Category: Intelligence

  • MIL-OSI Security: Iranian National and Wife Federally Indicted After Wife Threatens to Shoot ICE Officers in Tempe

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – On June 24, 2025, a federal grand jury in Phoenix returned an indictment against Iranian national, Mehrzad Asadi Eidivand, 40, of Tempe, Arizona for Alien in Possession of a Firearm, and against his wife, Linet Vartanniavartanians, 37, a United States Citizen from Tempe, Arizona, for Threatening to Assault a Federal Officer.

    Documents filed in the case allege that Immigration and Customs Enforcement (ICE), Enforcement and Removal Operations (ERO) officers went to Eidivand and Vartanniavartanians’ Tempe residence on Saturday, June 21, 2025, to administratively arrest Eidivand for failing to comply with a 2013 removal order. Eidivand, an Iranian national, had challenged the removal order on several occasions, but the Board of Immigration Appeals denied those motions repeatedly. Despite the court order to return to his home country, Eidivand remained in the United States for over a decade.

    When ICE ERO officers arrived at the couple’s residence, they announced themselves and were answered by Vartanniavartanians, who refused to open the door and told the officers to return with a warrant. Shortly thereafter, Tempe Police officers arrived on the scene and told ICE ERO that Vartanniavartanians had called the police and threatened to shoot the federal officers. She claimed that she had a loaded gun and that she would shoot anyone who tried to come inside the house. She also threatened to go outside and shoot ICE officers in the head. When the police dispatcher spoke with Eidivand, he confirmed that there were guns in the home.

    The following day, June 22, 2025, agents from Homeland Security Investigations (HSI) and officers from ICE ERO executed a federal search warrant on the residence. Inside the home, agents found a loaded firearm on the kitchen counter and a second loaded firearm on a nightstand. Both Vartanniavartanians and Eidivand were arrested at the scene and taken into custody without further incident.

    A conviction for Alien in Possession of a Firearm carries a maximum penalty of 15 years in prison, a maximum fine of $250,000, or both. A conviction for Threatening to Assault a Federal Officer carries a maximum sentence of 10 years in prison, a maximum fine of $250,000, or both.

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

    An indictment is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    HSI Phoenix, ICE, ERO, and the FBI’s Phoenix Office are conducting the investigation in this case. Assistant U.S. Attorney Addison Owen, District of Arizona, Phoenix, is handling the prosecution.

    CASE NUMBER:           CR-25-00931-PHX-DGC
    RELEASE NUMBER:    2025-099_Eidivand, et al.

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI

  • MIL-OSI Security: Iranian National and Wife Federally Indicted After Wife Threatens to Shoot ICE Officers in Tempe

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – On June 24, 2025, a federal grand jury in Phoenix returned an indictment against Iranian national, Mehrzad Asadi Eidivand, 40, of Tempe, Arizona for Alien in Possession of a Firearm, and against his wife, Linet Vartanniavartanians, 37, a United States Citizen from Tempe, Arizona, for Threatening to Assault a Federal Officer.

    Documents filed in the case allege that Immigration and Customs Enforcement (ICE), Enforcement and Removal Operations (ERO) officers went to Eidivand and Vartanniavartanians’ Tempe residence on Saturday, June 21, 2025, to administratively arrest Eidivand for failing to comply with a 2013 removal order. Eidivand, an Iranian national, had challenged the removal order on several occasions, but the Board of Immigration Appeals denied those motions repeatedly. Despite the court order to return to his home country, Eidivand remained in the United States for over a decade.

    When ICE ERO officers arrived at the couple’s residence, they announced themselves and were answered by Vartanniavartanians, who refused to open the door and told the officers to return with a warrant. Shortly thereafter, Tempe Police officers arrived on the scene and told ICE ERO that Vartanniavartanians had called the police and threatened to shoot the federal officers. She claimed that she had a loaded gun and that she would shoot anyone who tried to come inside the house. She also threatened to go outside and shoot ICE officers in the head. When the police dispatcher spoke with Eidivand, he confirmed that there were guns in the home.

    The following day, June 22, 2025, agents from Homeland Security Investigations (HSI) and officers from ICE ERO executed a federal search warrant on the residence. Inside the home, agents found a loaded firearm on the kitchen counter and a second loaded firearm on a nightstand. Both Vartanniavartanians and Eidivand were arrested at the scene and taken into custody without further incident.

    A conviction for Alien in Possession of a Firearm carries a maximum penalty of 15 years in prison, a maximum fine of $250,000, or both. A conviction for Threatening to Assault a Federal Officer carries a maximum sentence of 10 years in prison, a maximum fine of $250,000, or both.

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

    An indictment is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    HSI Phoenix, ICE, ERO, and the FBI’s Phoenix Office are conducting the investigation in this case. Assistant U.S. Attorney Addison Owen, District of Arizona, Phoenix, is handling the prosecution.

    CASE NUMBER:           CR-25-00931-PHX-DGC
    RELEASE NUMBER:    2025-099_Eidivand, et al.

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI

  • MIL-OSI Security: Salem Man Sentenced to More Than 10 Years in Federal Prison for Attempting to Entice and Coerce Children Online

    Source: Office of United States Attorneys

    EUGENE, Ore.—A Salem, Oregon man was sentenced to federal prison today for requesting sexually explicit materials from undercover law enforcement officers posing as children online and attempting to persuade the purported children to engage in illicit sexual conduct.

    Gary Wade Ronning, 40, was sentenced to 130 months in federal prison and ten years’ supervised release.

    According to court documents, in March 2023, Ronning used Facebook Messenger, an online messaging application, to contact an undercover law enforcement officer posing as a 15-year-old girl as part of a broader investigation into online enticement of minors. For months, Ronning engaged in sexually explicit communications with the officer, requested sexually explicit images of the purported child, sent sexually explicit photos and videos of himself, and planned a meeting to engage in illicit sexual conduct. However, when it came time for the meetup, Ronning did not follow through with his plans.

    Between October and November 2023, Ronning communicated with two other undercover officers posing as 13-year-old and 15-year-old children online. Ronning again engaged in sexually explicit conversations, sent sexually explicit images and videos of himself, and attempted to arrange meetups to engage in illicit sexual conduct. During these conversations, Ronning expressed awareness that his actions were illegal and repeatedly reminded the fictitious children not to tell anyone about his plans.

    On January 18, 2024, a federal grand jury in Eugene returned a five-count indictment charging Ronning with attempted coercion and enticement of a minor, attempting to use a minor to produce a visual depiction of sexually explicit conduct, and attempted transfer of obscene material to a minor.

    On January 22, 2025, Ronning pleaded guilty to attempted coercion and enticement of a minor.

    This case was investigated by the FBI and the Redmond Police Department, with assistance from the Salem Police Department. It was prosecuted by William M. McLaren, Assistant United States Attorney for the District of Oregon.

    Anyone who has information about the physical or online exploitation of children are encouraged to call the FBI at 1-800-CALL-FBI (1-800-225-5324) or submit a tip online at tips.fbi.gov.

    The FBI Child Exploitation Task Force (CETF) conducts sexual exploitation investigations, many of them undercover, in coordination with federal, state and local law enforcement agencies. CETF is committed to locating and arresting those who prey on children as well as recovering and assisting victims of sex trafficking and child exploitation.

    Federal law defines child pornography as any visual depiction of sexually explicit conduct involving a minor. It is important to remember child sexual abuse material depicts actual crimes being committed against children. Not only do these images and videos document the victims’ exploitation and abuse, but when shared across the internet, re-victimize and re-traumatize the child victims each time their abuse is viewed. To learn more, please visit the National Center for Missing & Exploited Children at www.missingkids.org.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Justice Department to combat the growing epidemic of child sexual exploitation and abuse. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI Security: Salem Man Sentenced to More Than 10 Years in Federal Prison for Attempting to Entice and Coerce Children Online

    Source: Office of United States Attorneys

    EUGENE, Ore.—A Salem, Oregon man was sentenced to federal prison today for requesting sexually explicit materials from undercover law enforcement officers posing as children online and attempting to persuade the purported children to engage in illicit sexual conduct.

    Gary Wade Ronning, 40, was sentenced to 130 months in federal prison and ten years’ supervised release.

    According to court documents, in March 2023, Ronning used Facebook Messenger, an online messaging application, to contact an undercover law enforcement officer posing as a 15-year-old girl as part of a broader investigation into online enticement of minors. For months, Ronning engaged in sexually explicit communications with the officer, requested sexually explicit images of the purported child, sent sexually explicit photos and videos of himself, and planned a meeting to engage in illicit sexual conduct. However, when it came time for the meetup, Ronning did not follow through with his plans.

    Between October and November 2023, Ronning communicated with two other undercover officers posing as 13-year-old and 15-year-old children online. Ronning again engaged in sexually explicit conversations, sent sexually explicit images and videos of himself, and attempted to arrange meetups to engage in illicit sexual conduct. During these conversations, Ronning expressed awareness that his actions were illegal and repeatedly reminded the fictitious children not to tell anyone about his plans.

    On January 18, 2024, a federal grand jury in Eugene returned a five-count indictment charging Ronning with attempted coercion and enticement of a minor, attempting to use a minor to produce a visual depiction of sexually explicit conduct, and attempted transfer of obscene material to a minor.

    On January 22, 2025, Ronning pleaded guilty to attempted coercion and enticement of a minor.

    This case was investigated by the FBI and the Redmond Police Department, with assistance from the Salem Police Department. It was prosecuted by William M. McLaren, Assistant United States Attorney for the District of Oregon.

    Anyone who has information about the physical or online exploitation of children are encouraged to call the FBI at 1-800-CALL-FBI (1-800-225-5324) or submit a tip online at tips.fbi.gov.

    The FBI Child Exploitation Task Force (CETF) conducts sexual exploitation investigations, many of them undercover, in coordination with federal, state and local law enforcement agencies. CETF is committed to locating and arresting those who prey on children as well as recovering and assisting victims of sex trafficking and child exploitation.

    Federal law defines child pornography as any visual depiction of sexually explicit conduct involving a minor. It is important to remember child sexual abuse material depicts actual crimes being committed against children. Not only do these images and videos document the victims’ exploitation and abuse, but when shared across the internet, re-victimize and re-traumatize the child victims each time their abuse is viewed. To learn more, please visit the National Center for Missing & Exploited Children at www.missingkids.org.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Justice Department to combat the growing epidemic of child sexual exploitation and abuse. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI Security: Blanchard Woman Sent to Federal Prison for 22 Months, Ordered to Pay $727,300 in Restitution for Filing Fraudulent PPP Loan Application

    Source: Office of United States Attorneys

    OKLAHOMA CITY – SHERI LYNN VICKERY, 40, of Blanchard, has been sentenced to serve 22 months in federal prison and ordered to pay $727,300 in restitution for making a false statement to a financial institution, announced U.S. Attorney Robert J. Troester.

    According to public record, from April 2020 through December 2021, Vickery worked as an office manager for Coil Chem LLC, a chemical manufacturing company based in Washington, Oklahoma. On April 7, 2020, Vickery submitted an application for a Paycheck Protection Program (PPP) loan guaranteed by the Small Business Administration (SBA) on behalf of Coil Chem. The PPP was a COVID-19 pandemic relief program that provided forgivable loans to small businesses for job retention and certain other expenses. The Indictment alleges that Vickery inflated Coil Chem’s total payroll costs and misrepresented what the PPP loan proceeds would be used for, ultimately causing $727,300 to be transferred into Coil Chem’s operating bank account. Vickery then used the proceeds for impermissible purposes, including to pay off a family member’s personal debts.

    On September 10, 2024, Vickery pleaded guilty, and admitted she knowingly submitted a PPP loan application that contained false representations.

    At the sentencing hearing on June 16, 2025, U.S. District Judge Jodi W. Dishman sentenced Vickery to serve 22 months in federal prison, followed by 2 years of supervised release, and ordered Vickery to pay $727,300 in restitution. In announcing the sentence, the court noted the nature and circumstances and seriousness of the offense.

    This case is the result of an investigation by the FBI Oklahoma City Field Office. Assistant U.S. Attorney Julia E. Barry prosecuted the case.

    Reference is made to public filings for additional information.

    MIL Security OSI

  • Trump says US to hold nuclear talks with Iran next week

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week and credited U.S. strikes on Iran with bringing a swift end to the war between Israel and Tehran.

    Trump said his decision to unleash huge bunker-busting bombs in Sunday’s attack had devastated Iran’s nuclear program and called the outcome “a victory for everybody”.

    “It was very severe. It was obliteration,” he said, shrugging off an initial assessment by the U.S. Defense Intelligence Agency that Iran’s path to building a nuclear weapon may have been set back only by months.

    Meanwhile, anxious Iranians and Israelis sought to resume normal life after 12 days of the most intense confrontation ever between the two foes and a ceasefire that took effect Tuesday.

    Speaking in The Hague where he attended a NATO summit on Wednesday, Trump said he did not see Iran again engaging in nuclear weapons development. Tehran has for decades denied accusations by Western leaders that it is seeking nuclear arms.

    “We’re going to talk to them next week, with Iran. We may sign an agreement. I don’t know. To me, I don’t think it’s that necessary,” Trump said.

    “I’ll tell you, the last thing they want to do is enrich anything right now. They want to recover,” he said, referring to Western accusations that Iran has been enriching uranium to near-weapons-grade purity.

    Later on Wednesday, U.S. Central Intelligence Agency Director John Ratcliffe said in a statement that the U.S. air strikes had “severely damaged” Iran’s nuclear program, but he stopped short of declaring that the program had been destroyed.

    The agency confirmed a “body of credible evidence” that several key Iranian facilities were destroyed and would take years to rebuild, he said.

    Israel’s nuclear agency assessed the strikes had “set back Iran’s ability to develop nuclear weapons by many years”. The White House also circulated the Israeli assessment, although Trump said he was not relying on Israeli intelligence.

    Trump said he was confident Tehran would pursue a diplomatic path towards reconciliation. The president gave no details on the discussions next week such as the venue and participants.

    If Iran tried to rebuild its nuclear programme, “we won’t let that happen. Number one, militarily we won’t,” he said, adding that he thought “we’ll end up having something of a relationship with Iran” to resolve the issue.

    The head of the U.N.’s nuclear watchdog, Rafael Grossi, dismissed what he called the “hourglass approach” of assessing damage to Iran’s nuclear programme in terms of months needed to rebuild as besides the point for an issue that needed a long-term solution.

    “In any case, the technological knowledge is there and the industrial capacity is there. That, no one can deny. So we need to work together with them,” he said. His priority was returning international inspectors to Iranian nuclear sites, which he said was the only way to find out precisely what state they were in.

    IRAN PRESIDENT HINTS AT DOMESTIC REFORMS

    Israel’s bombing campaign, launched with a surprise attack on June 13, wiped out the top echelon of Iran’s military leadership and killed leading nuclear scientists. Iran responded with missiles that pierced Israel’s defences in large numbers for the first time.

    Iranian authorities said 627 people were killed and nearly 5,000 injured in Iran, where the extent of the damage could not be independently confirmed because of tight restrictions on media. Twenty-eight people were killed in Israel.

    Israel claimed to have achieved its goals of destroying Iran’s nuclear sites and missiles; Iran claimed to have forced the end of the war by penetrating Israeli defences.

    Israel’s demonstration that it could target Iran’s senior leadership seemingly at will posed perhaps the biggest challenge yet for Iran’s clerical rulers, at a critical juncture when they must find a successor for Supreme Leader Ali Khamenei, now 86 and in power for 36 years.

    Iranian President Masoud Pezeshkian, a relative moderate elected last year in a challenge to years of dominance by hardliners, said it could result in reform.

    “This war and the empathy that it fostered between the people and officials is an opportunity to change the outlook of management and the behaviour of officials so that they can create unity,” he said in a statement carried by state media.

    Still, Iran’s authorities moved swiftly to demonstrate their control. The judiciary announced the execution of three men on Wednesday convicted of collaborating with Israel’s Mossad spy agency and smuggling equipment used in an assassination. Iran had arrested 700 people accused of ties with Israel during the conflict, the state-affiliated Nournews reported.

    During the war, both Israel Prime Minister Benjamin Netanyahu and Trump publicly suggested that it could end with the toppling of Iran’s entire system of clerical rule, established in its 1979 revolution.

    But after the ceasefire, Trump said he did not want to see “regime change” in Iran, which he said would bring chaos at a time when he wanted the situation to settle down.

    RELIEF, APPREHENSION, EXHAUSTION

    In both Iran and Israel, residents expressed relief at the end of the fighting, but also apprehension.

    “We came back after the ceasefire was announced. People are relieved that the war has stopped, but there’s a lot of uncertainty about what comes next,” said Farah, 67, who returned to Tehran from nearby Lavasan, where she had fled to escape Israeli bombing.

    In Tel Aviv, Rony Hoter-Ishay Meyer, 38, said the war’s end brought mixed emotions: relief that children could return to school and normal life resume, but exhaustion from the stress.

    “Those past two weeks were catastrophic in Israel, and we are very much exhausted and we need to get back to our normal energy.”

    (Reuters)

  • MIL-OSI Russia: Israeli Mossad chief says Iran operation to continue

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    JERUSALEM, June 26 (Xinhua) — Israeli intelligence chief Mossad David Barnea said in a video released by the agency on Wednesday that the organization will continue its activities in Iran.

    In the video, D. Barnea addresses the staff of the task force on Tuesday, just hours after the ceasefire agreement between Israel and Iran came into effect.

    “We will continue to closely monitor all of Iran’s projects, which we already know about in great detail,” he said.

    He noted that “through precise intelligence, advanced technology and unimaginable combat capabilities, we helped the Air Force disrupt Iran’s nuclear program, establish air superiority over Iran and reduce the missile threat, thereby ensuring the safety of Israeli citizens.”

    In the video, she also thanked the US Central Intelligence Agency “for our joint work.” –0–

    MIL OSI Russia News

  • MIL-OSI Security: Fugitive’s Accomplice Killed as U.S. Marshals, Puerto Rico Police Arrest Most Wanted in Mayaguez

    Source: US Marshals Service

    Hato Rey, PR – One person was killed as the U.S. Marshals Violent Offenders Task Force and Puerto Rico Police early Monday arrested in Mayaguez a man wanted for attempted murder and other charges on a warrant that carried a bail of $1.2 million.

    Jose M. Rodriguez-Torres, aka “La J,” 26, the subject of the arrest and one of Puerto Rico’s 10 Most Wanted fugitives, was wanted on a state warrant for attempted murder, possession, transportation and use of firearms without a license, and tampering with an electronic monitoring device.

    Rodríguez-Torres had removed his electronic monitoring bracelet during his trial for the 2021 attempted murder of the chief executive of the company Flan-es-Cedó. He had been convicted in absentia for a June 27, 2021, massacre on PR-3345 in the Lavadero neighborhood of Hormigueros, where two brothers were killed, and was sentenced to 229 years in prison for that case. In addition, he had an active federal warrant issued in 2023 for drug trafficking and firearms charges.

    While law enforcement officers were executing the arrest warrant, they identified Rodríguez-Torres, along with two other individuals in a car. When the fugitive spotted the agents, he attempted to flee, driving against traffic until crashing into an official vehicle.

    According to preliminary reports, one of the rear passengers brandished a black firearm, prompting agents to return fire. The individual was identified as José A. Chevrés Ramos, 29, a resident of Cabo Rojo with a prior criminal record for robbery. He was fatally shot by agents during the pursuit. Chevrés Ramos also had pending warrants for his arrest.

    The FBI and the Puerto Rico Special Investigations Bureau assisted in the investigation but did not assume jurisdiction. The Criminal Investigation Corps of the Puerto Rico Police Department is handling the investigation, and the state prosecutor’s office has formally filed charges with the court. The judge found cause for all the charges filed against Rodríguez-Torres and Eliezer Graniela-Barreto (also a passenger in the vehicle), including attempted murder of federal agents and pointing a firearm at law enforcement.

    A bail bond of $4,200,000 was set but not posted, and both individuals were subsequently booked into state prison.

    Three firearms were seized from the vehicle and will be analyzed by the Forensic Sciences Institute’s ballistics laboratory. Two of the three weapons had been modified to fire automatically.

    “Our communities can trust that our Deputy U.S. Marshals, together with our partners from the Puerto Rico Police Department, will not relent in their efforts to remove violent offenders from our streets and bring them to justice,” said Wilmer Ocasio-Ibarra, U.S. Marshal for the District of Puerto Rico. “Enforcing the law and ensuring public safety is dangerous work, and unfortunately, incidents like these are sometimes the result. We always urge fugitives to surrender, accept responsibility, and face the consequences of their actions. However, we will not stop. We will continue to search for them and fulfill our mission as agents of law and order.”

    The U.S. Marshals Service encourages the community to continue to collaborate with our deputies on tips that help find the whereabouts of a fugitive by contacting our local office at (787) 766-6540, calling the U.S. Marshals Service Communication Center at 1 (800) 336-0102, or submitting tips using the USMS Tips App.

    MIL Security OSI

  • MIL-OSI USA: Padilla Blasts Judicial Nominee Emil Bove for Holding Loyalty to Trump Above the Rule of Law

    US Senate News:

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

    Padilla Blasts Judicial Nominee Emil Bove for Holding Loyalty to Trump Above the Rule of Law

    WATCH: Padilla presses Bove on his repeated lies and abuse of power

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) pressed Third Circuit Court of Appeals nominee Emil Bove on his extensive track record of lies, poor temperament, and political retribution during his Senate Judiciary Committee nominations hearing. Padilla slammed Bove for his role in firing dozens of Department of Justice (DOJ) prosecutors who worked on January 6 cases and the DOJ’s decision to drop the corruption charges against New York Mayor Eric Adams in exchange for assistance with President Trump’s mass deportations.

    Bove joined the Trump Administration’s DOJ in January 2025, first as Principal Deputy Attorney General and then Acting Deputy Attorney General, and has been integrally involved in some of the most significant Trump DOJ scandals. He also recently served as Trump’s personal lawyer in Trump’s classified documents case, a 2020 election interference case, and the Stormy Daniels hush money case.

    Padilla underscored that Bove’s nomination represents the latest example of Trump picking nominees not based on qualifications, but based on personal loyalty. He highlighted Bove’s consistent pattern of undermining the rule of law for political purposes, including purging the DOJ of employees prosecuting the January 6 rioters. Bove, who had himself worked on January 6 cases while an Assistant United States Attorney for the Southern District of New York, called the January 6 prosecutions “a grave national injustice,” and ordered the Federal Bureau of Investigation (FBI) to produce a list of everyone involved in them.

    • “It’s become clear that President Trump clearly has one litmus test when selecting people to appoint: it’s not experience, it’s not dedication to our country or the rule of law, it’s whether or not the potential nominee is willing to bend or ignore the law to satisfy the President’s whims. Now, I understand that elections have consequences, and one consequence is that a president who is elected will get to nominate judges for the duration of his term or her term, but selecting someone with such a deep track record of vindictive, duplicitous behavior, of abuse of power — that is and must be treated as unacceptable.
    • “From Mr. Bove’s time with the Southern District of New York, to his time representing Donald Trump, to his time at the Trump Justice Department, it’s been demonstrated that he will not let the law stand in the way of doing what he wants. That’s why, as soon as Mr. Bove joined the Justice Department in an acting, unconfirmed capacity, he began an effort to purge the Department of Justice of perceived, ‘enemies,’ like the January 6 prosecutors.”

    Bove repeatedly sidestepped Senator Padilla’s questions on the January 6 insurrection, admitting he did not even know how many of the January 6 prosecutors were fired, and how many January 6 rioters President Trump pardoned. Padilla emphasized that Trump himself did not know the exact number of pardons, but estimated around 1,500 people — an impossible number to thoroughly vet before pardoning them. He warned of the dangerous message the condoning of political violence sends to the American people.

    • “To think that on the first day in office, he would have considered case by case, that volume of files to make the determination that they should be pardoned — that’s clearly not believable, and we know that dozens of those pardoned had prior criminal records, including rape, sexual abuse of a minor, domestic violence, and more.

    Padilla also blasted Bove for his involvement in the decision to dismiss criminal corruption charges against Mayor Adams in exchange for his assistance in enacting the Trump Administration’s cruel anti-immigrant agenda.

    • “Mr. Bove’s actions in this case led eight prosecutors, eight, including the interim U.S. attorney Danielle Sassoon, who had clerked for Justice Scalia, to resign. But instead of firing him, Donald Trump plans to give him a lifetime appointment to the Third Circuit Court of Appeals in New Jersey, a state that Mr. Bove has very, very little ties to.

    Watch Senator Padilla’s questioning of Bove here.

    Additionally, Padilla asked a second panel of four Trump judicial nominees, all nominated to the District Courts in Florida, a series of questions about whether the Executive Branch — including the President — must follow court orders.

    Earlier this week, Senator Padilla joined Senate Judiciary Democrats in requesting personnel records relevant to Emil Bove from Interim U.S. Attorney for the Southern District of New York Jay Clayton. Padilla and Senate Judiciary Democrats previously filed a professional misconduct complaint against Bove with the New York State Bar, citing reported misconduct in moving to dismiss charges against New York City Mayor Eric Adams. The Senators expressed grave concern over Bove’s actions and requested a disciplinary investigation.

    More information on the hearing is available here.

    MIL OSI USA News

  • MIL-OSI USA: Padilla Blasts Judicial Nominee Emil Bove for Holding Loyalty to Trump Above the Rule of Law

    US Senate News:

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

    Padilla Blasts Judicial Nominee Emil Bove for Holding Loyalty to Trump Above the Rule of Law

    WATCH: Padilla presses Bove on his repeated lies and abuse of power

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) pressed Third Circuit Court of Appeals nominee Emil Bove on his extensive track record of lies, poor temperament, and political retribution during his Senate Judiciary Committee nominations hearing. Padilla slammed Bove for his role in firing dozens of Department of Justice (DOJ) prosecutors who worked on January 6 cases and the DOJ’s decision to drop the corruption charges against New York Mayor Eric Adams in exchange for assistance with President Trump’s mass deportations.

    Bove joined the Trump Administration’s DOJ in January 2025, first as Principal Deputy Attorney General and then Acting Deputy Attorney General, and has been integrally involved in some of the most significant Trump DOJ scandals. He also recently served as Trump’s personal lawyer in Trump’s classified documents case, a 2020 election interference case, and the Stormy Daniels hush money case.

    Padilla underscored that Bove’s nomination represents the latest example of Trump picking nominees not based on qualifications, but based on personal loyalty. He highlighted Bove’s consistent pattern of undermining the rule of law for political purposes, including purging the DOJ of employees prosecuting the January 6 rioters. Bove, who had himself worked on January 6 cases while an Assistant United States Attorney for the Southern District of New York, called the January 6 prosecutions “a grave national injustice,” and ordered the Federal Bureau of Investigation (FBI) to produce a list of everyone involved in them.

    • “It’s become clear that President Trump clearly has one litmus test when selecting people to appoint: it’s not experience, it’s not dedication to our country or the rule of law, it’s whether or not the potential nominee is willing to bend or ignore the law to satisfy the President’s whims. Now, I understand that elections have consequences, and one consequence is that a president who is elected will get to nominate judges for the duration of his term or her term, but selecting someone with such a deep track record of vindictive, duplicitous behavior, of abuse of power — that is and must be treated as unacceptable.
    • “From Mr. Bove’s time with the Southern District of New York, to his time representing Donald Trump, to his time at the Trump Justice Department, it’s been demonstrated that he will not let the law stand in the way of doing what he wants. That’s why, as soon as Mr. Bove joined the Justice Department in an acting, unconfirmed capacity, he began an effort to purge the Department of Justice of perceived, ‘enemies,’ like the January 6 prosecutors.”

    Bove repeatedly sidestepped Senator Padilla’s questions on the January 6 insurrection, admitting he did not even know how many of the January 6 prosecutors were fired, and how many January 6 rioters President Trump pardoned. Padilla emphasized that Trump himself did not know the exact number of pardons, but estimated around 1,500 people — an impossible number to thoroughly vet before pardoning them. He warned of the dangerous message the condoning of political violence sends to the American people.

    • “To think that on the first day in office, he would have considered case by case, that volume of files to make the determination that they should be pardoned — that’s clearly not believable, and we know that dozens of those pardoned had prior criminal records, including rape, sexual abuse of a minor, domestic violence, and more.

    Padilla also blasted Bove for his involvement in the decision to dismiss criminal corruption charges against Mayor Adams in exchange for his assistance in enacting the Trump Administration’s cruel anti-immigrant agenda.

    • “Mr. Bove’s actions in this case led eight prosecutors, eight, including the interim U.S. attorney Danielle Sassoon, who had clerked for Justice Scalia, to resign. But instead of firing him, Donald Trump plans to give him a lifetime appointment to the Third Circuit Court of Appeals in New Jersey, a state that Mr. Bove has very, very little ties to.

    Watch Senator Padilla’s questioning of Bove here.

    Additionally, Padilla asked a second panel of four Trump judicial nominees, all nominated to the District Courts in Florida, a series of questions about whether the Executive Branch — including the President — must follow court orders.

    Earlier this week, Senator Padilla joined Senate Judiciary Democrats in requesting personnel records relevant to Emil Bove from Interim U.S. Attorney for the Southern District of New York Jay Clayton. Padilla and Senate Judiciary Democrats previously filed a professional misconduct complaint against Bove with the New York State Bar, citing reported misconduct in moving to dismiss charges against New York City Mayor Eric Adams. The Senators expressed grave concern over Bove’s actions and requested a disciplinary investigation.

    More information on the hearing is available here.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Tuberville Joins Colleagues in Press Conference on the Golden Dome

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    “We send billions of dollars overseas, and it’s past time that we make an investment in our national security.”

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Dan Sullivan (R-AK) for a press conference to speak on the importance of developing the Golden Dome for America’s national security. He emphasized the need to invest in securing our airspace and ensure the U.S. is constantly on the cutting edge of defense technology. Sen. Tuberville also highlighted the capabilities of Redstone Arsenal and various defense companies in Huntsville, Alabama, as major leaders in the future development of the Golden Dome.

    Sens. Tuberville and Sullivan were joined by Sens. Marsha Blackburn (R-TN), Kevin Cramer (R-ND), John Hoeven (R-ND), and Tim Sheehy (R-MT). Representative Mark Messmer (R-IN-08) also joined the press conference. 

    Read Sen. Tuberville’s remarks below or watch on YouTube or Rumble.

    Vision and leadership. We couldn’t do that— this project—without President Trump. I don’t think anybody else you put in this situation would even have the tenacity to step up and do something like this. But, you know, the world has been amazed at the effectiveness of the Iron Dome [in Israel].


    They’ve been able to shoot down 90% of incoming threats. Think about that—90%—incredible. President Trump is exactly right. There is no reason why we shouldn’t have the same technology right here at home. This is a dangerous world, and it’s getting more dangerous every day. People made fun of President Reagan with his Star Wars program. And it was amazing. They laughed at him. They said it wouldn’t work. But he understood the growing danger that the American people really didn’t know. But now we’re all finding out. No other president since has been bold enough […] to step up and say, ‘we’ve got to have something to protect this country,’ and 
    thank God for President Trump.


    Now that the president is forcing our NATO partners to start paying their own share, we can focus on our own defense, and it’s about time. We need to do that. We can’t count on anybody else. It’s gonna have to be us, and the American taxpayers, and our military.


    We send billions of dollars overseas, and it’s past time that we make an investment in our national security. Thanks to President Trump, peace through strength is back. You know, the Senate is proposing nearly $2
    5 billion dollars in a reconciliation package as a down payment to begin construction on this massive project, $25 billion. That’s just as I saida down payment.


    That’s why getting the President’s One Big Beautiful Bill passed is critical for national security. Countries like Iran are openly chanting ‘Death to America,’ and we have to be able to protect ourselves. You know, there’s no better place to help design this and build and operate than in my home 
    state—Redstone Arsenal [in] Huntsville, Alabama.


    And let me tell you something. It is probably the best kept secret in this country. […
    ] For more than 80 years, Redstone Arsenal has been leading the way in space, cybersecurity, and national defense. Huntsville’s talent, facilities, and resources are second to none all over the world. According to Forbes, Huntsville has the most engineers per capita in the world. That’s why you see more and more agencies expanding their footprint in Huntsville and the surrounding area—including: Missile Defense Agency, NASA, FBI, Missile and Space Intelligence Center, Defense Intelligence Agency, [and] the Army’s Material Command. Huntsville is also home to more than 500 defense contractors: Blue Origin, SpaceX, and United Launch Alliance. We will be big in building a lot of this Golden Dome. Huntsville helped put the first person on the moon. What a better place to help begin the origination of Golden Dome than Huntsville, Alabama. 

    So, thanks to President Trump, American dominance and deterrence his back. The Big Beautiful Bill is a down payment on the Golden Dome. It will help make sure America remains the strongest, most secure nation in the world. The Golden Dome Act will advance our security even further with critical investment in emerging technologies, many of which will be developed in my home state of Alabama. Thank you very much.”

    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.

    MIL OSI USA News

  • MIL-OSI USA: Alford Applauds House Passage of Military Construction and Veterans Affairs Funding Bill

    Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

    Alford Applauds House Passage of Military Construction and Veterans Affairs Funding Bill

    Washington, June 25, 2025

    Today, Congressman Mark Alford (MO-04), the Vice Chairman of the House Appropriations Subcommittee on Military Construction, Veterans Affairs, and Related Agencies, issued the following statement after the U.S. House of Representatives passed H.R. 3944, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act for Fiscal Year 2026.

    Watch Rep. Alford’s remarks on the House floor in support of H.R. 3944 here or by clicking the image above.

    “The House took the first of twelve steps to restore strong, responsible governance under the Golden Age of the Trump Administration,” said Congressman Alford. “This bill is a win for our veterans, service members, and their families. Despite constant gaslighting by the left, Republicans are fully funding veterans’ healthcare, benefits, and programs. We are also expanding funding for community care and improving the Veterans Crisis Line. Our veterans fought for us, and this bill delivers for them. I was proud to support it.”

    Background:

    H.R. 3944 champions our veterans by:

    • Fully funding veterans’ health care programs.
    • Fully funding veterans’ benefits and VA programs.
    • Supporting President Trump’s efforts to combat veteran homelessness by investing in the new Bridging Rental Assistance for Veteran Empowerment program.
    • Maintaining funding levels for research, mental health programs and other programs relied upon by veterans.

    H.R. 3944 supports the Trump Administration and the mandate of the American people by:

    • Protecting the 2nd Amendment rights of veterans, preventing the VA from sending information to the FBI about veterans without a judge’s consent.
    • Syncing up with President Trump’s Executive Orders on no funds for DEI, gender affirming care, and protecting Hyde-like language at the VA.
    • Prohibiting the VA from processing medical care claims for illegal aliens.

    H.R. 3944 bolsters U.S. national security and border protections by:

    • Providing robust funding for military construction, enabling continued investment in the Indo-Pacific region and infrastructure necessary to support United States advanced weapons systems.
    • Maintaining the prohibitions on the closure of Naval Station Guantanamo Bay, Cuba and the use of military construction funds to build facilities for detainees on U.S. soil.
    • Prohibiting the VA from purchasing resources directly or indirectly from the People’s Republic of China.

    ###

     

    MIL OSI USA News

  • MIL-OSI USA: Alford Applauds House Passage of Military Construction and Veterans Affairs Funding Bill

    Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

    Alford Applauds House Passage of Military Construction and Veterans Affairs Funding Bill

    Washington, June 25, 2025

    Today, Congressman Mark Alford (MO-04), the Vice Chairman of the House Appropriations Subcommittee on Military Construction, Veterans Affairs, and Related Agencies, issued the following statement after the U.S. House of Representatives passed H.R. 3944, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act for Fiscal Year 2026.

    Watch Rep. Alford’s remarks on the House floor in support of H.R. 3944 here or by clicking the image above.

    “The House took the first of twelve steps to restore strong, responsible governance under the Golden Age of the Trump Administration,” said Congressman Alford. “This bill is a win for our veterans, service members, and their families. Despite constant gaslighting by the left, Republicans are fully funding veterans’ healthcare, benefits, and programs. We are also expanding funding for community care and improving the Veterans Crisis Line. Our veterans fought for us, and this bill delivers for them. I was proud to support it.”

    Background:

    H.R. 3944 champions our veterans by:

    • Fully funding veterans’ health care programs.
    • Fully funding veterans’ benefits and VA programs.
    • Supporting President Trump’s efforts to combat veteran homelessness by investing in the new Bridging Rental Assistance for Veteran Empowerment program.
    • Maintaining funding levels for research, mental health programs and other programs relied upon by veterans.

    H.R. 3944 supports the Trump Administration and the mandate of the American people by:

    • Protecting the 2nd Amendment rights of veterans, preventing the VA from sending information to the FBI about veterans without a judge’s consent.
    • Syncing up with President Trump’s Executive Orders on no funds for DEI, gender affirming care, and protecting Hyde-like language at the VA.
    • Prohibiting the VA from processing medical care claims for illegal aliens.

    H.R. 3944 bolsters U.S. national security and border protections by:

    • Providing robust funding for military construction, enabling continued investment in the Indo-Pacific region and infrastructure necessary to support United States advanced weapons systems.
    • Maintaining the prohibitions on the closure of Naval Station Guantanamo Bay, Cuba and the use of military construction funds to build facilities for detainees on U.S. soil.
    • Prohibiting the VA from purchasing resources directly or indirectly from the People’s Republic of China.

    ###

     

    MIL OSI USA News

  • MIL-OSI USA: Fischer Introduces Legislation to Bolster America’s Nuclear Enterprise

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.), a senior member of the Senate Armed Services Committee and Chair of the Strategic Forces Subcommittee, introduced the NNSA Infrastructure Improvements Act of 2025 to bolster America’s nuclear enterprise. 
    The legislation would empower the National Nuclear Security Administration (NNSA) to prioritize modernizing America’s nuclear infrastructure by following through on the steps outlined in its
    Enterprise Blueprint report.“Restoring peace through strength and keeping the homeland safe means maintaining a credible, modernized nuclear deterrent. We cannot meet the deterrence requirements of the future unless we recapitalize failing facilities and infrastructure dating back to the Manhattan Project.  My NNSA Infrastructure Improvements Act empowers the National Nuclear Security Administration to build upon the work they’ve done, and give Congress actionable information so that we responsibly plan for and fund the specialized facilities that help design, produce, and store the weapons needed to keep America safe,” said Fischer.Background:Last year, the NNSA released its Enterprise Blueprint report, which outlined a 25-year roadmap to ensure that its recapitalization strategy for specialized production facilities and science and technology infrastructure is aligned with its weapons production requirements. 
    The NNSA Infrastructure Improvements Act would require the NNSA to continuously update its Enterprise Blueprint and give Congress actionable information to inform future policy and funding decisions.
    Click here to read the text of the bill.

    MIL OSI USA News

  • MIL-OSI USA: Rep. Moore Votes “Yes” on First Appropriations Bill, Which Significantly Increases Funding to the VA

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – This afternoon, the House of Representatives passed H.R. 3944, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act for Fiscal Year 2026. Congressman Riley M. Moore, who is a member of the House Appropriations Committee, voted “Yes” on the bill.

    This legislation provides $452.64 billion for the Department of Veterans Affairs, which is $82.6 billion above the previous Fiscal Year 2025 enacted level.

    The legislation also includes several of Congressman Moore’s priorities, such as language prohibiting the VA from buying Chinese tech equipment, as well as language that restricts the Department from sharing veterans’ names with the FBI NICS system.

    Congressman Moore issued the following statement:

    “Today’s bill is a win for veterans, and I was proud to vote ‘Yes.’ West Virginia has a rich history of military service, and those veterans deserve the very best care available. Our legislation significantly increases funding for the VA, fully funds veterans’ medical care, provides over $52 billion for the Toxic Exposure Fund, and protects our veterans against Chinese spying.

    “I’m also grateful to Chairman Tom Cole for the opportunity to serve on the House Appropriations Committee, and look forward to securing wins for West Virginia as the annual appropriations process continues.”

    ###

    MIL OSI USA News

  • MIL-OSI: Clairvest Reports Fiscal 2025 Fourth Quarter and Year End Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 25, 2025 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) today reported results for the fourth quarter and year ended March 31, 2025 and events which occurred subsequent to year end. (All figures are in Canadian dollars unless otherwise stated)

    Highlights

    • March 31, 2025 book value was $1,251.6 million or $88.30 per share compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31, 2024
    • Net income for the fourth quarter was $20.7 million or $1.46 per share as the fair value of certain investments increased
    • Net income for fiscal 2025 was $122.0 million or $8.47 per share. During fiscal 2025, Clairvest had $46.1 million of net realized gains from the realization of four investments and $44.8 million of net investment gains on its remaining private equity portfolio
    • Subsequent to year end, Clairvest and Clairvest Equity Partners VII (“CEP VII”) invested in NCS Engineers
    • Also subsequent to year end, Clairvest and CEP VII invested in Beneficial Reuse Management
    • Also subsequent to year end, Clairvest declared an annual dividend of $1.4 million, or $0.10 per share, and a special dividend of $11.1 million, or $0.7830 per share, both payable on July 25, 2025

    Clairvest’s book value was $1,251.6 million or $88.30 per share as at March 31, 2025, compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31 2024. For the year ended March 31, 2025, Clairvest had invested a total of $53 million in three new deals and follow-on investments and exited four investments for total proceeds of $141 million. As at March 31, 2025, cash, cash equivalents and temporary investments excluding marketable securities, as reported under IFRS, were $250 million. In addition, our acquisition entities held $139 million in cash, cash equivalents and temporary investments as at March 31, 2025 bringing total available cash to $389 million. In aggregate, this represented 31% of our book value as at March 31, 2025, or approximately $27 per share.

    Net income for the fourth quarter was $20.7 million, or $1.46 per share. The net income for the fourth quarter of fiscal 2025 reflects a net increase in the fair value of Clairvest’s investee companies and a corresponding increase in carried interest from the CEP Funds.

    Net income for the fiscal year was $122 million or $8.47 per share. During the fiscal year, Clairvest divested its investments in Winters Bros. Waste Systems of Long Island, Chilean Gaming Holdings, FSB Technology and Durante Rentals for net realized gains of $46.1 million, while the rest of the portfolio experienced net investment gains of $44.8 million, inclusive of foreign exchange gains. Following the realization of Winters Bros. Waste Systems of Long Island, Clairvest was awarded the 2025 CVCA Private Equity Global Dealmaker of the Year for the sale of this investment.

    During the fiscal year, 500,070 shares were purchased and cancelled for a total purchase price of $35 million, or at an average price of $70.01 per share. These purchases were accretive to the book value per share.

    In April 2025, and as previously announced, Clairvest together with CEP VII made a US$22.4 million (C$32.1 million) minority preferred equity investment in NCS Engineers, a provider of turn-key water and wastewater engineering solutions across the United States. Clairvest’s portion of the investment was US$5.6 million (C$8.0 million).

    In May 2025, and as previously announced, Clairvest together with CEP VII made a US$72.5 million (C$100.6 million) equity investment in Beneficial Reuse Management, a U.S.-based company which distributes products to the agriculture, landscape, wallboard, and construction end-markets by reusing or converting certain industrial waste streams into value-add products. Clairvest’s portion of the investment was US$18.1 million (C$25.1 million).

    “Fiscal 2025 was a productive year across Clairvest, marked by strong progress in our portfolio and continued investment momentum, despite a challenging macroeconomic backdrop. Our portfolio companies, on the whole, are performing well, and we remain confident in our ability to build long-term value alongside our entrepreneur partners. With CEP VII now underway with its first three investments, we are energized by the opportunities ahead and remain focused on backing aligned entrepreneurs in our active domains,” said Ken Rotman, CEO of Clairvest. “We were also honoured to receive the 2025 CVCA Private Equity Global Dealmaker of the Year award for our investment in Winters Bros. Waste Systems of Long Island – our ninth time being recognized by the CVCA. Clairvest and CEP V achieved a 7.5x MOIC and a 24% internal rate of return on this investment. Our partnership with the Winters family spans three separate investments over 18 years, and this transaction marks another excellent outcome driven by long-term alignment, patience, and mutual trust.”

    Also subsequent to year end, Clairvest declared an annual ordinary dividend of $0.10 per share and a special dividend of $0.7830 per share, such that in aggregate, the dividends represent 1% of the March 31, 2025 book value. Both dividends will be payable on July 25, 2025 to common shareholders of record as of July 4, 2025 and are eligible dividends for Canadian income tax purposes.

    Summary of Financial Results – Unaudited
             
    Financial Results(1) Quarter ended Year ended
    March 31 March 31
    2025 2024 2025 2024
    ($000’s, except per share amounts) $ $ $ $
    Net investment gain (loss) 11,438 22,024 15,248 (19,385)
    Net carried interest from Clairvest Equity Partners III and IV (292) 1,005 4,169 3,700
    Distributions, interest income, dividends and fees 19,386 11,897 157,064 52,336
    Total expenses (recovery), excluding income taxes 9,746 1,592 37,940 39,824
    Net income (loss) and comprehensive income (loss) 20,721 26,103 122,042 (3,353)
    Basic and fully diluted net income (loss) per share 1.46 1.78 8.47 (0.23)
    Financial Position March 31 March 31
    2025 2024
    ($000’s, except share information and per share amounts) $ $
    Total assets 1,429,435 1,342,139
    Total cash, cash equivalents and temporary investments 295,728 330,193
    Carried interest from Clairvest Equity Partners III and IV 48,517 52,188
    Corporate investments(1) 942,857 870,660
    Total liabilities 177,844 165,842
    Management participation from Clairvest Equity Partners III and IV 37,718 41,506
    Book value(2) 1,251,591 1,176,297
    Common shares outstanding 14,173,631 14,673,701
    Book value per share(2) 88.30 80.16
    (1) Includes carried interest of $141,897 (2024: $143,617) and management participation of $105,457 (2024: $103,740) from Clairvest Equity Partners V, VI and VII and $162,235 (2024: $90,973) in cash, cash equivalents and temporary investments held by Clairvest’s acquisition entities.
    (2) Book value is a non-IFRS measure calculated as the value of total assets less the value of total liabilities.
         

    Clairvest’s annual fiscal 2025 financial statements and MD&A are available on the SEDAR website at www.sedar.com and the Clairvest website at www.clairvest.com.

    About Clairvest

    Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $4.6 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 69 different platform companies and generated top quartile performance over an extended period.

    Contact Information

    Stephanie Lo
    Director of Investor Relations and Marketing
    Clairvest Group Inc.
    Tel: (416) 925-9270
    Fax: (416) 925-5753
    stephaniel@clairvest.com

    Forward-looking Statements

    This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

    www.clairvest.com

    The MIL Network

  • MIL-OSI USA: Texas Business Owner Sentenced for COVID-19 Relief Fraud

    Source: US State of North Dakota

    A Texas woman was sentenced today to three years and five months in prison for her participation in a scheme to file fraudulent applications for loans under the Paycheck Protection Program (PPP) that the Small Business Administration (SBA) guaranteed under the Coronavirus Aid, Relief, and Economic Security Act.

    According to court documents, between around May 2020, and March 2021, Shantelle Hawkins, 43, of DeSoto, conspired to submit 17 fraudulent PPP loan applications on behalf of companies she or her relatives owned or controlled. The applications contained false statements about payroll and tax information, which the SBA used to calculate the amount of PPP funds to which the applicant-companies would be entitled. Hawkins used some of the money she obtained from the loans for personal expenses, including to pay off her 2015 Maserati Ghibli luxury car and to purchase property in the greater Dallas area.

    Hawkins pleaded guilty on Oct. 8, 2024, to conspiracy to commit wire fraud.  At sentencing, Hawkins was ordered to pay more than $1.8 million in restitution and to forfeit the residence purchased with proceeds from the fraud.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting U.S. Attorney Nancy E. Larson for the Northern District of Texas; and Special Agent in Charge R. Joseph Rothrock of the FBI’s Dallas Field Office made the announcement.

    The FBI is investigating the case.

    Trial Attorneys Dermot Lynch and Kashan Pathan of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Elyse Lyons for the Northern District of Texas is handling asset forfeiture.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL OSI USA News

  • MIL-OSI USA: Texas Business Owner Sentenced for COVID-19 Relief Fraud

    Source: US State of North Dakota

    A Texas woman was sentenced today to three years and five months in prison for her participation in a scheme to file fraudulent applications for loans under the Paycheck Protection Program (PPP) that the Small Business Administration (SBA) guaranteed under the Coronavirus Aid, Relief, and Economic Security Act.

    According to court documents, between around May 2020, and March 2021, Shantelle Hawkins, 43, of DeSoto, conspired to submit 17 fraudulent PPP loan applications on behalf of companies she or her relatives owned or controlled. The applications contained false statements about payroll and tax information, which the SBA used to calculate the amount of PPP funds to which the applicant-companies would be entitled. Hawkins used some of the money she obtained from the loans for personal expenses, including to pay off her 2015 Maserati Ghibli luxury car and to purchase property in the greater Dallas area.

    Hawkins pleaded guilty on Oct. 8, 2024, to conspiracy to commit wire fraud.  At sentencing, Hawkins was ordered to pay more than $1.8 million in restitution and to forfeit the residence purchased with proceeds from the fraud.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting U.S. Attorney Nancy E. Larson for the Northern District of Texas; and Special Agent in Charge R. Joseph Rothrock of the FBI’s Dallas Field Office made the announcement.

    The FBI is investigating the case.

    Trial Attorneys Dermot Lynch and Kashan Pathan of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Elyse Lyons for the Northern District of Texas is handling asset forfeiture.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL OSI USA News

  • MIL-OSI Security: Texas Business Owner Sentenced for COVID-19 Relief Fraud

    Source: United States Attorneys General

    A Texas woman was sentenced today to three years and five months in prison for her participation in a scheme to file fraudulent applications for loans under the Paycheck Protection Program (PPP) that the Small Business Administration (SBA) guaranteed under the Coronavirus Aid, Relief, and Economic Security Act.

    According to court documents, between around May 2020, and March 2021, Shantelle Hawkins, 43, of DeSoto, conspired to submit 17 fraudulent PPP loan applications on behalf of companies she or her relatives owned or controlled. The applications contained false statements about payroll and tax information, which the SBA used to calculate the amount of PPP funds to which the applicant-companies would be entitled. Hawkins used some of the money she obtained from the loans for personal expenses, including to pay off her 2015 Maserati Ghibli luxury car and to purchase property in the greater Dallas area.

    Hawkins pleaded guilty on Oct. 8, 2024, to conspiracy to commit wire fraud.  At sentencing, Hawkins was ordered to pay more than $1.8 million in restitution and to forfeit the residence purchased with proceeds from the fraud.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting U.S. Attorney Nancy E. Larson for the Northern District of Texas; and Special Agent in Charge R. Joseph Rothrock of the FBI’s Dallas Field Office made the announcement.

    The FBI is investigating the case.

    Trial Attorneys Dermot Lynch and Kashan Pathan of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Elyse Lyons for the Northern District of Texas is handling asset forfeiture.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI

  • MIL-OSI USA: In Aftermath of Iran Strikes, Reed Urges Trump Admin. to Strengthen Cybersecurity

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – U.S. cyber officials and private experts are warning that Iran and Iran-linked groups may try to target the U.S. with a range of cyberattacks that could cause serious damage and disruption to private and public sector interests.  In the wake of U.S. airstrikes on Iran, the U.S. Department of Homeland Security issued a bulletin through the National Terrorism Advisory System, which read: “Low-level cyber attacks against U.S. networks by pro-Iranian hacktivists are likely, and cyber actors affiliated with the Iranian government may conduct attacks against U.S. networks.”

    In addition to these warnings, U.S. Senator Jack Reed (D-RI), the Ranking Member of the Senate Armed Services Committee, is urging the Trump Administration to take action to bolster the nation’s cyber defenses and assist American industries and municipalities that may be targeted for attacks. 

    “As sophisticated cyber threats mount, we should be surging resources and reinforcements to America’s cyber defenses.  We’ve got to secure our infrastructure and protect critical systems.  Unfortunately, the Trump Administration has undermined the capacity and capabilities of our country’s most critical cybersecurity agencies,” said Senator Reed.

    Reed warns that the Trump Administration’s partisan efforts to purge the federal workforce and slash the Cybersecurity and Infrastructure Security Agency (CISA) — America’s primary cyber agency — is putting U.S. national security at risk.  CISA is the frontline federal agency in charge of defending federal networks, state and local governments, and critical infrastructure against cyber threats.  CISA’s mission includes ransomware defense, supply chain resilience, and public-private coordination.

    The Trump Administration has targeted CISA for downsizing, already forcing out over 1,000 CISA employees – roughly one-third of CISA’s workforce.  The drastic staff reductions coupled with proposed future budget cuts jeopardize America’s ability to effectively repel, thwart, and deter cyberattacks; defend federal networks; and support critical infrastructure operators.

    Reed stated: “As the cyber threat level is rising from Iran, affiliated hacktivists, and other adversaries, the Trump Administration is gutting CISA and taking down our best defenses, leaving America dangerously exposed to cyberattacks.  The Trump Administration must stop undermining the capacity of America’s cyber defense agency.  I urge the Trump Administration to take immediate action to rehire technical cyber talent, restore CISA funding, and reinstate key cyber defense programs immediately.  We need to ramp up in the weeks and months ahead and be vigilant in defending against offensive cyber operations by Iran or their partners.”

    The Trump Administration is seeking to reduce CISA’s budget by over $490 million – reducing the agency’s operational funding obligations from $2.38 billion to $1.96 billion.  This includes dismantling and eliminating several key programs entirely, such as the agency’s Election Security Program and the innovative Cyber Safety Review Board.

    Meanwhile, the Trump Administration is targeting other key U.S. cyber defense assets for major budget cuts, including:

    • The FBI, which leads domestic cybercriminal investigations, would have its budget reduced $560 million, alongside a loss of nearly 1,900 staff.
    • The U.S. Department of Justice (DOJ) National Security Division, which handles foreign intelligence surveillance policy and various counterintelligence operations, would have its budget reduced by $14 million, accompanied by a reduction of full-time employees.
    • The U.S. Department of Energy’s Office of Cybersecurity, Energy Security and Emergency Response, which oversees cybersecurity for the nation’s electric grid, would see a sharp cut of $43 million and a staffing reduction of more than 30 percent.
    • The National Science Foundation’s computer science research activities would be cut by $606 million, or 64 percent of its budget, in FY26.

    Beyond CISA and domestic cyber defenses, President Trump abruptly fired the previous director of the National Security Agency (NSA) and head of U.S. Cyber Command, General Timothy Haugh, and his top deputy, without explanation this April, following a meeting with right-wing activist Laura Loomer at the White House.  With support from U.S. Secretary of Defense Pete Hegseth, Army Lt. General Richard Angle was then announced as the nominee to be the successor for the job.  However, the White House then opted not to move forward with Lt. General Angle’s nomination, without public explanation.

    MIL OSI USA News

  • MIL-OSI USA: Rep. Dan Goldman Delivers Poignant Address on Corruption, Erosion of Accountability, and a Roadmap for Restoring Public Trust

    Source: US Congressman Dan Goldman (NY-10)

    Rep. Dan Goldman: “Democracy depends on a basic understanding: that we, the people, entrust elected officials with power in exchange for their service for the public good. That trust is not a given—it must be earned. And when those in power use their positions to enrich themselves, to favor allies, or to punish enemies, that contract begins to dissolve.” 

    Goldman: “Restoring faith in our system is going to take more than these specific and tangible legislative objectives. We can’t predict every possible ethics violation or potential corrupt deal. The voters – the people – must have higher expectations of their elected officials, and must hold them accountable.” 

    Watch the Full Address Here: 

    New York, NY – Congressman Dan Goldman (NY-10) delivered the featured speech at New York Law School’s 199th CityLaw Breakfast titled, “Democracy on the Brink: Corruption and the Public Trust.”  

    In a moment of historic political upheaval, Goldman issued a candid assessment of how public corruption and the erosion of guardrails and forms of accountability – on both sides of the political aisle and at every level of government – are threatening the very foundation of American democracy and the willingness of the public to buy into the American social contract.  

    Drawing on recent cases, public opinion data, and a call to action for institutional reform, Congressman Goldman offered both a warning and a roadmap for restoring public confidence in government and the imperative of doing so to preserve liberal democracy. 

    Remarks as prepared are available below: 

    Rep. Dan Goldman

    “We gather here today at a time when the very foundations of our democracy are enduring a stress test. 

    To be sure, we are facing threats abroad from Russia, Iran and China, and partisan gridlock in Washington makes it incredibly difficult to govern as the framers imagined.  

    But I’m not referring to those challenges, which are ones that our great nation has grappled with – and conquered – many times over our 250 year history.  

    I’m instead talking about something far more insidious — something that corrodes from within and is a more significant existential threat to the future of the republic. That threat is naked, unbridled, and brazen corruption at the highest levels of our government.   

    In so many ways, our founding fathers anticipated many potential obstacles and pitfalls in drafting the constitution – including the fundamental concept that the separation of powers among three branches of government would naturally provide the necessary checks and balances to preserve and protect the will of the people.  

    Article One confers to Congress the power of the purse and the power to declare war.  

    Article Two requires the Executive Branch to faithfully execute the laws passed by Congress and to oversee foreign relations. 

    And Article III charges the judiciary with saying what the law is, properly insulated from political pressure by lifetime tenure for judicial appointees. 

    This daring and innovative structure presupposed two assumptions that, if lacking, would crater the entire system:  

    • First, that members of one branch of government would prioritize their own power and authority over pure tribalism;  

    • and second, that the President of the United States would unconditionally believe in the validity and authority of the Constitution in the first place. 

    Sadly, we are witnessing the combination of these two conditions that has our system of government teetering on the brink. No President – not even Nixon – so disregarded the law and the constitution as Donald Trump does. And I can think of no majority in the Congress that has so completely turned over all of its own power and authority to a different branch of government as this Republican Congress has to President Trump.  

    But this inflection point did not come out of nowhere. We can have as many laws and institutions as we want, but if the American people do not have trust that those laws are fairly and equally applied or that those institutions are placing the public good ahead of personal interests, then they aren’t worth the paper they are written on or the dilapidated buildings they reside in. 

    Sadly, trust in elected representatives is at an all-time low. The National Election Study has been tracking public trust in government since 1958, when the percentage of Americans who said they trust the government to do what is right “just about always” or “most of the time” was 73 percent. In 1964 it was 77 percent. 

    Today, that number stands at a horrifying 22 percent. Only 2 percent of respondents say they trust the government to do what is right “just about always.” Two percent. Since 2007, the share of Americans saying they trust the government hasn’t broken 30 percent. 

    And while Donald Trump has taken official corruption to new lows, he is only able to do that because the erosion of the public trust has been well underway for years – by both parties, especially here in New York. 

    As the lead counsel in the first impeachment of Donald Trump for corruptly abusing his official power to try to coerce a foreign government to help his personal campaign, very little that Donald Trump does surprises me.  If there is anything that does, it is not that he is engaged in widespread abuse of his power for personal gain, but rather how openly and brazenly he is doing it.    

    Take just a couple of examples. 

    A few weeks ago, President Trump accepted a reported $400 million luxury jet from the royal family of Qatar without the consent of Congress — a clear violation of the Foreign Emoluments Clause, which requires Congress to consent to any foreign gift, title or emolument. Remember, President Ulysses S. Grant requested consent from Congress to receive the Statue of Liberty from France, and as far as I know it was never going to be used by Grant’s presidential library after he left office. 

    President Trump openly bragged about the plane just a couple of days after he announced a $2 billion financial deal with the UAE in connection to a crypto stablecoin recently issued by his own crypto company, which yielded him hundreds of millions of dollars.  He literally announced this deal on his first official international trip.  

    And he’s grifting at home too. He sold 25 VIP White House tours to the top 25 shareholders of his crypto company – without any known national security vetting – that saw the value of his shares go up by 50%.  

    Yesterday, the Senate voted on stablecoin legislation that very well may make it to the resolute desk for his signature – yes, he might be asked to sign legislation that has a direct impact on his own financial interests.  

    Remember when the public was outraged during his first term when he only ceased day-to-day involvement in the Trump Organization, rather than fully divesting his interests? 

    Now he is soliciting foreign investments in his crypto company and selling White House tours to the largest investor, and there isn’t a hint of an investigation from the Department of Justice nor from the Republican majority in Congress. 

    *************************** 

    Perhaps some of the reasons for such little outrage can be summed up in a statement I hear all the time: “oh, every politician is corrupt.” Too many people simply have come to accept an expectation that elected officials are corrupt and – someway, somehow – every politician is making money from his or her office. 

    As frustrated as I get hearing that over and over, it’s hard to argue with.  
     

    Just look here at our great city and state.  Our current mayor was charged last year for alleged honest services fraud and campaign finance violations tied to foreign money and influence. And while I do think the legal basis for the corruption charge was suspect, I couldn’t help but notice that the most common conversation I had with people about the Indictment began with the question, “is what he did really worthy of a federal indictment?”  

    In other words, expectations are so low for politicians that some degree of corruption is expected and accepted, so much so that federal charges should be saved for only the most egregious conduct.  

    Those who believe that are sadly in very good company: the Supreme Court also seems to believe that is what the law requires.  

    The running joke nowadays is that in order to be convicted of federal corruption charges, the FBI needs to find gold bars in your closet. 

    That of course is what happened to former Democratic Senator Bob Menendez of New Jersey, who was convicted of honest services fraud here in the Southern District of New York after accepting gold bars in exchange for a variety of official actions taken on behalf of the Egyptian government, which gave him the gold bars. 

    We can be frustrated that the Supreme Court has repeatedly narrowed the reach of federal corruption law but it’s not actually a close call in their mind: just about every Supreme Court ruling from the McDonell opinion to the present has been unanimous, 9-0. That includes the Buffalo Billions case and Joe Percoco here in New York, and it caused both State Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver to be retried before they were each ultimately convicted.   

    The fact of the matter is that both Democrats and Republicans have repeatedly succumbed to personal greed over the public good.  And while Donald Trump is attacking all forms of political accountability – including weaponizing the Department of Justice to reward his allies and punish his enemies – the stage had long ago been set for a wannabe dictator like Trump to come along and take a battering ram to a rule of law that had been fraying at the edges for some time.   

    The damage to our system goes far beyond any individual tragedy. It goes to the very foundation of our democracy.  

    Democracy depends on a basic understanding: that we, the people, entrust elected officials with power in exchange for their service for the public good. That trust is not a given—it must be earned. And when those in power use their positions to enrich themselves, to favor allies, or to punish enemies, that contract begins to dissolve.  

    That broken trust – that decaying social contract – is, in my view, what paved the way for the resurrection of the current resident of the White House. He has turned suspicion into toxic cynicism. He has turned facts into a partisan debate. He has used distrust of the system to frame himself as that system’s victim. 

    The question asked is no longer whether politicians are true to their oaths of office. It is instead a question of moral relativism – is she as bad as he is? And once the average voter believes that all politicians are corrupt, that no facts can be trusted, that the pursuit of power justifies any means necessary, the foundations of our democracy crumble and we invite a dangerous new normal: where truth is optional, ethics are flexible, and accountability is partisan. 

    There are many things to be concerned about these days.  We are dealing with many threats to the rule of law and our basic democratic values and foundations.

    But I firmly believe that the path towards restoring faith in our government – in this great experiment that we call democracy – must start by addressing public corruption.  And that is not only through revising our criminal statutes but also by altering the structure of our electoral system. 

    ********************** 

    So if you aren’t ready to crawl into a hole after that ever-so-uplifting recitation of the current state of distrust in our system, let me try to propose some ideas and solutions that can restore confidence in our elected officials – and, by extension, our government.  

    First, voters must see a renewed commitment to ethical government from candidates for office. Donald Trump has normalized the once-heretic idea that a President of the United States does not believe in the constitution. That must end, and it must end now. Not just by following the law, but by holding politicians to a higher standard – and by those within the same party.  

    It frustrates me to no end when I hear people say that some alleged misconduct is okay because the official was not criminally charged or convicted.  That is not the standard we should hold each other to.  

    A criminal conviction is an incredibly high standard – 12 unanimous jurors must find beyond a reasonable doubt that the admissible evidence was sufficient to meet every legal element of the charge.  That must not be – it can not be – the standard that elected representatives are held to.  

    Second, we must set an example by setting guardrails for ourselves. 

    Take stock trading by members of Congress.  I’ve been in Congress about two and a half years, and I’m confident that I haven’t received a single piece of confidential information through my official duties that would have helped me play the market.  But it doesn’t matter – because simply the appearance of receiving confidential information is more than enough to raise questions about whether that information was used in connection with trading stocks by members for their personal gain. 

    And that’s simply why members of Congress should not be permitted to buy and sell individual stocks.  

    When I came into Congress, I sold all of my individual stocks and put my money in a blind trust. But that should be the norm, not the exception. We must pass a law prohibiting individual stock trading by members of Congress.  We can set an example for ourselves. 

    There are other actions that we can take to restore trust in our democracy and our elected officials. 

    We must eliminate big money in politics – at a minimum there must be full transparency in campaign finance. No more dark money. Sunlight is the best disinfectant.  

    We must set clear rules and guidelines on gifts and conflicts of interests – and there must be consequences for violating them.  

    Similarly, we can no longer trust that our elected officials – especially our president – will view the plain language of the Constitution as binding. So we must pass legislation that not only creates an enforcement vehicle for the Emoluments Clause, the Hatch Act, and other ethics laws and rules, but imposes consequences as well.    

    I believe we must draft legislation to codify the independence of the Department of Justice from personal influence by the President.  The evisceration of the Public Integrity Section, the firing of so many apolitical and upstanding career prosecutors, Executive Orders by the President directing the FBI to investigate political enemies – all must be addressed and prohibited.  That is the stuff of banana republics, not a constitutional republic.  

    And finally, we need to rewrite federal public corruption law, which I am in the process of working on right now. The Supreme Court has repeatedly urged Congress to revise the corruption statute, and I plan to take them up on their suggestion. Every branch of government – elected officials, prosecutors, and judges – must have a clear understanding of what is – and is not – official corruption. 

    But restoring faith in our system is going to take more than these specific and tangible legislative objectives. We can’t predict every possible ethics violation or potential corrupt deal. The voters – the people – must have higher expectations of their elected officials, and must hold them accountable. 

    I ran for Congress to preserve and protect our democracy and ensure that the rule of law remains our nation’s guiding light. And I believe that if we are honest with the public, accountable in our actions, uncompromising in what we expect of ourselves, and courageous in our convictions, we can restore the trust that has been lost. 

    But that work starts with integrity. It starts with doing the right thing, not the easy thing. It starts with a willingness to look the American public in the eye, to admit the fault of those we share this awesome responsibility with, and to pledge that we can, we must, we will do better. 

    History is watching.” 

    ###

    MIL OSI USA News

  • MIL-OSI: Bitcoin & Crypto Casinos: All iGaming Experts Reveal Top BTC Casinos (No KYC)!

    Source: GlobeNewswire (MIL-OSI)

    San Diego, California, June 25, 2025 (GLOBE NEWSWIRE) —  Tell me honestly, have you ever felt like you are giving everything just for gambling? Not anymore. No KYC crypto casinos won’t ask you for sensitive information like your name, address, etc. This is the reason why players are heading towards anonymous casinos. If you haven’t started your journey, are confused, or need to know more about anonymous casinos, take a moment to read this article.

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    ➡️ Choosing a Top Bitcoin No KYC Casino Recommended by All iGaming

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    ———————————–

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    The MIL Network

  • MIL-OSI Global: What happens next in US-Iran relations will be informed by the two countries’ shared history

    Source: The Conversation – USA – By Gregory F. Treverton, Professor of Practice in International Relations, USC Dornsife College of Letters, Arts and Sciences

    Iranians protest the U.S. attacks on Iran’s nuclear facilities in Tehran on June 22, 2025. Morteza Nikoubazl/NurPhoto via Getty Images

    The Trump administration’s decision to bomb Iran dramatically marks the now nearly half-century of hostility between the United States and Iran, which began in 1979 with Iran’s takeover of the U.S. Embassy in Tehran and the taking of 52 diplomatic hostages.

    It remains uncertain whether the Iran-Israel ceasefire will hold, given President Donald Trump’s seemingly impulsive policy decisions and an Israeli leader who critics say pursues war to stay in power.

    Additional unpredictability can be seen in a weakened Iran government that is unpopular with its own people but must also bet that standing up to the U.S. and Israel will induce its people to rally around the flag, even if they don’t like who holds that flag.

    As a U.S. international relations scholar, I think whatever comes next will be well informed by what has already happened in U.S.-Iran history. That includes an offer from Trump – who considers himself the consummate negotiator – to Iran to return to the negotiating table.

    The shah’s last visit to Washington

    The opening bracket in modern U.S.-Iran relations was the 1979 Islamic Revolution that overthrew Shah Mohammad Reza Pahlavi,“ whom a CIA covert action had restored to leadership a quarter-century earlier.

    As a young National Security Council staffer, I stood on the South Lawn of the White House as the shah’s helicopter landed in 1977 for a state visit to his close ally, the United States.

    The episode was perhaps a metaphor for the two countries’ relationship. I stood next to a colleague who had written for President Jimmy Carter remarks that included fulsome praise of the shah, but his crack to me was: “You’ll recognize the shah. He’s the one with blood under his fingernails.” Beneath a formal alliance, there was a good deal of cynicism on the U.S. part about the shah’s repressive regime and use of secret police to suppress opposition.

    Pro- and anti-shah protesters were demonstrating at the bottom of the Ellipse, the park south of the White House grounds. The U.S. Park Police, understandably but unwisely, sought to separate them with tear gas, which then wafted over the proceedings on the South Lawn.

    The Shah of Iran wipes tear gas from his eyes as President Jimmy Carter speaks on the South Lawn of the White House on Nov. 15, 1977.
    AP Photo

    The impact of the hostage crisis

    It’s impossible to overstate the effect of the 1979 hostage crisis, when Iranian students seized the U.S. Embassy in Tehran, holding 62 American hostages for 444 days.

    The Carter administration negotiated the Algiers Accords, which led to the release of the hostages in January 1981. There have been persistent accounts, none ever fully validated, that the incoming Reagan administration dealt with Iran to delay the release until after the new president’s inauguration.

    The crisis not only cost Carter his job, but it also cast an enduring shadow over the U.S.-Iran relationship, compounding Americans’ difficulty in understanding a regime that was not only theocratic but Muslim.

    The 1980s witnessed a whipsaw of relations.

    From 1980 to 1988, as Iran and Iraq fought a bloody war to a stalemate, the U.S. saw the power of both countries contained, but it did provide intelligence and logistical support to Iraq.

    Then came the Iran-Contra Affair of 1985 to 1987. It was the Reagan administration’s most serious scandal, in which White House officials illegally sold sanctioned arms to Iran and secretly diverted the proceeds to the Nicaraguan Contras. In a moment straight out of comic opera, National Security Council aides brought a goodwill chocolate cake to Tehran during a secret diplomatic mission in May 1986.

    Unidentified U.S. hostages arrive on Jan. 21, 1981, at Rhein-Main U.S. Air Force base in Frankfurt, West Germany, one day after their release from Iran.
    AP Photo

    In 1988, a U.S. ship struck an Iranian mine in the Persian Gulf. The U.S. retaliated by destroying oil platforms and damaging Iranian ships in “Operation Praying Mantis,” and tragically – and mistakenly – shot down Iran Air Flight 655, killing 290 civilians.

    The 1990s and 2000s again displayed the limits of the relationship.

    In 1995, President Bill Clinton imposed an oil and trade embargo against Iran, and Congress passed the Iran–Libya Sanctions Act in 1996, which imposed economic sanctions on companies doing business with Iran and Libya.

    In 1998, Iranian President Mohammad Khatami called for a “dialogue of civilizations,” prompting cautious U.S. signals of engagement.

    Then, in 2002, President George W. Bush labeled Iran part of the “axis of evil,” a sharp rhetorical escalation. For its part, Iran alleged U.S. drone incursions and covert operations. Limited diplomatic back channels emerged, but to no outcome.

    In 2009, President Barack Obama reached out to Tehran amid post-election unrest in Iran, but two years later Iran threatened to close the Strait of Hormuz, a crucial route for oil shipments to the West.

    In 2015, the two countries were party to the Joint Comprehensive Plan of Action, with Iran agreeing to limit its nuclear program under international oversight.

    Two years later, though, President Trump withdrew from the nuclear deal and reimposed sweeping sanctions in a “maximum pressure” campaign.

    In 2019 and 2020, a series of tit-for-tat escalations culminated in the Jan. 3, 2020, U.S. drone strike that assassinated senior Iranian General Qassem Soleimani. Iran retaliated with missile strikes on U.S. bases in the region.

    U.S. sanctions continued in the Biden administration as Iran pursued deeper ties with Russia, China and nonstate proxies, especially Hezbollah in Lebanon and the Houthis in Yemen.

    What lessons?

    What can be learned from this tangled history?

    First, that negotiations are possible between the two countries, but they are neither easy nor likely to produce more than limited outcomes. Indeed, high-level indirect talks mediated by Oman began in April 2025, though they were in suspension when the U.S. bombers struck.

    Second, despite the Iran regime’s unpopularity, regime change in Iran is unlikely. Assassinating Ayatollah Ali Khameini would likely abet the “rally ‘round the flag” effect, as did the assassination of Soleimani.

    Third, Iran has been careful in its responses even to Israeli aggression but especially in engaging the U.S. in military conflict, a caution the American B-2 bombings on June 21 can only underscore.

    Iran had to retaliate, so the attack on the U.S. base in Qatar came as no surprise. But Iran was careful in retaliating, even notifying the U.S. in advance.

    The dropping of U.S. bombs, followed by Iran’s careful retaliation, was the opportunity for Trump to make an offer Iran couldn’t refuse.

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

    ref. What happens next in US-Iran relations will be informed by the two countries’ shared history – https://theconversation.com/what-happens-next-in-us-iran-relations-will-be-informed-by-the-two-countries-shared-history-259607

    MIL OSI – Global Reports

  • MIL-OSI: Metafoodx Unveils AI Temperature Monitoring to Keep Food Out of the Danger Zone — and the Trash

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, June 25, 2025 (GLOBE NEWSWIRE) — Metafoodx, the AI food operations company, today announced the launch of its groundbreaking temperature intelligence technology, designed to detect, forecast and prevent food safety failures before they occur. The new innovation delivers real-time temperature monitoring and predictive alerts, empowering kitchens to stop waste and improve compliance at scale.

    Every year, millions of pounds of food are discarded, not because they’re expired, but because they quietly slip into the FDA-defined temperature “danger zone” (between 41°F and 135°F) during service. In one institutional kitchen alone, Metafoodx discovered that over 56% of food items scanned during peak service hours were unsafe for consumption.

    “Food waste is often a direct result of food safety failures,” said Fengmin Gong, CEO and co-founder of Metafoodx. “Our AI solution gives kitchens the power to stop temperature-related waste before it happens so they can keep food safe for longer periods of time and serve more of it.”

    Unlike traditional spot-check thermometers, Metafoodx’s patented scanner captures surface temperature and a 3D profile of food items to estimate internal temperature without invasive probes. Dual scans taken before and after service allow the AI to track how temperature changes over time, or kitchens can set timer-based rules to ensure safety compliance. Over time, the AI learns from each kitchen’s unique layout, menu and equipment to deliver site-specific recommendations and optimizations.

    This intelligence helps kitchens:

    • Reduce temperature-related food waste by 20%–30%
    • Boost food safety compliance with real-time alerts
    • Eliminate the need for manual thermometer checks
    • Enhance guest satisfaction by maintaining consistent quality
    • Increase safe food holding times by up to 40 minutes

    Metafoodx has deployed AI Temperature Monitoring across commercial kitchens at Pomona College, University of Guelph and others, and is already driving measurable results.

    To learn more about meeting food safety standards with Metafoodx, read the white paper Too Hot to Fail.

    About Metafoodx
    Metafoodx is a patented, AI-powered food operations platform that helps commercial kitchens reduce waste, optimize production and drive sustainability through real-time data and automation. Trusted by leading universities and food service providers, Metafoodx delivers measurable impact, including up to a 50% reduction in food waste and a 200% ROI within weeks of deployment. Metafoodx is a 2025 Kitchen Innovations Award winner, recognized by the National Restaurant Association for advancing efficiency and productivity in food operations.

    Visit metafoodx.com, and follow the company on LinkedIn, X and YouTube.

    Media Contact
    Liesse Jayalath
    metafoodx@lookleftmarketing.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b26d1249-a8d2-4499-834f-3e6a7ad1efe3

    The MIL Network

  • MIL-OSI: Metafoodx Unveils AI Temperature Monitoring to Keep Food Out of the Danger Zone — and the Trash

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, June 25, 2025 (GLOBE NEWSWIRE) — Metafoodx, the AI food operations company, today announced the launch of its groundbreaking temperature intelligence technology, designed to detect, forecast and prevent food safety failures before they occur. The new innovation delivers real-time temperature monitoring and predictive alerts, empowering kitchens to stop waste and improve compliance at scale.

    Every year, millions of pounds of food are discarded, not because they’re expired, but because they quietly slip into the FDA-defined temperature “danger zone” (between 41°F and 135°F) during service. In one institutional kitchen alone, Metafoodx discovered that over 56% of food items scanned during peak service hours were unsafe for consumption.

    “Food waste is often a direct result of food safety failures,” said Fengmin Gong, CEO and co-founder of Metafoodx. “Our AI solution gives kitchens the power to stop temperature-related waste before it happens so they can keep food safe for longer periods of time and serve more of it.”

    Unlike traditional spot-check thermometers, Metafoodx’s patented scanner captures surface temperature and a 3D profile of food items to estimate internal temperature without invasive probes. Dual scans taken before and after service allow the AI to track how temperature changes over time, or kitchens can set timer-based rules to ensure safety compliance. Over time, the AI learns from each kitchen’s unique layout, menu and equipment to deliver site-specific recommendations and optimizations.

    This intelligence helps kitchens:

    • Reduce temperature-related food waste by 20%–30%
    • Boost food safety compliance with real-time alerts
    • Eliminate the need for manual thermometer checks
    • Enhance guest satisfaction by maintaining consistent quality
    • Increase safe food holding times by up to 40 minutes

    Metafoodx has deployed AI Temperature Monitoring across commercial kitchens at Pomona College, University of Guelph and others, and is already driving measurable results.

    To learn more about meeting food safety standards with Metafoodx, read the white paper Too Hot to Fail.

    About Metafoodx
    Metafoodx is a patented, AI-powered food operations platform that helps commercial kitchens reduce waste, optimize production and drive sustainability through real-time data and automation. Trusted by leading universities and food service providers, Metafoodx delivers measurable impact, including up to a 50% reduction in food waste and a 200% ROI within weeks of deployment. Metafoodx is a 2025 Kitchen Innovations Award winner, recognized by the National Restaurant Association for advancing efficiency and productivity in food operations.

    Visit metafoodx.com, and follow the company on LinkedIn, X and YouTube.

    Media Contact
    Liesse Jayalath
    metafoodx@lookleftmarketing.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b26d1249-a8d2-4499-834f-3e6a7ad1efe3

    The MIL Network

  • MIL-OSI: New Progress Semaphore Release Unleashes AI to Drive Smarter Enterprise Knowledge Management

    Source: GlobeNewswire (MIL-OSI)

    Latest Semaphore platform release enhances user productivity, knowledge modeling and support for semantic compliance standards to drive data value and foster business success

    BURLINGTON, Mass., June 25, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced the latest release of Progress® Semaphore™, its metadata management and semantic AI platform. This release delivers powerful new features and enhancements designed to maximize user productivity and efficiency, foster semantic interoperability and accelerate time to insights in today’s data-driven and AI-powered business landscape.

    Today’s businesses face the challenge of comprehending vast amounts of structured, semi-structured and unstructured data from various sources to drive trusted intelligence and enhance customer experiences. This proliferation of enterprise information often results in data silos and fragmented processes, which hinder productivity and withhold the essential context needed to generate actionable intelligence. With this Semaphore release, users benefit from an intuitive modeling environment that leverages a broader range of reference models and vocabularies, enabling a deeper understanding of their enterprise information.

    Semaphore 5.10.1 highlights include:

    • Expanded AI Model Builder Connectors: The AI Model Builder is an AI-powered tool that simplifies the knowledge modeling experience. With this release, users can now seamlessly connect the AI Model Builder to an extended range of Large Language Model (LLM) providers to build and enrich semantic models effortlessly. Users can also create or refine custom prompts to achieve better generative AI results.
    • Intuitive Constraint Definitions: Designed to enhance productivity, users can define, implement and manage data quality standards for their knowledge models without writing custom code. With complete visual support for the creation and management of simple model constraints, businesses can remain compliant with downstream systems and drive intelligent insights without requiring any technical Shapes Constraint Language (SHACL) knowledge.
    • Full Support for Simple Knowledge Organization System (SKOS) Mapping Relationships: With access to a complete range of SKOS functionality through the Semaphore UI, users can map existing concepts to external reference models with mapping relationships to create a central resource across downstream systems.
    • Structural-Level Classification Settings: Aimed to bolster efficiency, users can now update classification settings at scale across each label type for improved classification results.
    • Concept Reuse: To achieve better business outcomes, the Concept Reuse feature enables more agile editing of local models, permitting users to copy branches from one model to another.

    “The latest release of the Semaphore platform represents our commitment to innovation and addresses the evolving data management needs of our customers,” said John Ainsworth, Executive Vice President, General Manager, Application and Data Platform, Progress Software. “This release not only builds on Semaphore’s comprehensive knowledge modeling capabilities but also ensures seamless integration with emerging AI and semantic standards to empower enterprises with superior insights and decision-making tools.”

    The Semaphore semantic AI platform enables users to manage knowledge models and automatically extract and classify both structured and unstructured data to generate rich semantic metadata. It simplifies information and helps organizations use data effectively to make quicker decisions. Recently, Semaphore platform was named the Leader and a Gold Medalist in Info-Tech Research Group’s 2024 Metadata Management Data Quadrant, based on user feedback on SoftwareReviews, the global research and advisory firm’s software insights platform.

    The latest Semaphore release is available today. For more information about the Progress Semaphore platform, visit https://www.progress.com/semaphore.

    About Progress Software 
    Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com

    Progress and Semaphore are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the US and other countries. Any other trademarks contained herein are the property of their respective owners.

    Press Contacts:
    Kim Baker
    Progress Software
    +1-800-477-6473
    pr@progress.com

    The MIL Network

  • MIL-OSI: Anthony Pompliano’s ProCap BTC, LLC Buys Another 1,208 Bitcoin and Now Holds A Total of 4,932 Bitcoin

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, June 25, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur, Anthony Pompliano, today announced that ProCap BTC, LLC, a bitcoin-native financial services firm (the “Company”), has purchased 1,208 bitcoin at a time weighted average price (“TWAP”) of $105,977 per bitcoin, following the Company’s June 23, 2025 announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take the Company public as ProCap Financial, Inc. The Company now holds 4,932 bitcoin on its balance sheet. 

    The bitcoin was acquired as part of the Company’s on-going bitcoin purchase program. The Company has wasted no time delivering for its investors by deploying the funds raised at signing to accumulate bitcoin. As a result, equity investors received immediate bitcoin exposure from the equity raise.

    The Company plans to continue buying bitcoin for its balance sheet as part of its ongoing business strategy. At the closing of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet. The TWAP for the Day 2 purchases may be different from the “Signing Bitcoin Price” for purposes of Business Combination Agreement signed by CCCM and the Company on June 23, 2025.

    ProCap BTC, LLC, believes bitcoin is the new hurdle rate.

    If you can’t beat it, you have to buy it.

    About ProCap BTC, LLC and ProCap Financial, Inc.

    ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

    About Columbus Circle Capital I

    Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

    Additional Information and where to Find it

    ProCap Financial, Inc., a Delaware corporation (“ProCap Financial”) and Columbus Circle Capital Corp I, a Cayman Islands exempt company (“CCCM”) intend to file with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with (i) a proposed business combination, to be effected subject to and in accordance with the terms of certain business combination agreement dated as of June 23, 2025 (as may be modified, amended or supplemented from time to time, the “Business Combination Agreement”), by and among ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, LLC, a Delaware limited liability company (“ProCap BTC”), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation (collectively with all of the related actions and transactions contemplated by such agreement, the “Business Combination”), (ii) a private placement of non-voting preferred units (“ProCap BTC Preferred Units”) of ProCap BTC to certain “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or institutional “accredited investors” (as defined in Rule 506 of Regulation D)(such investors, “qualifying institutional investors”)(the “Preferred Equity Investment”) pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes (“Convertible Notes”) issuable in connection with the Closing by ProCap Financial (the “Convertible Note Offering” and, together with the Preferred Equity Investment and the Business Combination, the “Proposed Transactions”) pursuant to convertible notes subscription agreements. The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. CCCM and/or ProCap Financial will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor, New York, NY 10019; e-mail: IR@ColumbusCircleCap.com, or upon written request to ProCap Financial Inc. at 600 Lexington Ave., Floor 2, New York, NY 10022, respectively.

    NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

    The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, in connection with the Proposed Transactions, has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

    Participants in Solicitation

    CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025 (the “IPO Prospectus”). Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

    No Offer or Solicitation

    This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM, ProCap BTC or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans , prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets that may be held by ProCap BTC and ProCap Financial and the value thereof, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock, par value $0.0001 per share, of ProCap Financial (“Pubco Common Stock”) to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks related to the ability of ProCap BTC and ProCap Financial to execute their business plans; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; risks associated with the possibility of ProCap Financial being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list Pubco Common Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, which could impact materially the time, cost and ability of ProCap Financial to raise capital after the closing; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others in connection with or following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC, including as will be set forth in the Registration Statement to be filed with the SEC in connection with the Proposed Transactions.

    The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the IPO Prospectus, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

    Media Contacts

    Ebony Lewkovitz

    ebony@edencommunications.com

    Larissa Bundziak

    larissa@edencommunications.com

    Dan Nash

    IR@ColumbusCircleCap.com

    The MIL Network

  • MIL-OSI Global: Iran’s history has been blighted by interference from foreign powers

    Source: The Conversation – UK – By Simin Fadaee, Senior Lecturer in Sociology, University of Manchester

    Iranians commemorate the 1979 revolution in Qom, central Iran. Mostafameraji via Wikimedia Commons, CC BY-NC-SA

    Israel’s recent surprise attack on Iran was ostensibly aimed at neutralising Iran’s nuclear programme, but it didn’t just damage nuclear installations. It killed scientists, engineers and senior military personnel.

    Meanwhile, citizens with no ties to the government or military, became “collateral damage”. For 11 days, Israel’s attacks intensified across Tehran and other major cities.

    When the US joined the attack, dropping its bunker-buster bombs on sites in central Iran on June 21, it threatened to push the region closer to large-scale conflict. Israel’s calls for regime change in Iran were joined by the US president, Donald Trump, who took to social media on June 22 with the message: “if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change??? MIGA!!!”

    Trump’s remarks are reminders of past US interventions. The threat of regime change by the most powerful state in the world carries particular weight in Iran, where memories of foreign-imposed coups and covert operations remain vivid and painful.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    In the early 1890s, Iran was rocked by a popular uprising after the shah granted a British company exclusive rights to the country’s tobacco industry. The decision was greeted with anger and in 1891 the country’s senior cleric, Grand Ayatollah Mirza Shirazi, issued a fatwa against tobacco use.

    A mass boycott ensued – even the shah’s wives reportedly gave up the habit. When it became clear that the boycott was going to hold, the shah cancelled the concession in January 1892. It was a clear demonstration of people power.

    This event is thought to have played a significant role in the development of the revolutionary movement that led to the Constitutional Revolution that took place between 1905 and 1911 and the establishment of a constitution and parliament in Iran.

    Rise of the Pahlavis

    Reza Shah, who founded the Pahlavi dynasty – which would be overthrown in the 1979 revolution and replaced by the Islamic Republic – rose to power following a British-supported coup in 1921.

    Autocrat: Mohammad Reza Pahlavi.

    During the first world war, foreign interference weakened Iran and the ruling Qajar dynasty. In 1921, with British support, army officer Reza Khan and politician Seyyed Ziaeddin Tabatabaee led a coup in Tehran. Claiming to be acting to save the monarchy, they arrested key opponents. By 1923, Reza Khan had become prime minister.

    In 1925, Reza Khan unseated the Qajars and founded the Pahlavi dynasty, becoming Reza Shah Pahlavi. This was a turning point in Iran’s history, marking the start of British dominance. The shah’s authoritarian rule focused on centralisation, modernisation and secularisation. It set the stage for the factors that would that eventually lead to the 1979 Revolution.

    In 1941, concerned at the close relationship Pahlavi had developed with Nazi Germany, Britain and its allies once again intervened in Iranian politics, forcing Pahlavi to abdicate. He was exiled to South Africa and his 22-year-old son, Mohammad Reza, was named shah in his place.

    The 1953 coup

    Mohammad Mosaddegh became Iran’s first democratically elected prime minister in 1951. He quickly began to introduce reforms and challenge the authority of the shah. Despite a sustained campaign of destabilisation, Mossadegh retained a high level of popular support, which he used to push through his radical programme. This included the nationalisation of Iran’s oil industry, which was effectively controlled by the Anglo-Persian Oil Company – later British Petroleum (BP).

    Mohammad Mosaddegh in court martial by Ebrahim Golestan.
    Ebrahim Golestan via Wikimedia Commons

    In 1953, he was ousted in a CIA and MI6-backed coup and placed under house arrest. The shah, who had fled to Italy during the unrest, returned to power with western support.

    Within a short time, Mohammad Reza Shah Pahlavi established an authoritarian regime that governed through repression and intimidation. He outlawed all opposition parties, and numerous activists involved in the oil nationalisation movement were either imprisoned or forced into exile.




    Read more:
    Iran’s long history of revolution, defiance and outside interference – and why its future is so uncertain


    The 1979 revolution: the oppression continues

    The shah’s rule became increasingly authoritarian and was also marked by the lavish lifestyles of the ruling elite and increasing poverty of the mass of the Iranian people. Pahlavi increasingly relied on his secret police, the Bureau for Intelligence and Security of the State.

    Meanwhile, a scholar and Islamic cleric named Ruhollah Khomeini, had been rising in prominence especially after 1963, when Pahlavi’s unpopular land reforms mobilised a large section of society against his rule. His growing prominence brought him into confrontation with the government and in 1964 he was sent into exile. He remained abroad, living in Turkey, Iraq and France.

    By 1964 cleric Ruhollah Khomeini had become the focus for some anti-government protests in Iran.
    emam.com via Wikimedia Commons

    By 1978 a diverse alliance primarily made up of urban working and middle-class citizens had paralysed the country. While united in their resistance to the monarchy, participants were driven by a variety of ideological beliefs, including socialism, communism, liberalism, secularism, Islamism and nationalism. The shah fled into exile on January 16 1979 and Khomeini returned to Iran, which in March became an Islamic Republic with Khomeini at its head.

    But the US was not finished in its attempts to destabilise Iran. In 1980, Washington backed Saddam Hussein in initiating a brutal eight-year war, which claimed hundreds of thousands of Iranian lives and severely disrupted the country’s efforts at political and economic reconstruction.

    Iran and the US have remained bitter foes. Over the years ordinary Iranians have suffered tremendously under rounds of US-imposed sanctions, which have all but destroyed the economy in recent years.

    This new wave of foreign aggression has arrived at a time of significant domestic unrest within Iran. Since the Woman, Life, Freedom protests, which began in September 2022 after the death of Mahsa Amini at the hands of the morality police, there has been a general groundswell of demand for social justice and democracy.

    But the convergence of external aggression and internal demands has brought national sovereignty and self-determination to the forefront, as it did during previous major struggles. While world powers gamble with Iran’s future, it is the Iranian people through their struggles and unwavering push for justice and democracy who must determine the country’s future.

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

    ref. Iran’s history has been blighted by interference from foreign powers – https://theconversation.com/irans-history-has-been-blighted-by-interference-from-foreign-powers-259700

    MIL OSI – Global Reports

  • MIL-OSI: BigCommerce and Feedonomics Team Up with Perplexity to Help Brands Excel at AI Product Search

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, June 25, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, and Feedonomics, a leading data feed management solution, today announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results.

    In the shift from traditional SEO to AI search, it is critical that merchants ensure their products can be syndicated to the right marketplaces and advertising channels or owned channels so they can be found in order to drive traffic and sales. Historical data scraping is inefficient and often inaccurate for large language models. Feedonomics now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.

    “AI-powered search is redefining how consumers discover and engage with products online,” said Sharon Gee, senior vice president of product for AI at BigCommerce and Feedonomics. “For consumer brands, this represents a pivotal moment to lead with innovation. By delivering high-quality product data directly to LLMs, brands ensure their products surface more accurately and contextually. Ensuring quality data feeds are optimally structured and accessible to AI search channels is a strategic imperative for driving relevance, loyalty and growth in an increasingly competitive digital landscape.”

    Generative AI is projected to play a much more important role in ecommerce overall as consumers grow more accustomed to the technology and as retailers rely on it to offer customers a more personalized, relevant experience. Emarketer predicts AI agents and other AI tools will influence as much as 19% of global Cyber Five sales this year—up to $61 billion in spending—as both shoppers and retailers ramp up their use of the technology.

    “With Feedonomics powering our product data, we have confidence that our catalog is being presented accurately and optimally to drive results with AI search platforms,” said Owen Spencer, director of enterprise applications at adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak, Fox Racing, Giro and other notable brands. “Improved visibility and stronger brand consistency are critical for traffic and conversion. Having structured and channel-optimized data in place allows us to take more control of how our products appear in AI-driven experiences, and that is a game-changer for our ecommerce performance in the AI era.”

    As commerce adopts agentic shopping, where AI agents research, recommend and even act on behalf of consumers, the quality of the product catalog is critical. As agentic purchasing evolves, the need for flawless data transfers and optimized, conversion-ready storefronts become paramount. Together, BigCommerce, Feedonomics and Makeswift provide the data and storefront software that enable this critical connectivity and better performance for merchants on virtually any ecommerce platform to optimize revenue.

    “Some aspects of the AI future are already clear—consumers want agentic experiences throughout their shopping journey, and they turn to Perplexity for accurate answers they can trust,” said Taz Patel, head of advertising and shopping at Perplexity. “When our systems can ingest clean, well-organized product information — with rich attributes, consistent taxonomy and up-to-date availability — the results speak for themselves: more relevant search experiences, higher conversion rates and better alignment with shopper intent. With Feedonomics delivering AI-ready data to Perplexity’s powerful and highly-trusted answer engine, we are setting a new standard for ecommerce search.”

    Speak to a BigCommerce or Feedonomics team member at kiosk 207 at the CommerceNext Growth Show through June 25.

    Join the Perplexity beta program here: https://www.bigcommerce.com/dm/perplexity-beta-program/

    About BigCommerce
    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    About Feedonomics
    Feedonomics is a leading data management platform powering omnichannel growth for the world’s top brands and retailers. With its flexible technology and full-service support team, Feedonomics facilitates a variety of data and order management use cases across industries such as ecommerce, automotive, employment, travel, real estate, and more. Feedonomics has thousands of active customers, integrations with hundreds of ecommerce platforms and channels, and strategic partnerships with industry leaders like Amazon, Meta, Google, Microsoft and TikTok. For more information, please visit www.feedonomics.com or follow us on X, LinkedIn, Instagram and Facebook.

    About Perplexity
    Perplexity is an AI-powered answer engine that draws from credible sources in real time to accurately answer questions with in-line citations, perform deep research, and more. Founded in 2022, the company’s mission is to serve the world’s curiosity by bridging the gap between traditional search engines and AI-driven interfaces. Each week, Perplexity answers more than 150 million questions globally. Perplexity is available in the app store and online at https://www.perplexity.com.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    Media Contact:
    Brad Hem
    pr@bigcommerce.com

    The MIL Network

  • MIL-OSI: Santech Holdings Announces Unaudited Financial Results for the First Half of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, June 25, 2025 (GLOBE NEWSWIRE) — Santech Holdings Ltd. (“Santech” or the “Company”) (NASDAQ: STEC) today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024.

    Santech is a Cayman Islands holding company operating through its subsidiaries in Hong Kong and United States, primarily focusing on exploring opportunities in consumer technology, consumer healthcare and enterprise technology.

    First Half of Fiscal Year 2025 Highlights

    Continuing Operations

    Net revenues

    Total revenues from continuing operations in the six months ended December 31, 2024 decreased to nil from US$17.4 million in the same period of 2023, primarily due to Company having completely exited from overseas wealth management and asset management businesses during the reporting period. All remaining revenues from our prior overseas wealth management and asset management businesses during the reporting period have been reclassified under discontinued operations.

    Operating Costs and Expenses

    Cost of compensation and benefits from continuing operations in the six months ended December 31, 2024 decreased to nil from US$13.2 million in the same period of 2023.

    Sales and marketing expenses from continuing operations decreased to nil from US$1.5 million in the same period of 2023.

    All direct costs of revenue from overseas wealth management and asset management during the reporting period have been reclassified under discontinued operations.

    General and administrative expenses from continuing operations in the six months ended December 31, 2024 decreased by 4.3% to US$2.4 million from US$2.5 million in the same period of 2023, primarily due to ongoing cost cutting and restructuring.

    Other expenses, net from continuing operations in the six months ended December 31, 2024 were US$0.2 million, primarily due to the losses on early termination of operating lease.

    Discontinued Operations

    Results of discontinued operations are as follows:

               
      Six Months Ended December 31, 2023
      Two Months Ended August 31, 2024
      (US$’000)   (US$’000)
           
    Discontinued operations      
           
    Net revenues      
    Wealth management 2,442     11  
    Asset management 1,788     1,170  
    Total net revenues 4,230     1,181  
           
    Operating cost and expenses      
    Compensation and benefits 1,358     602  
    Sales and marketing expenses 315      
    General and administrative expenses 656     266  
    Asset impairment loss 2,158      
    Total operating cost and expenses 4,487     868  
           
    (Loss)/income from operations (257 )   313  
           
    Other expense, net (4 )   (1 )
           
    Income/(loss) before income tax expense (261 )   312  
    Income tax (expense)/credit (145 )   (29 )
    Net income/(loss) from discontinued operations (406 )   283  
           
    Gain on disposal of subsidiaries from discontinued operations, net     138  
           
    (Loss)/income for the year from discontinued operations, net of income taxes (406 )   421  
           

    In August 2024, the Company completely exited from its historical businesses in overseas wealth management and asset management and disposed of certain subsidiaries in Hong Kong, namely, Haiyin Insurance (Hong Kong) Co., Limited and Hywin International Insurance Broker Limited for nil consideration, and Haiyin International Asset Management Limited and Hywin Asset Management (Hong Kong) Limited for US$0.6 million to a third party. The disposal was completed on August 31, 2024. After the disposals, the Company no longer holds any financial services licenses or houses any personnel licensed to provide financial services in Hong Kong.

    Net revenues

    Total revenues from discontinued operations in the two months ended August 31, 2024 decreased by 72.1% to US$1.2 million from US$4.2 million in the six months ended December 31, 2023, primarily due to cessation of operations in wealth management and asset management.

    Operating Costs and Expenses

    Cost of compensation and benefits from discontinued operations in the two months ended August 31, 2024 decreased by 55.7% to US$0.6 million from US$1.4 million, in line with the decreases in transaction value of wealth management and asset management businesses.

    Sales and marketing expenses decreased to nil from US$0.3 million in the six months ended December 31, 2023, due to discontinuation of sales and marketing activities.

    General and administrative expenses from discontinued operations in the two months ended August 31, 2024 decreased by 59.5% to US$0.3 million from US$0.7 million in the six months ended December 31, 2023.

    Asset impairment loss from discontinued operations in the six months ended December 31, 2023 represented impairment losses due to impairment of assets held in the PRC, and impairment of intangible assets including software and licenses due to disruption to our brand and our licensed financial services operations in Hong Kong.

    Loss from disposal of subsidiaries under discontinued operations

      Wealth management business   Asset management business   Total
      (US$’000)   (US$’000)   (US$’000)
               
    Considerations received     641     641  
    Less: Net assets disposed of (134 )   (369 )   (503 )
               
    (Loss)/gain from disposal of subsidiaries (134 )   272     138  
     
     

    About Santech Holdings Limited
    Santech Holdings Limited (NASDAQ: STEC) is a technology-focused company. The Company historically served a large number of high net-worth clients in China and Hong Kong in wealth management, asset management and health management, and accumulated a large customer base. The Company has since exited or disposed of its historical businesses in financial services, and is actively exploring innovative new opportunities in technology verticals, including and not limited to consumer technologies and enterprise technologies. For more information, please visit https://ir.santechholdings.com.

    Safe Harbor Statement
    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    Investor Contact:
    Santech Holdings Limited
    Email: ir@santechholdings.com

    SANTECH HOLDINGS LTD.
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except for number of shares and per share data)
     
      June 30,
    2024
      December 31,
    2024
      (US$’000)   (US$’000)
    Assets      
    Current assets:      
    Cash and cash equivalents 15,184     11,233  
    Deposits, prepayments and other current assets 320     72  
    Total current assets 15,504     11,305  
           
    Property and equipment, net 3     4  
    Right-of-use asset 1,235      
    Total non-current assets 1,238     4  
           
    Total Assets 16,742     11,309  
           
    Liabilities and Shareholders’ equity      
    Current liabilities:      
    Commission payable 859      
    Income tax payable 91      
    Due to related parties 11,488     11,062  
    Other payables and accrued liabilities 433     7  
    Lease liability 1,059      
    Total current liabilities 13,930     11,069  
           
    Lease liability 250      
    Total non-current liabilities 250      
           
    Total Liabilities 14,180     11,069  
           
    Shareholders’ Equity:      
    Ordinary shares (US$0.0001 par value; authorized 500,000,000 shares; issued and outstanding 56,000,000* shares (28,000,000 ADS) as of June 30, 2024, and December 31, 2024, respectively) 6     6  
    Additional paid-in capital 33,256     33,256  
    Accumulated deficit (30,700 )   (33,022 )
    Total shareholders’ equity 2,562     240  
           
    Total Liabilities and shareholders’ equity 16,742     11,309  
     
    SANTECH HOLDINGS LTD.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (In thousands, except for share and per share data, or otherwise stated)
             
    Six Months Ended December 31,  
    2023   2024
      (US$’000)   (US$’000)
           
    Continuing operations      
           
    Net revenues      
    Insurance referral 17,351      
    Total net revenues 17,351      
           
    Operating cost and expenses      
    Compensation and benefits 13,210      
    Share-based compensation expense 102      
    Sales and marketing expenses 1,512      
    General and administrative expenses 2,469     2,364  
    Total operating cost and expenses 17,293     2,364  
           
    Income/(loss) from operations 58     (2,364 )
    Other income/(expenses)      
    Interest expense, net (63 )   (17 )
    Other income/(expense), net 72     (245 )
    Total other income/(expense), net 9     (262 )
           
    Income/(loss) before income tax expense 67     (2,626 )
    Income tax (expense)/credit     (117 )
    Net income/(loss) from continuing operations 67     (2,743 )
           
    Discontinued operations      
           
    (Loss)/income for the year from discontinued operations, net of income taxes (406 )   421  
           
    Net loss and comprehensive loss for the period (339 )   (2,322 )
           
    (Loss)/income per share      
    From continuing and discontinued operations      
    Ordinary share – Basic (0.01 )   (0.04 )
    Ordinary share – Diluted (0.01 )   (0.04 )
    ADS – Basic (0.01 )   (0.08 )
    ADS – Diluted (0.01 )   (0.08 )
           
    From continuing operations      
    Ordinary share – Basic 0.00     (0.05 )
    Ordinary share – Diluted 0.00     (0.05 )
    ADS – Basic 0.00     (0.10 )
    ADS – Diluted 0.00     (0.10 )
           
           
    From continuing and discontinued operations      
    Ordinary share – Basic (0.01 )   0.01  
    Ordinary share – Diluted (0.01 )   0.01  
    ADS – Basic (0.01 )   0.02  
    ADS – Diluted (0.01 )   0.02  
           
    Weighted average number outstanding:      
    Ordinary share – Basic 56,000,000     56,000,000  
    Ordinary share – Diluted 56,000,000     56,000,000  
    ADS – Basic 28,000,000     28,000,000  
    ADS – Diluted 28,000,000     28,000,000  
     
    SANTECH HOLDINGS LTD.
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (In thousands, except for share and per share data, or otherwise stated)
                                 
      Ordinary shares   Additional
    paid-in
    capital
      Accumulated
    deficit
      Total
    Shareholders’
    equity
                             
      Number of ordinary shares   Amount                  
            (US$’000)   (US$’000)   (US$’000)   (US$’000)
                 
                                 
    Balance as of June 30, 2024 56,000,000     6     33,256     (30,700 )   2,562  
     
    Net loss for the period             (2,322 )   (2,322 )
     
    Balance as of December 31, 2024 56,000,000     6     33,256     (33,022 )   240  
     

    The MIL Network