members are appointed by shareholders who, as of March 31, 2025, together represented approximately 13.09 percent of the voting rights for all shares in the Company. The Nomination Committee proposes the following.

    Item 2 – Election of the Chairman

    The Nomination Committee proposes that attorney Mark Falkner of Eversheds Sutherland Advokatbyrå AB be elected Chairman and keeper of the minutes of the Annual General Meeting or, if he is prevented from attending, the person he designates.

    Item 9 – Determination of the number of Board members and auditors

    The Nomination Committee proposes that the Board of Directors shall consist of five (5) members without deputies.

    The Nomination Committee further proposes that the Company shall have a registered accounting firm as auditor.

    Item 10 – Determination of fees for the Board of Directors and auditors

    The Nomination Committee proposes that a fee of SEK 185,000 shall be paid to each of the Board members elected by the AGM who are not employed by the Company or the Group and SEK 495,000 to the Chairman of the Board.

    The Nomination Committee proposes that a fee of SEK 27,500 shall be paid to each of the members of the Remuneration Committee (maximum three members). The Nomination Committee further proposes that a fee of SEK 65,000 shall be paid to each of the members of the Audit Committee (maximum two members) and that a fee of SEK 110,000 shall be paid to the Chairman of the Audit Committee.

    The auditor’s fees shall be paid according to approved invoices.

    Item 11 – Election of the Board of Directors, auditors and any deputies
    The Nomination Committee proposes that Torgny Hellström, Anders Blom, Magnus Edman and Mats Fägerhag be re-elected as ordinary Board members. Furthermore, it is proposed that Uwe Brandenburg be elected as an ordinary Board member. Nils Wollny and Tarek Shoeb have declined re-election. Torgny Hellström is proposed to be re-elected as Chairman of the Board.

    Uwe Brandenburg, born 1966        
    Uwe Brandenburg, a German citizen, holds a bachelor’s degree in telecommunications technology and is Chief Technology Officer for Automotive and Manufacturing at DXC Luxoft.        

    Uwe has worked 30 years in senior positions in the automotive, telecommunications and semiconductor industries. He has been ADAS CTO and Global Engineering Head at Valeo, Global Head for Camera and Radar Development at Continental and ADAS Engineering Director Europe at Autoliv. Autoliv, Continental and Valeo are all three major suppliers to the automotive industry.

    The Nomination Committee further proposes re-election of the registered accounting firm Ernst & Young Aktiebolag (“E&Y”) as the Company’s auditor for the period until the end of the Annual General Meeting 2026. E&Y has notified that the authorised public accountant Martin Henriksson will continue to be the auditor in charge.

    THE BOARD’S PROPOSAL FOR A DECISION

    Item 8b – Resolution regarding allocation of the Company’s profit or loss according to the adopted balance sheet and the adopted consolidated balance sheet

    The Board of Directors proposes that all funds available to the Annual General Meeting be carried forward.
    Item 12 – Resolution on amendment of the Articles of Association

    The Board of Directors proposes that the Annual General Meeting resolves to amend the Articles of Association as set out below.        

    Current wording Proposed wording
    § 4 Share capital

    The share capital shall be not less than SEK 3 300 000 and not more than SEK 13 200 000.

    		 § 4 Share capital

    The share capital shall be not less than SEK 14,500,000 and not more than SEK 58,000,000.
    § 5 Number of shares

    The number of shares shall be not less than 330 000 000 and not more than 1 320 000 000.

    		 § 5 Number of shares

    The number of shares shall be not less than 1,450,000,000 and not more than 5,800,000,000.

    The CEO, or the person appointed by the Board of Directors, shall be entitled to make any minor adjustments that may be required in connection with the registration of the resolution with the Swedish Companies Registration Office. In the event that the share capital or the number of shares after registration of the directed issue and/or the rights issue under items 13 and 14, respectively, on the agenda falls below the proposed limits in the articles of association, the limits shall be adjusted to the extent necessary to enable registration.        
    The resolution under this paragraph shall be valid only if supported by shareholders holding not less than two-thirds (2/3) of both the votes cast and the shares represented at the meeting.

    Item 13 – Resolution on approval of the Board of Directors’ resolution of 16 April 2025 on a directed share issue

    The board of directors proposes that the general meeting resolves to approve the board of directors’ resolution of 16 April 2025 on a new issue of up to 5,461,210 units (the “Directed Issue“). The resolution shall otherwise be subject to the following conditions.

    1.        The new shares of Series B and warrants shall be issued in units. Each unit shall contain 33 shares of Series B and five (5) warrants of series TO9 B.

    2.        The Company’s share capital may be increased by a maximum of SEK 1,802,199.30 through the issue of a maximum of 180,219,930 shares of series B. A maximum of 27,306,050 warrants of series TO9 B shall be issued, entailing an increase in the share capital upon full exercise by a maximum of SEK 273,060.50.

    3.        The right to subscribe for shares in the Directed Issue shall, with deviation from the shareholders’ preferential rights, be granted to a number of pre-announced investors, existing shareholders and members of the Company’s management and board of directors. Prior to the decision on the Directed Issue, the Board of Directors has carefully investigated and considered alternative financing options, including raising capital solely through a rights issue. However, after an overall assessment and taking into account that a directed share issue allows the Company to raise capital earlier, the Board of Directors considers that new share issues carried out with deviation from the shareholders’ preferential rights in combination with a rights issue is a more favourable option for the Company and the Company’s shareholders than a rights issue alone. The Company is in an important phase and has a need for financing to ensure the Company’s long-term operations. It is therefore the Board of Directors’ assessment that a directed issue is the most appropriate financing solution given the current market conditions and the Company’s capital needs and that it is in the interest of all shareholders to carry out the Second Directed Issue.        

    4.        The subscription price per unit amounts to SEK 2.97, corresponding to a subscription price per B-share of SEK 0.09. The subscription price in the Directed Issue has been determined after negotiations with the subscribers and corresponds to a premium of approximately four percent in relation to the volume-weighted average price of the Company’s share on Nasdaq First North Premier Growth Market during the period 7 April 2025 up to and including 11 April 2025 and is considered by the Board of Directors to be on market terms. The subscription price also corresponds to the subscription price in the Rights Issue, which the Board of Directors decided on 16 April 2025. The share premium shall be added to the unrestricted share premium reserve.

    5.        Subscription can only be made in units and thus not of shares and warrants separately. Allotment may only take place in units. However, after the completion of the issue, the shares and warrants will be separated.

    6.        Subscription shall be made on a separate subscription list on the day of the unit issue. However, the board of directors is entitled to postpone the last day for subscription.        

    7.        Payment shall be made within three (3) banking days of the date on which the General Meeting approves the decision of the Board of Directors. However, the Board of Directors is entitled to postpone the final date for payment.        

    8.        Each warrant of series TO9 B entitles the holder to subscribe for one (1) Class B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B may take place during the period from 1 December 2025 up to and including 15 December 2025. Any surplus price upon subscription for new Class shares of Series B by exercising the warrants shall be added to the unrestricted share premium reserve. The warrants are subject to additional conditions including customary conversion conditions.

    9.        The new shares entitle their holders to dividends from the date of their entry in the share register.

    10.        The Board of Directors or the person appointed by the Board of Directors is authorized to make the minor adjustments necessary for the registration of the resolution with the Swedish Companies Registration Office.        

    The resolution under this item is valid only if supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. The resolution is conditional upon the Meeting approving the proposal to amend the Articles of Association in accordance with item 12 above and that the resolution is registered with the Swedish Companies Registration Office.

    Item 14 – Resolution to approve the Board of Directors’ decision of 16 April 2025 on a rights issue of units        
    The board of directors proposes that the general meeting approves the board of directors’ resolution of 11 April 2025 on a new issue of a maximum of 13,880,714 units with preferential rights for existing shareholders (the “Rights Issue“). The resolution shall otherwise be subject to the following conditions.

    1. The new shares of Series B and warrants shall be issued in units. Each unit shall contain 12 (twelve) shares of Series B and three (3) warrants of series TO9 B.
    2. The Company’s share capital may be increased by a maximum of SEK 1,665,685.68 through the issue of a maximum of 166,568,568 shares of Series B. A maximum of 41,642,142 warrants of series TO9 B shall be issued, entailing an increase in the share capital upon full exercise by a maximum of 416,421.42
    3. The right to subscribe for units shall, with preferential rights, be granted to those who are registered as shareholders in the Company on the record date for the Rights Issue, whereby the holding of one (1) share of series B entitles to one (1) unit right. 86 unit rights entitle to subscription of one (1) share of series B.
    4. Shareholders registered in the Company’s share register maintained by Euroclear Sweden AB on the record date of 29 April 2025 will receive unit rights for participation in the Rights Issue.        
    5. In the event that not all units are subscribed for with unit rights, the Board of Directors shall, within the framework of the maximum amount of the rights issue, decide on allocation in accordance with the allocation principles below:

    (i)   In the first instance, allotment shall be made to those who have also subscribed for shares by virtue of subscription rights, regardless of whether the subscriber was a shareholder on the record date or not, and in the event of oversubscription in relation to the number of subscription rights that each person has exercised for subscription of shares and, to the extent that this cannot be done, by drawing lots.

    (ii)   Secondly, allotment shall be made to others who have subscribed for shares without subscription rights and, in the event that they cannot receive full allotment, in proportion to the number of shares that each has applied for subscription and, to the extent that this cannot be done, by drawing lots.

    (iii)   Ultimately, any remaining shares shall be allocated to the underwriters who have entered into underwriting commitments in proportion to the size of the respective underwriting commitment and, to the extent that this cannot be done, by drawing lots.

    1. Subscription can only be made in units and thus not of shares and warrants separately. Allotment may only take place in units. However, after the completion of the issue, the shares and warrants will be separated.
    2. Subscription of units shall take place during the period from 27 May 2025 up to and including 11 June 2025. The Board of Directors is entitled to extend the subscription period.
    3. The subscription price shall be SEK 1.08 per unit, corresponding to a subscription price of SEK 0.09 per B share. The warrants are issued without consideration. The share premium shall be added to the unrestricted share premium reserve.
    4. Payment of units shall be made in cash. Payment of units subscribed for with preferential rights shall be made at the same time as subscription takes place during the period from 26 May 2025 up to and including 9 June 2025. Payment of units subscribed for without preferential rights shall be made no later than three (3) banking days after the allotment notice has been sent to the subscriber. The Board of Directors has the right to extend the payment period.
    5. Each warrant of series TO9 B entitles the holder to subscribe for one (1) Class B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B may take place during the period from 1 December 2025 up to and including 15 December 2025. Any surplus price upon subscription for new Class shares of Series B by exercising the warrants shall be added to the unrestricted share premium reserve. The warrants are subject to additional conditions including customary conversion conditions.
    6. The new shares entitle their holders to dividends from the date of their entry in the share register.

    The resolution is conditional upon the AGM approving the proposal to amend the Articles of Association in accordance with item 12 above and that the resolution is registered with the Swedish Companies Registration Office.

    Item 15 – Resolution on authorisation for the Board of Directors to resolve on new issues of shares, warrants and/or convertibles

    The Board of Directors of the Company proposes that the Annual General Meeting resolves to authorise the Board of Directors, until the next Annual General Meeting, on one or more occasions, to issue shares of series B, warrants and/or convertibles with the right to subscribe for or convert shares of series B, with or without deviation from the shareholders’ preferential rights, within the limits of the Articles of Association applicable from time to time, to be paid in cash, in kind and/or by way of set-off.

    The main reason for the Board of Directors to be able to decide on a new share issue without preferential rights for shareholders as described above is to be able to raise new capital to increase the Company’s flexibility for financing.

    For the resolution to be valid, the proposal must be supported by shareholders representing at least two thirds (2/3) of both the votes cast and the shares represented at the Annual General Meeting.

    Item 16 – Resolution authorising the Board of Directors to make minor adjustments to the resolutions adopted by the Meeting

    The Board of Directors proposes that the Meeting authorises the Board of Directors, the Managing Director or the person otherwise appointed by the Board of Directors to make such minor adjustments and clarifications to the resolutions adopted at the Meeting to the extent required for registration of the resolutions.

    OTHER

    Documents and information

    The notice, accounting documents, auditor’s report and proxy form will be made available to shareholders at the Company no later than three weeks before the meeting and will be sent free of charge to shareholders who so request and state their postal address. The documents will also be published on the Company’s website, www.terranet.se, no later than the same day.

    According to Chapter 7, Section 32 of the Swedish Companies Act, shareholders have the right to request information from the Board of Directors and the CEO regarding circumstances that may affect the assessment of an item on the agenda or the assessment of the Company’s financial situation. The board of directors and the managing director shall disclose such information if the board of directors considers that it can be done without material harm to the Company.

    Processing of personal data

    The personal data collected from the share register maintained by Euroclear Sweden AB, notifications received and information about proxies and assistants will be used for registration, preparation of the voting list for the general meeting and, where applicable, minutes of the general meeting. For further information on how your personal data is processed, see www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf

    Number of shares and votes

    At the time of publication of this notice, the total number of shares in the Company amounts to 1,193,741,451, divided into 1,083,063 shares of series A and 1,192,658,388 shares of series B. After registration of the directed share issue resolved by the Board of Directors on 16 April 2025, pursuant to the authorization granted by the Annual General Meeting 2024, the total number of shares in the Company will amount to 1,291,299,252, divided into 1,083,063 shares of series A and 1,290,216,189 shares of series B. Each Class A share entitles to two (2) votes and each Class B share entitles to one (1) vote

    _____________________________

    Lund in April 2025
    Terranet AB
    The Board of Directors

    About Terranet
    Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
    The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

    Attachment

    The MIL Network –

  • MIL-OSI Security: Military Committee in Chiefs of Defence Session

    Source: NATO

    NATO’s highest Military Authority, the Military Committee, will meet on 14 May 2024, at the Chiefs of Defence level. The Chair of the Military Committee (CMC), will preside the meeting, with the participation of the 32 Allies, along with the Supreme Allied Commander Europe (SACEUR), and Supreme Allied Commander Transformation (SACT).

    The NATO Secretary General will join the Military Committee for the opening session to address the Alliance’s key priorities and challenges.

    During the first session SACEUR will brief the Chiefs of Defence on NATO’s continued efforts to further strengthen its collective deterrence and defence posture. Allied Chiefs of Defence will also exchange views on ongoing NATO-led missions and activities, and on NATO Security Assistance and Training for Ukraine (NSATU).

    In the second session, SACT will provide an update on NATO’s Defence Planning Process, and related innovation opportunities and challenges.  

    The last session will be held in a NATO-Ukraine Council format to discuss Russia’s continued war of aggression against Ukraine, the situation on the ground, and NATO and Allied continued support to Ukraine.

    CMC will hold a press conference, upon conclusion of the meeting.
     

    Media advisory

    08:30 (CEST) Opening remarks

    • Admiral Giuseppe Cavo Dragone, Chair of the NATO Military Committee
    • NATO Secretary General, Mr. Mark Rutte

    17:45 (CEST) Press conference with Admiral Giuseppe Cavo Dragone, Chair of the NATO Military Committee

    Media coverage

    Media representatives wishing to attend the press conference are invited to contact the NATO IMS Public Affairs and Strategic Communications (PASCAD) Office via email (pascad@hq.nato.int) with a completed accreditation form no later than 1400hrs (Brussels Time) on Monday, 5 May 2025.

    Download media accreditation forms: English, French

    Once approved, media passes will not be mailed to applicants, but must be collected in person at the Guard House South, NATO Headquarters, Boulevard Leopold III, Brussels, upon presentation of a valid ID card / passport, along with a valid national Press pass (or accreditation letter from a recognized media organisation), and a copy of the confirmation email of successful accreditation.

    Passes must be always worn visibly during the stay at NATO Headquarters. Security personnel may ask to check another form of ID, at any time. Media representatives are informed that security personnel will examine and may test equipment and personal effects carried onto the site. Media representatives are also advised to arrive at NATO Headquarters with sufficient lead-time to complete their in-processing.

    The opening remarks delivered by the NATO Chair of the NATO Military Committee and the NATO Secretary General will be streamed live on the NATO website. 

    The press conference will also be streamed live on the NATO website and the live feed will be provided to EBU.

    Video footage will be available for free download from the NATO Multimedia Portal after the event.

    Imagery

    Following each event, photos, video and audio files will be made available on the Military Committee in Chiefs of Defence Session (MCCS) event page.

    Social media

    Latest information and photos from the MCCS will be posted on the following X accounts: @CMC_NATO  and  @NATO_PASCAD.

    Please use the hashtags #NATOCHoDs and #NATOMC when posting about the NATO Military Committee.

    Media enquiries

    Capt (N) Giovanni Galoforo, Public Affairs and Strategic Communications Advisor to the NATO Military Committee and the NATO International Military Staff.
    Tel: +32 2 707 5983
    E-Mail: Galoforo.Giovanni@hq.nato.int

    Cdr Grzegorz Łyko, Deputy Public Affairs and Strategic Communications Advisor to the NATO Military Committee and the NATO International Military Staff.
    Tel: + 32 477 57 07 46    
    E-Mail: lyko.grzegorz@hq.nato.int

    Find more background information about the NATO Military Committee

    MIL Security OSI –

  • MIL-OSI Security: Kansas woman indicted for unemployment fraud using stolen identities

    Source: Office of United States Attorneys

    WICHITA, KAN. – A federal grand jury in Wichita returned an indictment charging a Kansas woman with illegally collecting more than $100,000 by defrauding a federal program aimed at helping people who lost their livelihoods during the COVID-19 pandemic. 

    According to court documents, Kylie Charles, 35, of Wichita is charged with 17 counts of wire fraud and 17 counts of aggravated identity theft. 

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided financial relief to Americans dealing with the economic impacts of COVID-19 pandemic. The program expanded unemployment benefits to some people who would not typically qualify such as business owners, self-employed workers, independent contractors, those with a limited work history, and people who lost their business as a result of the pandemic.

    Between May 2020 and August 2021, Charles is accused of stealing the identities of people she knew and using their information without their knowledge or consent to file false claims in multiple states for unemployment benefits under the CARES Act program. 

    The Federal Bureau of Investigation (FBI) is investigating the case.

    Assistant U.S. Attorney Molly Gordon is prosecuting the case.

    OTHER INDICTMENTS

    Chad M. Abildgaard, 33, of Wichita was indicted on one count of possession of methamphetamine with intent to distribute, one count of possession of a firearm in furtherance of a drug trafficking crime, and one count of possession of a firearm by a convicted felon. The U.S. Postal Inspection Service is investigation the case. Assistant U.S. Attorney Lanny Welch is prosecuting the case.

    Nelson Agustin Gonzalez-Diaz, 74, was indicted on one count of possession of a firearm by a convicted felon and one count of possession of a firearm by an illegal alien. The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) is investigating the case. Assistant U.S. Attorney Larry Fadler is prosecuting the case.

    Manuel Jacquez Ibarra, 45, was indicted on one count of unlawful reentry after deportation. Homeland Security Investigations (HSI) is investigating the case. Assistant U.S. Attorney Ola Odeyemi is prosecuting the case. 

    David Yitzhak Espinoza, 31, was indicted on one count of unlawful reentry after deportation. Homeland Security Investigations (HSI) is investigating the case. Assistant U.S. Larry Fadler is prosecuting the case.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
    ###

    MIL Security OSI –

  • MIL-OSI Security: Former Town of Southold Employee and Boy Scout Troop Leader Sentenced to 84 Months in Prison for Distribution of Child Pornography

    Source: Office of United States Attorneys

    Damon Rallis was sentenced today in federal court in Central Islip by United States District Judge Joan M. Azrack to 84 months in prison for distribution of child pornography.  As part of his sentence, Rallis, a former Town of Southold employee and scoutmaster with the Boy Scouts, will be required to register as a sex offender when he is released from prison.

    John J. Durham, United States Attorney for the Eastern District of New York and Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the sentence.

    “The defendant possessed and distributed horrific images of child sex abuse, including the brutal rape of young children, and the years he will serve in prison will both protect our communities and help to bring justice to victims who were sexually exploited as children,” stated United States Attorney Durham.  “My Office and our law enforcement partners will continue to work tirelessly to prosecute and seek significant prison sentences for individuals like Rallis who contribute to a depraved marketplace that causes the abuse of children to satiate the perverse demand for these disturbing images.”

    “Damon Rallis violated his scoutmaster duty to serve as an ethical and moral leader by supplying obscene pornographic material to a twisted platform,” stated FBI Assistant Director in Charge Raia.  “His actions perpetuated the sexual abuse of young children without remorse. The FBI remains dedicated to holding accountable those who use the sexual exploitation of minors for personal gratification.”

    As set forth in court filings and during the sentencing hearing, the FBI began investigating Rallis after his participation in a chat group on the Kik messaging app of users who shared child pornography.  An undercover agent who had joined the chat group received numerous images and videos of child pornography from the defendant, whose screenname was “dirtydaddy431.”  The images shared by Rallis included the rape of children as young as approximately five years old.  On February 23, 2021, FBI agents executed a search warrant at the defendant’s residence in Southold and seized several electronic devices, including his cell phone, which contained numerous images and videos of child pornography.  In an unrelated investigation into sexual exploitation of children, law enforcement recovered a series of chats with Rallis from the cell phone of another individual (the Iowa defendant).  In one of these chats, after the Iowa defendant described how he sexually abused his stepdaughter from age 4 to 7, Rallis stated: “She doesn’t remember bro.  You’re good.  The memories don’t really develop until nine or ten.  I would love that opportunity.”

    This prosecution is part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by United States Attorneys’ Offices, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    The government’s case is being handled by the Criminal Section of the Office’s Long Island Division. Assistant United States  Attorney Paul G. Scotti is in charge of the prosecution.

    The Defendant:

    DAMON RALLIS
    Age: 50
    Southold, Long Island

    E.D.N.Y. Docket No. 21-CR-150 (JMA)

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Honors Advocates During National Crime Victims’ Rights Week

    Source: Office of United States Attorneys

    INDIANAPOLIS— On April 10, 2025, the United States Attorney’s Office for the Southern District of Indiana recognized 22 members of federal, state, and local law enforcement agencies at a private ceremony. The ceremony honored professionals who have gone above and beyond to advocate for the rights and well-being of crime victims, and have demonstrated exceptional commitment to supporting survivors, raising awareness, and driving positive change in their communities.

    “This ceremony is a small token of our appreciation for the selfless dedication of those working tirelessly to ensure victims’ voices are heard, guiding them through the often-complex federal criminal justice process, and providing critical resources and emotional support,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “Their work reflects the power of compassion, resilience, and advocacy in making a tangible difference in the lives of those affected by trauma and injustice.”

    The categories and honorees are listed as follows:

    Federal Law Enforcement Victim Assistance Award recognizes the recipient’s commitment to ensuring victims’ rights are upheld, providing them with compassionate support throughout investigations, and working to ensure they receive necessary resources and assistance. The recipient of this award demonstrates exceptional dedication to both the investigative process and the well-being of victims, working tirelessly to navigate the complex legal landscape while offering empathy and advocacy. It highlights their key role in bridging the gap between law enforcement and victims, helping to secure justice and support in the aftermath of crime.

    Awarded to:

    • Vanessa Hassler, Special Agent, FBI
    • Russell Warlick, Special Agent, FBI

    Victim Advocate Award honors the tireless efforts of victim advocates who work on the front lines, offering emotional support, resources, and guidance to those affected by trauma. Whether providing advocacy during legal proceedings, connecting victims with necessary services, or ensuring their voices are heard, the recipient of this award goes above and beyond to ensure that victims’ rights are upheld, and their well-being is prioritized.

    Awarded to:

    • Suzanne O’Malley, Project Manager, Indiana Coalition Against Domestic Violence
    • Linda Crocheron, Victim Advocate Administrator, Marion County Prosecutor’s Office
    • Jessica Zotz, Victim Specialist, FBI

    Assistant United States Attorney Victim Assistance Award honors the outstanding efforts of an AUSA in providing exceptional support and advocacy for victims throughout the federal legal process. This prestigious award recognizes a deep understanding of the emotional and psychological challenges faced by victims, going above and beyond their legal duties to offer guidance, support, and resources. This distinction highlights the integral role AUSAs play in balancing the pursuit of justice with the compassionate treatment of victims.

    Awarded to:

    • Jayson W. McGrath, Assistant U.S. Attorney for the Southern District of Indiana
    • Peter A. Blackett, Assistant U.S. Attorney for the Southern District of Indiana

    Support Professional Victim Assistance Award recognizes exceptional contributions to supporting victims of crime throughout the legal process, particularly in cases involving trauma or violence. This award honors the recipient’s dedication to managing the logistical and administrative aspects of cases, while also offering emotional support and compassion to victims during often difficult and overwhelming legal proceedings.

    Awarded to:

    • Sarah Helbig, Paralegal Specialist, U.S. Attorney’s Office for the Southern District of Indiana.
    • Natoyia Sims, Financial Litigation Paralegal Specialist, U.S. Attorney’s Office for the Southern District of Indiana.

    Victim Assistance Trial Team Award recognizes the exceptional collaboration and dedication of a team working to support victims throughout the trial process. This award honors the collective efforts of law enforcement, legal professionals, victim advocates, and support staff who work together to ensure victims are informed, supported, and treated with dignity during legal proceedings. The recipients of this award have demonstrated outstanding teamwork in navigating the complexities of criminal trials, while prioritizing the needs and well-being of victims.

    Awarded to:

    U.S. v. Demetris Campbell

    • Tiffany J. Preston, Assistant U.S. Attorney for the Southern District of Indiana
    • Carolyn Haney, Assistant U.S. Attorney for the Southern District of Indiana
    • Lawrence D. Hilton, Former Assistant U.S. Attorney
    • Len Rothermich, Special Agent, FBI
    • Austin Sahly, Special Agent, FBI
    • Kayla Whitaker, Paralegal Specialist
    • Maurine Bwambok, Victim Witness Specialist
    • Matthew Pankonie, Indianapolis Metropolitan Police Department

    U.S. v. Angela Baldwin

    • Kathryn Olivier, Assistant U.S. Attorney for the Southern District of Indiana
    • Bradley Shepard, Assistant U.S. Attorney for the Southern District of Indiana
    • Andrew Willmann, Special Agent, FBI
    • Sarah Helbig, Paralegal Specialist
    • Kathy Well, Systems Manager

    ###

    MIL Security OSI –

  • MIL-OSI Security: Texarkana federal inmate sentenced in prison meth conspiracy

    Source: Office of United States Attorneys

    TEXARKANA, Texas – A federal inmate man has been sentenced to additional time in federal prison for drug trafficking violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Jimmy Barrientos, 38, of Grand Prairie, pleaded guilty to conspiracy to distribute methamphetamine in prison and was sentenced to 100 months in federal prison by U.S. District Judge Robert W. Schroeder, III, on April 15, 2025.

    According to information presented in court, Barrientos, an inmate at the Federal Correctional Institution (FCI) in Texarkana, instructed Catherine Gamez to bring methamphetamine with her during prisoner visitation.  On September 25, 2022, Gamez brought a portion of a condom containing approximately 20 grams of actual methamphetamine into the federal prison when she came to visit Barrientos.  Once Gamez entered the visitation room, she hid the condom containing methamphetamine in the soap dispenser in the restroom of the visitation room at the prison. FCI personnel recovered the condom from the soap dispenser and provided it to federal law enforcement.  Gamez pleaded guilty to the same offense in 2024 and is awaiting sentencing.

    This case was investigated by the FBI’s Texarkana Field Office and prosecuted by Assistant U.S. Attorney James Noble.

    ###

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Pleads Guilty to Federal Drug and Weapons Offenses

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

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that on April 10, 2025, DJOHN BRYANT (“BRYANT”), age 32, pleaded guilty before U.S. District Judge Eldon E. Fallon to possession with intent to distribute controlled substances, in violation of Title 21, United States Code, Sections 841(a)(1), 841(b)(1)(C), and 841(b)(1)(D) and possessing a firearm in furtherance of that drug trafficking crime, in violation of Title 18, United States Code, Section 924(c)(1)(A)(i). 

    According to court documents, on or about February 4, 2024, New Orleans Police Department (NOPD) officers observed BRYANT conducting drug transactions.  Upon arresting him, officers found that BRYANT possessed cocaine, fentanyl, methamphetamine, oxycodone, tapentadol, marijuana, and a Glock Model 27, .40 caliber handgun and ammunition.

    As to the drug trafficking charges, BRYANT faces up to twenty years in prison, up to a $1,000,000 fine, and at least three years of supervised release.  As to the charge of possessing a firearm in furtherance of a drug trafficking crime, he faces a mandatory minimum sentence of five years up to life in prison, which is to run consecutively to all other sentences, up to a $250,000 fine, and up to five years of supervised release. Each count also carries a mandatory special assessment fee of $100.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    The case was investigated by the Federal Bureau of Investigation and the New Orleans Police Department.  It is being prosecuted by Special Assistant United States Attorney James Ollinger of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: El Paso Couple Sentenced to Federal Prison for Methamphetamine Trafficking and Firearm Offenses

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

    EL PASO, Texas – An El Paso husband and wife were sentenced together in a federal court to a combined 25 years in prison for charges related to drug trafficking.

    According to court documents, law enforcement officers conducted a traffic stop on Carlos Morales, 41, and Rebekah Sue Morales, 55, during an FBI surveillance operation on March 5, 2024. Two handguns were located in a backpack belonging to Carlos, a convicted felon. The subsequent execution of a search warrant on the couple’s home resulted in the seizure of additional firearms, ammunition and methamphetamine. Further investigation revealed that both Carlos and Rebekah were involved in trafficking the methamphetamine.

    Carlos pleaded guilty on Jan. 6, 2025, to one count of felon in possession of a firearm. Rebekah pleaded guilty to one count of conspiracy to possess with intent to distribute a controlled substance. U.S. District Judge Leon Schydlower sentenced Carlos Morales to the statutory maximum of 15 years in federal prison. Schydlower sentenced Rebekah Sue Morales to 10 years in federal prison. In addition, the court ordered the forfeiture of the defendant’s residence, as well as the forfeiture of multiple firearms, all used to facilitate the commission of their crimes.

    Acting U.S. Attorney Margaret Leachman for the Western District of Texas made the announcement.

    The FBI investigated the case with assistance from the U.S. Border Patrol, Bureau of Alcohol, Tobacco, Firearms and Explosives, the El Paso Country Sheriff’s Office, and the El Paso Country Constables.

    Assistant U.S. Attorney Susanna Martinez prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Joint press statement

    Source: NATO

    (As delivered)

    President Zelenskyy, Dear Volodymyr,
    It is important for me to be standing next to you today in Odesa, a city that has been under constant attack throughout Russia’s war against Ukraine. 

    Only this weekend, Russia attacked residential buildings and a hospital here with kamikaze drones. Today we both visited a hospital where I talked with some of the people injured in the war.

    Just two days ago, in Sumy on Palm Sunday –the holiest day in the Christian calendar –  two Russian ballistic missiles killed over 30 civilians – men, women, children. 
    Over 100 were injured – many seriously.
    This is simply outrageous. It’s part of a terrible pattern of Russia attacking civilian targets and infrastructure across Ukraine. Even hundreds of hospitals and medical workers have been targeted over the last years.

    I am here today because I believe Ukraine’s people deserve real peace – real safety and security in their country. In their homes.
    My heart goes out to the people of Ukraine. 
    Those who lost loved ones in these recent strikes. And so many over the years. 
    Those who have been injured. Or lost their homes. Or had their dreams shattered by this unjust and unlawful war. 

    So I am here with you today, dear Volodymyr, 
    To affirm to you and the Ukrainian people this simple message: 
    NATO stands with Ukraine. 

    You and I know that this has been true all along.
    I also know that some have called NATO’s support into question in the last couple of months. 
    But let there be no doubt. 
    Our support is unwavering. 

    NATO continues to provide political and practical support for Ukraine by delivering security assistance and training through our command in Wiesbaden. And we work closely together in Kyiv and in Brussels. 

    What’s more, just in the first three months of 2025, NATO Allies have already pledged more than 20 billion euros in security assistance for Ukraine this year. 
    Our commitment is clear – and concrete.
    We saw further contributions as you rightly said from Allies during the latest Ramstein meeting that was held in Brussels on Friday

    Our support to Ukraine is designed to ensure that your country is strong and sovereign. Able to defend today and to deter any future aggression. 
    All of this to underpin the efforts towards a just and lasting peace. 

    Indeed, today we again spoke about the important talks that President Trump is leading with Ukraine as well as with Russia to try to end the war and secure a durable peace. 
    These discussions are not easy – not least in the wake of this horrific violence –  but we all support President Trump’s push for peace. 

    Other Allies – including through efforts led by France and the United Kingdom – are ready, willing and able to shoulder more responsibility in helping to secure a peace when the time comes.

    So let me say again – to the people of Ukraine.
    We stand with you. 
    And look forward to a day that the brave men and women of this incredible country can enjoy freedom without fear. 
    So dear Volodymyr, thank you for inviting me here today. I am grateful for your leadership, for our friendship, and for our continued cooperation. 

    Slava Ukraini.

    Question: I have one question for both of you but in different forms. First of all today Mr. Witkoff said that the peace agreement that is being discussed as we understand with Russia includes some five territories , there is no NATO, there is no five article. That is why I have a different question to you. Mr General Secretary do you understand what Russia and America discussed about NATO without you and what it means for NATO, for Ukraine and for all the world? (continues in Ukrainian)

    Mark Rutte, NATO Secretary General: Let me first say that I want to commend President Trump for breaking the deadlock and starting these talks about peace in Ukraine. I think this is important because we have seen so many people die, we have seen so many cities being destroyed, the infrastructure having been targeted by the Russians so I think this is an important effort. And I have decided not to comment on all the intermediate stages of this whole process because I do not want to interfere with the peace process. Whatever we do when it comes to helping here we do as discreetly as possible and I cannot comment on this in the press. I am sorry.

    Question: Mr Secretary General thank you for being here. The first question to you is, is there any information you could disclose on the update of the naval deployment of the coalition of the willing for securing of the Black Sea security situation? (Continues in Ukrainian)

    Mark Rutte, NATO Secretary General: NATO is involved in a couple of these talks. We are of course following closely with our American friends, the initiatives by President Trump to bring Ukraine and Russia to a ceasefire and we support those efforts. Then through our command in Wiesbaden, so-called NSATU, we are working with Ukraine. And you had a visit last week of the French and the British senior officers here in Ukraine to discuss, going forward, what will be the best format to organise the Ukrainian armed forces for the future. Of course it will also help now with the fight against the Russians but also for the long term future. Because that will, in any case, be the first line of deterrence  to make sure that whenever a peace deal is struck/a ceasefire is agreed, that the Ukrainian armed forces are, as the first line of deterrence, capable and able long term to defend the country. And there are initiatives ongoing, and I think you are particularly now referring to what the French and the Brits are working on through the Coalition of the Willing. And we are also very much, of course, part of those talks and trying to advise wherever we can these discussions in the right direction. And I am very happy that the French and the Brits took this initiative to make sure that when, as a first line of defence, you have the Ukrainian armed forces, post a peace deal/ceasefire, that there might be more necessary to make sure that Putin will never ever ever ever try this again. Because nobody wants to get back to a situation of Minsk 2014, where you think you have a sort of peace deal but basically it is not strong enough, it is not holding and Putin tries this again. And whenever we come to a conclusion of this terrible war, it has to be clear to Vladimir Vladimirovich Putin that he can never ever try again to capture one square kilometre or one square mile of Ukraine. So that is why the French, the Brits and others are discussing what we need more, on top of Ukrainian armed forces going forward, to make sure that that guarantee is there. This is all still being debated. It will also depend, it is my absolute conviction, on the exact outcome of a peace deal/a ceasefire and hopefully a strong combination of the two. What exactly will be that format and how it will work and who will do what, etc. These talks are ongoing. As we are preparing for that hopeful soon-to-be-achieved eventuality, I hope of course that NATO tries to steer that in the direction we think will be advisory.

    (response from President Zelenskyy in Ukrainian)

    Mark Rutte, NATO Secretary General: maybe I can add one sentence that Türkiye has in 2022 already successfully agreed a ceasefire on the grain deal, they agreed to a grain deal in 2022, so let’s be positive about the fact that Türkiye again tries to bring together all relevant parties and let’s hope they are successful.

    Question: in Ukrainian

    Mark Rutte, NATO Secretary General: Yes they are the aggressor. Let me be very clear. Russia is the aggressor. Russia started this war and there is no doubt.

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Sentenced to Prison for Making Hate Crime Threats against The Council on American-Islamic Relations (“CAIR”) Michigan Chapter

    Source: United States Department of Justice (Hate Crime)

    DETROIT – Michael Shapiro, 73, was sentenced today to 18 months in prison for issuing death threats to the Council on American-Islamic Relations (“CAIR”) Michigan Chapter, Acting United States Attorney Julie A. Beck announced.

    Beck was joined in the announcement by Cheyvoryea Gibson, Special Agent in Charge of the Detroit Field Division of the Federal Bureau of Investigation, and Chad Baugh, Chief of the Canton Police Department.

    According to court documents, Shapiro, of West Palm Beach, Florida, placed three separate phone calls to CAIR’s office located in Canton, Michigan, and left voicemails containing the following threats:

    • December 8, 2023: “I’m going to kill you bastards. I’m going to kill you bastards.”
    • December 14, 2023: ““I’m going to kill you mother f*****g bastards. Muslims! I’m going to kill you mother f*****s. I’m going to kill you! I’m going to kill you! I’m going to kill you!”
    • December 15, 2023: “You’re a violent people. Why do you come to America? Why do you come to Europe? Mother f*****s. You’re violent. You’re killers. You’re rapists. I’m going to kill you mother f*****s!”

    Shapiro pleaded guilty on December 3, 2024 to transmitting a threat in interstate commerce. Shapiro also admitted that he intentionally selected CAIR as the victim of his threat because of the actual and perceived religion and national origin of the people who work at and are assisted by CAIR.

    “No one should be able to instill fear on an entire community by threatening violence. Today’s sentence sends a strong message that people who do so, especially when motivated by bias, will be aggressively prosecuted and severely punished, ” Acting U.S. Attorney Beck said.

    “Today’s sentencing of Michael Shapiro highlights the severe consequences of hate-driven threats and sends a strong message to others with similar malicious intentions,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The FBI in Michigan remains committed to investigating and dismantling individuals or groups that sow fear and hatred within our communities. Mr. Shapiro’s sentence serves as a stark reminder of our critical role in investigating federal hate crimes. We are dedicated to fostering positive relationships with our community, including faith-based organizations. In partnership with the Canton Police Department and the successful prosecution by the U.S. Attorney’s Office for the Eastern District of Michigan, we have ensured justice was served by holding Mr. Shapiro accountable for his actions.”

    This case was investigated by the Federal Bureau of Investigation and the Canton Police Department and was prosecuted by Assistant U.S. Attorney Frances Lee Carlson.

    MIL Security OSI –

  • MIL-OSI Global: Cory Booker’s long speech offers a strategy for Trump opponents in a fragmented media landscape

    Source: The Conversation – USA – By Erik Johnson, Associate Professor of Communication and Media Studies, Stetson University

    Sen. Cory Booker speaks to reporters in the Senate Chamber after delivering a record-setting floor speech at the U.S. Capitol on April 1, 2025. Tasos Katopodis/Getty Images

    Sen. Cory Booker’s record-breaking, 25-hour Senate floor speech, which began on March 31, 2025, and ended on April 1, momentarily snatched the national spotlight from President Donald Trump.

    The ever-churning national news cycle has already moved on from the spectacle.

    But as communication studies scholars, we believe Booker’s speech offers important lessons for Trump opponents in a fragmented political and media landscape.

    Our analysis of Booker’s speech, its media coverage and Booker’s use of online platforms to promote his marathon performance illustrate one way to disrupt the constant public spotlight on Trump.

    Conventions of long speeches

    In research published in 2023, we compared filibusters and long speeches in the United States and overseas. The long speeches we examined took place in national parliaments and political party meetings across the world.

    Our research uncovered three patterns.

    Long speeches incorporate varied topics and texts. Whether or not these digressions are relevant to the issue at hand, they make the speaker’s remarks last longer.

    In Sen. Rand Paul’s nearly 13-hour filibuster of John Brennan’s CIA nomination in 2013, for example, he read articles on drone warfare alongside a portion of “Alice in Wonderland.” And Sen. Alfonse D’Amato’s 1986 filibuster of a military spending bill included a partial reading of the District of Columbia phone book.“

    Sen. Rand Paul, R-Ky., leaves the floor of the Senate after his filibuster of the nomination of John Brennan to be CIA director on March 7, 2013.
    AP Photo/Charles Dharapak

    Long speeches also include expected interruptions to the speaker’s performance and address a variety of audiences.

    That’s what happened during Sen. Strom Thurmond’s 1957 filibuster of the Civil Rights Act – the longest speech on the Senate floor before Booker’s performance. When Thurmond needed a bathroom break during his 24-hour, 18-minute filibuster, Sen. Barry Goldwater assisted by stalling with a report on military preparedness.

    These patterns of topical digression and expected interruption challenge the image of filibusters as individual acts of continuous endurance promoted in films such as ”Mr. Smith Goes to Washington.“ And they apply to Booker’s Senate speech.

    Our research also demonstrated how the media reframes the complexity of long speeches into simplified narratives. This coverage sometimes differs as different outlets target varied audiences.

    News reports on Thurmond’s filibuster bolstered an image of him as the lone senator defending segregation while the rest of the Senate slept.

    After state Sen. Wendy Davis’ filibuster of a 2013 anti-abortion bill in Texas, supporters linked the filibuster to her rising political prospects, while opponents disparaged her with the nickname Abortion Barbie.

    These reactions do not grapple directly with the wide-ranging content of long speeches. But they do allow them to reach audiences in ways that can shape popular memory of the event.

    Booker’s 25-hour speech

    Like other long speeches we have studied, Booker’s Senate speech addressed several topics.

    Booker read a passage from the Federalist Papers that advocated for constitutional checks and balances on the executive branch. At another point, he quoted federal appellate Judge Learned Hand, who was called the “Tenth Justice” of the Supreme Court in the first half of the 20th century. Booker also used personal anecdotes that linked his parents to the civil rights struggle and reflected on his first senate campaign.

    But mainstream news stories covering Booker’s speech produced a largely coherent summary of the overall point of the marathon talk – as they saw it, it was a stand against Trump.

    Booker’s speech also aligned with another convention of long speeches – his monologue was broken up by the parliamentary questions of fellow senators.

    Numerous Democratic allies gave Booker a break as they introduced issues of their own interest. Minnesota Sen. Amy Klobuchar, for example, used her time to discuss Bob Dylan.

    After the speech, however, many news outlets focused on Booker’s physical feat. This directed attention away from the hodgepodge of voices and sources in the speech.

    Fielding reporters’ questions after yielding the Senate floor, Booker discussed his use of fasting to prepare. And The New York Times reported on the effects of standing for so long and not sleeping.

    Debates about whether or how speakers stop to use the bathroom are a source of enduring fascination surrounding long speeches. It’s something that Thurmond biographer Joseph Crespino calls the “urological mystery.”

    Media fixation on Booker’s body reimagined him as the sole speaker.

    Strategies shaping online coverage

    When Booker broke the record, roughly 115,000 people were streaming the speech on YouTube. A TikTok livestream of the event received 350 million likes by the end of the day.

    Booker was prepared for this online attention. Throughout the speech, he repeated a strategic set of phrases. Those ranged from “Let’s get in good trouble” – a reference to the late John Lewis, a Georgia Democrat who served in the U.S. House of Representatives, that appeals to Booker’s political base – to “This is a moral moment,” a slogan that evokes Rev. William Barber II’s broad-based “moral movement.”

    After the speech, Booker repeated these taglines on social media, at a New Jersey town hall and in interviews with national media.

    In this image provided by Senate Television, Sen. Cory Booker, a New Jersey Democrat, speaks on the Senate floor on April 1, 2025.
    Senate Television via AP

    Trump’s “flood the zone” approach to policymaking, which occupies media coverage through overwhelming activity, has been widely discussed by the media.

    Booker’s speech demonstrates that for resistance to be effective, it must be noticed.

    His use of easily excerpted catchphrases targeted media platforms built around short, viral video clips. The length of Booker’s speech made it newsworthy, but short clips are necessary to sustain attention online.

    On April 2, news commentators and media outlets posed a number of questions that were not about Trump: Why did Booker speak that long? How did he prepare? Was he wearing a diaper?

    These questions are part of the simplifications that occur in response to long speeches, and the media briefly paused from constant Trump coverage to ask them again.

    Other coverage has noted that Google searches for Booker have increased since the speech – and it has speculated whether the speech might improve Democratic Party approval ratings.

    More recently, an April 13 op-ed in the Atlanta Journal-Constitution picked up on Booker’s use of “good trouble” and declared, “Cory Booker is following in footsteps of Rep. John Lewis.”

    By grabbing hold of a stage and not letting go, Booker became a figure of focus for at least one news cycle.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Cory Booker’s long speech offers a strategy for Trump opponents in a fragmented media landscape – https://theconversation.com/cory-bookers-long-speech-offers-a-strategy-for-trump-opponents-in-a-fragmented-media-landscape-253911

    MIL OSI – Global Reports –

  • MIL-OSI: FFB Bancorp Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.

    First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:

    • Pre-tax, pre-provision income increased 10% to $12.01 million.
    • Net income increased 4% to $8.10 million.
    • Return on average equity (“ROAE”) was 18.83%.
    • Return on average assets (“ROAA”) was 2.14%.
    • Net interest margin expanded 20 basis points to 5.35% from 5.15%.
    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 21% to $28.48 million.
    • Total assets increased 12% to $1.56 billion.
    • Total portfolio of loans increased 18% to $1.09 billion.
    • Total deposits increased 10% to $1.32 billion.
    • Shareholder equity increased 26% to $174.71 million.
    • Book value per common share increased 27% to $55.52.
    • The Company’s tangible common equity ratio was 11.20%, while the Bank’s regulatory leverage capital ratio was 14.66%, and the total risk-based capital ratio was 21.09% at March 31, 2025.

    “In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics,” said Steve Miller, President & CEO. “The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program.”

    “During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward.”

    Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:

    Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.

    Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor’s degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.

    Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor’s degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.

    “We are delighted to welcome Linda and Miles to our Company’s Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success,” said Mark Saleh, Chairman of the Boards. “Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders’ equity at March 31, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended March 31, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.

    Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. “The increase in net interest income compared to prior year was primarily driven by loan portfolio growth,” said Bhavneet Gill, Chief Financial Officer. “We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024.”

    The Company’s net interest margin (“NIM”) increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. “Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter,” noted Gill.

    The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.

    Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.

    Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. “These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes (in thousands)
    Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    ISO Partner Sponsorship $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365   $ 3,763,289  
    FFB Payments- Sub-ISO Merchants   21,551     22,950     24,661     24,414     19,370  
    FFB Payments – Direct Merchants   97,095     91,133     64,512     76,059     77,349  
    Total volume $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838   $ 3,860,008  
    Merchant ISO Processing Revenues (in thousands)
    Source of Revenue Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenue*:          
    ISO Partner Sponsorship $ 2,410   $ 2,535   $ 2,284   $ 2,156   $ 2,183  
               
    Gross Revenue:          
    FFB Payments- Sub-ISO Merchants   745     764     810     795     672  
    FFB Payments – Direct Merchants   4,709     4,262     2,476     3,117     3,213  
        5,454     5,026     3,286     3,912     3,885  
    Gross Expense:          
    FFB Payments- Sub-ISO Merchants   616     638     723     675     518  
    FFB Payments – Direct Merchants   2,558     2,511     1,766     1,989     1,842  
        3,174     3,149     2,489     2,664     2,360  
    Net Revenue:          
    FFB Payments- Sub-ISO Merchants   129     126     87     120     154  
    FFB Payments – Direct Merchants   2,151     1,751     710     1,128     1,371  
    FFB Payments Net Revenue   2,280     1,877     797     1,248     1,525  
    Net Merchant Services Income: $ 4,690   $ 4,412   $ 3,081   $ 3,404   $ 3,708  
     
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
     

    Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.

    There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.

    Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.

    Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order,” said Miller.

    Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.

    Balance Sheet Review

    Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.

    The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.

    Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.

    The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.

    Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company’s investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.

    Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.

    Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at March 31, 2025:

    Liquidity Source (in thousands) March 31, 2025 December 31, 2024
         
    Cash and cash equivalents $ 103,071   $ 63,415  
    Unpledged investment securities, fair value   104,732     118,957  
    FHLB advance capacity   338,036     304,077  
                 
    Federal Reserve discount window capacity   130,590     166,475  
    Correspondent bank unsecured lines of credit   70,000     91,500  
      $ 746,429   $ 744,424  
     

    The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.

    Shareholders’ equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.

    Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Delinquent accruing loans 30-59 days $ 16,147   $ 1,386   $ 17,533  
    Delinquent accruing loans 60-89 days   218     1,319     1,537  
    Delinquent accruing loans 90+ days   —     46     46  
    Total delinquent accruing loans $ 16,365   $ 2,751   $ 19,116  
           
    Non-Accrual Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Loans on non-accrual $ 15,366   $ —   $ 15,366  
    Non-accrual loans with SBA guarantees   11,371     —     11,371  
    Net Bank exposure to non-accrual loans $ 3,995   $ —   $ 3,995  
     

    There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.

    “We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans.”

    “We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 18% from a year ago with commercial real estate (“CRE”) loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands) CRE Office Exposure of March 31, 2025
    Region Owner-Occupied Non-Owner Occupied Total
    Central Valley $ 27,314   $ 13,544   $ 40,858  
    Southern California   2,271     352     2,623  
    Other California   4,492     3,948     8,440  
    Total California   34,077     17,844     51,921  
    Out of California   —     527     527  
    Total CRE Office $ 34,077   $ 18,371   $ 52,448  
     

    The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios For the Quarter Ended:
    March 31, 2025   December 31, 2024   March 31, 2024
    BALANCE SHEET- ENDING BALANCES:          
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Total portfolio loans   1,092,441       1,071,079       926,781  
    Investment securities   313,826       322,186       328,906  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Shareholders equity, net   174,711       168,392       138,716  
               
    INCOME STATEMENT DATA          
    Operating revenue   28,476       28,247       23,610  
    Operating expense   16,467       13,270       12,701  
    Pre-tax, pre-provision income   12,009       14,977       10,909  
    Net income after tax   8,098       9,718       7,790  
               
    SHARE DATA          
    Basic earnings per share $ 2.56     $ 3.06     $ 2.46  
    Fully diluted EPS $ 2.55     $ 3.05     $ 2.46  
    Book value per common share $ 55.52     $ 53.02     $ 43.69  
    Common shares outstanding   3,146,727       3,175,817       3,175,048  
    Fully diluted shares   3,175,178       3,189,949       3,170,981  
    FFBB – Stock price $ 76.50     $ 97.97     $ 82.99  
               
    RATIOS          
    Return on average assets   2.14 %     2.53 %     2.32 %
    Return on average equity   18.83 %     23.11 %     23.27 %
    Efficiency ratio   57.83 %     46.19 %     52.96 %
    Adjusted efficiency ratio   52.54 %     39.57 %     47.82 %
    Yield on earning assets   6.31 %     6.24 %     6.15 %
    Yield on investment securities   4.36 %     4.34 %     4.47 %
    Yield on portfolio loans   6.81 %     6.95 %     6.68 %
    Cost to fund earning assets   0.96 %     1.00 %     1.00 %
    Cost of interest-bearing deposits   2.60 %     2.69 %     2.57 %
    Net Interest Margin   5.35 %     5.24 %     5.15 %
    Equity to assets   11.20 %     11.20 %     9.94 %
    Net loan to deposit ratio   82.74 %     83.39 %     77.20 %
    Full time equivalent employees   175       168       147  
               
    BALANCE SHEET- AVERAGES          
    Total assets   1,531,573       1,529,439       1,347,625  
    Total portfolio loans   1,076,848       1,038,215       925,561  
    Investment securities   325,699       333,135       315,820  
    Total deposits   1,300,550       1,299,069       1,149,117  
    Shareholders equity, net   174,410       167,268       134,621  
                           
    Consolidated Balance Sheet (unaudited) March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    ASSETS          
    Cash and due from banks $ 83,033     $ 43,905     $ 37,360  
    Interest bearing deposits in banks   20,038       19,510       53,556  
    CDs in other banks   1,724       1,723       1,693  
    Investment securities   313,826       322,186       328,906  
    Loans held for sale   —       —       —  
               
    Construction & land development   12,649       26,522       77,318  
    Residential RE 1-4 family   17,146       16,846       16,114  
    Commercial real estate   696,625       669,285       545,358  
    Agriculture   104,616       90,017       63,281  
    Commercial and industrial   260,063       267,948       224,551  
    Consumer and other   1,342       461       159  
    Portfolio loans   1,092,441       1,071,079       926,781  
    Deferred fees & discounts   (3,946 )     (4,200 )     (4,181 )
    Allowance for credit losses   (12,913 )     (11,834 )     (10,407 )
    Loans, net   1,075,582       1,055,045       912,193  
               
    Non-marketable equity investments   8,890       8,891       7,357  
    Cash value of life insurance   12,496       12,402       12,119  
    Accrued interest and other assets   44,787       40,466       41,911  
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
               
    LIABILITIES AND EQUITY          
    Non-interest bearing deposits $ 825,404     $ 828,508     $ 751,636  
    Interest checking   109,555       62,034       54,659  
    Savings   54,686       55,219       52,090  
    Money market   218,940       212,322       220,559  
    Certificates of deposits   111,796       126,294       121,585  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Short-term borrowings   10,000       —       —  
    Long-term debt   38,046       38,007       39,638  
    Other liabilities   17,238       13,352       16,212  
    Total liabilities   1,385,665       1,335,736       1,256,379  
               
    Common stock   35,693       38,436       36,910  
    Retained earnings   156,235       148,138       121,780  
    Accumulated other comprehensive loss   (17,217 )     (18,182 )     (19,974 )
    Shareholders’ equity   174,711       168,392       138,716  
    Total liabilities and shareholders’ equity $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Consolidated Income Statement (unaudited) Quarter ended:
    (in thousands) March 31, 2025   December 31, 2024   March 31, 2024
               
    INTEREST INCOME:          
    Loan interest income $ 18,069   $ 18,131     $ 15,372  
    Investment income   3,499     3,631       3,512  
    Int. on fed funds & CDs in other banks   574     504       255  
    Dividends from non-marketable equity   132     137       129  
    Total interest income   22,274     22,403       19,268  
               
    INTEREST EXPENSE:          
    Int. on deposits   2,891     3,115       2,518  
    Int. on short-term borrowings   31     12       149  
    Int. on long-term debt   451     464       464  
    Total interest expense   3,373     3,591       3,131  
    Net interest income   18,901     18,812       16,137  
    PROVISION FOR CREDIT LOSSES   1,164     1,671       378  
    Net interest income after provision   17,737     17,141       15,759  
               
    NON-INTEREST INCOME:          
    Total deposit fee income   849     856       796  
    Debit / credit card interchange income   191     196       167  
    Merchant services income   7,864     7,562       6,068  
    Gain on sale of loans   261     929       451  
    Loss (gain) on sale of investments   —     (482 )     (373 )
    Other operating income   410     374       364  
    Total non-interest income   9,575     9,435       7,473  
               
    NON-INTEREST EXPENSE:          
    Salaries & employee benefits   8,056     5,177       6,582  
    Occupancy expense   353     411       383  
    Merchant services operating expense   3,174     3,149       2,360  
    Other operating expense   4,884     4,533       3,376  
    Total non-interest expense   16,467     13,270       12,701  
               
    Income before provision for income tax   10,845     13,306       10,531  
    PROVISION FOR INCOME TAXES   2,747     3,588       2,741  
    Net income $ 8,098   $ 9,718     $ 7,790  
    ASSET QUALITY March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    Delinquent accruing loans 30-60 days $ 17,533     $ 4,886     $ 3,220  
    Delinquent accruing loans 60-90 days   1,537       2,449       1,950  
    Delinquent accruing loans 90+ days   46       987       1,332  
    Total delinquent accruing loans $ 19,116     $ 8,322     $ 6,502  
               
    Loans on non-accrual $ 15,366     $ 9,894     $ 7,156  
    Other real estate owned   —       —       —  
    Nonperforming assets $ 15,366     $ 9,894     $ 7,156  
               
    Delinquent 30-60 / Total Loans   1.60 %     0.46 %     0.35 %
    Delinquent 60-90 / Total Loans   0.14 %     0.23 %     0.21 %
    Delinquent 90+ / Total Loans   — %     0.09 %     0.14 %
    Delinquent Loans / Total Loans   1.75 %     0.78 %     0.70 %
    Non-accrual / Total Loans   1.41 %     0.92 %     0.77 %
    Nonperforming assets to total assets   0.98 %     0.66 %     0.51 %
               
    Year-to-date charge-off activity          
    Charge-offs $ 167     $ 1,287     $ —  
    Recoveries   —       35       4  
    Net charge-offs (recoveries) $ 167     $ 1,252     $ (4 )
    Annualized net loan losses to average loans   0.06 %     0.12 %     — %
               
    CREDIT LOSS RESERVE RATIOS:          
    Allowance for credit losses $ 12,913     $ 11,834     $ 10,407  
               
    Total loans $ 1,092,441     $ 1,071,079     $ 926,781  
    Purchased govt. guaranteed loans $ 16,081     $ 16,323     $ 19,642  
    Originated govt. guaranteed loans $ 45,285     $ 42,737     $ 38,228  
               
    ACL / Total loans   1.18 %     1.10 %     1.12 %
    ACL / Loans less 100% govt. gte. loans (purchased)   1.20 %     1.12 %     1.15 %
    ACL / Loans less all govt. guaranteed loans   1.25 %     1.17 %     1.20 %
    ACL / Total assets   0.83 %     0.79 %     0.75 %
    SELECT FINANCIAL TREND INFORMATION For the Quarter Ended:
    March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Mar. 31, 2024
    BALANCE SHEET- PERIOD END          
    Total assets $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723   $ 1,395,095  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,092,441     1,071,079     998,222     969,764     926,781  
    Investment securities   313,826     322,186     345,428     345,491     328,906  
               
    Non-interest bearing deposits   825,404     828,508     826,708     731,030     751,636  
    Interest bearing deposits   494,977     455,869     460,241     437,927     448,893  
    Total deposits   1,320,381     1,284,377     1,286,949     1,168,957     1,200,529  
    Short-term borrowings   10,000     —     —     68,000     —  
    Long-term debt   38,046     38,007     37,967     39,678     39,638  
               
    Total equity   191,928     186,574     176,350     167,286     158,690  
    Accumulated other comprehensive loss   (17,217 )   (18,182 )   (12,715 )   (18,646 )   (19,974 )
    Shareholders’ equity   174,711     168,392     163,635     148,640     138,716  
               
    QUARTERLY INCOME STATEMENT          
    Interest income $ 22,274   $ 22,403   $ 21,404   $ 20,887   $ 19,268  
    Interest expense   3,373     3,591     3,617     3,581     3,131  
    Net interest income   18,901     18,812     17,787     17,306     16,137  
    Non-interest income   9,575     9,435     7,616     7,423     7,473  
    Gross revenue   28,476     28,247     25,403     24,729     23,610  
               
    Provision for credit losses   1,164     1,671     762     291     378  
               
    Non-interest expense   16,467     13,270     12,735     13,285     12,701  
    Net income before tax   10,845     13,306     11,906     11,153     10,531  
    Tax provision   2,747     3,588     3,343     3,077     2,741  
    Net income after tax   8,098     9,718     8,563     8,076     7,790  
               
    BALANCE SHEET- AVERAGE BALANCE          
    Total assets $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255   $ 1,347,604  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,076,848     1,038,215     982,152     954,871     925,561  
    Investment securities   325,699     333,135     343,096     334,416     315,820  
               
    Non-interest bearing deposits   850,426     838,748     822,200     758,977     755,603  
    Interest bearing deposits   450,124     460,321     432,143     440,147     393,514  
    Total deposits   1,300,550     1,299,069     1,254,343     1,199,124     1,149,117  
    Short-term borrowings   2,856     951     —     10,053     9,562  
    Long-term debt   38,028     37,989     39,479     39,660     39,620  
               
    Shareholders’ equity   174,410     167,268     161,363     141,881     134,621  
                                   

    Contact: Steve Miller – President & CEO
    Bhavneet Gill – EVP & CFO
    (559) 439-0200

    The MIL Network –

  • MIL-OSI: Plumas Bancorp Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

    Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

    Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

    Balance sheet Highlights
    March 31, 2025 compared to March 31, 2024

    • Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
    • Total deposits increased by $73 million, or 5.6% to $1.4 billion.
    • Borrowings decreased by $105 million, or 87.5% to $15 million.
    • Total equity increased by $26 million, or 16.2% to $187.6 million.
    • Book value per share increased by $4.29, or 15.7% to $31.68.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, “The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

    Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

    Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

    Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

    On March 31, 2025, approximately 77% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

    Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

    During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

    Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   March 31, 2025     March 31, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   250       900  
    Losses charged to allowance   (312 )     (680 )
    Recoveries   185       70  
    Balance, end of period $ 13,319     $ 13,157  
    Reserve for Unfunded
    Commitments    		  

    March 31, 2025

    		      

    March 31, 2024
    Balance, beginning of period $ 620     $ 799  
    Provision charged to operations   –       (79 )
    Balance, end of period $ 620     $ 720  


    Bank Term Funding Program (BTFP)

    At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

    Shareholders’ Equity

    Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

    Net Interest Income and Net Interest Margin

    Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

    Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

    Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

    Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

    Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts – $770 thousand and savings deposits – $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

    Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

    Non-Interest Income/Expense

    During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

    During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

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

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS  
    (In thousands)
    (Unaudited)
      As of March 31,      
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 87,327   $ 128,231   $ (40,904)   (31.9)%
    Investment securities 447,293   447,445   (152)   (0.0)%
    Loans, net of allowance for credit losses 1,000,651   966,141   34,510   3.6%
    Premises and equipment, net 12,349   12,960   (611)   (4.7)%
    Right-of-use assets 24,003   25,295   (1,292)   (5.1)%
    Bank owned life insurance 16,628   16,206   422   2.6%
    Real estate acquired through foreclosure 91   357   (266)   (74.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 39,448   38,196   1,252   3.3%
    Total assets $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,373,061   $ 1,299,688   $ 73,373   5.6%
    Lease liabilities 24,523   25,424   (901)   (3.5)%
    Accrued interest payable and other liabilities 33,105   33,730   (625)   (1.9)%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,445,689   1,478,842   (33,153)   (2.2)%
    Common stock 29,454   28,492   962   3.4%
    Retained earnings 179,411   156,414   22,997   14.7%
    Accumulated other comprehensive loss, net (21,262)   (23,415)   2,153   9.2%
    Shareholders’ equity 187,603   161,491   26,112   16.2%
    Total liabilities and shareholders’ equity $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED MARCH 31, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,590   $ 20,026   $ 564   2.8%
    Interest expense 2,051   2,569   (518)   -20.2%
    Net interest income before provision for credit losses 18,539   17,457   1,082   6.2%
    Provision for credit losses 250   821   (571)   (69.5)%
    Net interest income after provision for credit losses 18,289   16,636   1,653   9.9%
    Non-interest income 3,213   2,140   1,073   50.1%
    Non-interest expense 11,466   10,397   1,069   10.3%
    Income before income taxes 10,036   8,379   1,657   19.8%
    Provision for income taxes 2,856   2,125   731   34.4%
    Net income $ 7,180   $ 6,254   $ 926   14.8%
                   
    Basic earnings per share $ 1.21   $ 1.06   $ 0.15   14.2%
    Diluted earnings per share $ 1.20   $ 1.05   $ 0.15   14.3%
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
    (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Year Ended
      3/31/2025   12/31/2024     3/31/2024     12/31/2024   12/31/2023
    EARNINGS PER SHARE                        
    Basic earnings per share $ 1.21     $ 1.31     $ 1.06     $ 4.85     $ 5.08  
    Diluted earnings per share $ 1.20     $ 1.29     $ 1.05     $ 4.80     $ 5.02  
    Weighted average shares outstanding   5,911       5,900       5,887       5,895       5,863  
    Weighted average diluted shares outstanding   6,002       5,995       5,946       5,968       5,934  
    Cash dividends paid per share 1 $ 0.30     $ 0.27     $ 0.27     $ 1.08     $ 1.00  
                             
    PERFORMANCE RATIOS (annualized for the three months)                
    Return on average assets   1.79 %     1.87 %     1.55 %     1.74 %     1.88 %
    Return on average equity   16.0 %     17.1 %     16.4 %     17.2 %     23.4 %
    Yield on earning assets   5.50 %     5.50 %     5.30 %     5.49 %     5.03 %
    Rate paid on interest-bearing liabilities   1.14 %     1.27 %     1.33 %     1.39 %     0.67 %
    Net interest margin   4.95 %     4.90 %     4.62 %     4.79 %     4.71 %
    Noninterest income to average assets   0.80 %     0.53 %     0.53 %     0.53 %     0.68 %
    Noninterest expense to average assets   2.85 %     2.57 %     2.57 %     2.56 %     2.36 %
    Efficiency ratio 2   52.7 %     50.4 %     53.1 %     51.3 %     46.6 %
                       
      3/31/2025   3/31/2024   12/31/2024   12/31/2023   12/31/2022
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 13,319   $ 13,157   $ 13,196   $ 12,867     $ 10,717  
    Allowance for credit losses as a percentage of total loans   1.32     1.35     1.30     1.34 %     1.18 %
    Nonperforming loans $ 3,686   $ 5,610   $ 4,105   $ 4,820     $ 1,172  
    Nonperforming assets $ 3,787   $ 6,000   $ 4,307   $ 5,315     $ 1,190  
    Nonperforming loans as a percentage of total loans   0.36     0.57     0.40     0.50 %     0.13 %
    Nonperforming assets as a percentage of total assets   0.23     0.37     0.27     0.33 %     0.07 %
    Year-to-date net charge-offs $ 127   $ 610   $ 1,046   $ 954     $ 935  
    Year-to-date net charge-offs as a percentage of average   0.05     0.25     0.11     0.10 %     0.11 %
    loans (annualized)        
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,922     5,896     5,903     5,872       5,850  
    Shareholders’ equity $ 187,603   $ 161,491   $ 177,899   $ 147,317     $ 119,004  
    Book value per common share $ 31.68   $ 27.39   $ 30.14   $ 25.09     $ 20.34  
    Tangible common equity3 $ 181,354   $ 155,048   $ 171,606   $ 140,823     $ 112,273  
    Tangible book value per common share4 $ 30.62   $ 26.30   $ 29.07   $ 23.98     $ 19.19  
    Tangible common equity to total assets   11.1     9.5     10.6     8.7 %     6.9 %
    Gross loans to deposits   73.6     75.1     74.1     71.9 %     62.6 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.3     11.0     11.9     10.8 %     9.2 %
    Common Equity Tier 1 Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Tier 1 Risk-Based Capital Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Total Risk-Based Capital Ratio   19.0     17.4     18.5     16.9 %     15.7 %
     
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                           
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                           
      For the Three Months Ended   For the Three Months Ended
      3/31/2025   3/31/2024
      Average       Yield/   Average       Yield/
      Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                      
    Loans (2) (3) $ 1,011,968   $ 15,396   6.17 %   $ 964,132   $ 14,592   6.09 %
    Investment securities   369,126     3,927   4.31 %     371,792     3,605   3.90 %
    Non-taxable investment securities (1)   74,883     583   3.16 %     108,175     791   2.94 %
    Interest-bearing deposits   61,409     684   4.52 %     75,005     1,038   5.57 %
    Total interest-earning assets   1,517,386     20,590   5.50 %     1,519,104     20,026   5.30 %
    Cash and due from banks   26,477             26,586        
    Other assets   86,335             80,508        
    Total assets $ 1,630,198           $ 1,626,198        
                           
    Interest-bearing liabilities:                      
    Money market deposits   279,184     1,145   1.66 %     211,183     375   0.71 %
    Savings deposits   323,449     206   0.26 %     335,565     180   0.22 %
    Time deposits   88,386     545   2.50 %     91,501     631   2.77 %
    Total deposits   691,019     1,896   1.11 %     638,249     1,186   0.75 %
    Borrowings   15,000     145   3.92 %     114,342     1,367   4.81 %
    Other interest-bearing liabilities   21,190     10   0.19 %     21,713     16   0.30 %
    Total interest-bearing liabilities   727,209     2,051   1.14 %     774,304     2,569   1.33 %
    Non-interest-bearing deposits   682,495             673,789        
    Other liabilities   38,096             24,440        
    Shareholders’ equity   182,398             153,665        
    Total liabilities & equity $ 1,630,198           $ 1,626,198        
    Cost of funding interest-earning assets (4)         0.55 %           0.68 %
    Net interest income and margin (5)     $ 18,539   4.95 %       $ 17,457   4.62 %
                           
    (1) Not computed on a tax-equivalent basis.                      
    (2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts   705     715       (10 )   (1.4 )%
    Interchange income $ 690   $ 739       (49 )   (6.6 )%
    Loan servicing fees   186     213       (27 )   (12.7 )%
    FHLB Dividends   137     137       –     – %
    Earnings on life insurance policies   109     96       13     13.5 %
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Loss on sale of investment securities   –     (19,826 )     19,826     100.0 %
    Other   1,386     212       1,174     553.8 %
    Total non-interest income $ 3,213   $ 2,140     $ 1,073     50.1 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,880   $ 5,366     $ 514     9.6 %
    Occupancy and equipment   2,014     1,690       324     19.2 %
    Outside service fees   1,263     1,132       131     11.6 %
    Merger and acquisition expenses   569     –       569     100.0 %
    Advertising and shareholder relations   262     244       18     7.4 %
    Professional fees   229     439       (210 )   (47.8 )%
    Armored car and courier   217     203       14     6.9 %
    Deposit insurance   182     187       (5 )   (2.7 )%
    Telephone and data communication   174     222       (48 )   (21.6 )%
    Director compensation and expense   167     167       –     – %
    Business development   167     153       14     9.2 %
    Loan collection expenses   72     104       (32 )   (30.8 )%
    Amortization of Core Deposit Intangible   44     51       (7 )   (13.7 )%
    Other   226     439       (213 )   (48.5 )%
    Total non-interest expense $ 11,466   $ 10,397     $ 1,069     10.3 %
                   
    PLUMAS BANCORP  
    SELECTED FINANCIAL INFORMATION  
     (Dollars in thousands)  
    (Unaudited)  
                     
    The following table shows the distribution of loans by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Commercial $ 77,745   7.7 %   $ 82,136   8.4 %  
    Agricultural   112,018   11.1 %     123,239   12.6 %  
    Real estate – residential   11,606   1.1 %     11,872   1.2 %  
    Real estate – commercial   660,926   65.4 %     562,870   57.7 %  
    Real estate – construction & land   46,730   4.6 %     64,547   6.6 %  
    Equity Lines of Credit   38,634   3.8 %     37,196   3.8 %  
    Auto   58,295   5.8 %     89,399   9.2 %  
    Other   4,769   0.5 %     4,953   0.5 %  
    Total Gross Loans $ 1,010,723   100 %   $ 976,212   100 %  
                     
       
    The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/25   3/31/25   3/31/24   3/31/24  
    Owner occupied $ 295,593   44.7 %   $ 194,954   34.6 %  
    Investor   365,333   55.3 %     367,916   65.4 %  
    Total real estate – commercial $ 660,926   100 %   $ 562,870   100 %  
                     
                     
    The following table shows the distribution of deposits by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Deposits in Each     Deposits in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Deposits   of Period   Total Deposits  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Non-interest bearing $ 676,461   49.3 %   $ 665,975   51.2 %  
    Money Market   290,125   21.1 %     214,257   16.5 %  
    Savings   323,496   23.6 %     328,781   25.3 %  
    Time   82,979   6.0 %     90,675   7.0 %  
    Total Deposits $ 1,373,061   100 %   $ 1,299,688   100 %  
                     

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Launches Recruitment Drive to Build Full-Scale KRONOS MMR Reactors

    Source: GlobeNewswire (MIL-OSI)

    NANO Nuclear Aims to Expand Engineering and Project Development Team to Support U.S. and Canadian KRONOS MMR Energy System Reactor Construction and Licensing Efforts

    New York, N.Y., April 16, 2025 (GLOBE NEWSWIRE) — Nano Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or the “Company”) is launching a recruitment initiative focused on the Midwest region to support its ambitious plans to construct, demonstrate and gain regulatory approval for full-scale KRONOS MMR Energy Systems in both the United States and Canada.

    NANO Nuclear’s plans to extend its technical and project execution team are critical in the Company’s transition from design to ultimate commercial deployment of the proprietary, stationary KRONOS microreactor. In tandem with upcoming geological characterization work at the University of Illinois Urbana-Champaign (UIUC) site, this workforce build-out will consolidate the expertise and provide the personnel necessary to complete the construction permit application and begin construction of the first KRONOS prototype on the UIUC campus shortly thereafter.

    Rendering of the KRONOS MMRTMEnergy System

    “As we prepare to break ground on the KRONOS reactor prototype at UIUC, it’s time to scale our team to match our vision,” said James Walker, Chief Executive Officer of NANO Nuclear. “This is a call to the best and brightest in nuclear and energy innovation in the Midwest region—we’re building a reactor, and we need you on the team.”

    Now Hiring Across All Core Disciplines

    NANO Nuclear is actively recruiting top talent across a variety of critical disciplines for the KRONOS MMR project. Open positions include:

    • Nuclear Engineers – Fuel & materials, reactor physics, thermal hydraulics, safety, and licensing
    • Mechanical Engineers – design, structural, CAD, balance of plant
    • Electrical Engineers – Instrumentation & control (I&C), power electronics, transmission
    • Civil Engineers & Geotechnical Experts – Site layout, structural foundations, drilling operations
    • Project Managers & Construction Specialists – Full-cycle oversight from permitting through commissioning
    • QA/QC Professionals – Nuclear-grade standards, documentation, and supplier oversight
    • Licensing & Regulatory Affairs Experts – NRC and CNSC compliance and filings
    • Skilled Technicians – Fabrication, assembly, testing, and field support

    Applicants with previous experience in nuclear R&D, DOE national labs, SMR or MMR programs, or international reactor development are especially encouraged to apply.

    “Our collaboration with UIUC will be a critical operations hub for our KRONOS reactor development effort,” said Jay Yu, Founder, Chairman and President of NANO Nuclear. “It will house the growing team that’s building not only our U.S. research reactor, but also laying the foundation for our demonstration reactor deployment in Canada, which will open the path for eventual commercial rollout in both the U.S. and Canada.”

    Canadian Reactor Construction Also in Focus

    In parallel with the UIUC research reactor, Nano Nuclear is actively preparing to construct a KRONOS demonstration reactor in Canada, where it will enter the licensing process under Canadian Nuclear Safety Commission (CNSC) oversight. The effort will establish a second fully licensed KRONOS unit, positioning NANO Nuclear to efficiently move its microreactor technology through construction, demonstration, regulatory licensing and eventual commercialization across North America.

    “Canada represents an incredible opportunity for clean, reliable microreactor deployment,” added Florent Heidet, Chief Technology Officer and Head of Reactor Development of NANO Nuclear. “By expanding our team and bringing additional talents onboard, we ensure we have the capacity to deliver simultaneous full-scale projects in two countries, each with independent regulatory pathways and future market potential.”

    Join the Team Shaping the Future of Nuclear Energy

    NANO Nuclear is a company that doesn’t just imagine the future—it’s engineering it, constructing it and moving towards regulatory licensing for it. With multiple microreactor project in progress, fuel qualification methodology already accepted by the NRC, and strategic partnerships underway, NANO Nuclear is one of the most active and ambitious advanced nuclear developers in the world.

    “This recruitment drive is about finding those who want to be part of history,” said James Walker, Chief Executive Officer of NANO Nuclear. “If you want to help build the next generation of nuclear reactors from the ground up—this is your chance.”

    How to Apply

    Interested candidates can view open positions, including details regarding salary ranges and benefit offerings, and apply directly at:

    https://nanonuclearenergy.com/careers

    For inquiries, please contact:
    Email: careers@nanonuclearenergy.com
    Business Tel: (212) 634-9206

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statement relate to the NANO Nuclear’s recruitment drive and its development, demonstration, licensing and commercial plans, each as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE, the Canadian Nuclear Safety Commission (CNSC) and the U.S. Nuclear Regulatory Commission (NRC), and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Intermex to Release First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 16, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its First Quarter 2025 earnings before the start of trading on Wednesday, May 7, 2025. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET.

    Interested parties are invited to join the discussion and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

    • A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
    • To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
    • Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

    About International Money Express, Inc.
    Founded in 1994, Intermex applies proprietary technology, enabling consumers to send money from the United States, Canada, and Europe to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, and Europe; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Investor Relations:
    Alex Sadowski
    Investor Relations Coordinator
    Tel: 305-671-8000
    IR@intermexusa.com

    The MIL Network –

  • MIL-OSI: Questor Announces December 31, 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) announced today its financial and operating results for the fourth quarter and year ended December 31, 2024.  

    Questor’s audited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024 are available on the Company’s website at www.questortech.com/quarterly-reports and at www.sedarplus.ca.

    Unless otherwise noted, all financial figures are presented in Canadian dollars, prepared in accordance with International Financial Reporting Standards and are unaudited for the three months ended December 31, 2024.

    FOURTH QUARTER AND 2024 CONSOLIDATED FINANCIAL RESULTS

      Three months ended December 31,   Twelve months ended December 31,  
    For the 2024   2023   2024   2023  
    (Stated in CDN $)        
    Revenue 1,775,892   1,445,128   4,520,580   7,190,871  
    Gross profit 595,405   738,031   1,233,410   2,730,907  
    Adjusted EBITA(1) 5,246   152,543   (1,450,452)   488,787  
    Loss for the period (1,041,393)   (891,982)   (3,233,997)   (4,806,412)  
    Loss per share – basic and diluted (0.04)   (0.03)   (0.12)   (0.17)  
             
    As at         December 31, 2024     December 31, 2023  
    (Stated in CDN $)        
    Working capital(2)     7,570,934   11,844,178  
    Total assets     24,090,332   27,125,820  
    Total equity     21,110,076   24,357,652  

    (1)Non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section at the end of this MD&A.
    (2)Working capital is defined as total current assets less total current liabilities.

    Revenue for the three and twelve months ended December 31, 2024 was $1.8 million and $4.5 million compared to $1.4 million and $7.2 million for the same periods in 2023. The reduction was mainly attributed to a strategic shift in Questor’s business focus towards the international market. Questor’s USA sales team was hired in the second half of 2024 with a focus on rebuilding rental and sales revenue lost primarily due to merger and acquisition activity combined with regulatory changes in the space over the past few years. The revenue focus is primarily in the Permian basin, Colorado, North Dakota, New Mexico and Wyoming. The company is exploring potential rental opportunities in Mexico, with rental activities set to begin in Q1 2025. While short-term results were impacted by the change in our client base combined with regulatory changes, our refreshed focus on global markets with opportunities to eliminate methane and VOC emissions will position the Company for stronger, more diversified and ultimately more sustainable growth in the long term. As at the date of this press release, the Company has secured $4.5 million of committed equipment sales revenue, expected to be fulfilled in the first half of 2025.

    Gross profit as a percentage of revenue for the three and twelve months ended December 31, 2024 was 34 percent and 27 percent compared to 51 percent and 38 percent for the same periods in 2023. The reduction for the twelve and three months ended December 31, 2024 compared to the prior periods is mainly due to a lower revenue, where the Company continues to incur fixed costs and due to the revenue and sales mix. Additionally, 2024 cost of sales expense benefited from the absence of a $0.2 million valuation allowance for slow-moving inventory, which was recognized in 2023.

    Adjusted EBITDA for the three and twelve months ended December 31, 2024 was nil and negative $1.5 million, compared to positive $0.2 million and $0.5 million for the same periods in 2023. The reduction in Adjusted EBITDA is mainly due to lower revenue, where the Company continues to incur operational and administrative fixed costs.

    The Company continues to have a strong financial position at December 31, 2024 including cash and cash equivalents of $5.3 million, $1.7 million of highly liquid short-term investments, and working capital of $7.6 million.

    2024 HIGHLIGHTS AND SUBSEQUENT EVENTS

    In the fourth quarter of 2024, Questor received the final payment of $1,393,246 for the milestone one of the Waste Heat to Power project from Sustainable Development Technology Canada (“SDTC”).

    The construction of the 1500kW waste heat to power prototype neared completion in Q4, with final testing underway in Q1 2025. Commissioning is scheduled to begin in Q2 2025. Meanwhile, Questor has advanced negotiations and preparations for the prototype’s field demonstration, with the field deployment expected in the second half of 2025.

    On February 9, 2024, Questor commenced Normal Course Issuer Bid (“NCIB”) allowing Questor to purchase a maximum of 1,400,000 common shares over the 12-month period for cancellation. NCIB is effective until the earliest of (i) February 7, 2025, (ii) the Company purchasing the maximum of 1,400,000 Shares, and (iii) the Company terminating the NCIB. In connection with the current NCIB, Questor entered into an automatic share purchase plan (“ASPP”) with its designated broker to enable the purchase of shares during blackout periods during which the Company would not ordinarily be permitted to purchase shares. Purchases under the ASPP during those periods are determined by the designated broker in its sole discretion based on the purchasing parameters set by Questor in accordance with the rules of the TSX Venture Exchange, applicable securities laws and the terms of the ASPP. Outside of the periods noted above, purchases under the current NCIB are completed at Questor’s discretion. As of December 31, 2024 under the current NCIB and the instructions in place with the broker, Questor purchased for cancellation of 671,500 shares for the weighted average of $0.48. Subsequent to the year-end, the Company’s NCIB expired and was formally concluded on February 7, 2025. As a result of the NCIB, which was active from February 9, 2024 to February 7, 2025, the Company repurchased and cancelled a total of 731,500 shares at a weighted average price of $0.47 per share.

    In the first quarter of 2025, Questor announced a $0.9 million purchase order to supply clean combustion solutions for managing railcar vapours at Caltrax Inc.’s Calgary facility. During the same period, the company also secured a $2.4 million contract in Iraq, marking the second unit supplied in the MENA region for a leading global exploration and production company focused on reducing flaring and methane emissions.

    PRESIDENT’S MESSAGE

    The global regulatory landscape for emissions is rapidly evolving, with increasing pressure from regulators, courts, investors, and the public to reduce flaring and venting in industrial operations. As a result, Questor is seeing significant global interest in our technology solutions to help address these critical challenges.

    Flaring and venting not only waste valuable resources but also contribute significantly to air pollution. This practice releases methane, hydrocarbons, fine particulates (PM2.5), and volatile organic compounds (VOCs) such as benzene, toluene, ethylbenzene, xylene, formaldehyde, and acetaldehyde into the atmosphere. These harmful pollutants have been directly linked to higher cancer rates, respiratory diseases, and other chronic health conditions. Methane, in particular, is a climate “super pollutant” with 86 times the warming potential of carbon dioxide over 20 years. It is responsible for 30% of observed global warming to date, making it a key target for climate change mitigation.

    At Questor, we offer proven solutions to combat these challenges. Our ISO 14034-certified thermal oxidizer achieves a 99.99% combustion efficiency, ensuring that our clients can demonstrate compliance with emissions standards and eliminate the release of harmful pollutants. This clean combustion technology significantly reduces health risks in surrounding communities, including respiratory illnesses and cancers. Additionally, our organic Rankine cycle (ORC) repurposes heat from methane combustion, creating a revenue stream that offsets the costs of achieving net-zero carbon dioxide equivalent emissions.

    Many major oil and gas producers have pledged to reduce flaring, venting, and methane emissions while working toward net-zero goals. Questor’s innovative combination of clean combustion and waste heat-to-power technology enables our clients to meet these all these commitments at a net-zero cost.

    Questor’s multi-year strategy to intentionally diversify revenue streams globally has focussed on those jurisdictions that have created favorable conditions that have considered the environmental and social impacts of energy production and want to grow their future production in a sustainable manner. As an example, the Iraq contract awarded early 2025 in partnership with OilSERV was for TotalEnergies EP Ratawi Hub, as a part of the multi-energy Gas Growth Integrated Project (GGIP) operated by TotalEnergies. The GGIP is designed to enhance the development of Iraq’s natural resources to improve the country’s electricity supply. This 4-in-1 project comprises the recovery of gas that is currently flared at three oil fields in southern Iraq to supply electric power plants, the redevelopment of the Ratawi oil field, the construction of a 1 GWac (1.25GWp) solar farm and of a seawater treatment plant. The Questor Q5000 Unit will initially treat 2.1 MMSCFD of associated gas during the pilot phase. Subsequently, the unit will treat an additional 1.2 to 2 MMSCFD of low-pressure gas, maximizing the Q5000’s potential and reducing site GHG emissions in the frame of AGUP Phase 1 development. This is the second unit that TotalEnergies has purchased in the Middle East North Africa (MENA) region. TotalEnergies exemplifies the ideal partner for Questor’s solutions, utilizing our thermal oxidizer to reduce methane and VOC emissions, and the future potential of utilizing waste-heat in the GGIP and converting it to power with our 1.5MW Organic Rankin Cycle (ORC) generator.

    To accelerate global adoption, we have partnered with key industry leaders. In Iraq, we collaborate with OilSERV, a top-tier integrated oilfield services provider in the Middle East. In Nigeria, we are represented by Ar-Rahman Technical Services Nig. Limited. In Latin America, our partnership with Hoerbiger, an established multinational company with over 120 locations in 50 countries, further expands our reach. In Mexico, we work with JHJ and GSM Carso, leading service providers supplying units to Pemex. Over the past three years, we have built strong relationships with these partners, educating them on our technology and supporting them in client engagements. With a 25-year track record of eliminating flaring and venting, we are confident that Questor can set the standard for best practices in these regions.

    As global incentives for methane and VOC reduction continue to grow, Questor is uniquely positioned to help clients improve environmental performance while strengthening their community relations. We anticipate that both new and existing clients will view Questor as the ideal partner to accelerate the attainment of their environmental pledges—reducing emissions while simultaneously cutting costs and generating revenue.

    Finally, we acknowledge the evolving political and economic landscape and its potential impact on our operations. We have assessed the risks associated with tariffs and remain confident in our ability to adapt. With strategically positioned inventory in Canada and the United States and established supply chains across North America, Questor is well-prepared to navigate uncertainties. Our global partnerships further diversify our revenue streams, ensuring continued resilience and growth.  

    As we move forward, Questor remains committed to driving innovation, sustainability, and global leadership in emissions reduction.

    FORWARD LOOKING STATEMENTS

    Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. This news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at >99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 1920, 707 – 8th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Investor Relations Contact

    Aly Sumar – Chief Financial Officer

    investor@questortech.com

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

  • MIL-OSI: Richtech Robotics Announces an Agreement to Purchase an Approximately 20,000 Square Foot Property to Expand Its Headquarters 

    Source: GlobeNewswire (MIL-OSI)

    New Las Vegas-based facility plans to increase manufacturing and assembly capacity by 400% and accommodate further integration of domestic supply chain

    Las Vegas, NV, April 16, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or “the Company”), a Nevada-based provider of AI-driven service robots, announced the entry of a purchase and sale agreement for the purchase of a piece of land located at 2975 Lincoln Road, Las Vegas, Nevada (“Lincoln Property”), covering approximately 20,000 square feet, to expand its headquarters. The acquisition of the Lincoln Property is scheduled to close on or before May 15, 2025, and is expected to quadruple the Company’s assembly and manufacturing footprint for its robotics solutions, supporting increased demand and future growth.

    “Richtech Robotics is experiencing rapid growth in demand for our AI-powered service robots,” said Matt Casella, President of Richtech Robotics. “At the same time, we remain committed to strengthening our domestic supply chain. Staying in Las Vegas is a strategic decision for a variety of reasons, and this new facility gives us the expanded capacity and flexibility needed to scale with the increasing interest in our robotics solutions.”

    The Company anticipates the new facility will ultimately result in long-term cost savings compared to their previous rental arrangement. In addition to the expanded assemble and manufacturing capacity, the new headquarters is also expected to include a dedicated studio for content creation.

    As part of its continued expansion, Richtech Robotics has also signed a lease for a new office in Newark, California, located near the heart of Silicon Valley. Engineers who have undergone training at the Las Vegas headquarters will now begin working out of the Newark location, helping to further develop and deploy the Company’s AI and robotics platforms.

    Richtech Robotics maintains its commitment to U.S. assembly and manufacturing, with flagship ADAM and Scorpion robot systems being engineered, developed, and assembled in the Company’s Las Vegas headquarters. These systems feature American-engineered control technologies and are powered by NVIDIA-based operating platforms. The Company also regularly seeks to expand the reach of its supply chain to increase the use of U.S. sourced materials.

    About Richtech Robotics

    Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com.

    Forward Looking Statements

    Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the performance of Richtech Robotics’ products, the targeted closing date of the Lincoln Property, and the increase of manufacturing and assembly capacity as a result of the acquisition of the Lincoln Property.

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the targeted closing date of the Lincoln Property, the increase of manufacturing and assembly capacity as a result of the acquisition of the Lincoln Property, and the ability of AI-powered robotic solutions to improve efficiency. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K/A, filed with the SEC on March 4, 2025, the IPO registration statement and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

    Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotics assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:

    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

    Media: 
    Timothy Tanksley
    Director of Marketing
    Richtech Robotics, Inc
    press@richtechrobotics.com
    702-534-0050

    Attachment

    The MIL Network –

  • MIL-OSI China: MOFA response to NATO-Japan joint statement stressing importance of cross-strait peace and stability

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA response to NATO-Japan joint statement stressing importance of cross-strait peace and stability

    • Date：2025-04-11
    • Data Source：TAIWAN-JAPAN RELATIONS ASSOCIATION

    April 11, 2025 

    Secretary General of the North Atlantic Treaty Organization (NATO) Mark Rutte held a bilateral meeting with Prime Minister of Japan Shigeru Ishiba in Tokyo on April 9. In a joint statement issued after the meeting, the two sides strongly opposed any unilateral attempts to change the status quo by force or coercion in the East China Sea and the South China Sea. They also emphasized the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of the international community’s security and prosperity and encouraged the peaceful resolution of cross-strait issues. Furthermore, the statement recognized that the security of the Euro-Atlantic and that of the Indo-Pacific were interconnected, stressing that continued Japan-NATO cooperation would benefit the security of both regions. 

     

    This Japan-NATO bilateral meeting was the first since Secretary General Rutte assumed office. It also marked the third time since 2022 that the two sides had issued a joint statement conveying a high level of concern over cross-strait issues. The joint statement underscored the fact that the security of Taiwan has become a common global issue and that the international community has formed a high level of consensus on countering authoritarian expansion led by China and Russia and on ensuring peace across the Taiwan Strait. In addition, it demonstrated that cross-strait peace and stability are closely related to not only the security environment of the Indo-Pacific but also that of Europe. 

     

    Minister of Foreign Affairs Lin Chia-lung sincerely appreciates and welcomes the support for cross-strait peace and stability that NATO and Japan expressed at their meeting. The Ministry of Foreign Affairs reiterates that Taiwan, as an important country in the Indo-Pacific and a responsible member of the international community, will continue to work closely with allied nations to maintain a free and open Indo-Pacific; uphold the rules-based international order; and safeguard regional and world peace, stability, and prosperity.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: MOFA response to NATO-Japan joint statement stressing importance of cross-strait peace and stability

    Source: Republic of China Taiwan

    MOFA response to NATO-Japan joint statement stressing importance of cross-strait peace and stability

    Date：2025-04-11
    Data Source：TAIWAN-JAPAN RELATIONS ASSOCIATION

    April 11, 2025 

    Secretary General of the North Atlantic Treaty Organization (NATO) Mark Rutte held a bilateral meeting with Prime Minister of Japan Shigeru Ishiba in Tokyo on April 9. In a joint statement issued after the meeting, the two sides strongly opposed any unilateral attempts to change the status quo by force or coercion in the East China Sea and the South China Sea. They also emphasized the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of the international community’s security and prosperity and encouraged the peaceful resolution of cross-strait issues. Furthermore, the statement recognized that the security of the Euro-Atlantic and that of the Indo-Pacific were interconnected, stressing that continued Japan-NATO cooperation would benefit the security of both regions. 
     
    This Japan-NATO bilateral meeting was the first since Secretary General Rutte assumed office. It also marked the third time since 2022 that the two sides had issued a joint statement conveying a high level of concern over cross-strait issues. The joint statement underscored the fact that the security of Taiwan has become a common global issue and that the international community has formed a high level of consensus on countering authoritarian expansion led by China and Russia and on ensuring peace across the Taiwan Strait. In addition, it demonstrated that cross-strait peace and stability are closely related to not only the security environment of the Indo-Pacific but also that of Europe. 
     
    Minister of Foreign Affairs Lin Chia-lung sincerely appreciates and welcomes the support for cross-strait peace and stability that NATO and Japan expressed at their meeting. The Ministry of Foreign Affairs reiterates that Taiwan, as an important country in the Indo-Pacific and a responsible member of the international community, will continue to work closely with allied nations to maintain a free and open Indo-Pacific; uphold the rules-based international order; and safeguard regional and world peace, stability, and prosperity.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Leaders of La Nueva Familia Michoacana and Atlanta-Based Money Launderer Indicted

    Source: US State of North Dakota

    Siblings Johnny Hurtado Olascoaga — also known as El Pez, Pescado, and Mojarra — and Jose Alfredo Hurtado Olascoaga — also known as El Fresa, El Feyo, and La Fruta — both of Guerrero, Mexico, and co-leaders of the La Nueva Familia Michoacana (LNFM) drug cartel, were charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to manufacture and distribute heroin, cocaine, methamphetamine, and fentanyl knowing those controlled substances would be imported into the United States, conspiracy to import those controlled substances into the United States, and conspiracy to possess with the intent to distribute those controlled substances.

    The indictments were returned in September 2024 and recently unsealed. Prior to his indictment, Johnny Hurtado Olascoaga was designated as a Consolidated Priority Target (CPOT) by the Organized Crime Drug Enforcement Task Force (OCDETF) program. Both Hurtado Olascoaga brothers are fugitives believed to be residing in Mexico. In addition, today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Johnny and Jose Alfredo Hurtado Olascoaga and their siblings, LNFM members Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga. On Feb. 20, the U.S. Department of State also announced the designation of LNFM as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). Additionally, the Department of State announced a Narcotics Rewards Program offer of up to $5 million and $3 million, respectively, for information leading to the arrests or convictions of Johnny and Jose Alfredo Hurtado Olascoaga.

    Franco Tabares Martinez, 51, of Guerrero, Mexico, a high-ranking member of LNFM was charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to possess methamphetamine with the intent to distribute and related substantive counts of drug trafficking. The indictment was unsealed against Franco Tabares Martinez on July 7, 2023, after which he was sanctioned by OFAC. On June 20, 2024, his brother Uriel Tabares-Martinez was also sanctioned by OFAC. Another brother, Pablo Tabares Martinez, pleaded guilty on Jan. 13 to conspiracy to possess methamphetamine with intent to distribute. Their sister, Guadalupe Tabares Martinez — also known as Yosel Medrano Hernandez and Lupe — of Mableton, Georgia, has now been charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to commit international money laundering, conspiracy to operate an unlicensed money services business, and related substantive counts. The indictment was returned on April 8 and recently unsealed.                 

    “Today’s indictments and OFAC sanctions against high-ranking LNFM cartel members sends a clear message: if you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice,” said Attorney General Pamela Bondi.

    “These cartel members are allegedly responsible for importing massive amounts of cocaine, methamphetamine, heroin and fentanyl from Mexico to the Atlanta area and across the United States, and then wiring hundreds of thousands of dollars in proceeds from distributing those drugs back to Mexico,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “These federal indictments, in conjunction with the imposition of OFAC sanctions, send a strong message that we will tirelessly investigate, prosecute, and defund individuals around the globe who choose to import deadly drugs into, and risk the lives of the members of, our communities.”

    “Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” said Secretary of the Treasury Scott Bessent. “The Trump administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”

    “President Trump has promised to crack down on the flow of deadly drugs into our country,” said Senior Bureau Official F. Cartwright Weiland of the Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL). “And today, working with the DEA and Homeland Security Investigations, the Department of State is delivering on that promise by offering rewards totaling up to $8 million for information leading to the arrest and/or conviction of the Hurtado brothers.”

    “Cases like this exemplify the value of partnerships,” said Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division. “The volume of dangerous drugs and violence impacts our communities beyond comprehension. This investigation and subsequent indictments demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking organizations.”

    “The indictment of senior leaders of this brutal Mexican cartel and subsequent OFAC sanctions makes one thing clear, we are coming after these criminal networks and utilizing every weapon in our arsenal,” said Special Agent in Charge Steven N. Schrank of Homeland Security Investigations (HSI) in Georgia and Alabama. “Through aggressive interagency coordination, HSI and our law enforcement partners are not only seizing their drugs and arresting their members, but we are also cutting off their money, dismantling their infrastructure, and bringing their leaders to justice. This operation underscores our unwavering commitment to protecting our communities and dismantling the criminal enterprises that profit from violence and addiction.”

    According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictments, and other information presented in court: In 2021, agents of the DEA and HSI began an investigation of LNFM cartel members importing methamphetamine, heroin, cocaine, and fentanyl into the United States, including into the Northern District of Georgia. As part of the investigation, agents identified Franco Tabares Martinez as a then-high-ranking member of the LNFM cartel who allegedly distributed multi-kilogram quantities of methamphetamine in the metro Atlanta area.

    In addition, agents identified Franco Tabares Martinez’s sister, Guadalupe Tabares Martinez, as an Atlanta-based money launderer allegedly helping her brother and other drug traffickers by picking up bulk currency and then using her money service business, Noyola Multiservice, to transmit those drug proceeds to drug trafficking associates in Mexico. Through the investigation, agents also identified Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga as the cartel’s co-founders and kingpins, who conspired with cartel members in Mexico and throughout the United States to import heroin, methamphetamine, cocaine, and fentanyl across the U.S.-Mexico border for distribution in various cities and states, including Atlanta.

    This case is being investigated by the DEA and HSI.

    Assistant U.S. Attorneys Laurel Milam and Bethany Rupert for the Northern District of Georgia are prosecuting the case against the Hurtado Olascoaga brothers, Franco Tabares Martinez and Guadalupe Tabares Martinez. Assistant U.S. Attorney Michael Morrison for the Middle District of Georgia provided valuable contributions to the investigation of Guadalupe Tabares Martinez.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This prosecution is part of an OCDETF Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi¬ jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (the Strike Force) is to degrade and dismantle major drug trafficking and money laundering organizations (DTMLOs) in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets (CPOTs), Regional Priority Organization Targets (RPOTs), and their associates.  The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS; as well as numerous state and local agencies, and the prosecution is being led by the Office of the U.S. Attorney for the Northern District of Georgia.

    An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

    MIL OSI USA News –

  • MIL-OSI Security: Leaders of La Nueva Familia Michoacana and Atlanta-Based Money Launderer Indicted

    Source: United States Attorneys General 1

    Siblings Johnny Hurtado Olascoaga — also known as El Pez, Pescado, and Mojarra — and Jose Alfredo Hurtado Olascoaga — also known as El Fresa, El Feyo, and La Fruta — both of Guerrero, Mexico, and co-leaders of the La Nueva Familia Michoacana (LNFM) drug cartel, were charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to manufacture and distribute heroin, cocaine, methamphetamine, and fentanyl knowing those controlled substances would be imported into the United States, conspiracy to import those controlled substances into the United States, and conspiracy to possess with the intent to distribute those controlled substances.

    The indictments were returned in September 2024 and recently unsealed. Prior to his indictment, Johnny Hurtado Olascoaga was designated as a Consolidated Priority Target (CPOT) by the Organized Crime Drug Enforcement Task Force (OCDETF) program. Both Hurtado Olascoaga brothers are fugitives believed to be residing in Mexico. In addition, today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Johnny and Jose Alfredo Hurtado Olascoaga and their siblings, LNFM members Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga. On Feb. 20, the U.S. Department of State also announced the designation of LNFM as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). Additionally, the Department of State announced a Narcotics Rewards Program offer of up to $5 million and $3 million, respectively, for information leading to the arrests or convictions of Johnny and Jose Alfredo Hurtado Olascoaga.

    Franco Tabares Martinez, 51, of Guerrero, Mexico, a high-ranking member of LNFM was charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to possess methamphetamine with the intent to distribute and related substantive counts of drug trafficking. The indictment was unsealed against Franco Tabares Martinez on July 7, 2023, after which he was sanctioned by OFAC. On June 20, 2024, his brother Uriel Tabares-Martinez was also sanctioned by OFAC. Another brother, Pablo Tabares Martinez, pleaded guilty on Jan. 13 to conspiracy to possess methamphetamine with intent to distribute. Their sister, Guadalupe Tabares Martinez — also known as Yosel Medrano Hernandez and Lupe — of Mableton, Georgia, has now been charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to commit international money laundering, conspiracy to operate an unlicensed money services business, and related substantive counts. The indictment was returned on April 8 and recently unsealed.                 

    “Today’s indictments and OFAC sanctions against high-ranking LNFM cartel members sends a clear message: if you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice,” said Attorney General Pamela Bondi.

    “These cartel members are allegedly responsible for importing massive amounts of cocaine, methamphetamine, heroin and fentanyl from Mexico to the Atlanta area and across the United States, and then wiring hundreds of thousands of dollars in proceeds from distributing those drugs back to Mexico,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “These federal indictments, in conjunction with the imposition of OFAC sanctions, send a strong message that we will tirelessly investigate, prosecute, and defund individuals around the globe who choose to import deadly drugs into, and risk the lives of the members of, our communities.”

    “Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” said Secretary of the Treasury Scott Bessent. “The Trump administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”

    “President Trump has promised to crack down on the flow of deadly drugs into our country,” said Senior Bureau Official F. Cartwright Weiland of the Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL). “And today, working with the DEA and Homeland Security Investigations, the Department of State is delivering on that promise by offering rewards totaling up to $8 million for information leading to the arrest and/or conviction of the Hurtado brothers.”

    “Cases like this exemplify the value of partnerships,” said Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division. “The volume of dangerous drugs and violence impacts our communities beyond comprehension. This investigation and subsequent indictments demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking organizations.”

    “The indictment of senior leaders of this brutal Mexican cartel and subsequent OFAC sanctions makes one thing clear, we are coming after these criminal networks and utilizing every weapon in our arsenal,” said Special Agent in Charge Steven N. Schrank of Homeland Security Investigations (HSI) in Georgia and Alabama. “Through aggressive interagency coordination, HSI and our law enforcement partners are not only seizing their drugs and arresting their members, but we are also cutting off their money, dismantling their infrastructure, and bringing their leaders to justice. This operation underscores our unwavering commitment to protecting our communities and dismantling the criminal enterprises that profit from violence and addiction.”

    According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictments, and other information presented in court: In 2021, agents of the DEA and HSI began an investigation of LNFM cartel members importing methamphetamine, heroin, cocaine, and fentanyl into the United States, including into the Northern District of Georgia. As part of the investigation, agents identified Franco Tabares Martinez as a then-high-ranking member of the LNFM cartel who allegedly distributed multi-kilogram quantities of methamphetamine in the metro Atlanta area.

    In addition, agents identified Franco Tabares Martinez’s sister, Guadalupe Tabares Martinez, as an Atlanta-based money launderer allegedly helping her brother and other drug traffickers by picking up bulk currency and then using her money service business, Noyola Multiservice, to transmit those drug proceeds to drug trafficking associates in Mexico. Through the investigation, agents also identified Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga as the cartel’s co-founders and kingpins, who conspired with cartel members in Mexico and throughout the United States to import heroin, methamphetamine, cocaine, and fentanyl across the U.S.-Mexico border for distribution in various cities and states, including Atlanta.

    This case is being investigated by the DEA and HSI.

    Assistant U.S. Attorneys Laurel Milam and Bethany Rupert for the Northern District of Georgia are prosecuting the case against the Hurtado Olascoaga brothers, Franco Tabares Martinez and Guadalupe Tabares Martinez. Assistant U.S. Attorney Michael Morrison for the Middle District of Georgia provided valuable contributions to the investigation of Guadalupe Tabares Martinez.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This prosecution is part of an OCDETF Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi¬ jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (the Strike Force) is to degrade and dismantle major drug trafficking and money laundering organizations (DTMLOs) in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets (CPOTs), Regional Priority Organization Targets (RPOTs), and their associates.  The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS; as well as numerous state and local agencies, and the prosecution is being led by the Office of the U.S. Attorney for the Northern District of Georgia.

    An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Enforces Requirement of Cost-Effective Commercial Solutions in Federal Contracts

    Source: The White House

    ENFORCING COST-EFFECTIVE PROCUREMENT: Today, President Donald J. Trump signed an Executive Order to enforce existing law requiring the Federal Government to utilize the competitive marketplace and the innovations of private enterprise to provide better, more-cost-effective services to the taxpayer.

    • The Order directs the administration to prioritize the procurement of commercially available products and services, as required by the Federal Acquisition Streamlining Act of 1994 (FASA), rather than non-commercial, custom products or services.
    • It calls for agency contracting officers to review all pending contracts for non-commercial products or services within 60 days and submit proposed waivers justifying their necessity.
      • The waivers must include market research and price analysis to demonstrate why commercial solutions cannot meet the government’s needs.
    • It directs agencies to submit reports to the Office of Management and Budget (OMB) within 120 days and annually thereafter detailing compliance with FASA and progress on implementing the Order’s policies.
    • The Order establishes that waivers for non-commercial procurements must be reviewed and approved or denied in writing.

    CURBING WASTEFUL EXPENDITURES: President Trump is eliminating unnecessary and imprudent expenditures of taxpayer dollars by requiring government procurement of existing commercial products and services where possible.

    • Previous administrations evaded statutory requirements and abused the federal contracting framework by procuring custom products and services where a suitable or superior commercial solution would fulfill the Government’s needs.
    • This overreliance on custom items increased government spending and caused costly delays to the detriment of American taxpayers.
    • Federal agencies are wasting taxpayer dollars on non-commercial solutions that fail to leverage the efficiency and competitiveness of the private-sector marketplace.
    • For example, with respect to IT procurement, a 2019 report found that the Federal government could have saved an estimated $345 billion over the last 25 years if it had abided by FASA and purchased more commercial off-the-shelf IT solutions, rather than building systems from scratch.

    PROMOTING COMMERCIAL SOLUTIONS AND STREAMLINING ACQUISITIONS: President Trump is ensuring government procurement delivers better value to American taxpayers.

    • President Trump previously signed an Executive Order to modernize defense acquisitions, including a preference for commercial solutions.
    • President Trump also signed an Executive Order consolidating certain federal procurement in the General Services Administration in order to eliminate waste, inefficiencies, and duplication.

    MIL OSI USA News –