Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
WASHINGTON – Victor Armando Simms, 54, a previously convicted sex offender who most recently lived in Southeast Washington D.C., was sentenced today to life in federal prison in connection with his sexual abuse of multiple young girls, recording many of the incidents, and amassing a library of 3,300 still images and over 250 videos depicting the sexual abuse of children.
The sentencing was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent in Chief Sean Ryan of the FBI Washington Field Office Criminal and Cyber Division, and Chief Pamela Smith of the Metropolitan Police Department.
Simms, aka “Stacey Patrick Simms,” pleaded guilty on May 20, 2024, before U.S. District Judge Tanya S. Chutkan to first degree child sexual abuse with aggravating circumstances, two counts of aggravated sexual abuse with children, three counts of sexual exploitation of children, and possession of child pornography.
According to court documents, law enforcement was called on January 15, 2023, when a young girl discovered explicit images of child sexual abuse depicting herself on an iPad belonging to Simms. The same day, Simms was formally placed under arrest and charged by complaint with one count of first-degree child sexual abuse in D.C. Superior Court.
On January 17, 2023, the FBI’s Child Exploitation and Human Trafficking Task Force executed a search warrant at Simms’s residence and seized multiple electronic devices including an iPad and a one-terabyte external hard drive. In addition, law enforcement agents seized numerous pills and pill bottles, which were believed to be used to sedate the young victims. Many of the videos produced by Simms showed the young victims asleep during the sexual assaults.
The forensic examination of the external hard drive revealed 3300 still images and 250 videos depicting the sexual abuse of children, many of which included metadata indicating the date, time, and location where the file was initially produced. The metadata indicated that the minor female victims were sexually exploited and abused by Simms in Washington D.C., and at hotels in Maryland and Virginia. The investigation into this matter also revealed that Simms has engaged in acts of child sexual abuse and sexual exploitation of minors since approximately 1997.
According to court documents, Simms is a previously adjudicated sex offender. He was convicted in North Carolina in 2005 of indecent liberties with a six-year-old child and a felony child sex act.
According to court documents, Simms used drugs to incapacitate some of the children, but not all, to make it easier to abuse them and to ensure they had no memory of his criminal conduct. He recorded the sexual abuse of these children, including anally and vaginally penetrating them, to ensure he had souvenirs of his crimes to carry with him. He raped and abused at least ten young victims.
This case was investigated by the FBI Washington Field Office’s Child Exploitation and Human Trafficking Task Force. The task force is composed of FBI agents and detectives from the Metropolitan Police Department, along with other federal agents and detectives from northern Virginia and the District of Columbia. The task force is charged with investigating and bringing federal charges against individuals engaged in the exploitation of children and those engaged in human trafficking.
This case was prosecuted by Assistant U.S. Attorneys Jocelyn Bond, Sarah Folse, and Caroline Burrell. The prosecution team received valuable assistance from Victim-Witness Advocate Yvonne Bryant and Paralegal Specialist Melissa Macechko, as well as former Paralegal Specialist Alexis Spencer-Anderson.
Source: Federal Bureau of Investigation (FBI) State Crime News
A serial bank robber who robbed three banks while on supervised release for a prior bank robbery conviction was sentenced Thursday to more than 10 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.
Taurick Demon Walker, 43, was charged via criminal complaint in August 2023 and indicted the following month. He pleaded guilty in October 2024 to bank robbery and was sentenced Thursday by U.S. District Judge Jane J. Boyle to 105 months for the bank robbery plus 24 months for violating the conditions of his supervised release – which prohibited committing any felonies – for a total of 129 months in federal prison.
According to court records, Mr. Walker was convicted of bank robbery in March 2018 and sentenced to six years in federal prison. He served his time and was released in March 2023.
Just five months after his release, on Aug. 10, 2023, Mr. Walker entered a Regions Bank in Irving, passed a teller a note, and demanded “all your money now.” The teller handed over a wad of cash and Mr. Walker fled the scene.
Eight days later, on Aug. 18, Mr. Walker robbed two other banks: a Truist Bank in Dallas and a Wells Fargo in Garland. On both occasions, he approached a teller and pressed a note against the glass that read “Bank Robbery 20,000.”
Investigators were able to link Mr. Walker to both robberies using a network of FLOCK license plate readers.
In an interview with law enforcement, a family member told police she recognized a cowboy hat worn during one of the robberies as Mr. Walker’s.
The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of the Dallas, Garland, and Irving Police Departments. Assistant U.S. Attorney Robert Withers prosecuted the case..
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
The architect of a nearly $5 million insurance fraud was sentenced today to more than 13 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.
Jordan Ford, 32, was charged via criminal complaint in June 2024 and pleaded guilty in September 2024 to a criminal information charging conspiracy to commit wire fraud. He was sentenced Thursday to 157 months in prison by U.S. District Judge Mark Pittman, who also ordered him to pay $4,471,338.92 in restitution to the defrauded insurance companies.
According to court documents, Mr. Ford and his coconspirators recruited insurance company employees to pull clients’ personal information from legitimate insurance claims. The employees handed those details over to Mr Ford.
Using the stolen information, Mr. Ford – posing as the client – called the insurance companies and requested they update the payment information to accounts he and his coconspirators controlled.
Other times, Mr. Ford paid insurance employees to lend him their company-issued laptops, logged onto the companies’ systems, and authorized and issued payments, which were sent to accounts he and his coconspirators controlled.
In total, the coconspirators misdirected funds from at least three insurance companies, netting more than $4.4 million.
All nine defendants charged in the scheme have pleaded guilty, including Mr. Ford’s lieutenant, Humberto Corona; Jaquan Hall and Elexis McLain, who recruited insurance employees and received and distributed fraudulent proceeds; and insurance employees Timothy Starling, Desiree Thomas, Daja Webb, and Sesedrick Wedlow, who were compensated for handing over stolen client information and allowing Mr. Ford to access company systems.
The Federal Bureau of Investigation’s Dallas Field Office and the Texas Department of Insurance conducted the investigation. Assistant U.S. Attorney Matthew Weybrecht is prosecuting the case.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
The owner of a company that distributed school swag pleaded guilty to defrauding the Fort Worth Independent School District, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.
Virenkumar Patel, the 33-year-old owner of VR Group Promotions, was indicted in January. He pleaded guilty Wednesday to three counts of wire fraud.
According to court documents, Mr. Patel admits that in the spring of 2021, the principal of a Fort Worth ISD high school told Mr. Patel she needed to purchase planners, notepads, and flash drives for the school. Knowing that the district required principals to obtain three quotes before agreeing to purchase such items, Mr. Patel fabricated to quotes from competitors, along with a quote from VR Group Promotions, which quoted the lowest price. Mr. Patel hand-delivered the quotes to the principal, who selected VR Group’s $18,287 quote.
In the winter of 2022, the principal of another Fort Worth ISD high school told Mr. Patel he needed to purchase flash drives. Mr. Patel again fabricated two competitor quotes, along with a quote from VR Group Promotions, which quoted the lowest price. The principal selected VR Group’s $5,250 quote.
In spring 2023, the principal of the first high school again contacted Mr. Patel, and told him that she needed to purchase headphones, wireless charges, and power banks for the school. Once again, Mr. Patel fabricated competitor quotes, and once again, the principal selected VR Group Promotion’s $9,245 bid.
Mr. Patel now faces up to 30 years in federal prison per count. His sentencing hearing has been set for June 6, 2025.
The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation. Assistant U.S. Attorney P.J. Meitl is prosecuting the case.
Source: Federal Bureau of Investigation (FBI) State Crime News
HOUSTON – A 43-year-old man with ties to the Humble area has been sentenced for the assault of federal officer resulting in bodily injury, announced U.S. Attorney Nicholas J. Ganjei.
A federal jury deliberated for approximately two hours before convicting Cedric Tyrone Walker Aug. 20, 2024, following a two-day trial.
U.S. District Judge George C. Hanks has now ordered Walker to serve 97 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court considered the nature and extent of the injuries which caused permanent disfigurement. In handing down the sentence, the court noted that the federal law enforcement officer just showed up for work and then landed in the hospital as a result of Walker’s violent behavior.
“The Southern District of Texas (SDTX) has zero tolerance for violence against law enforcement,” said Ganjei. “They are heroes who put themselves in harm’s way every day. Today’s sentence demonstrates how SDTX will always have their backs.”
On Dec. 27, 2022, authorities learned that on two occasions Walker failed to return in a timely manner to the residential reentry center (RRC), also referred to as a halfway house, where he was serving a federal prison sentence for armed bank robbery.
Law enforcement told the RRC Walker needed to be transported back to a federal detention center. However, Walker was reluctant to comply with instructions from authorities and struck a deputy U.S. marshal (DUSM) in the mouth with a closed fist.
A struggle ensued on the ground, and authorities restrained Walker after two taser deployments. Law enforcement then took Walker to a federal detention center and he refused medical attention.
The injured DUSM arrived at the emergency room where he received treatment for a laceration on his lip which required 12 stitches. As a result of the assault, he also sustained two chipped teeth.
At the time of the trial, the defense attempted to convince the jury Walker did not cause the injury. They did not believe those claims and found him guilty as charged.
He will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.
The FBI conducted the investigation. Assistant U.S. Attorney Carrie Wirsing prosecuted the case.
Washington, DC: On February 19, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Solomon Islands.
Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. These achievements have raised the country’s profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government’s cash reserves have been significantly depleted.
Modest growth is expected at 2.8 percent in 2025, slightly above the 2.4 percent growth estimated for 2024, while inflation, estimated to have returned to 3.4 percent at end-2024, is envisaged to reach 3.9 percent at end-2025. The fiscal deficit is expected to widen slightly from 3.1 percent of GDP in 2024 to 3.3 percent of GDP in 2025, underpinned by continued spending pressures and externally financed infrastructure projects. The current account deficit is estimated to have narrowed to 4.2 percent of GDP in 2024, but projected to widen to 7.7 percent of GDP in 2025 as economic activity gains momentum. Foreign exchange reserves remain adequate, covering 9 months of imports.
Risks to the outlook are tilted to the downside. They include under execution of the budget, extreme climate events, political instability, and commodity price volatility. Declining logging activity and the undiversified economic base, compounded by weak governance, constrain growth potential. Both the current account and fiscal deficits are expected to persist over the medium term.
Executive Directors agreed with the thrust of the staff appraisal. They concurred that while the Solomon Islands’ economy has weathered multiple shocks well and recently benefited from successfully hosting the Pacific Games and peaceful general elections, public debt is increasing, medium-term growth prospects appear moderate, and per capita income growth remains stagnant. Against this backdrop, Directors emphasized the importance of rebuilding cash buffers and ensuring fiscal sustainability, while boosting growth prospects through economic diversification and governance reforms.
Directors stressed the need to improve the effectiveness of fiscal policy by addressing weaknesses in fiscal data and public financial management, including by ending the practice of unfunded spending. They also called for tightening the 2025 Budget to start a gradual recovery of cash balances. Directors underscored the importance of creating fiscal space to accelerate investment in development priorities. To this end, they recommended advancing domestic revenue mobilization, such as introducing a value added tax. Enhancing the quality, transparency, and accountability of public expenditure, including by undertaking the Public Expenditure and Financial Accountability assessment, would also be important. Directors saw merit in introducing a simple, ex-ante guideline for annual budget formulation as an interim step toward a fiscal rule.
Directors agreed that the current monetary policy stance and exchange rate regime are appropriate. They stressed the importance of preserving the central bank’s autonomy, including by limiting purchases of government bonds and implementing the remaining Safeguards Assessment recommendations. Directors also underscored the need to keep the exchange rate fully aligned with the value of the updated currency basket and to enhance transparency and communication with market participants. While the financial sector remains stable, Directors encouraged further reforms to strengthen regulatory and supervisory frameworks and boost financial intermediation and inclusion. They stressed the need to strengthen the AML/CFT framework, including due to the planned introduction of the Citizenship by Investment program.
Directors encouraged the acceleration of structural reforms to support economic diversification and private sector development, with capacity development support from the IMF and other development partners. They agreed that addressing governance weaknesses remains a priority, including by improving the capacity and independence of the anti-corruption institution.
Gross official reserves (in US$ millions, end of period) 2/
574.1
660.6
694.5
655.2
682.0
679.1
664.3
661.0
662.8
663.2
664.6
(in months of next year’s imports of GNFS)
12.1
12.9
11.1
9.0
10.1
9.1
8.5
8.0
7.7
7.4
7.0
EXCHANGE RATE (SI$/US$, end of period)
8.2
8.0
8.1
8.3
8.5
…
…
…
…
…
…
Real effective exchange rate (end of period, 2010 = 100)
127.5
129.9
124.8
132.3
136.0
…
…
…
…
…
…
Sources: Data provided by the authorities; and IMF staff estimates and projections.
1/ Includes disbursements under the Rapid Credit Facility (RCF).
2/ Includes SDR allocations made by the IMF to Solomon Islands in 2009 and in 2021.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
Washington, DC: On February 19, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Solomon Islands.
Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. These achievements have raised the country’s profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government’s cash reserves have been significantly depleted.
Modest growth is expected at 2.8 percent in 2025, slightly above the 2.4 percent growth estimated for 2024, while inflation, estimated to have returned to 3.4 percent at end-2024, is envisaged to reach 3.9 percent at end-2025. The fiscal deficit is expected to widen slightly from 3.1 percent of GDP in 2024 to 3.3 percent of GDP in 2025, underpinned by continued spending pressures and externally financed infrastructure projects. The current account deficit is estimated to have narrowed to 4.2 percent of GDP in 2024, but projected to widen to 7.7 percent of GDP in 2025 as economic activity gains momentum. Foreign exchange reserves remain adequate, covering 9 months of imports.
Risks to the outlook are tilted to the downside. They include under execution of the budget, extreme climate events, political instability, and commodity price volatility. Declining logging activity and the undiversified economic base, compounded by weak governance, constrain growth potential. Both the current account and fiscal deficits are expected to persist over the medium term.
Executive Directors agreed with the thrust of the staff appraisal. They concurred that while the Solomon Islands’ economy has weathered multiple shocks well and recently benefited from successfully hosting the Pacific Games and peaceful general elections, public debt is increasing, medium-term growth prospects appear moderate, and per capita income growth remains stagnant. Against this backdrop, Directors emphasized the importance of rebuilding cash buffers and ensuring fiscal sustainability, while boosting growth prospects through economic diversification and governance reforms.
Directors stressed the need to improve the effectiveness of fiscal policy by addressing weaknesses in fiscal data and public financial management, including by ending the practice of unfunded spending. They also called for tightening the 2025 Budget to start a gradual recovery of cash balances. Directors underscored the importance of creating fiscal space to accelerate investment in development priorities. To this end, they recommended advancing domestic revenue mobilization, such as introducing a value added tax. Enhancing the quality, transparency, and accountability of public expenditure, including by undertaking the Public Expenditure and Financial Accountability assessment, would also be important. Directors saw merit in introducing a simple, ex-ante guideline for annual budget formulation as an interim step toward a fiscal rule.
Directors agreed that the current monetary policy stance and exchange rate regime are appropriate. They stressed the importance of preserving the central bank’s autonomy, including by limiting purchases of government bonds and implementing the remaining Safeguards Assessment recommendations. Directors also underscored the need to keep the exchange rate fully aligned with the value of the updated currency basket and to enhance transparency and communication with market participants. While the financial sector remains stable, Directors encouraged further reforms to strengthen regulatory and supervisory frameworks and boost financial intermediation and inclusion. They stressed the need to strengthen the AML/CFT framework, including due to the planned introduction of the Citizenship by Investment program.
Directors encouraged the acceleration of structural reforms to support economic diversification and private sector development, with capacity development support from the IMF and other development partners. They agreed that addressing governance weaknesses remains a priority, including by improving the capacity and independence of the anti-corruption institution.
Gross official reserves (in US$ millions, end of period) 2/
574.1
660.6
694.5
655.2
682.0
679.1
664.3
661.0
662.8
663.2
664.6
(in months of next year’s imports of GNFS)
12.1
12.9
11.1
9.0
10.1
9.1
8.5
8.0
7.7
7.4
7.0
EXCHANGE RATE (SI$/US$, end of period)
8.2
8.0
8.1
8.3
8.5
…
…
…
…
…
…
Real effective exchange rate (end of period, 2010 = 100)
127.5
129.9
124.8
132.3
136.0
…
…
…
…
…
…
Sources: Data provided by the authorities; and IMF staff estimates and projections.
1/ Includes disbursements under the Rapid Credit Facility (RCF).
2/ Includes SDR allocations made by the IMF to Solomon Islands in 2009 and in 2021.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
ATLANTA – Omar Cuenca-Marino, 41, of Guerrero, Mexico, has been arraigned before Chief United States Magistrate Judge Russell G. Vineyard on federal charges of conspiracy to possess with the intent to distribute, and unlawful import of, methamphetamine, cocaine, and heroin into the United States, and conspiracy to commit money laundering. Cuenca-Marino, who was the alleged leader of the Los Rojos Mexican Drug Cartel, was indicted by a federal grand jury on December 21, 2016.
“Robust law enforcement partnerships, tenacious investigators, and a resilient determination to eliminate cartels that import deadly drugs into our communities culminated in the charges and recent extradition of this alleged drug cartel leader,” said Acting United States Attorney Richard S. Moultrie, Jr. “This prosecution sends a strong message to the cartels and their leadership, no matter where they reside: you will face justice.”
“The arrest and extradition of Omar Cuenca-Marino, the alleged Los Rojos cartel leader, marks a significant success for the ongoing U.S. efforts to dismantle drug trafficking cartels and secure our borders,” said Steven N. Schrank, Special Agent in Charge of HSI Atlanta, which covers Georgia and Alabama. “As part of our commitment to combating the opioid crisis and transnational crime, we are leveraging every available resource to disrupt cross border criminal operations. This case sends a clear message that we, alongside our law enforcement partners, will not tolerate those who seek to profit from the distribution of dangerous narcotics.”
“The success of this investigation demonstrates DEA will use all of its resources to destroy drug distribution networks that are endangering our communities,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division.
“Drug cartels have caused the death of many people in the United States and Mexico through violence and the distribution of illegal drugs,” said Special Agent in Charge Demetrius Hardeman, IRS Criminal Investigation, Atlanta Field Office. “Once identified by the Organized Crime Drug Enforcement Task Forces, IRS Criminal Investigation special agents investigate these cartels finances and their involvement with narcotics to help bring them down.”
According to Acting U.S. Attorney Moultrie, the charges, and other information presented in court: An investigation by law enforcement authorities identified a drug cartel based in Mexico that, between approximately 2013 and 2016, was responsible for importing large, distribution quantities of heroin, methamphetamine, and cocaine from Mexico into the United States. The investigation identified Cuenca-Marino as the alleged Mexico-based leader of the cartel who oversaw the preparation of thousands of kilograms of cocaine, methamphetamine, and heroin in Mexico and arranged to have the drugs smuggled into the United States, using buses and tractor-trailers. In addition, Cuenca-Marino allegedly directed the collection of millions of dollars of drug proceeds for transport from the United States back to Mexico.
For instance:
On October 11, 2013, a law enforcement operation in Vinings and Hiram, Georgia led to the seizure of approximately 75 kilograms of methamphetamine, 23 kilograms of heroin, and 47 kilograms of cocaine. Cuenca-Marino allegedly directed the smuggling of these drugs into the United States for distribution in the Atlanta-metro area.
On November 20, 2015, law enforcement seized 76 packages of cocaine from a vehicle in a parking lot in Duluth, Georgia. The investigation revealed that Cuenca-Marino had relayed the phone number of the Atlanta-based trafficker who was about to take possession of the drugs.
On February 9, 2016, law enforcement stopped a vehicle traveling on Interstate 44 in Phelps County, Missouri and found $425,900 in drug proceeds. The driver, who was enroute to Mexico, allegedly contacted Cuenca-Marino the following day to report that the vehicle had been in an “accident.”
Members of the public are reminded that the indictment only contains charges. The defendant is presumed innocent of the charges, and it will be the government’s burden to prove the defendant’s guilt beyond a reasonable doubt at trial.
The investigation and prosecution of this case is led by the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Drug Enforcement Administration, and Internal Revenue Service Criminal Investigation, with valuable assistance from the U.S. Marshals Service, the Cobb County Police Department, Cobb County Sheriff’s Office, Marietta Police Department, Powder Springs Police Department, Henry County Police Department, Clayton County Sheriff’s Office, Georgia Bureau of Investigation, DeKalb County Police Department, Alabama Drug Task Force, Newnan Police Department, Conyers Police Department, Gwinnett County Judicial Task Force, United States Customs and Border Protection, and the Georgia State Patrol.
Assistant U.S. Attorney Michael Herskowitz is prosecuting the case. Former Assistant U.S. Attorneys Nicholas Hartigan and Michael J. Brown, as well as the U.S. Department of Justice, Criminal Division’s Office of International Affairs and Office of Enforcement Operations, provided valuable assistance in the investigation. Also, the Department of Justice’s Office of International Affairs coordinated with law enforcement partners in Mexico to secure the arrest and extradition Cuenca-Marino.
This prosecution is part of an Organized Crime Drug Enforcement Task Forces (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 eliminate the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.
The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (Atlanta Strike Force) is to eliminate transnational organized crime syndicates and major drug trafficking and money laundering organizations in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Atlanta Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets, Regional Priority Organization Targets, 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 United States Attorney for the Northern District of Georgia.
For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.
MINNEAPOLIS – A Minneapolis woman has pleaded guilty for her role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.
According to court documents, Najmo M. Ahmed, 35, helped her husband Said Ereg run a small storefront grocery store in Minneapolis called Evergreen Grocery and Deli. In April 2020, Ereg enrolled Evergreen Grocery and Deli in the Federal Child Nutrition Program as a food distribution site under the sponsorship of Feeding Our Future. Under the direction of her husband, Ahmed signed falsified meal count sheets, including one dated December 31, 2020, claiming Evergreen Grocery and Deli served 3,250 children – twice a day – during the week of January 24, 2021. Between April 2020 and April 2021, Evergreen Grocery and Deli claimed to have served over 1.4 million meals to children.
According to court documents, Evergreen Grocery and Deli received over $4.2 million in payments from Feeding Our Future based on fraudulent claims. Ereg transferred funds from Evergreen’s business accounts into personal accounts in his name and Ahmed’s name, and Ahmed knew that the large sums of money her husband deposited into her account were proceeds from illegal activity. Ahmed transferred at least $1,147,348 in funding from her personal bank accounts to foreign textile and trading companies such as Shaoxing Aifan Textile Co. She also used the money to fund her lavish lifestyle and made purchases from Burberry, Louis Vuitton, and Canada Goose. Ltd. In total, Ahmed laundered $1,381,048 in Federal Child Nutrition Program funds through her personal bank accounts.
Ahmed pleaded guilty yesterday in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.
The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.
Assistant U.S. Attorneys Harry M. Jacobs, Joseph H. Thompson, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.
Source: Federal Bureau of Investigation (FBI) State Crime News
ROCHESTER, N.Y. –Acting U.S. Attorney Joel L. Violanti announced today that Ashley Jackson, 36, of Webster, NY, was arrested and charged by criminal complaint with health care fraud. The charge carries a maximum penalty of five years in prison and a $250,000.
Assistant U.S. Attorney Richard A. Resnick, who is handling the case, stated that according to the complaint, Jackson was the sole owner of Roc City Transport in Webster. Between February 2018, and November 2022, Jackson and others submitted fraudulent claims for payment to Medicaid, seeking reimbursement for non-emergency transportation they allegedly provided in connection with their transportation services. Jackson submitted reimbursement claims for Medicaid transportation trips that were not actually performed, individual rides were billed as group rides, and kickbacks were paid to recipients to drive themselves to an appointment rather than Roc City. Most of the Medicaid beneficiaries using Roc City were being transported to methadone clinics in Rochester, NY, up to six days a week. Roc City is accused of fraudulently billing Medicaid for approximately $40,123.29.
The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.
The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.
EL PASO, Texas – A Mexican national was sentenced in a federal court in El Paso to 46 months in prison for three counts of assault on a federal officer.
According to court documents, Carlos Ernesto Guerrero-Gutierrez was being detained in a pod of 20 individuals at an El Paso processing center in November 2023. Guerrero-Gutierrez became disruptive and was placed in a separate isolation pod where he dismantled the pod’s frame, removing a wooden board with nails on it. When U.S. Border Patrol agents responded, Guerrero-Gutierrez bit one agent on the leg and injured two others using the board with nails. One of the agents was hit in the head, causing him to bleed above the temple and another agent bled from his hand after being stabbed in the thumb with a nail. Guerrero-Gutierrez was ultimately subdued after two taser deployment attempts, cuffed and restrained. He pleaded guilty to three counts of assault on a federal officer May 6, 2024.
“Our Border Patrol partners place their lives on the line daily in defense of the United States and the integrity of our border,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “We take these violations seriously and will vigorously prosecute violent individuals who assault those who work tirelessly to protect us and our communities.”
“This conviction serves as a clear message—any individual who attempts to harm a federal officer will face swift and decisive action. These assaults will not be tolerated. Those who engage in such violence will be held fully accountable under the law,” said El Paso Sector Chief Patrol Agent Walter N. Slosar. “We are grateful for the unwavering support from our law enforcement partners and the justice system in ensuring that those who threaten the safety of our agents face the consequences of their actions.”
“The El Paso FBI stands firmly with our U.S. Border Patrol partners as well as with all law enforcement officers who work tirelessly, day in and day out, to protect our borders and our communities,” said El Paso FBI Special Agent in Charge John Morales. “Any assault on these dedicated, brave men and women will not be tolerated and will be swiftly investigated. This case serves as a stark reminder of the dangers they face in their mission to keep our nation safe, and this sentencing reflects our unwavering commitment to supporting and partnering with law enforcement at all levels to uphold public safety.”
The FBI and USBP investigated the case.
Assistant U.S. Attorney Stanley Serwatka prosecuted the case.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
FRESNO, Calif. — Paul New, 57, of Fresno, was sentenced today to three years in prison for conspiracy to destroy property and malicious destruction by means of an explosive device, Acting U.S. Attorney Michele Beckwith announced.
According to court documents, between November 2022 and February 2023, New committed a series of pipe-bombings on unoccupied vehicles and property in Fresno. The bombings damaged vehicles belonging to two auto-related businesses on Clinton Avenue. On Feb. 19, 2023, a bomb heavily damaged a vehicle used by a home health care business on Fallbrook Avenue.
On October 9, 2024, co-defendant Scott Eric Anderson was sentenced to three years in prison.
This case was the product of an investigation by the Fresno Police Department, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Michael G. Tierney prosecuted the case.
Boston, MA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination which was initially scheduled for January 30, 2025 and had been postponed to February 27, 2025, will be further postponed to 10:00 a.m., Eastern Time on Monday, March 17, 2025. At the Special Meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.
The Special Meeting is being further postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to further postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.
As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Monday, March 17, 2025, at the office of Ellenoff Grossman & Schole LLP located at 1345 Avenue of the Americas, New York, New York 10105 and via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also, as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination is being further extended to 5:00 p.m., Eastern time, on Thursday, March 13, 2025.
The proposed resolutions to be considered at the Special Meeting remains the same as that set out in the definitive proxy statement and other relevant documents that was been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, a copy of which can be accessed via the following link: https://www.sec.gov/Archives/edgar/data/1857855/000121390025001247/ea0226944-01.htm.
Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.
About Finnovate Acquisition Corp.
Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.
Forward-Looking Statements
The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
Pubco and the Company filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”). The Registration Statement includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.
Participants in The Solicitation
Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.
No Offer Or Solicitation
This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
INVESTOR RELATIONS CONTACT
Finnovate Acquisition Corp. Calvin Kung 265 Franklin Street Suite 1702 Boston, MA 02110 +1 (424) 253-0908
NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sparta Commercial Services, Inc. (OTC: SRCO) (“Sparta” or the “Company”), through its subsidiary Agoge, announced the renewal of its global credit line agreement with Patta Brazil (“Patta”). This extension reaffirms Agoge’s commitment to providing tailored financial solutions that support businesses navigating complex import challenges.
Since its initial engagement with Agoge, Patta has benefited from enhanced cash flow flexibility, enabling it to meet supplier deadlines, reduce operational costs, and expand its import volume. The credit line has played a critical role in Patta’s growth, allowing for increased hiring and operational scaling.
“Agoge’s financing solution has been instrumental in our ability to scale operations efficiently,” said Nelson Miano Junior, CEO of Patta Brazil. “With their extended payment terms and streamlined process, we have not only increased our import capacity but also secured financial stability that enables us to focus on long-term growth.”
With this renewal, Patta Brazil aims to further increase its import volume, targeting an annual goal of 120 containers over the next five years. Patta has already seen significant gains, with a 50% projected revenue increase this year alone, and performance exceeding expectations in recent months.
“Many importers struggle with cash flow misalignment and the high costs of nationalization,” added Miano. “Agoge’s solution allows us to avoid unnecessary financial burdens, such as demurrage fees, and ensures that our operations run smoothly and predictably. We highly recommend their services to other businesses facing similar challenges.”
Eduardo Ribeiro Filho, Founder of Wedev Group, said “We developed EZBroker360 with the intention to provide solutions to support importers and allow them to focus on growing their business. Patta’s appreciation means a lot to us, and we look forward to further growing our relationship.”
Agoge’s financing model continues to differentiate itself by offering direct access to decision-makers, competitive rates, and a hassle-free approval process. This renewal solidifies its position as a trusted partner for businesses seeking to optimize their import financing strategies.
“We love receiving feedback from our clients and the fact that Patta has already made several recommendations of our product to other companies speaks volumes” said Anthony Havens, Sparta’s CEO. “We will continue to listen to our clients and work to develop solutions that strengthen their ability to meet their financial commitments” Havens added.
About Sparta Commercial Services, Inc. Sparta Commercial Services, Inc. (www.spartacommercial.com) was founded in 2004 and is the parent company of three subsidiaries in addition to Agoge Global USA, Inc., iMobile Solutions, Inc., New World Health Brands, Inc., and Sparta Crypto, Inc., offering a variety of products and services.
About Agoge Global USA, Inc. A subsidiary of Sparta Commercial Services, Inc., Agoge Global USA, Inc. is a provider of finance, facilitation, and communications, within the import/export sector. With a focus on underserved markets, innovation, and customer satisfaction, Agoge strives to deliver exceptional value for its clients. For more information, visit www.agogeglobalusa.com.
About WeDev Group Ltda. WeDev Group Ltda.is a Brazilian innovator focused on the disruption of traditional standards by fostering innovation and growth through new business models capable of transforming the way the world works.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, possible fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company’s filings with the SEC, which are available on its website at: www.sec.gov.
Company Contact: Sandra L. Ahman Corporate Secretary Sparta Commercial Services, Inc. sandy@spartacommercial.com
Record Bookings in the Quarter of $219M Elevated Year-End Backlog to a Record $541M Reaffirms 2025 Full Year Outlook
ADDISON, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the fourth quarter and full year of 2024.
Highlights for the Quarter(1)
Orders of $218.9 million, up 71 percent
Backlog of $540.9 million, up 46 percent
Revenue of $158.6 million, up 3 percent
Gross profit of $56.7 million, up 7 percent; Gross margin of 35.8 percent, up 120 basis points
Net income of $4.9 million, up 26 percent; non-GAAP net income of $9.9 million, down 2 percent
GAAP EPS (diluted) of $0.13, up 18 percent; non-GAAP EPS (diluted) of $0.27, down 4 percent
Adjusted EBITDA of $19.0 million, down 2 percent
Free cash flow of ($4.4) million, down $16.6 million
Highlights for the Year(1)
Orders of $667.3 million, up 14 percent
Revenue of $557.9 million, up 2 percent
Gross profit of $196.1 million, up 15 percent; Gross margin of 35.2 percent, up 380 basis points
Net income of $13.0 million, up 1 percent; non-GAAP net income of $26.7 million
GAAP EPS (diluted) of $0.36, down 3 percent; non-GAAP EPS (diluted) of $0.73, down 2 percent
Adjusted EBITDA of $62.8 million, up 9 percent
Free cash flow of $7.4 million, down 80 percent
Completed three acquisitions (EnviroCare International, WK Group and Verantis Environmental Solutions Group), advancing our Industrial Air market leadership
(1)All comparisons are versus the comparable prior year period, unless otherwise stated. Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.
Todd Gleason, CECO’s Chief Executive Officer commented, “While we acknowledge mixed results in 2024 driven by customer project and market related order delays, we are energized by our fourth quarter record orders bookings of $219 million, which provides incredible momentum moving into 2025. The steady progress we continue to make on expanding margins and upgrading our portfolio through organic and inorganic investments will help us maximize the tremendous opportunities that exist in key growth markets we serve such as power generation, reshoring of industrial manufacturing, global infrastructure and data center expansion.”
Fourth quarter operating income was $11.3 million, down $1.4 million or 11 percent when compared to $12.7 million in the fourth quarter 2023. On an adjusted basis, non-GAAP operating income was $15.6 million, down $0.7 million or 4 percent when compared to $16.3 million in the fourth quarter of 2023. Net income was $4.9 million in the quarter, up $1.0 million or 26 percent when compared to $3.9 million in the fourth quarter of 2023. Non-GAAP net income was $9.9 million, down $0.2 million or 2 percent when compared to $10.1 million in the fourth quarter of 2023. Adjusted EBITDA of $19.0 million, reflecting a margin of 12.0 percent, was down 2 percent compared to $19.4 million in the fourth quarter of 2023. Free cash flow in the quarter was $(4.4) million, down $16.6 million compared to $12.2 million in the fourth quarter of 2023.
Full year operating income was $35.4 million, up $0.8 million in the year, compared to $34.6 million in 2023. On an adjusted basis, non-GAAP operating income was $49.4 million, up $1.3 million in the year, compared to $48.1 million in 2023. Net income was $13.0 million in the year, compared to $12.9 million in 2023. Non-GAAP net income was $26.7 million, compared to $26.6 million in 2023. Adjusted EBITDA of $62.8 million, reflecting a margin of 11.3 percent, was up 9 percent compared to $57.7 million in 2023, reflecting a margin of 10.6 percent. Free cash flow was $7.4 million, down $28.8 million compared to $36.2 million in 2023.
“Over the past six months we have completed four strategic and accretive M&A transactions – including the Profire Energy acquisition in early January 2025. Each of our acquisitions adds important new growth markets, technologies and solutions, and service capabilities to further advance our niche, industrial leadership positions and improve our overall business mix while improving our margin profile. In addition, we upgraded our credit facility, which now includes a $400M Revolver, along with capacity for $150M in additional unsecured debt, and we expect to finalize the sale of our Fluid Handling Business in late Q1 2025. Our core businesses remain robust – evident by our record backlog – and we continue to add tremendous talent to our team and our experienced leadership bench,” added Gleason.
2025 Full Year Guidance
The Company maintains its previously announced full year 2025 outlook which includes expected Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year over year, and Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company expects 2025 free cash flow to be between 60 and 75 percent of Adjusted EBITDA, approximately 10 percentage points higher than standard cash flow guidance, given expected working capital timing. The full year guidance incorporates the net impact of completed acquisitions and the expected late-Q1 divestiture of the Fluid Handling business.
“Our full year 2025 outlook reflects the strong visibility we have with our record backlog, strong bookings, 2024 related project push outs, and the impact from our acquisitions. So far in early 2025, we are experiencing a continuation of the strong power generation, data center, general industrial and natural gas infrastructure markets that drove our strong Q4 orders. Our early 2025 working capital performance – specifically receivables – is very strong as we have collected significant cash payments that pushed out of 2024 by just a few weeks. The integrations associated with our recent acquisitions are on-or-ahead of schedule, and we continue to open international sales and service centers to support our global footprint. We expect to deliver an outstanding 2025, affirmed by our full year guidance, as we progress our operating model supported by strong organic growth, coupled with steady margin expansion,” concluded Gleason.
EARNINGS CONFERENCE CALL
A conference call is scheduled for today at 8:30 a.m. ET to discuss the fourth quarter and full year 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.
A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.
Company Contact: Peter Johansson Chief Financial and Strategy Officer 888-990-6670 investor.relations@onececo.com
Investor Relations Contact: Steven Hooser and Jean Marie Young Three Part Advisors, LLC 214-872-2710 investor.relations@onececo.com
Accounts receivable, net of allowances of $8,863 and $6,460
159,572
112,733
Costs and estimated earnings in excess of billings on uncompleted contracts
69,889
66,574
Inventories, net
42,624
34,089
Prepaid expenses and other current assets
16,859
11,769
Prepaid income taxes
3,826
824
Total current assets
330,971
281,437
Property, plant and equipment, net
33,810
26,237
Right-of-use assets from operating leases
25,102
16,256
Goodwill
269,747
211,326
Intangible assets – finite life, net
74,050
50,461
Intangible assets – indefinite life
9,466
9,570
Deferred income tax assets
966
304
Deferred charges and other assets
15,587
4,700
Total assets
$
759,699
$
600,291
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt
$
1,650
$
10,488
Accounts payable
109,671
87,691
Accrued expenses
47,528
44,301
Billings in excess of costs and estimated earnings on uncompleted contracts
81,501
56,899
Notes payable
1,700
2,500
Income taxes payable
2,612
1,227
Total current liabilities
244,662
203,106
Other liabilities
14,362
12,644
Debt, less current portion
217,230
126,795
Deferred income tax liabilities
11,322
8,838
Operating lease liabilities
20,230
11,417
Total liabilities
507,806
362,800
Commitments and contingencies (See Note 12)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued
—
—
Common stock, $.01 par value; 100,000,000 shares authorized, 34,978,009 and 34,835,293 shares issued and outstanding at December 31, 2024 and 2023, respectively
349
348
Capital in excess of par value
255,211
254,956
Retained earnings (accumulated loss)
6,570
(6,387
)
Accumulated other comprehensive loss
(14,441
)
(16,274
)
Total CECO shareholders’ equity
247,689
232,643
Noncontrolling interest
4,204
4,848
Total shareholders’ equity
251,893
237,491
Total liabilities and shareholders’ equity
$
759,699
$
600,291
CECO ENVIRONMENTAL CORP. CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three months ended December 31,
Year ended December 31,
(in thousands, except share and per share data)
2024
2023
2024
2023
Net sales
$
158,566
$
153,711
$
557,933
$
544,845
Cost of sales
101,865
100,526
361,786
373,829
Gross profit
56,701
53,185
196,147
171,016
Selling and administrative expenses
41,062
36,862
146,698
122,944
Amortization and earnout expenses
2,028
2,192
9,064
8,180
Acquisition and integration expenses
2,337
298
4,213
2,508
Executive transition expenses
—
48
—
1,465
Restructuring expenses
—
1,133
544
1,350
Asbestos litigation expenses
—
—
225
—
Income from operations
11,274
12,652
35,403
34,569
Other (expense) income, net
(2,103
)
1,042
(4,692
)
372
Interest expense
(3,705
)
(3,918
)
(13,020
)
(13,416
)
Income before income taxes
5,466
9,776
17,691
21,525
Income tax expense
606
5,447
3,270
7,024
Net income
4,860
4,329
14,421
14,501
Noncontrolling interest
18
(450
)
(1,464
)
(1,590
)
Net income attributable to CECO Environmental Corp.
$
4,878
$
3,879
$
12,957
$
12,911
Income per share:
Basic
$
0.14
$
0.11
$
0.37
$
0.37
Diluted
$
0.13
$
0.11
$
0.36
$
0.37
Weighted average number of common shares outstanding:
Basic
34,978,382
34,823,663
34,927,313
34,665,473
Diluted
36,559,198
35,687,092
36,381,910
35,334,090
CECO ENVIRONMENTAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
(dollars in thousands)
2024
2023
Cash flows from operating activities:
Net income
$
14,421
$
14,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
14,523
12,507
Unrealized foreign currency loss (gain)
2,664
(1,041
)
Fair value adjustments to earnout liabilities
134
296
Earnout payments
—
—
Loss on sale of property and equipment
191
110
Amortization of debt discount
498
427
Share-based compensation expense
7,514
4,533
Bad debt expense
295
1,593
Inventory reserve expense
1,056
1,099
Deferred income tax benefit
(3,606
)
(118
)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(52,355
)
(26,851
)
Cost and estimated earnings of billings on uncompleted contracts
(4,149
)
5,040
Inventories
(9,814
)
(6,896
)
Prepaid expenses and other current assets
(8,347
)
1,196
Deferred charges and other assets
(12,736
)
(1,420
)
Accounts payable
36,181
13,852
Accrued expenses
7,119
8,340
Billings in excess of costs and estimated earnings on uncompleted contracts
24,923
21,575
Income taxes payable
1,425
(1,976
)
Other liabilities
4,891
(2,120
)
Net cash provided by operating activities
24,828
44,647
Cash flows from investing activities:
Acquisitions of property and equipment
(17,368
)
(8,384
)
Net proceeds from sale of assets
4
—
Cash paid for acquisitions, net of cash acquired
(87,948
)
(48,102
)
Net cash used in investing activities
(105,312
)
(56,486
)
Cash flows from financing activities:
Borrowings on revolving credit lines
309,300
106,600
Repayments on revolving credit lines
(112,400
)
(150,600
)
Borrowings of long-term debt
—
75,000
Repayments of long-term debt
(113,982
)
(4,985
)
Repayments of notes payable
—
—
Deferred financing fees paid
(1,924
)
(363
)
Deferred consideration paid for acquisitions
(2,050
)
(1,247
)
Payments on capital leases and sale-leaseback financing liability
(925
)
(907
)
Earnout payments
(2,831
)
(2,123
)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options
(2,169
)
1,435
Distributions to non-controlling interest
(2,109
)
(1,666
)
Common stock repurchases
(5,000
)
—
Net cash provided by financing activities
65,910
21,144
Effect of exchange rate changes on cash and cash equivalents
(2,673
)
(442
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(17,247
)
8,863
Cash, cash equivalents and restricted cash at beginning of year
55,448
46,585
Cash, cash equivalents and restricted cash at end of year
$
38,201
$
55,448
Cash paid during the period for:
Interest
$
13,335
$
12,098
Income taxes
$
9,550
$
9,916
CECO ENVIRONMENTAL CORP. RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Year Ended December 31,
(dollars in millions)
2024
2023
2022
Gross profit as reported in accordance with GAAP
$
196.1
$
171.0
$
128.2
Gross profit margin in accordance with GAAP
35.1
%
31.4
%
30.3
%
Legacy design repairs
—
—
2.0
Plant, property and equipment valuation adjustment
—
—
0.6
Non-GAAP gross profit
$
196.1
$
171.0
$
130.8
Non-GAAP gross profit margin
35.1
%
31.4
%
31.0
%
Three months ended December 31,
Year ended December 31,
(in millions, except share data)
2024
2023
2024
2023
Net income as reported in accordance with GAAP
$
4.9
$
3.9
$
13.0
$
12.9
Amortization and earnout expenses
2.0
2.2
9.1
8.2
Acquisition and integration expenses
2.3
0.3
4.2
2.5
Executive transition expenses
(0.5
)
—
—
1.5
Restructuring expenses
1
1
0.5
1.3
Asbestos litigation expense
—
—
0.2
—
Foreign currency remeasurement
2.5
(1.0
)
4.3
(1.0
)
Tax benefit (expense) of adjustments
(1.8
)
3.6
(4.6
)
1.2
Non-GAAP net income
$
9.9
$
10.1
$
26.7
$
26.6
Depreciation
1.8
1.7
5.8
5.1
Non-cash stock compensation
1.7
1.5
7.5
4.5
Other (income) expense
(0.4
)
(0.1
)
0.4
0.8
Interest expense
3.7
3.9
13.0
13.4
Income tax expense
2.3
1.8
7.9
5.7
Noncontrolling interest
—
0.5
1.5
1.6
Adjusted EBITDA
$
19.0
$
19.4
$
62.8
$
57.7
Earnings per share:
Basic
$
0.14
$
0.11
$
0.37
$
0.37
Diluted
$
0.13
$
0.11
$
0.36
$
0.37
Adjusted earnings per share:
Basic
$
0.28
$
0.29
$
0.77
$
0.77
Diluted
$
0.27
$
0.28
$
0.73
$
0.75
Three months ended December 31,
Year ended December 31,
(in millions)
2024
2023
2024
2023
Net cash (used in) provided by operating activities
$
1.8
$
15.1
$
24.8
$
44.6
Acquisitions of property and equipment
(6.2
)
(2.9
)
(17.4
)
(8.4
)
Free cash flow
$
(4.4
)
$
12.2
$
7.4
$
36.2
NOTE REGARDING NON-GAAP FINANCIAL MEASURES
CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.
Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.
Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.
Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.
SAFE HARBOR
Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: our ability to consummate the planned divestiture of our Fluid Handling business, the effect of recently announced acquisitions and planned divestiture of our Fluid Handling Business (together, the “transactions”) on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transactions, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the outcome of any legal proceedings that have been or may in the future be instituted related to the Profire Energy, Inc. (“Profire Energy”) transaction or other transactions, the amount of the costs, fees, expenses and other charges related to the transactions, the achievement of the anticipated benefits of transactions, the ability of Profire Energy to achieve its earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.
SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.
Q4 2024 Financial Highlights All amounts compared to Q4’23 unless otherwise noted
Total revenue was US$69.0 million vs. US$114.8 million.
Cost of revenue was US$63.9 million vs. US$87.8 million.
Gross profit was US$5.1 million vs. US$27.0 million.
Net loss was US$531.9 million vs. US$5.0 million.
Adjusted EBITDA1 was negative US$3.8 million, vs. positive US$33.32 million.
Cash and cash equivalents were US$476.3 million as of December 31, 2024.
Crypto balance: US$77.5 million as of December 31, 2024.
Management Commentary
“Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.
Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”
Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”
Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”
Operational Summary
Metrics
Three Months Ended Dec 31
2024
2023
Total hash rate under management (EH/s)
21.6
21.0
– Proprietary hash rate
8.9
8.4
– Self-mining
8.5
6.7
– Cloud Hash Rate
0.0
1.7
– Delivered but not yet hashing
0.4
–
– Hosting
12.7
12.6
Mining rigs under management
175,000
215,000
– Self-owned
85,000
86,000
– Hosted
90,000
129,000
Bitcoin mined (self-mining only)
469
1,299
Bitcoins held
594
43
Total power usage (MWh)
857,000
1,336,000
Average cost of electricity ($/MWh)
41
44
Average miner efficiency (J/TH)
30.4
31.7
Power Infrastructure Summary
Site / Location
Capacity (MW)
Status
Timing3
Electrical capacity
– Rockdale, Texas
563
Online
Completed
– Knoxville, Tennessee
86
Online
Completed
– Wenatchee, Washington
13
Online
Completed
– Molde, Norway
84
Online
Completed
– Tydal, Norway
50
Online
Completed
– Gedu, Bhutan
100
Online
Completed
Total electrical capacity
8954
Pipeline capacity
– Tydal, Norway Phase 1
40
In progress
Pending Regulatory Approval
– Tydal, Norway Phase 2
135
In progress
Mid 2025
– Massillon, Ohio
221
In progress
Mid-to-late 2025
– Clarington, Ohio Phase 1
266
In progress
Q3 2025
– Clarington, Ohio Phase 2
304
Pending approval
Estimate 2026
– Jigmeling, Bhutan
500
In progress
Mid-to-late 2025
– Rockdale, Texas
179
In planning
Estimate 2026
– Alberta, Canada
99
In planning
Q4 2026
Total pipeline capacity
1,744
Total global electrical capacity
2,639
Financial MD&A All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.
Q4 2024 High-Level P&L and Disaggregated Revenue Details:
US $ in millions
Three Months Ended
Dec 31, 2024
Sep 30, 2024
Dec 31, 2023
Total revenue
69.0
62.0
114.8
Cost of revenue
(63.9)
(59.2)
(87.8)
Gross profit
5.1
2.8
27.0
Net loss
(531.9)
(50.1)
(5.0)
Adjusted EBITDA
(3.8)
(8.5)
33.32
Cash and cash equivalents
476.3
291.3
144.7
US $ in millions
Three Months Ended Dec 31, 2024
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Revenue
41.5
2.3
8.5
12.4
Cost of revenue
– Electricity cost in operating mining rigs
(22.3)
(0.1)
(5.8)
(7.0)
– Depreciation and share-based payment expenses
(12.2)
(0.6)
(1.2)
(1.8)
– Other cash costs
(4.0)
(0.3)
(0.8)
(1.2)
Total cost of revenue
(38.5)
(1.0)
(7.8)
(10.0)
Gross profit
3.0
1.3
0.7
2.4
US $ in millions
Three Months Ended Dec 31, 2023
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Revenue
46.9
16.2
25.2
23.4
Cost of revenue
– Electricity cost in operating mining rigs
(20.3)
(4.3)
(16.1)
(17.2)
– Depreciation and share-based payment expenses
(9.7)
(3.8)
(2.6)
(2.4)
– Other cash costs
(3.0)
(1.0)
(1.6)
(1.6)
Total cost of revenue
(33.0)
(9.1)
(20.3)
(21.2)
Gross profit
13.9
7.1
4.9
2.2
Full Year 2024 High-Level P&L and Disaggregated Revenue Details:
US $ in millions
Years Ended
Dec 31, 2024
Dec 31, 2023
Total revenue
349.8
368.5
Cost of revenue
(283.4)
(290.7)
Gross profit
66.4
77.8
Net loss
(599.2)
(56.7)
Adjusted EBITDA
39.4
97.02
Cash and cash equivalents
476.3
144.7
US $ in millions
Year Ended Dec 31, 2024
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Revenue
163.1
39.8
67.6
64.0
Cost of revenue
– Electricity cost in operating mining rigs
(91.1)
(7.5)
(39.6)
(41.0)
– Depreciation and share-based payment expenses
(39.1)
(8.4)
(8.4)
(8.2)
– Other cash costs
(11.8)
(2.5)
(4.3)
(4.5)
Total cost of revenue
(142.0)
(18.4)
(52.3)
(53.7)
Gross profit
21.1
21.4
15.3
10.3
US $ in millions
Year Ended Dec 31, 2023
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Revenue
111.7
67.9
97.3
79.9
Cost of revenue
– Electricity cost in operating mining rigs
(52.3)
(17.1)
(54.6)
(55.5)
– Depreciation and share-based payment expenses
(29.2)
(19.7)
(13.2)
(10.7)
– Other cash costs
(8.3)
(5.3)
(7.5)
(6.6)
Total cost of revenue
(89.8)
(42.1)
(75.3)
(72.8)
Gross profit
21.9
25.8
22.0
7.1
Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)
Revenue
Total revenue was US$69.0 million vs. US$114.8 million.
Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
Cloud Hash Raterevenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
Cost of Revenue
Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.
GrossProfit and Margin
Gross profit was US$5.1 million vs. US$27.0 million.
Gross margin was 7.4% vs. 23.5%.
Operating Expenses
The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.
Other Net Loss
In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.
Net Loss
Net loss was US$531.9 million vs. US$5.0 million.
Adjusted Profit / (Loss) (Non-IFRS)5
Adjusted loss was US$36.9 million vs. adjusted profit of US$4.52 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.
Adjusted EBITDA (Non-IFRS)
Adjusted EBITDA was negative US$3.8 million vs. positive US$33.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.
Cash Flows
Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.
Balance Sheet As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)
US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.
Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.
CEO 10b5-1 Trading Plan In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.
About Bitdeer Technologies Group Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31,
As of December 31,
(US $ in thousands)
2024
2023
ASSETS
Cash and cash equivalents
476,270
144,729
Cryptocurrencies
77,537
15,371
Trade receivables
9,627
17,277
Amounts due from a related party
15,512
187
Prepayments and other assets
310,173
97,087
Inventories
64,888
346
Financial assets at fair value through profit or loss
42,521
37,775
Restricted cash
17,356
9,538
Mining rigs
67,324
63,477
Right-of-use assets
69,273
58,626
Property, plant and equipment
251,377
154,860
Investment properties
30,723
34,346
Intangible assets
83,235
4,777
Goodwill
35,818
–
Deferred tax assets
6,220
991
TOTAL ASSETS
1,557,854
639,387
LIABILITIES
Trade payables
31,471
32,484
Other payables and accruals
42,267
32,151
Amounts due to a related party
8,747
33
Income tax payables
2,729
3,367
Derivative liabilities
763,939
–
Deferred revenue
129,229
144,337
Borrowings
208,127
22,618
Lease liabilities
78,133
70,211
Deferred tax liabilities
16,614
1,620
TOTAL LIABILITIES
1,281,256
306,821
NET ASSETS
276,598
332,566
EQUITY
Share capital
*
*
Treasury equity
(160,926)
(2,604)
Accumulated deficit
(649,004)
(49,853)
Reserves
1,086,528
385,023
TOTAL EQUITY
276,598
332,566
* Amount less than US$1,000
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended Dec 31,
Years ended Dec 31,
(US $ in thousands)
2024
2023
2024
2023
Revenue6
69,018
114,848
349,782
368,554
Cost of revenue
(63,919)
(87,804)
(283,382)
(290,745)
Gross profit
5,099
27,044
66,400
77,809
Selling expenses
(1,952)
(2,005)
(8,044)
(8,246)
General and administrative expenses
(17,668)
(17,134)
(64,317)
(66,454)
Research and development expenses
(22,898)
(8,306)
(76,946
(29,534)
Listing fee
–
–
–
(33,151)
Other operating income / (expenses)
(3,670)
3,073
727
3,791
Other net gain / (loss)
(479,778)
1,068
(507,479)
3,538
Profit / (loss) from operations
(520,867)
3,740
(589,659)
(52,247)
Finance income / (expenses)
(11,811)
1,179
(11,935)
1,276
Profit / (loss) before taxation
(532,678)
4,919
(601,594)
(50,971)
Income tax benefit / (expenses)
761
(9,950)
2,443
(5,685)
Loss for the periods
(531,917)
(5,031)
(599,151)
(56,656)
Other comprehensive loss
Loss for the periods
(531,917)
(5,031)
(599,151)
(56,656)
Other comprehensive loss for the periods
Item that may be reclassified to profit or loss
– Exchange differences on translation of financial statements
(234)
(43)
(218)
(26)
Other comprehensive loss for the periods, net of tax
(234)
(43)
(218)
(26)
Total comprehensive loss for the periods
(532,151)
(5,074)
(599,369)
(56,682)
Loss per share (Basic and diluted)
(3.22)
(0.05)
(4.36)
(0.51)
Weighted average number of shares outstanding (thousands) (Basic and diluted)
165,427
111,055
137,426
110,494
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Dec 31,
Years ended Dec 31,
(US $ in thousands)
2024
2023
2024
2023
Cash flows from operating activities
Cash used in operating activities
(321,629)
(76,963)
(613,167)
(283,868)
Interest paid on leases
(902)
(659)
(3,473)
(2,605)
Interest paid on borrowings
(2,216)
(940)
(3,952)
(2,181)
Interest received
1,653
2,033
7,115
7,572
Income tax paid
(1,964)
(1,347)
(8,596)
(1,500)
Income tax refund
–
10,795
–
10,795
Net cash used in operating activities
(325,058
)
(67,081)
(622,073)
(271,787)
Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets
(42,617)
(25,324)
(119,487)
(63,305)
Purchase of mining rigs
(5,766)
(107)
(7,731)
(63,041)
Purchase of financial assets at fair value through profit or loss, net of refund received
(425)
–
(2,776)
(4,400)
Proceeds from disposal of financial assets at fair value through profit or loss
–
–
–
31,111
Repayments from a related party
–
322
–
322
Lending to a third party
–
–
–
(61)
Proceeds from disposal of property, plant and equipment
54
44
298
73
Proceeds from disposal of mining rigs
–
27
–
27
Proceeds from disposal of cryptocurrencies
38,794
97,083
248,447
299,128
Cash paid for business acquisitions, net of cash acquired
–
–
(6,051)
–
Net cash generated from / (used in) investing activities
(9,960)
72,045
112,700
199,854
Cash flows from financing activities
Capital element of lease rentals paid
(6,540)
(1,183)
(9,676)
(5,191)
Net payment related to Business Combination
–
–
–
(7,662)
Repayments of borrowings
(10,000)
–
(15,000)
(7,000)
Proceeds from issuance of shares for exercise of share rewards
4,412
412
5,170
412
Proceeds from issuance of ordinary shares and warrants, net of transaction costs
321,918
9,494
485,108
9,494
Payment for the future issuance cost
–
(942)
–
(942)
Acquisition of treasury shares
–
(2,495)
(617)
(2,604)
Proceeds from convertible senior notes, net of transaction costs
387,917
–
554,214
–
Repayment to convertible senior notes in connection with note extinguishment
(14,932)
–
(14,932)
–
Purchase of zero-strike call option
(160,000)
–
(160,000)
–
Net cash generated from / (used in) financing activities
522,775
5,286
844,267
(13,493)
Net increase / (decrease) in cash and cash equivalents
187,757
10,250
334,894
(85,426)
Cash and cash equivalents at the beginning of the period
291,314
134,512
144,729
231,362
Effect of movements in exchange rates on cash and cash equivalents held
(2,801)
(33)
(3,353)
(1,207)
Cash and cash equivalents at the end of the period
476,270
144,729
476,270
144,729
Use of Non-IFRS Financial Measures In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.
BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
Three months ended Dec 31,
Years ended Dec 31,
(US $ in thousands)
2024
2023
2024
2023
Adjusted EBITDA
Loss for the periods
(531,917)
(5,031)
(599,151)
(56,656)
Add：
Depreciation and amortization
25,116
19,654
81,096
75,541
Income tax (benefit) / expenses
(761)
9,950
(2,443)
5,685
Interest (income) / expense, net
8,729
(753)
10,050
(2,872)
Listing fee
–
–
–
33,151
Share-based payment expenses
8,658
11,322
33,968
45,488
Changes in fair value of derivative liabilities
469,501
–
498,167
–
Loss on extinguishment of debt
8,172
–
8,172
–
Changes in fair value of holdback shares for acquisition of FreeChain
2,970
–
3,186
–
Changes in fair value of cryptocurrency-settled receivables and payables
5,733
(1,810)
6,362
(3,305)
Total of Adjusted EBITDA
(3,799)
33,3322
39,407
97,0322
Adjusted Profit / (loss)
Loss for the periods
(531,917)
(5,031)
(599,151)
(56,656)
Add：
Listing fee
–
–
–
33,151
Share-based payment expenses
8,658
11,322
33,968
45,488
Changes in fair value of derivative liabilities
469,501
–
498,167
–
Loss on extinguishment of debt
8,172
–
8,172
–
Changes in fair value of holdback shares for acquisition of FreeChain
2,970
–
3,186
–
Changes in fair value of cryptocurrency-settled receivables and payables
1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables. 2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business. 3 Indicative timing. All timing references are to calendar quarters and years. 4 Figures may not add due to rounding. 5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables. 6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.
Government committed to fostering business climate, enhance Ease of Doing Business: Union Commerce and Industry Minister Piyush Goyal PM’s visit to USA, France paved the way for greater investment and collaboration: Shri Goyal
Small & Medium enterprises have a transformative role in driving Viksit Bharat: Shri Goyal
Posted On: 25 FEB 2025 5:02PM by PIB Delhi
The Centre is committed to creating a favourable investment climate, ensuring regulatory stability, and enhancing the Ease of Doing Business (EoDB) in the country. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his virtual address at the Pune International Business Summit 2025, which was organised by Mahratta Chamber of Commerce, Industries, and Agriculture (MCCIA) on January 24, 2025.
The Minister stressed that Prime Minister Shri Narendra Modi’s recent visits to the USA and France have paved the way for greater investment and enhanced collaborations. Emphasising that the 2-day summit will delve into emerging trade trends, build robust alliances and highlight the transformative role of Small and Medium Enterprises (SMEs) in driving Viksit Bharat, Shri Goyal pointed out that representatives from over 20 countries will participate at the event, reflecting global confidence in India’s resilience.
Minister Goyal emphasised that the Union Budget reinforces its commitments with a ₹10k Cr Fund of Funds for Startups and a Deep Tech Fund empowering entrepreneurs. He further stressed that a significant investment committed towards R&D with an initial estimation of Rs 20,000 crore for Anusandhan National Research Foundation (ANRF) along with a high-level committee, an investment-friendly index & Jan Vishwas 2.0 further bolster trust-based governance.
Noting that Pune known as the ‘Detroit of the East’ is the hub of innovation, the Minister stressed that the city is setting benchmarks across industries, making it the ideal venue to host events that foster collaborations and drive India’s growth story.
Shri Goyal praised MCCIA for bringing together an inspiring confluence of industry leaders and visionaries and said that the 90-year old Association has played a transformative role in fueling progress, empowering entrepreneurs and driving growth across Maharashtra and India.
EPFO Adds 16.05 Lakh Net Members during December 2024 8.47 Lakh New Members Enrolled
Posted On: 25 FEB 2025 4:58PM by PIB Delhi
The Employees’ Provident Fund Organization (EPFO) has released provisional payroll data for December 2024, revealing a net addition of 16.05 lakh members. An increase of 9.69% has been registered in net payroll addition during the current month as compared to the previous month of November 2024.
Further, the year-on-year analysis reveals a growth of 2.74% in net payroll additions compared to December 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.
EPFO enrolled around 8.47 lakh new subscribers in December 2024. The new subscribers’ addition shows
year on year growth of 0.73% from the previous year in December 2023. This surge in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.
A noticeable aspect of the data is the dominance of the 18-25 age group, 4.85 lakh new subscribers added in the 18-25 age group, constituting a significant 57.29% of the total new subscribers added in December 2024. New subscribers in the 18-25 age group added in the month shows an increase of 0.91% compared with the previous month of November 2024 and a growth of 0.92% from the previous year in December 2023.
Further, the net payroll addition for the age group 18-25 for December 2024 is approximately 6.85 lakh reflecting an increase of 16.91% compared to the previous month of November 2024. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data highlights that approximately 15.12 lakh members exited and subsequently rejoined EPFO. This figure represents a 5.10% increase compared to the previous month of November 2024. It also depicts a significant year-over-year growth of 25.76% compared to December 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that out of the total new subscribers added during the month, around 2.22 lakhs are new female subscribers. This figure exhibits significant year-over-year growth of 6.34% compared to December 2023. Also, the net female payroll addition during the month stood at around
3.03 lakh reflecting a year over year growth of 4.77% compared to December 2023. The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce
State-wise analysis of payroll data denotes that the top five states/ UTs constitute around 59.84% of net payroll addition, adding a total around 9.60 lakh net payroll during the month. Of all the states, Maharashtra is leading by adding 21.71% of net payroll during the month. The states/UTs of Maharashtra, Karnataka, Gujarat, Haryana, Delhi, Tamil Nadu, Uttar Pradesh and Telangana individually added more than 5% of the total net payroll during the month.
Industry-wise Trends:
Month-on-month comparison of industry-wise data displays significant growth in the net payroll addition working in establishments engaged in the industries viz.
EXPERT SERVICES,
BUILDING AND CONSTRUCTION INDUSTRY,
OTHERS,
TRADING – COMMERCIAL ESTABLISHMENTS,
FINANCING ESTABLISHMENT.
Of the total net payroll addition, around 41.23% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The above payroll data is provisional since data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month on account of:
ECRs being filed for previous months after generation of payroll report.
ECRs filed earlier being modified after generation of payroll reports.
Date of exit from EPF membership for previous months being updated after generation of payroll report.
From the month of April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.
Source: The Conversation – France – By Florence Débarre, Directrice de recherche CNRS, chercheuse en biologie évolutive, Sorbonne Université
In a January 24 interview with the far-right-wing outlet Breitbart News, newly appointed CIA director John Ratcliffe stated that assessing intelligence on a potential Wuhan lab leak was a top priority. The following day, The New York Times reported that the agency had shifted from an undecided stance to favoring a possible Chinese lab leak, albeit with a “low confidence” rating–the lowest on a three-tier scale (low, medium, high)–indicating the evidence remains inconclusive.
The CIA has thus joined the ranks of the FBI and the Department of Energy (DOE), which has scientific jurisdiction, in supporting the possibility of a laboratory-related incident.
Findings from a 2023 reportshow that, among the U.S. agencies that have investigated the pandemic’s origins, one remains undecided, while four others, along with the National Intelligence Council, support the natural origin hypothesis.
What does ‘laboratory origin’ really mean?
According to The New York Times, the CIA’s revised assessment is based not on new evidence, but on a reinterpretation of existing data. However, the reasoning behind its reassessment, along with the supporting data, has not been made public, making it impossible to evaluate the accuracy and reliability of the agency’s conclusions.
Adding to the complexity, “laboratory origin” is an umbrella term encompassing multiple, sometimes contradictory, scenarios. Confirming CNN’s 2023 report on the Department of Energy’s revised stance, The New York Times notes that while the DOE identifies the Wuhan Center for Disease Control (WCDC) as the outbreak’s likely source, the FBI attributes it to a lab leak at the Wuhan Institute of Virology (WIV). As of now, the CIA has not disclosed which scenario it deems most plausible.
Though WCDC is not an actual research laboratory, some of its employees were participating in wildlife sampling campaigns at the time of the outbreak. In late 2019, WCDC moved to a location close to the Huanan Market. A theory implicating the WCDC confirms evidence that the earliest detected cases are epidemiologically and geographically linked to the market, suggesting the virus emerged naturally.
In contrast, the WIV is a research institute operating across two campuses–one located 12 kilometers from the market and the other, which houses the P4 laboratory, 27 kilometers away. Scenarios implicating the WIV generally posit that “gain-of-function” coronavirus experiments–intended to enhance a virus’s transmissibility or virulence–were conducted under unsafe biosecurity conditions. The WIV is a biosafety level 2 facility, two levels below the high-security P4 standard.
The interactive map above highlights Wuhan laboratories–the two WIV campuses in purple and the WCDC in yellow–and the Wuhan Huanan market in red. Click the symbol in the top left corner to view the legend. Since the WCDC is located near the market, please zoom in to see it.
The Covid-19 virus originated from a single source. If it did escape from a Chinese laboratory, it could not have simultaneously leaked from two separate labs conducting different types of research.
The lab leak scenario, supported by mutually incompatible hypotheses, doesn’t hold up–even before considering theories that the virus was engineered in a U.S. lab and then sent to Wuhan.
Beyond determining the virus’s origin, it is equally important to identify the exact nature of the virus–further complicating the lab-accident hypothesis. Was it a natural occurring virus contracted during a sampling campaign? A laboratory-cultivated virus transferred to cells or animals? Or even a directly genetically modified virus?
Again, SARS-CoV-2 cannot be both a natural virus and the result of lab experiments. Arguments built on conflicting premises do little to strengthen the case for a research-related incident.
No evidence of a laboratory-related incident
The lab-incident hypothesis would carry much more weight if definitive proof emerged that, by late December 2019, a Wuhan laboratory possessed a progenitor of SARS-CoV-2–meaning a virus identical or nearly identical to SARS-CoV-2.
In the case of the 2007 foot-and-mouth disease outbreak in southern England, for example, virus sequencing quickly led investigators to nearby high-security laboratories conducting research on a similar virus. The inquiry ultimately traced the outbreak to faulty effluent pipes at the facilities.
To date, no virus has been identified that could be used in a laboratory as a direct progenitor of SARS-CoV-2. If the virus did emerge from a research-related incident, two possibilities remain: it was either an uncharacterized natural virus, unknown even to researchers, or it was a previously characterized virus that had not been disclosed–either because it was recently identified or part of a classified program–and is still being kept under wraps by scientists in Wuhan.
Especially if SARS-CoV-2 were the result of genetic engineering. A lab-modified virus would mean its genetic sequence was known before the pandemic and accessible to researchers. However, by 2021, the U.S. intelligence community had determined that researchers at the WIV had no prior knowledge of SARS-CoV-2 before the outbreak. While absence of evidence is not evidence of absence, concrete data has yet to emerge supporting the hypothesis of laboratory modification.
Theories about a potential lab outbreak have also fueled speculation about external involvement, both within China and abroad. A U.S. Senate committee report put forward an all-Chinese scenario, citing the suspicious 2020 death of a Beijing-based researcher working on a new vaccine.
Other theories center on the NGO EcoHealth Alliance, which collaborated with WIV to collect and study natural coronavirus strains before its funding was abruptly cut off at Donald Trump’s request in Spring 2020. The organization’s president has since been banned from federal funding for five years, facing criticism over oversight issues, including delayed reporting of an experiment on a chimeric coronavirus and failure to provide WIV’s laboratory notebooks.
Among the most high-profile figures implicated in U.S.-based complicity theories is Anthony Fauci, the former White House Covid advisor and head of the agency that funded the EcoHealth Alliance/WIV collaboration. But allegations against Fauci go far beyond simply approving research grants. One narrative claims he deliberately suppressed discussions about the pandemic’s point of origin, pressuring researchers to alter their conclusions in exchange for funding. No evidence has surfaced to support this claim.
Since these competing lab leak theories have emerged from a lack of conclusive evidence anything is possible. However, available data suggest the virus may have originated naturally from animals sold at the Huanan Market.
Multiple sources, including research from Chinese institutions, support this hypothesis: two early SARS-CoV-2 strains were detected at the market, with the earliest cases reported in homes within the vicinity, even for patients without direct epidemiological links to it, and findings from the Chinese Center for Disease Control (CCDC) indicate that raccoon dogs and masked palm civets–species implicated in earlier SARS outbreaks–were present in the market’s southwest corner, where traces of SARS-CoV-2 were frequently detected.
However, by the time the China CDC team arrived at the Huanan Market–just hours after its closure for sample collection–raccoon dogs and civets were no longer present. As a result, no direct traces of infection were detected, and the definitive evidence some are hoping for may never be uncovered.
But even if such proof were to emerge, it’s unlikely to settle the debate. Additional confirmation would be needed to show that the contamination originated in the animals rather than being a secondary infection transmitted by humans. Moreover, skeptics could argue that the animals themselves came from a laboratory. In other words, the controversy is far from over.
For now, with the new Trump administration focused on finding a culprit, the origins of the Covid-19 pandemic will remain in the spotlight. Senator Rand Paul, now chair of the Homeland Security and Governmental Affairs Committee (HSGAC), has made the issue his favorite hobbyhorse.
While declassifying additional information from the U.S. intelligence community could help clarify competing conclusions, there are concerns that the administration’s efforts may unfairly target researchers, potentially resulting in more innocent victims.
Florence Débarre received funding in 2022 from the MODCOV19 platform of the National Institute for Mathematical Sciences and their Interactions (Insmi, CNRS) to model the initial dynamics of an epidemic.
Agillic has today published its annual results 2024 in line with the preliminary results published on 6 February 2025. The guidance for 2025 is also maintained.
Christian Samsø, CEO, comments on the results: “In 2024, sales were affected by higher uncertainty and limited appetite for tech investments in the market. Client portfolio changes, driven mainly by mergers and acquisitions, where clients were forced onto other platforms as part of new global contracts and commitments, affected Agillic. However, on a positive note, several new clients chose Agillic as their customer engagement platform in 2024. In 2024, we finally closed the year-long tax credit dispute with the Danish Tax Authorities and in Agillic’s favour, positively impacting both the net result and liquidity. 2025 will undoubtedly present it’s challenges too, but with a refocused strategy and a new and committed management team, we feel confident to deliver on our ambitions for growth and profitability.”
Key financial and SaaS highlights (DKK million)
INCOME STATEMENT (DKK million)
FY 2024
FY 2023
Change
Q4 2024
Q4 2023
Change
Revenue subscriptions
50.0
52.4
-5%
13.0
12.2
7%
Revenue transactions
10.2
12.0
-15%
2.8
2.9
-3%
Other revenue
0.0
0.3
-100%
0.0
0.3
-100%
Total revenue
60.2
64.7
-7%
15.8
15.4
3%
Gross profit
48.8
52.2
-7%
12.7
12.6
1%
Gross margin
81%
80%
–
80%
82%
–
Other operating income
0.8
0.6
33%
0.2
0.1
100%
Employee costs
-34.5
-36.8
6%
-10.8
-10.8
0%
Operational costs
-14.1
-14.1
0%
-2.9
-3.5
17%
EBITDA
1.0
1.9
-47%
-0.8
-1.6
50%
Net profit
-3.3
-27.5
88%
-4.5
-22.4
80%
FINANCIAL POSITION
Cash
6.4
9.8
-35%
6.4
9.8
-35%
ARR DEVELOPMENT (DKK million)
ARR subscriptions
54.3
57.8
-6%
54.3
57.8
-6%
ARR transactions
11.2
12.3
-9%
11.2
12.3
-9%
Total ARR
65.5
70.1
-7%
65.5
70.1
-7%
Change in ARR (DKK)
-4.6
-6.6
–
2.4
-6.6
–
Change in ARR %
-7%
-9%
–
4%
-9%
–
Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.
ARR At the end of 2024, ARR from subscriptions was DKK 54.3 million compared to DKK 57.8 million as of 2023, a decrease of DKK 3.5 million corresponding to a decrease of 6% with a decline in ARR from transactions from DKK 12.3 million to DKK 11.2 million. At the end of 2024, total ARR was DKK 65.5 million, compared to DKK 70.1 million as of 2023, a decrease of DKK 5.6 million.
Income statement The revenue from subscriptions decreased by 5% to DKK 50.0 million (2023: DKK 52.4 million) with a total revenue of DKK 60.2 million (2023: DKK 64.7 million). Gross profit was DKK 48.8 million (2023: DKK 52.2 million) with a gross profit margin of 81% (2023: 80%).
Despite the decrease in gross profit of DKK 3.2 million as well as one-time costs for consultancy fees and severance costs of total DKK 3.1 million, EBITDA ended positive at DKK 1.0 million (2023: DKK 1.9 million).
Cash As of 31 December 2024, cash at bank amounted to DKK 6.4 million compared to DKK 9.8 million as of 31 December 2023. Cash flow from operating activities increased to DKK 12.2 million (2023: DKK -6.5 million) primarily because of a reduction in working capital from trade payables, other payables, and deferred income. Cash flow from investing activities amounted to DKK -10.9 million (2023: DKK -11.7 million) primarily related to investments in developing the Agillic customer engagement platform.
Financial guidance 2025 (unchanged)
Revenue
DKK
60-63m
EBITDA
DKK
5-8m
ARR Subscriptions
DKK
56-60m
For further information, please contact: Christian Samsø, CEO +45 24 88 24 24 Christian.samsoe@agillic.com
Certified Adviser HC Andersen Capital Pernille Friis Andersen
Appendix: Financial development per quarter
DKK million
2024
2023
2022
INCOME STATEMENT
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Revenue subscriptions
13.0
12.1
12.3
12.6
12.2
13.6
13.5
13.1
13.5
13.1
12.2
11.1
Revenue transactions
2.8
2.7
2.5
2.2
2.9
3.0
2.9
3.2
6.0
4.8
3.3
2.6
Other revenue
0.0
0.0
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.1
0.3
Total revenue
15.8
14.8
14.8
14.8
15.4
16.6
16.4
16.3
19.5
17.9
15.6
14.0
Gross profit
12.7
11.7
12.1
12.3
12.6
13.4
13.2
13.0
15.5
11.4
11.7
11.0
Gross margin
80%
79%
82%
83%
82%
81%
80%
80%
80%
63%
75%
78%
Other operating income
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.1
0.3
0.0
0.0
0.0
Employee costs
-10.8
-7.1
-8.0
-8.6
-10.8
-7.9
-9.4
-8.7
-9.2
-7.3
-8.0
-8.0
Operational costs
-2.9
-3.6
½
-3.3
-3.5
-3.2
-3.0
-4.4
-5.1
-2.7
-3.7
-4.8
EBITDA
-0.8
1.2
0.0
0.6
-1.6
2.5
1.0
0.0
1.5
1.4
0.0
-1.8
Net profit
-4.5
-2.4
7.0
-3.4
-22.4
-0.4
-1.8
-2.9
-2.0
-1.2
-2.7
-4.7
BALANCE SHEET
Cash
6.4
3.7
4.4
7.2
9.8
11.5
18.3
26.9
7.4
1.8
12.6
7.5
Total assets
44.2
42.8
45.8
51.5
47.2
64.9
69.0
75.8
52.8
54.0
58.7
55.4
Equity
-22.3
-17.8
-16.0
-23.3
-20.2
1.5
1.8
3.4
-15.0
-13.2
-12.0
-9.6
Borrowings
19.0
19.1
21.4
24.3
23.8
23.0
24.2
25.7
24.3
23.7
26.1
26.4
CASH FLOW
Cash flow from operations
5.5
4.1
2.6
0.0
-0.6
-2.8
-4.3
1.2
7.3
-4.9
9.0
-8.3
Cash flow from investments
-2.5
-2.6
-2.7
-3.0
-2.1
-3.1
-3.2
-3.3
-3.3
-3.3
-3.7
-3.2
Cash flow from financing
-0.3
-2.2
-2.7
0.4
1.0
-0.9
-1.1
21.6
1.6
-2.6
-0.2
-1.6
Net cash flow
2.7
-0.7
-2.8
-2.6
-1.7
-6.8
-8.6
19.5
5.6
-10.8
5.1
-13.1
EMPLOYEES & CLIENTS
Employees end of period
42
40
39
41
50
50
50
46
48
47
51
47
Clients end of period
118
114
113
116
122
120
120
118
118
111
108
105
ARR & SAAS METRICS
ARR subscriptions
54.3
52.5
51.7
52.2
57.8
56.8
54.9
54.2
54.1
50.3
49.6
48.5
ARR transactions
11.2
10.6
10.0
8.9
12.3
12.1
11.5
17.3
22.6
19.6
14.6
10.3
Total ARR
65.5
63.1
61.7
61.1
70.1
68.9
66.4
71.5
76.7
69.9
64.2
58.8
Change in ARR (DKK)
2.4
1.4
0.6
-9.0
1.2
2.5
-5.1
-5.2
6.8
5.7
5.4
3.1
Change in ARR %
4%
2%
1%
-13%
2%
4%
-7%
-7%
10%
9%
9%
6%
Average ARR
0.6
0.6
0.5
0.5
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
Yearly CAC
0.5
0.3
0.1
Months to recover CAC
12
7
3
Definitions
Cash is defined as available funds less bank overdraft withdrawals.
ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
Average ARR: the average Total ARR per client.
Customer Acquisition Costs (CAC): the sales and marketing costs (inclusive of salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.
Disclaimer The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.
About Agillic A/S Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.
MATT SMITH, LABOR CANDIDATE FOR LEICHHARDT: Good morning, my name’s Matt Smith. I’m the ALP’s candidate for the Federal seat of Leichhardt. Today, I’ve got Minister Amanda Rishworth and Jen Rees from Surf Life Saving here for a really important announcement around accessibility to our beaches and national parks. One of my favourite memories with my children is taking them to the beach and listening to them squeal and run away from the waves, that interaction with the ocean that so many Australians and tourists take for granted. Unfortunately, the beach can be a tough place if you’re in a wheelchair. Sand is not particularly conducive to wheels, and this announcement gives the beach back to everybody, the national parks back to everybody. So, you can take your children down, you can listen to them enjoy themselves, you can have that experience that you had growing up and share that with the next generation.
It’s also fantastic for the tourist industry here in Queensland. Opening up our national parks and our beaches to everybody provides another string to our already well-heeled bow. Giving people the opportunity to experience all that Far North Queensland has to offer, regardless of their ability to move, is really important and gives us an opportunity to share our truly beautiful part of the world. I’ll hand over now to Minister Rishworth to go over some more of the details of what is a truly special announcement today.
AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: It’s so wonderful to be here with Matt Smith, Labor’s candidate for the Federal seat of Leichhardt, and of course Jen and the other surf lifesavers here at Palm Cove. Today we’re announcing a fund called Accessible Australia. This funding will be to partner with state governments and local councils and other organisations, such as Surf Life Saving clubs, to ensure that our beaches and other natural spaces are more accessible.
We know that we have some of the best beaches, I might argue with Matt about where in Australia they’ll be, but according to Accessible Beaches Australia, a charity that does a lot of work in this area, only 2 per cent of our beaches are actually accessible for people with disabilities. So, that’s cutting up a whole lot of opportunities for so many people to just enjoy the beautiful sand and the water here in Australia.
We want to change that, and we also want to make sure that people have access to our national parks, some beautiful national parks here in North Queensland, but also around Australia. And so, funding will be available, for example, for beach wheelchairs, all terrain wheelchairs, for matting, for grading, to allow more accessibility to our beaches and our parks.
In addition, there will be funding to allow for the investment into what’s called Changing Places. These are important facilities that allow not only disability friendly toileting spaces but also showers and other really important facilities. We were willing to partner with state governments when it comes to these facilities to work with the community to make our natural environment much more attractive.
I did want to take this opportunity to commend Surf Life Saving Queensland and the work they’ve been doing with the local councils and community members. Here in North Queensland – here at Palm Cove, Mission Beach – there is already, importantly, access to the beach because of the Mobi matting and the wheelchair accessibility. And just hearing Jen talk about the impact that that can have in terms of accessibility for nippers, for the wider community is really, really important.
I’d really like to commend the work being done by Surf Life Saving Queensland along with their local councils to really focus on this accessibility. It really is to be commended, and we hope that this fund, Accessible Australia, will help accelerate the work that’s being done, and thank all of them for the work they do. Hearing Jen talk about the wraparound support that clubs get to support, whether it’s a participant in the Surf Life Saving club or perhaps a visitor at the beach, is so important so that everyone can enjoy our natural resources. So, I’d like to thank them. I’d like to thank particularly Palm Cove Surf Life Saving Club for hosting us here today and appreciate the work they’re doing. I’ll now hand over to Jen from Surf Life Saving Queensland.
JEN REES, SURF LIVING SAVING NORTH QUEENSLAND: Here in tropical North Queensland we’re very proud that four out of our five Surf Life Saving clubs have got beach wheelchairs, and we’ve got two clubs with mats that roll out. So, part of Surf Life Saving Queensland’s inclusive action plan, we’re looking at how we communicate out to the community, and they can go on our website and they can find existing beaches, they can find out what facilities are available and what’s not available. Here in Palm Cove, at least, it’s like the council supporting us with a wheelchair that has access to the beach, and Port Douglas is supported by Douglas Shire Council with their wheelchair. And then Ellis Beach has had a fantastic donation from the Muslim community with another additional wheelchair, and down Mission Beach they’ve also had a donation. So, the community is banding together to see what [indistinct]. Surf Life Saving Queensland been taking a holistic approach.
JOURNALIST: How do we select which clubs or which beaches receive this funding?
JEN REES: So, that’s available through clubs and beaches throughout Queensland on the website, and you can look up accessible beaches and there will be information and photographs on what facilities are available.
SPEAKER: And out of all of the Surf Life Saving clubs, obviously, like, a particular one is going to get change rooms. How is that selected?
JEN REES: So, that’s listed under the club. So, we have a [indistinct]. So, for example, this club here, you’ve got accessibility to the supporters’ club, you’ve got an indoor accessible toilet, change room and shower, you’ve got an elevator up to any sort of function room. So, all of that’s actually listed on the website.
SPEAKER: And in terms of the Mobi matting, is that just rolled out through the lifeguard hours, like, when the lifeguards are open?
JEN REES: Yes. So, it’s important that there is a service on, the lifeguards and lifesavers have a service on. And then during that service, if you come up and you would like to use it, we’ll roll it out, we’ll get the chair out, and we’ll support getting everything ready. And then that person does need a carer with them to put them into the chair. We’ve also got adaptable sports programs and a lot of resources available to clubs who want to do adaptable sport. And our state program now – we have state sports events coming up which have adaptable events in them. So, members with a disability have got a modified sporting environment where they can compete and participate.
JOURNALIST: So, if this funding [indistinct] Far North Queensland, what difference will that make?
JEN REES: It’s fundamental to consultation. So, any parent with someone with a disability or any adult with a disability, they’re going to look and see, can I go to the toilet, can I shower, can I participate, is there a program that’s modified to suit my needs. So, the resources are available and the support’s available for any club who does have a new member come into their environment.
AMANDA RISHWORTH: We will be partnering with state and territory governments, along with local councils and Surf Life Saving clubs to deliver this funding where the need is. Surf Life Saving Queensland is so far advanced in their planning, we certainly look forward to supporting them along with other organisations and state governments and local councils. So, we’ll be working with the Queensland Government, partnering with them, through them, with the Surf Life Saving clubs and the councils.
In terms of your question about the impact this has, the impact that just simple things such as Mobi matting or beach wheelchairs changes the whole experience for someone with a disability. They are able to get into the water, they’re able to touch the water, feel the sand. It has such a huge impact. And just a few days ago in my own electorate in South Australia, we had an event, surfing for the disabled, and the smiles on these people’s faces where they haven’t been able to access the water, enjoy the waves, was really something special.
JOURNALIST: The funding’s $17.1 million. How much of that is going to be spent here in regional Queensland?
AMANDA RISHWORTH: Oh, look, we will have to work through that with state governments, but we expect over 350 sites to be able to access the funding.
JOURNALIST: Can you give us a rough idea of how many sites in Far North Queensland?
AMANDA RISHWORTH: Well, it will be about working through with the State Government. What I would say, though, is that the work that Surf Life Saving Queensland’s done and the readiness that they have to have the equipment available, to have the support for the Surf Life Saving clubs puts them in a very, very good position to access the funding.
JOURNALIST: What’s the goal of the funding… [indistinct]?
AMANDA RISHWORTH: We want to work with state and territory governments. Obviously, they have the predominant responsibility for access to the built environment, but we can see the work being done on the ground. As Jen mentioned, community members are raising money. A lot of money comes from philanthropic organisations. So, I don’t necessarily have a goal, but I would like to see it a lot more accessible, working with state and territory governments. I’m hoping with the Commonwealth putting funding on the table, we can unleash and leverage funding also from state governments and local councils.
JOURNALIST: Do we have a rough figure of how many mobile matting and wheelchairs will be added?
AMANDA RISHWORTH: We think approximately there’ll be 350 sites nationally that will have improvements. That will include not just the Mobi matting – but potentially the Changing Places. They vary in cost. So, look, we’re open to the flexibility because what we want to do is make sure we’re delivering. But we are hoping to open up not only the Mobi matting, not only the wheelchairs, but also the Changing Places and other equipment that makes our natural spaces more inclusive.
JOURNALIST: Minister, we’re told that four out of five Surf Life Saving clubs up here already have those facilities in place that help that experience. Where will this funding be most needed in Australia?
AMANDA RISHWORTH: Well, look, there is always more we can do. As we heard from Jen, for some places it’s about having the wheelchairs, for others it’s about the matting, for others it’s about the changing rooms and the changing spaces. So, look, we want to make sure that places across Australia are getting access to it. But it’s places like this, with the work that Surf Life Saving Queensland has already done, that puts it in a prime position to access this funding. Because of course, what we know is it’s not just about the equipment, it is the care and attention on the ground. As Jen mentioned, this is available when there’s a lifeguard service available, people have to be trained. So, the work that Queensland Surf Life Saving has done has put them in a prime position to look at how they can better improve the beaches here in North Queensland.
JOURNALIST: For places like this that already have a wheelchair, a Mobi mat, and potentially great change rooms, how are they going to benefit from this funding?
AMANDA RISHWORTH: Well, look, of course we always can do better and there will be organisations that will have certain requests, maybe they want another wheelchair, maybe they need more matting, maybe in some places the matting needs to be replaced. They’ve already got the skills and abilities. So, look, we’ll work through that in more detail, but as you can see here, the investment made by the local council is having a real difference for people and we want to see that more available across Australia for local residents, but also for tourists alike.
ST. LOUIS – A jury in U.S. District Court in St. Louis on Monday found a St. Louis man guilty of a cocaine trafficking charge and charges related to the death of nine people during a nearly six-year period.
Evidence and testimony presented at trial showed that Anthony “TT” Jordan, 38, was the leader of a cocaine trafficking ring. Jordan committed murders to protect that organization and hinder any investigation by law enforcement. He later committed additional murders to retaliate against a St. Louis gang he held responsible for the murder of a friend, gathering information and targeting gang members with the help of associates. Jordan and his co-conspirators also killed several bystanders, to include Clara Walker, a 51-year-old mother of nine, and Keairrah Johnson. Among those who testified were direct witnesses to the murders.
Jordan was convicted of one count of conspiracy to distribute cocaine, one count of possession of firearms in furtherance of a drug trafficking crime and nine counts of use of a firearm in furtherance of a drug-trafficking crime resulting in death. Those counts relate to the following fatal shootings, with details according to trial testimony:
• The April 19, 2008, deaths of Al Walters, Linnie Jackson, and Keith Burks. Walters was Jordan’s target. • The Feb. 3, 2010, deaths of Marquis Jones and Keairrah Johnson. Jones was the target. • The June 25, 2013, death of Anthony “Blinky” Clark. • The Dec. 29, 2013, deaths of Robert “Parker G” Parker and Clara Walker. Parker was the target. • The Jan. 21, 2014, death of Michail “Yellow Mack” Gridiron.
Jordan was also convicted of a nonfatal shooting on Dec. 23, 2013.
“I would like to thank the jury for their service over the last few weeks and commend all of our law enforcement partners, the Assistant United States Attorneys, and the support staff who worked tirelessly over the years to investigate and prosecute this case,” said U.S. Attorney Sayler A. Fleming. “With today’s guilty verdict, justice was served. The evidence proved without a doubt that Anthony Jordan is a violent drug-trafficker and serial murderer who needed to be removed from the streets of St. Louis. Our office remains dedicated to working with our local, state, and federal counterparts to bring at least some measure of comfort and resolution to the families of the victims of such violence, as they deserve nothing less.”
“These murders were committed to benefit a large-scale drug trafficking organization that flooded our communities with poison directly sourced from cartels in Mexico. Anthony Jordan is not only a drug trafficker, but a serial murderer whose job was to eliminate competition from other drug dealers,” said Special Agent in Charge Ashley Johnson of the FBI St. Louis Division. “St. Louis is a safer place with Jordan and his associates off the streets.”
“Today’s verdict is the culmination of countless hours of investigative work,” DEA St. Louis Division Special Agent in Charge Michael Davis said. “Over a span of several years, we uncovered the extent of Anthony Jordan’s reach into our St. Louis neighborhoods. His acts of violence instilled fear in our communities, while the drugs he pushed destroyed lives. Let this serve as a reminder that no one is above the law. The DEA, in partnership with our fellow law enforcement agencies, will go to great lengths to bring justice to the families impacted by those who inflict pain and suffering in our neighborhoods.”
The trial began with jury selection on January 31. Jordan is scheduled to be sentenced on May 29, and faces up to life in prison.
Jordan’s cocaine was supplied by Adrian Lemons, who obtained cocaine in bulk from representatives of a Mexican cartel. Lemons, now 46, of St. Louis, was sentenced in 2020 to 20 years in prison. Lemons, Jordan and 32 others were indicted as part of a long-running investigation by the FBI and the Drug Enforcement Administration, with assistance from Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the St. Louis Metropolitan Police Department and the St. Louis County Police Department. Assistant U.S. Attorneys Erin Granger and Donald Boyce are prosecuting the case.
This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) (“Nasdaq” or the “Company”) announced today the early results of its previously announced offers to purchase for cash up to an aggregate principal amount of $218,053,000 (the “Aggregate Notes Cap”) (reflecting an $18,053,000 increase from the previously announced cap of $200,000,000) of its outstanding Notes, comprised of (i) up to $41,360,000 aggregate principal amount (the “2028 Notes Cap”) of the Company’s 5.350% Senior Notes due 2028 (the “2028 Notes”), (ii) up to $57,583,000 aggregate principal amount (the “2034 Notes Cap”) of the Company’s 5.550% Senior Notes due 2034 (the “2034 Notes”) and (iii) up to $119,110,000 aggregate principal amount (the “2052 Notes Cap”) of the Company’s 3.950% Senior Notes due 2052 (the “2052 Notes”). The 2028 Notes, the 2034 Notes and the 2052 Notes are referred to collectively herein as the “Notes,” such offers to purchase are referred to collectively herein as the “Tender Offers” and each a “Tender Offer,” and the 2028 Notes Cap, the 2034 Notes Cap and the 2052 Notes Cap are referred to collectively herein as the “Series Notes Caps” and each a “Series Notes Cap.” The Tender Offers are being made upon the terms and subject to conditions described in the Offer to Purchase, dated February 10, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offers. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.
As of 5:00 p.m., New York City time, on February 24, 2025 (such date and time, the “Early Tender Date”), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Tender Offers, the aggregate principal amount of each series of Notes listed in the table below has been validly tendered and not validly withdrawn in each Tender Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on the Early Tender Date.
Title of Security
Security Identifiers
Principal Amount Outstanding
Series Notes Cap
Principal Amount Tendered at Early Tender Date
Principal Amount Accepted
Approximate Proration Factor
2028 Tender Offer
5.350% Senior Notes due 2028
CUSIP: 63111X AH4 ISIN: US63111XAH44
$921,360,000
$41,360,000
$356,599,000
$41,360,000
12%
2034 Tender Offer
5.550% Senior Notes due 2034
CUSIP: 63111X AJ0 ISIN: US63111XAJ00
$1,187,583,000
$57,583,000
$448,646,000
$57,583,000
13%
2052 Tender Offer
3.950% Senior Notes due 2052
CUSIP: 631103 AM0 ISIN: US631103AM02
$549,105,000
$119,110,000
$244,562,000
$119,110,000
49%
All conditions were satisfied or waived by the Company at the Early Tender Date. The Company has elected to exercise its right to make payment for Notes that were validly tendered on or prior to the Early Tender Date and that are accepted for purchase on February 27, 2025 (the “Early Settlement Date”).
The Tender Offers for the Notes will continue to expire at 5:00 p.m., New York City time, on March 11, 2025, or any other date and time to which the Company extends the applicable Tender Offer, unless earlier terminated.
As the aggregate principal amount of the Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date exceeds the Aggregate Notes Cap, the Company will accept for purchase the Notes on a prorated basis and will not accept for purchase any Notes validly tendered after the Early Tender Date. The applicable consideration (the “Total Consideration”) for each $1,000 principal amount of the Notes validly tendered (and not validly withdrawn) on or prior to the Early Tender Date and accepted for purchase pursuant to each Tender Offer will be calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes plus the applicable yield based on the bid-side price of the applicable U.S. Treasury Reference Security at 10:00 a.m., New York City time, on February 25, 2025 (the “Price Determination Date”) (excluding Accrued Interest (as defined below)). The Total Consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes accepted for purchase (the “Early Tender Premium”).
In addition to the consideration described above, all holders of Notes accepted for purchase in the Tender Offers will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Early Settlement Date (“Accrued Interest”).
Promptly after the Price Determination Date, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Notes.
The Company intends to fund the purchase of validly tendered and accepted Notes with available cash on hand and other sources of liquidity.
Information Relating to the Tender Offers
The complete terms and conditions of the Tender Offers are set forth in the Offer to Purchase. J.P. Morgan Securities LLC is serving as dealer manager in connection with the Tender Offers. Investors with questions regarding the terms and conditions of the Tender Offers may contact the dealer manager as follows:
J.P. Morgan Securities LLC 383 Madison Avenue New York, New York 10179 United States Attention: Liability Management Group U.S. Toll-Free: (866) 834-4666 Collect: (212) 834-7489
D.F. King & Co., Inc. is the Tender and Information Agent for the Tender Offers. Any questions regarding procedures for tendering Notes or request for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. by any of the following means: by telephone at (866) 342-4881 (toll-free) or (212) 269-5550 (collect) or by email at nasdaq@dfking.com.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to holders of the Notes. None of the Company or its affiliates, their respective boards of directors, the dealer manager, the tender and information agent or the trustee with respect to any series of Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.
This press release contains forward-looking information that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “enables,” “intends,” “will,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this press release include, among other things, statements about the proposed Tender Offers and the expected source of funds. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the Tender Offers on the terms and timing described herein, or at all, Nasdaq’s ability to implement its strategic vision, initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of the Company’s website at http://ir.nasdaq.com. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.
FRESNO, Calif. — Andrew Adler, 31, of Greenwich, Connecticut, pleaded guilty today to conspiracy to commit wire fraud when he defrauded investors out of $20 million in loans made to the failed Fresno-based, start-up company Bitwise Industries, Acting U.S. Attorney Michele Beckwith announced.
According to court records, between December 2022 and May 2023, Adler and his business partner, David Hardcastle, 61, of Fresno, gave Bitwise approximately $20 million in hard money loans through their special purpose entity Startop Investments LLC. Adler and Hardcastle used a syndicate of investors to fund the loans. In order to mislead the investors, Adler and Hardcastle altered the original loan documents to make it appear as though Bitwise was obligated to pay significantly less interest on the loans than was true. They also forged the signature of Bitwise’s Co-CEO, Jake Soberal, on the altered documents. This made the loans appear less risky and, therefore, more appealing to the investors.
Adler and Hardcastle received tens of thousands of dollars in origination fees for the loans and stood to make millions more in secret profits from the higher, undisclosed interest rates had the loans been fully repaid. Bitwise, however, did not repay the loans before collapsing, and the investors in the loans lost nearly all of their money. On Feb. 3, 2025, Hardcastle was arrested and arraigned on an indictment charging him with conspiracy to commit wire fraud and wire fraud.
This case is the product of an investigation by the FBI. Assistant U.S. Attorneys Joseph D. Barton and Cody S. Chapple are prosecuting the case.
Adler is scheduled to be sentenced by U.S. District Judge Jennifer L. Thurston on June 2, 2025. Adler faces maximum statutory penalties of 20 years in prison and a $250,000 fine for the conspiracy to commit wire fraud charge. If convicted, Hardcastle faces a maximum of 20 years in prison and a $250,000 fine for conspiracy to commit wire fraud and for each of the substantive wire fraud charges. Sentences are determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.
Hardcastle is charged in a separate indictment and those charges remain pending. Those charges are only allegations, and he is presumed innocent until and unless proven guilty beyond a reasonable doubt.
SENATOR THE HON KATY GALLAGHER MINISTER FOR FINANCE MINISTER FOR WOMEN MINISTER FOR THE PUBLIC SERVICE MINISTER FOR GOVERNMENT SERVICES
THE HON AMANDA RISHWORTH MP MINISTER FOR SOCIAL SERVICES MINISTER FOR THE NATIONAL DISABILITY INSURANCE SCHEME
SENATOR THE HON MURRAY WATT MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS
The Albanese Labor Government is reaffirming its commitment to end violence against women and children in one generation, today releasing the response to the independent review of the paid family and domestic violence leave.
The independent review, conducted by Flinders University, found the leave was “life changing” for those who accessed it and that there was broad stakeholder support from both employers and unions.
It found paid family and domestic violence leave is working as intended, supporting the financial security of those escaping or experiencing violence.
The Government accepts all five recommendations from the review. Work is now underway to address the recommendations, including through:
Continued focus on raising awareness to integrate the leave as an ordinary workplace practice across Australian workplaces;
Tailored guidance for priority cohorts, such as First Nations, culturally and linguistically diverse and casual employees;
Training programs for first responders, health, allied health and community frontline workers who commonly interact with victim-survivors on the entitlement;
Additional strategies to improve awareness and access to the entitlement, opportunities to better understand usage of the leave, and further evaluation of the leave through the upcoming statutory review of Closing Loopholes reforms.
The review also made 12 findings, the most notable, was there should be a focus on increasing awareness and understanding of the leave entitlement through communities and workplaces.
It also found that ongoing stigma around family and domestic violence was a barrier to workers accessing the leave.
Resources will be updated and repromoted to incorporate feedback from the review.
The Government response highlights the important role that workplaces can play in addressing family and domestic violence. There is considerable goodwill from employees and employers alike to make sure anyone who needs the leave can access it, and the workplace is equipped to play its part in supporting people experiencing family and domestic violence.
The Albanese Government will continue to engage with unions, employer groups, and state and territory governments on strategies to improve awareness and access to the leave.
Paid family and domestic violence leave is just one of many actions the Albanese Government has taken to improve economic security for women and end gender-based violence.
Quotes attributable to Minister for Women Katy Gallagher:
“Since coming to government, we have been deeply committed to ending gender-based violence – we were proud to introduce paid domestic and family violence leave as some of our first legislation, and the independent review has demonstrated its life changing impact.
“The Opposition refused to implement this important change during their years in government, but the Albanese Government listened to the sector, unions and victim-survivors, and we can see the results – more women accessing important and life changing support.”
Quotes attributable to Minister for Social Services Amanda Rishworth:
“Paid family and domestic violence leave from work will save lives. This entitlement will allow victim-survivors to take time off to keep themselves and their family safe, without losing their income or their jobs.
“Everyone has a role to play to end violence against women and children. It’s vital to that first responders and frontline workers have the right training and education about paid family and domestic leave, so that they can best support victim-survivors of family and domestic violence.”
Quotes attributable to Minister for Employment and Workplace Relations Murray Watt:
“No worker should have to choose between their safety and their pay. We’ve made sure all 12.4 million Australian employees, including casuals, can access 10 days’ paid leave each year when impacted by family and domestic violence.
“This leave has been life changing for Australians so far, and the Albanese Labor Government is committed to raising awareness, understanding and uptake, so that anyone who would benefit from this leave can access it.
“But it’s under threat from Peter Dutton and the Coalition – Shadow Minister for Employment and Workplace Relations, Michaelia Cash claimed paid family and domestic violence leave is a “perverse disincentive” to employers hiring women.
“Peter Dutton and the Coalition need to tell Australians whether this leave will be part of the “targeted set of repeals” of workplace laws they’ve promised to take to the election.”
McALLEN, Texas – A 35-year-old local resident has admitted he pointed a laser at a Customs and Border Protection (CBP) helicopter, announced U.S. Attorney Nicholas J. Ganjei.
George Anthony Garza pointed the laser multiple times on the evening of Dec. 29, 2024.
On that date, a CBP aircrew in an official Air and Marine Operations helicopter observed a green laser beam being pointed at the helicopter multiple times during flight, impeding the vision of a pilot. Authorities were able to determine the source originated from Garza’s backyard.
Law enforcement approached Garza at his residence, at which time he surrendered the laser pointer and admitted to aiming the beam at the aircraft that night.
U.S. District Judge Drew B. Tipton will impose sentencing June 3. At that time, Garza faces up to five years in federal prison as well as a possible $250,000 maximum fine.
He was permitted to remain on bond pending sentencing.
The FBI, CBP and Border Patrol conducted the investigation with the assistance of the Federal Aviation Administration and the McAllen Police Department. Assistant U.S. Attorney Amanda McColgan is prosecuting the case.
Topics: Creating a more ‘Accessible Australia’ for people with disability; National Disability Insurance Scheme.
CHARLIE MCKILLOP, HOST: When the temperatures escalate to the point where they have recently, the joys of living in Far North Queensland, being able to head down to one of our many tropical beaches, dip our toes in the water and cool off, well, that is not the reality for many people living in our community with a disability. But the Government is trying to do something about that. It has a new initiative that’s all about trying to increase accessibility of many places that are meant for our enjoyment and relaxation. But for a large section of the community, they remain off limits. The Minister for Social Services and the National Disability Insurance Scheme, Amanda Rishworth, is with us in Cairns today. Minister, good morning.
AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Great to be with you.
CHARLIE MCKILLOP: How important is the initiative that you’re announcing today for people in our community?
AMANDA RISHWORTH: The initiative we’re announcing is so important. What we’re announcing is funding to go through state governments, to local councils or other organisations to make the natural environment more accessible. People with disability, whether that be in wheelchairs or have other disability, often can’t access, for example, national parks. They can’t get down to the beach. They may not be able to go to a festival or community event because there isn’t an accessible place to go to the toilet, for example. So, the funding that we’re providing is really looking at how we get more of these spaces more accessible. Just as an example, close to 90 per cent of Australians live within 50 kilometres of a beach. But according to the registered charity Accessible Beaches Australia, only 2 per cent of our 12,000 beaches are actually accessible. So, we really want to open up our natural spaces and ensure that people with disability actually get the opportunity. So, this initiative also will look at, for example, funding all terrain wheelchairs, so people that may need a wheelchair could explore our national parks as well as beach wheelchairs, which means they can actually get in the water.
CHARLIE MCKILLOP: So, up until now, the burden of responsibility for improving this situation on 2 per cent of our public areas accessible to disability, that has fallen on local government, is that right? How much good will $17 million do to reverse that, to open up such a large area that remains off limits?
AMANDA RISHWORTH: It’s often actually fallen to philanthropic organisations and local councils that have done this work. But we’re hoping with the Federal Government money, that we will be able to open really about 350 new accessible spaces to allow more accessibility. But of course, we want to partner also with state and territory governments to maximise the ability of this program. So, for some of these spaces, what we will be asking for is potentially matched funding from state and territory governments so that we can get more spaces accessible. But we’re hoping this will contribute to about 350 extra spaces in our natural environment open for people with disability.
CHARLIE MCKILLOP: You are hearing from Social Services Minister Amanda Rishworth in Cairns today to announce some really important funding that will increase accessibility to some of the most, well, some of the most sought-after experiences. We know that people come from around the world to be able to experience our beaches and our national parks across Far North Queensland. Amanda Rishworth, the bigger issue in your portfolio is of course, the National Disability Insurance Scheme. Leading up to a Federal election, when we have had a review of the scheme and so much controversy about whether or not the money, and there has been a lot of money invested in the scheme is getting through to the people who need it most. What are you hearing as you move around communities, regional communities like Far North Queensland?
AMANDA RISHWORTH: It is a really, really important question and what I’m hearing is a couple of things. Firstly, we want to make sure we stamp out fraud and that’s why the previous Minister set up a taskforce to specifically make sure that service providers, and there’s a lot of good service providers, but others were taking advantage of participants. But we also need to see equal coverage across Australia. We know that rural and regional places, often there are thin markets, people can’t always access services and also participants don’t always have equality when it comes to their plans. So, making the plans more equitable, more fair, and making sure there’s transparency, along with making sure that there’s services in rural and regional areas, is a real focus of mine.
CHARLIE MCKILLOP: That’s the aspiration. But Minister, is life with a disability getting any easier, any better?
AMANDA RISHWORTH: The National Disability Insurance Scheme has changed the lives of people. You speak with people and they get perhaps the equipment or the personal care that they just didn’t get before the National Disability Insurance Scheme. So, yes, I would say that when I speak with people, the National Disability Insurance Scheme has absolutely transformed people’s lives. But we can always do better, we can always make it better. And that’s where we’re going through the process in the next 6 months to introduce a new planning framework to clearly identify the needs of people with disability and how do they get that extra support. And that’s particularly important in rural and regional areas where often there may not be as much choice. But certainly, the National Disability Insurance Scheme has changed people’s lives, but we want to make it the best it can be.
CHARLIE MCKILLOP: Amanda Rishworth, thanks for your time on Breakfast today.
Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) sent a letter to Federal Bureau of Investigation (FBI) Director Kash Patel and U.S. Attorney General Pam Bondi requesting that they promptly release the complete flight logs from Jeffrey Epstein’s private jet and helicopter, any records that were in Ghislaine Maxwell’s possession, including her “little black book,” and all video surveillance footage from Jeffrey Epstein’s residence in Palm Beach, Florida. During his confirmation hearing, Director Patel committed to working with Senator Blackburn to release the files and provide transparency.
Senator Blackburn also sent a letter to Internal Revenue Service (IRS) Acting Commissioner Douglas O’Donnell requesting the release of any and all information in his agency’s possession that will reveal Jeffrey Epstein’s associates and business dealings.
Blackburn: Americans Deserve to Know Exactly Who Was Affiliated with Epstein’s Network
“Congratulations on your recent confirmation as the 9th Director of the Federal Bureau of Investigation. I have no doubt that you will bring much-needed transparency to the FBI as you return the Bureau to its core mission of investigating crimes and keeping our nation safe. To that end, at your January 30, 2025, Senate Judiciary Committee confirmation hearing, you committed to working with me in illuminating the full extent and scope of Jeffrey Epstein’s international sex trafficking ring. The American people deserve to know exactly who was affiliated with this network.”
Blackburn Pushes for Release of Complete, Unredacted Epstein Records
“As you know, over the course of many years, Jeffrey Epstein built a heinous global sex trafficking network that caused irreparable harm to countless women. Since Mr. Epstein’s death in 2019, there is still much about this tragic case that is not known—including the names of his associates that are listed in the flight logs of his private jet and in Ghislaine Maxwell’s ‘little black book.’ While some redacted portions of Epstein’s flight logs and Maxwell’s ‘little black book’ have been released in various lawsuits, it is paramount that the FBI provide full transparency to the American people and immediately release the complete, unredacted records in this case.”
Blackburn’s Previous Efforts to Provide Transparency for the American People Were Stonewalled
“Your predecessor, Director Wray, was unwilling to provide this crucially important transparency. In fact, despite informing me during his December 2023 appearance before the Judiciary Committee that he would ‘get with [his] team and figure out if there’s more information we can provide’ on the Epstein matter, Director Wray never provided any such follow-up information. Over a year has elapsed since then, and we still do not have all of the necessary information regarding Jeffrey Epstein’s crimes. As noted above, you have committed to bringing transparency back to the FBI and rooting out the two-tiered system of justice that has operated there for far too long. Therefore, I respectfully request that you transmit to me and release to the American public the… records that are in the Bureau’s possession.”
View Senator Blackburn’s letter to the FBI here.
View Senator Blackburn’s letter to the IRS here.
RELATED
Source: United States Senator Tommy Tuberville (Alabama)
Legislation would make national research institute directors Senate-confirmed positions
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Rand Paul (R-KY) to introduce the NIH Reform Act to increase congressional oversight on leadership at the National Institute of Allergy and Infectious Diseases (NIAID). The NIH Reform Act would separate the NIAID into three national research institutes: the National Institute of Allergic Diseases, the National Institute of Infectious Diseases, and the National Institute of Immunologic Diseases. Each new institute would be led by directors subject to Senate confirmation and limited to no more than two five-year-terms to prevent the unchecked authority that led to disastrous mandates during the COVID-19 pandemic.
“Anthony Fauci single-handedly shut down small businesses, forced our children out of classrooms, and took away the opportunity for many Americans to say goodbye to loved ones during the COVID pandemic,” said Senator Tuberville. “It’s scary to think that someone who was never elected – or even confirmed by the Senate – had so much power over health care decisions that impacted millions of Americans. We need greater transparency in our government’s institutions to ensure this never happens again. I’m proud to join Senator Paul in this legislation to increase oversight of the NIH and give the American people greater transparency surrounding our government institutions.”
“For nearly four decades, Dr. Anthony Fauci sat atop a bureaucratic empire, wielding unchecked power over public health policy—despite never being confirmed by the Senate once,” said Dr. Paul. “He dictated mandates that shut down businesses, kept kids out of school, and trampled individual liberties—all while being the highest-paid official in the federal government. That kind of power without oversight is dangerous, and my legislation will ensure it never happens again. This legislation will bring accountability and oversight into a taxpayer-funded position that has largely abused its power and has been responsible for many failures and misinformation during the COVID-19 pandemic.”
U.S. Representative Chip Roy (R-TX-21) introduced the legislation in the U.S. House of Representatives.
Complete text of the bill can be found here.
BACKGROUND:
Dr. Anthony Fauci was Director of the National Institute of Allergy and Infectious Diseases for over 38 years—longer than J. Edgar Hoover was Director of the FBI. By the time he retired, he was the highest paid official in the entire federal government. Yet the Senate never voted to confirm him once. Current law does not require Senate confirmation of the NIAID Director.
The NIAID’s stated mission is “to better understand, treat, and ultimately prevent infectious, immunologic, and allergic diseases.” This sweeping mandate covers everything from asthma to Ebola, from peanut allergies to the plague. As the head of that institute, Dr. Fauci installed himself as a de facto pandemic czar, advocating for misguided policies like mandatory vaccinations for school-aged children (one of the populations least at risk from COVID-19).
To improve accountability of the NIH, the NIH Reform Act will restructure the NIAID to better align with its mission as follows:
Abolish the NIAID and replace it with the following three new institutes:
National Institute of Allergic Diseases
National Institute of Infectious Diseases
National Institute of Immunologic Diseases
The directors of each new institute would be:
Appointed by the president
Subject to Senate confirmation
Limited to no more than two 5-year terms
This type of reorganization is nothing new. In the aftermath of J. Edgar Hoover’s decades-long tenure as head of the FBI, Congress passed a law in 1976 limiting the FBI Director to a single 10-year term, and as recently as 2012, Congress eliminated one center within the NIH and replaced it with a new one. In the aftermath of the damage done by pandemic-era mandates and restrictions, Congress must enact the NIH Reform Act to ensure that one official cannot claim the unquestioned authority to dictate the federal response to public health emergencies.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Camela C. Theeler has sentenced an Oglala, South Dakota, man convicted of Aggravated Sexual Abuse of a Child and Abusive Sexual Contact of a Child. The sentencing took place on February 20, 2025.
Oscar Hudspeth, Sr., age 54, was sentenced to 30 years in federal prison for each count to run concurrently, followed by five years of supervised release on each count to run concurrently, and a special assessment to the Federal Crime Victims Fund in the amount of $200. Upon Hudspeth’s release from federal prison, he must register as a sex offender.
Hudspeth was indicted by a federal grand jury in December 2023. He was found guilty following a federal jury trial in October 2024.
The conviction stemmed from disclosures in 2023 by a female juvenile who reported that Hudspeth had sexually abused her while her mother was married to him in the early to mid-2000s. The child was forensically interviewed and disclosed that Hudspeth touched her in a sexual manner on more than one occasion while he was her stepfather. The abuse occurred at their home in Oglala and while the child’s mother was working. At the time, Hudspeth worked as a law enforcement officer for the Oglala Sioux Tribe Department of Public Safety.
This case 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 the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.
This matter is being prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in federal court as opposed to State court.
This case was investigated by the FBI. Assistant U.S. Attorney Ann M. Hoffman prosecuted the case.
Hudspeth was immediately remanded to the custody of the U.S. Marshals Service.