Category: Internet

  • MIL-OSI Security: Virginia Man Charged with Traveling to the District to Have Sex with a 6-Year-Old Girl

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    WASHINGTON – Timothy Brockerman, 35, of Herndon, Virginia, was arrested on April 29, 2025, and federally charged with traveling to the District with the intent to engage in sexual contact with a purported six-year-old girl.

    The criminal complaint was announced today by U.S. Attorney Edward R. Martin Jr., FBI Special Agent in Chief Sean Ryan of the Washington Field Office Criminal and Cyber Division, and Chief Pamela Smith of the Metropolitan Police Department.

    Brockerman is charged with travel with intent to engage in illicit sexual conduct.

    According to court documents, on April 21, 2025, an undercover officer (UC) with the MPD-FBI Child Exploitation Task Force was monitoring an online chat group where individuals were known to trade images and videos of children.

    During the conversation with the undercover officer, Brockerman indicated that he has an interest in the sexual abuse of children. The undercover officer told Brockerman that he had a child that he had access to. Brockerman indicated to the undercover officer that he was willing to travel to D.C. to sexually abuse the child.

    On April 29, 2025, police placed Brockerman under arrest after he traveled from his home in Virginia and met the UC at a pre-arranged location in Washington, D.C.

    This case is being investigated by the MPD-FBI Child Exploitation Task Force. It  was brought as part of the Department of Justice’s Project Safe Childhood initiative. In February 2006, the Attorney General created Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. Led by the U.S. Attorney’s Offices, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    MIL Security OSI

  • MIL-OSI Security: Pennsylvania Woman Charged in D.C. with Distributing Child Pornography

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

    WASHINGTON – Jamie Greer Spies, 24, of Reading, Pennsylvania, was arrested on May 2, 2025, and federally charged with distributing child sexual abuse materials.

    The criminal complaint was announced today by U.S. Attorney Edward R. Martin Jr., FBI Special Agent in Chief Sean Ryan of the Washington Field Office Criminal and Cyber Division, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

    Spies is charged with distribution of child pornography.

    According to court documents, an undercover officer working with the MPD-FBI Child Exploitation and Human Trafficking Task Force was monitoring an online group

    where people meet to discuss and trade original images and videos of underage children. While in the group, an individual later identified as Spies messaged the undercover officer indicating that she was interested in images that portrayed the sexual abuse of young children.

    Spies subsequently distributed multiple images and videos depicting the sexual abuse of children, including the abuse of infants and toddlers.

    This case is being investigated by the MPD-FBI Child Exploitation and Human Trafficking Task Force. Valuable assistance was provided by the FBI’s Philadelphia Field Office, Allentown Resident Agency. It is being prosecuted by Assistant U.S. Attorney Jocelyn Bond.

    This case was brought as part of the Department of Justice’s Project Safe Childhood initiative. In February 2006, the Attorney General created Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. Led by the U.S. Attorney’s Offices, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    MIL Security OSI

  • MIL-OSI: Nagano Tonic Complaints Explained: 2025 Nagano Lean Body Tonic User Reviews Analysed & Verified

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) —

    • Why Nagano Lean Body Tonic Is Making Waves in 2025’s Natural Weight Loss Scene
    • Nagano Tonic Complaints: What’s Really Behind the Negative Reviews?
    • Metabolic Biohacking & Thermogenesis: Unlocking Your Body’s Natural Fat-Burning Power
    • Appetite, Digestion, and Energy: The Science Behind EGCG, Inulin, Ashwagandha, and Bitter Melon
    • The Hidden Saboteurs of Weight Loss: Cravings, Stress, Fatigue, and Gut Imbalances
    • Inside the Formula: Ingredient Profile, Claimed Benefits & Where It May Fall Short
    • Cost, Guarantees & Where to Buy: What to Know Before Ordering from the Official Nagano Website
    • Your Top Questions Answered: Side Effects, Results Timeline, Dosage & More
    • Transparency First: Disclaimers, Safety Notes & Smart Supplement Shopping Tips

    Nagano Tonic Complaints Investigated – 2025 User Reviews Verified

    Nagano Lean Body Tonic is emerging as a popular clean-label supplement in 2025, promoted for its natural support of metabolism, appetite control, and energy levels. This article offers a balanced, in-depth look at verified customer reviews, reported complaints, and the science behind its ingredients.

    While it’s not a miracle solution, many users describe steady fat loss, improved energy, and fewer cravings with consistent use. Formulated with well-researched compounds like green tea extract (EGCG), inulin, ashwagandha, and bitter melon, the tonic promotes a holistic approach to weight management by addressing metabolism, digestion, and stress.

    Sold exclusively through the official website, it’s backed by a 180-day money-back guarantee. This review aims to help readers decide whether this trending fat-burning formula delivers real results, without the hype or hidden drawbacks.

    Introduction To Nagano Lean Body Tonic

    In the evolving world of natural weight loss solutions, few products have stirred as much conversation in 2025 as Nagano Lean Body Tonic. Marketed as a metabolism-boosting formula inspired by traditional Japanese wellness principles, this powdered supplement has drawn attention not only for its fat-burning claims but also for a rising number of user reviews, ranging from enthusiastic praise to critical feedback. As interest grows, so does the need for a clear, honest assessment before clicking “buy.”

    Nagano Tonic’s appeal lies in its clean, natural ingredient lineup and its promise to combat stubborn fat, enhance energy, and support wellness—all without synthetic stimulants. But with increased visibility comes scrutiny. Some users have voiced concerns about effectiveness, delayed results, and taste, highlighting the importance of real user experiences in understanding the full picture.

    This article takes a deep dive into the 2025 reviews of Nagano Lean Body Tonic, weighing both the pros and the cons. We’ll also explore common obstacles to lasting weight loss—and how this tonic claims to address them through a modern “biohacking” approach. Biohacking involves optimizing your biology through lifestyle, nutrition, and supplementation—something this formula claims to support through ingredients aimed at metabolism, cravings, and energy levels.

    In a crowded wellness market, transparent, up-to-date analysis is essential. That’s what you’ll find here: a detailed, unbiased, and SEO-friendly breakdown covering everything from ingredient science to pricing and policies, so you can decide whether Nagano Lean Body Tonic is truly worth your time and trust.

    Understanding The Common Weight Loss Challenges

    In 2025, weight loss remains anything but simple. More people are beginning to understand that there’s no universal fix, especially as metabolic health, hormones, and daily habits become more central to long-term success. For those who’ve cycled through countless fat-burning pills, fad diets, and intense workouts only to see minimal or fleeting results, frustration is mounting. To evaluate whether Nagano Lean Body Tonic is a viable solution, it’s essential to first unpack the real challenges of today’s weight loss landscape.

    Why Belly Fat Remains So Stubborn

    For countless men and women, abdominal fat is more than just an aesthetic concern—it’s a deeply persistent issue tied to stress, aging, and a sluggish metabolism. This is one of the hardest areas to lose fat, often resisting even the most disciplined efforts. The search for deeper, metabolism-driven solutions has become a priority.

    That’s where emerging ideas like “thermogenic activation” and “metabolic biohacking” come into play. These modern approaches mark a shift from crash diets to science-informed, natural methods that work with the body, not against it. Nagano Tonic embraces this shift by aiming to realign the body’s metabolic rhythm with plant-based ingredients inspired by traditional Japanese herbal practices. The goal? To promote more efficient fat-burning and sustained wellness.

    While the tonic isn’t a medical treatment, its formula includes natural compounds linked to energy enhancement and metabolic support, factors that could help reduce stubborn fat when combined with healthy habits.

    Cravings, Appetite, and the Dieting Dilemma

    Uncontrolled cravings are a major obstacle to achieving sustainable weight loss. Whether it’s late-night snacking, stress-eating, or blood sugar dips, many people find themselves locked in a cycle of overindulgence followed by guilt and diet restarts. Even the most disciplined low-calorie plans can unravel under the pressure of hunger and emotional triggers.

    This is where natural appetite-regulating ingredients are gaining ground. Compounds like inulin (a gut-friendly prebiotic fiber) and ashwagandha (an adaptogen known for stress balance)—both found in Nagano Tonic—are drawing attention for their potential to curb excessive hunger and support mood stability. While results vary by individual, this approach represents a welcome shift: fueling the body instead of depriving it.

    The Energy-Motivation Connection Often Overlooked

    Fatigue is one of the most underrated barriers to weight loss. When energy runs low, so does motivation to cook, exercise, or stick to goals. Recognizing this link is a game-changer. Instead of relying on caffeine-heavy stimulants that create temporary highs followed by crashes, many health-conscious users are now turning to natural tonics that support daily vitality more sustainably.

    Enter antioxidant-rich superfoods like Camu Camu, Mangosteen, and EGCG from green tea. These aren’t miracle ingredients, but they may contribute to cleaner, more consistent energy when paired with balanced routines. Nagano Lean Body Tonic leans into this philosophy, combining plant-based energy support with a metabolism-friendly formula, offering users a gentler, more holistic alternative to traditional weight loss aids.

    Gut Health, Inflammation, and the Weight Loss Connection

    In 2025, a growing body of research continues to highlight a key—but often overlooked—factor in weight loss resistance: gut health. Imbalances in gut microbiota can lead to chronic inflammation, bloating, sluggish digestion, and intensified sugar cravings—all of which hinder fat loss efforts. As awareness grows, prebiotics and digestive-friendly compounds are gaining mainstream attention. Nagano Lean Body Tonic taps into this trend with ingredients like inulin and ginger, both recognized for their potential to support digestive health and promote a healthier internal environment.

    While these natural compounds are not a replacement for medical treatment, they may serve as a valuable part of a broader wellness routine. The emerging concept of the gut-brain-weight axis—how digestion, mental health, and metabolism are interconnected—is becoming a cornerstone in modern weight management. Formulas that address this triad holistically are earning recognition for their multi-pronged approach to wellness.

    Why Addressing These Core Issues Matters

    Understanding the real barriers to weight loss is more than just identifying what’s going wrong—it’s about aligning with solutions that work with your body, not against it. Nagano Lean Body Tonic appears tailored to meet these challenges, blending the time-tested wisdom of Eastern wellness practices with today’s nutritional science. This makes it an appealing option for those seeking to rebalance their system naturally, without turning to harsh stimulants or restrictive regimens.

    In the next section, we’ll explore how Nagano Tonic carves its place in a saturated wellness market—and whether its ingredient transparency, natural claims, and user experiences support the promises found on its official website.

    Kickstart Your Wellness Journey Naturally with Nagano Lean Body Tonic

    Looking for a cleaner, smarter way to boost metabolism and cut cravings? Nagano Lean Body Tonic may be the modern, natural solution to help you reset and energize from within.

    Read our full analysis to see what real users are saying and whether it truly supports weight loss

    Introducing Nagano Lean Body Tonic

    The surge in interest around Nagano Lean Body Tonic in 2025 is far from accidental. In a market dominated by synthetic diet pills and fleeting health fads, more consumers are gravitating toward clean-label supplements rooted in traditional practices and backed by evolving science. As a powdered drink mix, Nagano Tonic distinguishes itself with a combination of ancient herbal wisdom and functional, metabolism-supporting ingredients.

    But the big question remains: does it actually live up to the hype?

    This section breaks down what the product is, what’s inside it, and how it positions itself as a natural solution to today’s most common weight loss hurdles. You’ll also see how it compares to the flood of detox teas, thermogenic fat burners, and trendy metabolism blends currently crowding the shelves.

    What Exactly Is Nagano Lean Body Tonic?

    Nagano Lean Body Tonic is a powdered dietary supplement designed to be stirred into water or your favorite beverage. It contains a carefully selected mix of fruits, herbs, roots, and adaptogenic botanicals—many inspired by Japanese wellness rituals. Rather than being just another fat-burning formula, Nagano presents itself as a multi-functional wellness tonic aimed at supporting metabolism, reducing cravings, and promoting cleaner, sustained energy.

    Unlike conventional fat burners that rely heavily on caffeine or synthetic appetite suppressants, this tonic opts for a gentler approach. It embraces functional nutrition—working in harmony with your body to restore metabolic balance without overloading your system.

    This reflects a broader 2025 shift toward Eastern-inspired fat-loss strategies, which prioritize internal balance and long-term vitality over short-term gimmicks. Nagano Tonic positions itself at this crossroads: ancient herbal tradition meeting modern nutritional needs.

    Curious To Know More? Visit The Official Nagano Tonic Website Here

    Core Ingredients And Their Functional Benefits

    While the complete ingredient list can be found on the official website (leanbodytonic.com), below is a closer look at the standout components that give Nagano Lean Body Tonic its unique edge over conventional weight loss supplements.

    Camu Camu

    This Amazonian superfruit is revered for its exceptionally high Vitamin C content. Frequently associated with immune support and antioxidant activity, Camu Camu is thought to help reduce oxidative stress, a factor that can contribute to fatigue and stubborn weight gain.

    EGCG (from Green Tea Extract)

    One of the most researched thermogenic compounds in the natural wellness space, EGCG may support fat oxidation and healthy metabolic function, especially when paired with an active lifestyle and balanced nutrition. While not a magic bullet, it remains a valuable asset in the broader metabolic support toolkit.

    Mangosteen

    Southeast Asian herbal traditions often turn to mangosteen for its xanthones—powerful antioxidants believed to support the body’s inflammatory response. Its detox-friendly profile and potential to assist with systemic balance are why it’s featured in many modern wellness blends, including Nagano.

    Ashwagandha

    This revered adaptogen is known for helping the body manage stress and regulate cortisol levels, an important factor given that elevated cortisol is often linked to abdominal fat accumulation. Its calming, balancing effects may also support better emotional eating habits and energy stability.

    Momordica Charantia (Bitter Melon)

    A staple in Eastern medicine, bitter melon has long been used for its potential effects on blood sugar and appetite control. While its intense flavor may not appeal to everyone, its metabolic support properties make it a strategic addition to the Nagano formula.

    Inulin

    This prebiotic fiber plays a dual role—supporting gut health and increasing satiety. By fostering a healthier digestive environment and helping users feel fuller longer, inulin may help cut down on snacking and improve weight control outcomes.

    Other Key Ingredients: Eleuthero Root, Cinnamon Cassia, Ginger, Acerola, and Alfalfa Leaf

    These additional botanicals contribute more than just flavor. They offer a range of potential benefits, including antioxidant protection, digestive comfort, and gentle metabolic regulation. While not headline ingredients, their presence reflects a comprehensive, wellness-first formulation strategy.

    Disclaimer: Effects of natural ingredients can vary significantly between individuals. Nagano Lean Body Tonic is not intended to diagnose, treat, cure, or prevent any disease. Always consult a healthcare professional before starting any supplement, particularly if managing existing health conditions or taking medication.

    Tap To Get Details Of All The Ingredients Used In Nagano Lean Body Tonic From The Official Website

    A Clean-Label Choice For The Conscious Consumer

    In today’s wellness landscape, where artificial additives are increasingly questioned, Nagano Lean Body Tonic sets itself apart with its commitment to clean, plant-based ingredients. By avoiding preservatives, stimulants, and synthetic fillers, the tonic appeals to health-conscious individuals who prefer natural thermogenic support over chemically engineered alternatives.

    Additionally, the product is non-GMO, vegan-friendly, and manufactured in a GMP-certified facility, as stated by the brand. These quality assurances resonate with modern consumers seeking transparency, ethical sourcing, and evidence of good manufacturing standards.

    How Does Nagano Tonic Align With Consumer Expectations?

    What sets Nagano Lean Body Tonic apart isn’t just its ingredient list—it’s the way the formula aims to support multiple facets of weight wellness:

    • Naturally encourages metabolic activity (without synthetic stimulants)
    • Supports stress management with adaptogenic herbs
    • It may help curb cravings thanks to digestion-friendly prebiotics
    • Caters to a clean-living, holistic lifestyle

    These benefits resonate strongly with the mindset of today’s health-conscious consumer, especially in 2025, where sustainable transformation has overtaken fad diets and quick-fix solutions. The tonic’s approach aligns with the growing demand for natural, effective alternatives that address body, mind, and lifestyle in unison.

    Investigating Customer Complaints And Reviews

    As with any supplement that earns buzz, Nagano Lean Body Tonic has its fair share of both advocates and critics. As usage grows, so does the flood of online reviews, social media chatter, Reddit discussions, and blog breakdowns. For curious shoppers, it’s essential to sort through the noise and get a clear picture of what users are actually experiencing.

    In this section, we break down some of the most common criticisms, highlight verified customer success stories, and explore why reactions can differ so much between individuals. Given how often terms like “Nagano Tonic scam,” “real results after 30 days,” or “does it really work?” appear in search results, an unbiased investigation is more than helpful—it’s necessary.

    Top Reported Complaints: What You Should Know

    Although many buyers report positive changes, several recurring complaints stand out. These issues aren’t deal-breakers, but they offer valuable context for prospective users.

    1. Results Can Take Time

    Perhaps the most frequent criticism involves the pace of visible results. Users hoping for dramatic fat loss in just a few days may find themselves disappointed early on.

    “I didn’t feel much difference in the first two weeks, but by week four I noticed more energy and less bloating. Still, it’s not some instant miracle,” wrote one Reddit user in a health thread.

    This gradual improvement is typical of plant-based, clean-label formulas that avoid harsh stimulants or extreme fat-blocking compounds. Like many natural wellness products, consistency and patience are key to unlocking benefits.

    2. Taste and Mixability Concerns

    While many people enjoy the tonic’s slightly fruity, herbal flavor, others describe it as “an acquired taste.” Some report that the texture can be gritty or clumpy, especially when mixed with cold water.

    Tip: Users often find better mixability with warm water or when blending the tonic into smoothies, citrus juice, or herbal tea for a smoother experience.

    3. Not Sold on Major Retail Platforms

    Another point of frustration is the tonic’s limited distribution. It’s sold exclusively through the official website, which prevents access via Amazon, Walmart, or third-party wellness sites. While this helps protect the formula’s integrity, it can be inconvenient for those used to broader availability.

    Important Note: Always purchase from the official site to avoid counterfeit or expired products. Unauthorized resellers may offer imitations or tampered formulations.

    Verified Positive Reviews: What Real Users Say Works

    Now let’s flip the script and explore the growing number of users who report noticeable improvements while using Nagano Lean Body Tonic as part of their daily wellness routine. These testimonials often include boosted energy, reduced bloating, fewer cravings, and gradual but steady fat loss over time.

    1. A Clean Energy Boost—Without the Crash

    A standout benefit reported by many users is an increase in natural energy, especially in the morning hours after taking the tonic.

    “I’ve basically replaced my coffee. It gives me a clean, steady lift with no jitters or mid-morning crashes,” shared one user in a 2025 feedback summary.

    This effect may be attributed to ingredients like green tea extract (rich in EGCG), ginger, and the adaptogen Ashwagandha—all known for promoting balanced, stimulant-free vitality.

    2. Better Appetite Control and Reduced Cravings

    Numerous users say they experienced fewer urges to snack, especially on sugary or processed foods, after consistently taking the tonic for several weeks.

    While it’s difficult to pinpoint exact causes without clinical data, the presence of prebiotic fiber (inulin), cinnamon cassia, and bitter melon may support satiety and blood sugar stability, reducing cravings naturally.

    Disclaimer: These results reflect individual experiences and are not guaranteed. Speak with a healthcare provider for tailored health advice.

    3. Sustainable, Long-Term Results with Consistent Use

    Those who incorporated Nagano Tonic daily, especially alongside light movement, mindful eating, or walking, were more likely to report positive changes.

    “After 8 weeks, I lost 9 pounds. It didn’t happen overnight, but my clothes fit better and my energy is up. This feels like something I can stick with,” noted one verified buyer.

    This reflects the product’s alignment with modern wellness trends that favor long-term body recomposition over dramatic quick fixes.

    See what current users are reporting about their experience with Nagano Tonic, available on the official website

    Why Mixed Reviews Exist, Even When Results Are Positive

    It’s important to understand that supplement performance can vary widely. Factors like diet, stress, sleep, hormone balance, and activity level all play a role in how effective any supplement may be for a given person. Misleading social media ads can also create unrealistic expectations, leading some users to feel disappointed if they don’t experience rapid changes.

    That’s why transparent, balanced reviews like this are essential for setting realistic expectations.

    A Grounded Solution in a Market Full of Hype

    All things considered, Nagano Lean Body Tonic seems to deliver meaningful support for many users, especially those who value consistency, clean ingredients, and holistic health. While no product is perfect, most complaints revolve around personal preferences or timing, not the safety or integrity of the product itself.

    With roots in traditional Japanese wellness and modern metabolic science, the tonic presents itself as a clean, non-GMO, naturally supportive tool in your health toolkit.

    The Science Behind Nagano Lean Body Tonic

    Today’s health-conscious consumer seeks more than just weight loss—they want holistic, natural solutions that support full-body wellness. Nagano Lean Body Tonic steps up to this demand by offering a blend of plant-based compounds rooted in both science and traditional Japanese health practices.

    Let’s dive into the key functions of the formula and how its ingredients may work synergistically to support metabolism, cravings, digestion, and stress resilience.

    1. Metabolic Activation Through Thermogenesis

    A major focus of Nagano Tonic is enhancing metabolic activity via natural thermogenesis—the process of using stored fat as energy. Key ingredients include:

    Green Tea Extract (EGCG):
    EGCG, a potent catechin in green tea, has been shown to support fat oxidation and energy expenditure, especially during physical activity. It’s a well-studied, non-stimulant thermogenic agent found in many effective wellness supplements.

    Note: These effects are based on early-stage studies and user testimonials. Results will vary.

    Ginger + Cinnamon Cassia:
    Known for their warming, digestive, and circulation-boosting properties, these herbs help create an environment that supports metabolic efficiency and energy transformation.

    2. Nutrient-Dense Antioxidants for Systemic Health

    Camu Camu + Mangosteen:
    These antioxidant-rich superfruits are known for reducing oxidative stress and inflammation, both of which are now recognized as roadblocks to optimal metabolism. Camu Camu also delivers a significant dose of vitamin C, supporting immune and mitochondrial function.

    3. Appetite Control and Satiety Support

    Inulin (Prebiotic Fiber):
    Naturally found in chicory root, inulin promotes fullness, supports digestion, and may slow glucose absorption. It also feeds healthy gut bacteria, key players in appetite and weight regulation.

    Bitter Melon (Momordica Charantia):
    Used traditionally for blood sugar support, bitter melon may help reduce sugar-related cravings by encouraging a healthy insulin response.

    Disclaimer: Bitter melon is still being evaluated in scientific studies. Consult your provider before use if you have blood sugar concerns.

    4. Stress Reduction for Weight Stability

    Stress often triggers overeating and belly fat accumulation. The adaptogens in Nagano Tonic help address this root cause:

    Ashwagandha:
    One of the most well-known adaptogens, it may help lower cortisol levels and reduce emotional eating or fatigue associated with chronic stress.

    Eleuthero (Siberian Ginseng):
    Included to support sustained energy and resilience under pressure, this adaptogen helps keep mental and physical fatigue at bay without overstimulating the body.

    5. Gut Health: The Missing Link in Weight Wellness

    Gut health influences metabolism, inflammation, and even mood. By including gut-supportive ingredients like inulin, digestive herbs, and superfruit antioxidants, Nagano Tonic aims to support a healthier internal environment that fosters fat metabolism and emotional well-being.

    Note: This tonic is not intended to diagnose, treat, or cure any disease. Results vary and are not guaranteed.

    The Synergy That Sets It Apart

    What makes Nagano Tonic stand out isn’t one “miracle” ingredient—it’s the harmony of its components. From metabolism and appetite to stress and gut balance, this formula addresses multiple dimensions of wellness. That’s what makes it a good fit for consumers looking for something smarter than another crash diet or caffeine pill.

    In a world filled with synthetic fat burners and exaggerated claims, Nagano Lean Body Tonic offers a gentler, functional path to feeling better, inside and out.

    Curious About How Nagano Tonic Works? Dive Into The Details

    How To Add Nagano Tonic To Your Routine?

    Ease of use is crucial for long-term success, and Nagano Lean Body Tonic fits easily into modern wellness routines.

    Daily Usage Guide:

    • Dosage: One scoop daily
    • How to Mix: Stir into 6–8 oz of water, juice, or smoothies
    • When to Take: Morning, preferably before food
    • Duration: Use consistently for 30–60 days to evaluate effects

    Many users take it alongside light morning movement, meditation, or as part of a clean breakfast routine. It can also be used to support intermittent fasting plans, as it’s low in calories and often described as a metabolic primer.

    Always consult your healthcare provider before beginning any new supplement, especially if pregnant, nursing, or managing a medical condition.

    Pairing Nagano Tonic With Healthy Habits

    One of the key reasons wellness-minded users appreciate Nagano Lean Body Tonic is that it doesn’t require an intense lifestyle overhaul. Still, when paired with purposeful habits, the tonic’s benefits may be noticeably amplified.

    1. Prioritize Morning Hydration

    Since the tonic is mixed with liquid, starting your day with it naturally encourages better hydration. Hydrating early supports digestion, detoxification, and nutrient delivery—all of which are foundational to healthy metabolism.

    Tip: Follow your tonic with an extra glass (16–20 oz) of water to activate your system and support gut function from the start of the day.

    2. Stick to a Whole-Foods Diet

    Nagano Tonic complements—rather than replaces—a nutritious diet. The best outcomes are often reported by those who focus on:

    • Lean proteins (chicken, lentils, eggs)
    • Fiber-rich greens (kale, spinach, broccoli)
    • Slow-burning carbs (quinoa, oats, brown rice)
    • Healthy fats (nuts, olive oil, avocado)

    This type of eating pattern supports metabolic function while reducing inflammation and bloating.

    3. Keep Your Body Moving

    While Nagano doesn’t promise results without movement, it works well alongside light physical activity. Even short daily walks, stretching, or 20-minute workouts can complement the tonic’s natural energy-boosting and fat-burning support.

    These simple efforts can elevate energy, improve hormone function, and reinforce consistent progress.

    4. Layer in Stress Relief

    With stress-regulating ingredients like ashwagandha and eleuthero root already in the mix, adding stress-management habits can further support emotional balance and weight goals. Try:

    • Short breathing sessions or meditation
    • Scented candles or diffusers (lavender, eucalyptus)
    • Tech-free wind-down routines in the evening

    Managing cortisol naturally supports fat metabolism, especially around the midsection.

    Consistency Makes The Difference

    Unlike stimulant-heavy fat burners, Nagano Lean Body Tonic takes a gentler, cumulative approach. It’s designed for long-term metabolic balance rather than short bursts of unsustainable energy.

    Most successful users report visible improvements after 60–90 days of steady use alongside other healthy practices. The focus here is on sustainable progress, not overnight changes.

    Note: Your results will depend on your personal routine, diet, and lifestyle. Nagano is meant to support, not replace, foundational wellness practices.

    Creating A Wellness Ritual That Works

    Nagano Tonic can do more than just assist weight goals—it can anchor positive routines. Whether it becomes part of your breakfast ritual, your pre-walk boost, or a cue for mindful eating, this kind of habit stacking builds momentum.

    By integrating it into your existing structure, you can design a supportive routine that aligns with your wellness goals in a realistic, manageable way.

    Purchasing And Guarantee Details

    Understanding the product is only half the equation—it’s also important to know how the purchase process works. Here’s what to expect when buying Nagano Lean Body Tonic.

    Where To Purchase?

    The tonic is exclusively available through its official website. This ensures you’re getting the genuine product with the correct formulation, not a knockoff. Avoid third-party retailers like Amazon, Walmart, or eBay. These listings are often unauthorized and can carry expired or counterfeit products.

    Buying directly also unlocks exclusive discounts, bulk deals, and updated shipping options.

    Pricing Plans Of Nagano Tonic

    As of now, Nagano Tonic offers three standard packages:

    • Single Bottle: $79 for a 30-day supply
    • Best Value (6 Bottles): $234 total ($39/bottle) 180-day supply
    • Popular (3 Bottles): $177 total ($59/bottle) 90-day supply

    Each order includes usage instructions, and the more you buy, the more you save.

    Tap To Order Nagano Lean Body Tonic From The Official Website

    180-Day Risk-Free Guarantee

    Nagano Tonic is backed by a no-questions-asked, 180-day money-back guarantee. You can try the supplement for up to six months and request a refund, even if the bottles are opened or used.

    Refund Policy Highlights:

    • Valid for all order sizes (1, 3, or 6 bottles)
    • Return shipping is the customer’s responsibility
    • Contact customer service within 180 days for refund instructions

    This generous guarantee shows the brand’s confidence and allows users to evaluate the product at their own pace.

    How To Request A Return?

    To start a refund, contact customer service by email or phone and send the product back to the fulfillment center.

    Contact Details:

    • Email: support@leanbodytonic.com
    • Phone: (863) 591-4284
    • Return Address: 285 Northeast Ave, Tallmadge, OH 44278, USA

    Return Tips:

    • Use trackable shipping
    • Include your order ID and original packaging
    • Keep a copy of your shipping receipt

    Nagano Lean Body Tonic Reviews: Final Thoughts

    In a crowded market of stimulant pills and fad diets, Nagano Lean Body Tonic offers a grounded, holistic alternative. It combines Eastern botanicals and modern science to gently support metabolism, digestion, and energy, without harsh side effects. After reviewing customer testimonials, examining common complaints, and analyzing its ingredients, one thing is clear: Nagano is not a magic bullet, but it is a helpful ally for those pursuing lasting change.

    What makes Nagano stand out is its multifaceted approach. It supports metabolism through ingredients like green tea, ginger, and other thermogenic; helps control cravings with inulin fiber and bitter melon; and enhances stress resilience through adaptogens such as ashwagandha and eleuthero root.

    Additionally, it promotes gut health and digestion, factors often overlooked in weight loss and provides non-stimulant energy support for sustained daily wellness. This thoughtful blend is ideal for individuals seeking not only fat loss but also better mood, improved energy, and enhanced daily performance.

    Used in combination with smart lifestyle habits such as staying hydrated, eating whole foods, getting sufficient sleep, and staying active, Nagano Lean Body Tonic can offer a meaningful edge in your wellness journey.

    Email: support@leanbodytonic.com

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    The MIL Network

  • MIL-OSI Asia-Pac: President Lai extends congratulations on election of His Holiness Pope Leo XIV  

    Source: Republic of China Taiwan

    Details
    2025-05-05
    President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
    On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development.    A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit.  Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit.  Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism.   Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki. 

    Details
    2025-05-02
    President Lai meets Atlantic Council delegation
    On the afternoon of May 2, President Lai Ching-te met with a delegation from the Atlantic Council, a think tank based in Washington, DC. In remarks, President Lai said that we have already proposed a roadmap for deepening Taiwan-US trade ties to achieve a common objective of reducing all bilateral tariffs. At the same time, the president said, we will expand investments across the United States and create win-win outcomes for both sides through the trade and economic strategy of “Taiwan plus the US.” The president also emphasized that Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. He expressed hope that, given shared economic and security interests, Taiwan and the US will generate even greater synergy and prove to be each other’s strongest support. A translation of President Lai’s remarks follows: I welcome you all to Taiwan. In particular, Vice President Matthew Kroenig visited Taiwan last June and now is making another trip less than a year later. He also contributed an important article supporting Taiwan to a major international publication, highlighting the concern that our international friends have for Taiwan. We are truly moved and thankful. On behalf of the people of Taiwan, I sincerely thank all sectors of the US for their longstanding and steadfast support for Taiwan. Especially, as we face the challenges arising from the regional situation, we hope to continue deepening the Taiwan-US partnership. Holding a key position on the first island chain, Taiwan faces military threats and gray-zone aggression from China. We will continue to show our unwavering determination to defend ourselves. I want to emphasize that Taiwan is accelerating efforts to enhance its overall defense capabilities. The government will also prioritize special budget allocations to increase Taiwan’s defense spending from 2.5 percent of GDP to more than 3 percent. This reflects the efforts we are putting into safeguarding our nation and demonstrates our determination to safeguard regional peace and stability. During President Donald Trump’s first term, Taiwan purchased 66 new F-16V fighter jets. The first of these rolled off the assembly line in South Carolina at the end of this March. This is crucial for Taiwan’s strategy of achieving peace through strength. In the future, we will continue to procure defense equipment from the US that helps ensure peace and stability across the Taiwan Strait. We also look forward to bilateral security collaboration evolving beyond arms sales to a partnership that encompasses joint research and development and joint manufacturing, further strengthening our cooperation and exchanges. Taiwan firmly believes in fair, free, and mutually beneficial trade ties. Indeed, we have already proposed a roadmap for deepening Taiwan-US trade ties. This includes our common objective of reducing all bilateral tariffs as well as narrowing the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. At the same time, we will expand investments across the US. We will promote our “Taiwan plus one” policy, that is, the new trade and economic strategy of “Taiwan plus the US,” to build non-red supply chains and create win-win outcomes for both sides. As the US is moving to reindustrialize its manufacturing industry and may hope to become a global manufacturing center for AI, Taiwan is willing to join in the efforts. Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. We have every confidence that, given shared Taiwan-US economic and security interests, we can generate even greater synergy and prove to be each other’s strongest support. In closing, I thank Vice President Kroenig once again for leading this delegation, demonstrating support for Taiwan. I look forward to exchanging opinions with you all in just a few moments. I wish you a smooth and successful trip. Vice President Kroenig then delivered remarks, first thanking President Lai for hosting them. He said that it is an honor to be here and to lead a delegation from the Atlanta Council, which consists of a mix of former senior US government officials with responsibility for Taiwan and also rising stars visiting Taiwan for the first time. Vice President Kroenig said that they are here at a critical moment, as there is an ongoing war in Europe, multiple conflicts in the Middle East, and increased Chinese aggression in the Indo-Pacific. Moreover, he pointed out, the regimes of China, Russia, Iran, and North Korea are increasingly working together in a new axis of aggressors. Vice President Kroenig indicated that the challenge facing the US and its allies and partners, including Taiwan, is how to deter these autocracies and maintain global peace, prosperity, and freedom, especially in Taiwan, whose security and stability matter, not only for Taiwan, but also for the US and the world. Vice President Kroenig assured President Lai and the people of Taiwan that the US is a reliable partner for Taiwan. The vice president stated that the administration under President Trump is prioritizing the deterrence of China, and that President Trump has announced an intention to have the largest US defense budget in history, more than US$1 trillion, to resource this priority. Pointing out that an America-first president will not help a country that is not helping itself, Vice President Kroenig said that their delegation has been impressed with the steps President Lai and the administration are taking to strengthen Taiwan’s security, including increasing defense spending, developing a societal resilience strategy, and using cutting edge technologies like unmanned systems to promote indigenous defense production. Vice President Kroenig said that more than money and equipment are necessary to secure a democracy against a powerful and ruthless neighbor, adding that history shows that the human factor is the most important. In the end, he said, it will be the will of the people of Taiwan to resist coercion and to defend their home which will be the most important factor determining the future fate of Taiwan and for the ability of the people of Taiwan to chart their own destiny. Vice President Kroenig emphasized that Americans are willing to support Taiwan in this endeavor, but it will be the people of Taiwan and strong and capable leaders like President Lai at the forefront of this struggle, with the firm support of America. Vice President Kroenig said that as the US and Taiwan work together on these challenges, the Atlantic Council looks forward to offering support behind the scenes. Founded in 1961 to support the Transatlantic Alliance, he said, the Atlantic Council is a global think tank, and part of its DNA is working closely with friends and allies in the Indo-Pacific, including Taiwan. He said they look forward to continuing their close and longstanding cooperation with Taiwan through visiting delegations, research and reports, and public and private events. In closing, Vice President Kroenig thanked President Lai again for hosting them and for the work he is doing to secure the free world. The delegation also included former Deputy Assistant Secretary of Defense for East Asia Heino Klinck and former Director for Taiwan Affairs at the White House National Security Council Marvin Park.

    Details
    2025-05-01
    President Lai meets Japan’s LDP Youth Division delegation
    On the morning of May 1, President Lai Ching-te met with a delegation from Japan’s Liberal Democratic Party (LDP) Youth Division. In remarks, President Lai thanked the guests for demonstrating support for deepening Taiwan-Japan ties through concrete actions. The president expressed hope that Taiwan and Japan can continue to conduct exchanges in such areas as national defense, the economy, education, culture, sports, and the arts so that bilateral relations reach even greater heights. A translation of President Lai’s remarks follows: I want to welcome our distinguished guests, who include Diet members in the LDP Youth Division and guests from Junior Chamber International (JCI) Japan, to the Presidential Office. It is also a pleasure to see LDP Youth Division Director Nakasone Yasutaka, House of Representatives Member Hiranuma Shojiro, and House of Councillors Member Kamiya Masayuki again today. I look forward to discussions with all our distinguished guests. The LDP Youth Division and JCI Japan have once again demonstrated support for deepening Taiwan-Japan ties through concrete actions. On behalf of the people of Taiwan, I also want to thank the LDP Youth Division for launching a fundraising campaign to help those affected by the earthquake in Hualien County on April 3 last year. LDP Youth Division members will be important leaders in Japan’s political arena in the future. Taiwan deeply values our exchanges with the Youth Division and hopes to bring about concrete results from such exchanges. Peace and stability in the Taiwan Strait are critical to the security and prosperity of the world, and Taiwan and Japan can work together to promote peace and stability in the Indo-Pacific region. Former Prime Ministers Abe Shinzo and Kishida Fumio, and current Prime Minister Ishiba Shigeru have repeatedly stressed the importance of peace and stability in the Taiwan Strait at important international venues. Taiwan is deeply grateful to Japan’s current and former prime ministers for their concern and support for this issue. Taiwan and Japan can also cooperate in industry and the economy. As our industries are complementary, further cooperation can create win-win outcomes. In the semiconductor industry, for instance, Taiwan’s strengths lie in manufacturing, while Japan’s strengths lie in materials, equipment, and technology. If we work together, the semiconductor industry is sure to see even more robust development. In addition to the economy and national defense, Taiwan and Japan can also conduct exchanges in such areas as education, culture, sports, and the arts. Our countries have long shared deep ties – Director Nakasone’s grandfather, former Prime Minister Nakasone Yasuhiro, was stationed in Taiwan and lived in what is now the Mingde New Residential Quarter of Kaohsiung City’s Zuoying District. I am confident that on the basis of our already solid foundations, Taiwan-Japan relations can reach even greater heights. Director Nakasone then delivered remarks, first thanking President Lai for finding time in his busy schedule to meet with the visiting delegation. He said that the LDP Youth Division sends a visiting delegation to Taiwan each year and is always granted the opportunity to meet with the president, demonstrating his high regard for the delegation, for which the director again expressed his gratitude. He remarked that he, together with House of Representatives Member Suzuki Keisuke, visited Taiwan last July, and that whenever he visits Taiwan, it feels as if he is returning home. Director Nakasone recalled President Lai’s earlier remarks, saying that he hopes the young people of Taiwan and Japan can fully engage in exchanges in the areas of national defense, the economy, culture, education, and the arts. The director said he believes that in today’s complex and difficult international situation, such directives are necessary. This is especially so, he emphasized, during United States President Donald Trump’s second term, when things once taken for granted are no longer so, and when the global economy is undergoing significant changes. Director Nakasone expressed his full support for strengthening Taiwan and Japan’s practical and strategic cooperation. He said he believes each side will be able to benefit from such cooperation and hopes that exchanges will progress toward shared goals. He pointed out that, as maritime nations, Taiwan and Japan share the goals of protecting the ocean and using marine resources wisely, goals that we ought to cooperate on and devote our full efforts to. The peace and stability of the Taiwan Strait are critical to the peace and stability of East Asia and even the world, he said, so we must ensure that the world and its leaders recognize this point, and Japan will do its utmost to advocate for it. Director Nakasone said, on the topic of semiconductors, that Taiwan Semiconductor Manufacturing Company’s new fab in Japan’s Kumamoto Prefecture has made the area very lively, adding that the Japanese government is providing more than 1.25 trillion yen in subsidies. Moving forward, the Japanese government plans to inject an additional 10 trillion yen, he said, to aid in the development of AI and other fields. Noting that Taiwan and Japan both excel in semiconductors, he expressed his hope that each can give free rein to its strengths to produce an even greater effect. Director Nakasone said that despite Taiwan’s facing formidable internal and external circumstances, it saw 4.6 percent economic growth last year under President Lai’s strong leadership, and it continued to promote measures to enhance overall societal resilience, all of which is admirable. In closing, the director thanked President Lai once again for taking the time to meet with them. Also in attendance were Japanese House of Representatives Members Nemoto Taku and Fukuda Kaoru, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-04-29
    President Lai meets NBR delegation  
    On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.  

    Details
    2025-04-28
    President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
    On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward.  Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Special Report: Sounding Memory – Two Great Compositions of China and Russia in the Year of the 80th Anniversary of the Great Victory

    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

    Moscow, May 9 /Xinhua/ — There are musical works that very accurately reflect their time and the collective unconscious of millions of people. They arise at turning points in history and shape the historical memory of peoples.

    During the celebration of the 80th anniversary of the great Victory in Russia, the song “The Holy War” by Alexander Alexandrov is heard, and in China, the cantata “The Yellow River” by Xian Xinghai is heard. Despite the fact that these works were born in different years and in different countries, they have become cultural symbols for the peoples who fought together on the fronts of World War II.

    MONUMENTS OF THE NATIONAL SPIRIT BORN IN THE FIRE OF WAR

    During the World Anti-Fascist War, China was the main theater of military operations in Asia, and the USSR was in Europe. The Chinese people were the first to rise up in the fight against the Japanese militarists, waged the longest war and, like the Soviet Union, suffered colossal losses.

    The legendary Yellow River Cantata was created in 1939, when the Chinese people had already been fighting Japanese aggression for almost eight years. The 34-year-old composer Xian Xinghai wrote it in six days and nights in the communist-liberated area of Yan’an (Shaanxi Province, Northwest China). He was inspired by a patriotic poem by Guan Weiran, which formed the basis of the lyrics.

    “They both shared the same aspiration of expressing the nation’s voice during the War of Resistance Against Japanese Aggression through music,” said Liu Ni, director of the Yan’an Revolutionary Memorial Museum.

    The piece was first performed in April 1939 and soon spread throughout China, becoming a symbol of national resistance to Japanese aggressors. “The cantata, in which the Yellow River symbolizes the nation, sounded like a powerful battle cry for the people of China,” said Liu Meng, a professor at the Yan’an Cadre School.

    “A work like the Yellow River Cantata means that the Chinese nation and the Chinese people cannot be defeated by external enemies,” said Zuo Zhenguan, a renowned composer and musicologist who has researched the life and work of Xian Xinghai.

    “Arise, great country, rise to mortal combat with the dark fascist force, with the damned horde!” — these words from the Soviet song “Sacred War” performed by the Academic Song and Dance Ensemble of the Russian Army named after A. V. Alexandrov send shivers down your spine. This song, like an eternal memory of the feat of the Soviet people in the Great Patriotic War, has lived for more than 80 years and is performed by the ensemble at concerts both in Russia and abroad.

    According to the head of the ensemble – artistic director Gennady Sachenyuk, in the first days after Germany’s attack on the USSR, composer Alexander Alexandrov saw in one of the newspapers the poems of the poet Vasily Lebedev-Kumach that struck him. According to the recollections of eyewitnesses of those events, he immediately went to write music, and the next day the musicians were already rehearsing the song in the ensemble’s building. “This song was probably needed like air, precisely in those days,” said G. Sachenyuk.

    On June 26, 1941, the song “Svyatnaya Voina” was first performed at the Belorussky Station in Moscow, from where trains with Red Army soldiers were leaving for the front. It was a one-song concert and its premiere. “You always imagine the faces of the people who went through all this, how it all united them, especially when people stand up in the audience. And they stand up during this song at every concert,” says Dmitry Trunov, an artist of the choir of the A. V. Alexandrov Ensemble.

    According to the rector of the Gnessin Russian Academy of Music, Alexander Ryzhinsky, these two great musical works provided spiritual support for the fight against Japanese militarism and German fascism, and also became monuments to the national spirit of China and Russia.

    “VICTORY OVERTURES”

    In May 1940, Xian Xinghai, on the instructions of the Central Committee of the Communist Party of China, went from Yan’an to the Soviet Union to complete work on a documentary film about the Chinese People’s War of Resistance against Japanese Aggression. In the Soviet Union, he made corrections to “Yellow River” and completed its editing.

    “This cantata is a spiritual monument to the Chinese nation. The Yellow River has the same effect on Chinese citizens as the Holy War has on Russians, being a symbol of struggle, a symbol of victory, an impulse to further aspiration to live and remain strong,” Nikolai Kirillov, chief conductor of the A. V. Alexandrov Ensemble, told Xinhua. “Each of them, at one time, produced such an effect for their country, for their people, provided such assistance, such support, which was needed at that moment.”

    “Both the Yellow River and the Sacred War cantatas combined the national musical language with the fight against the enemy, becoming a powerful spiritual weapon in the anti-fascist war,” said Ren Xuewen, deputy director of the Department of Party History and Party Construction at the Yan’an Cadre School. He noted that during World War II, the Soviet Union performed the Yellow River, and the Soviet song Sacred War was distributed in China on the radio.

    “The Yellow River” and “The Holy War” are “victory overtures” created by life itself, which testify to a great friendship forged in blood.

    On April 18, 2025, the Chinese Embassy in Russia held a photo exhibition, “Sincere Friends Tempered in Trials,” dedicated to the 80th anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War. “The joint celebration of the 80th anniversary of the Victory in the Anti-Fascist War will help bring peace to all of humanity,” military retiree Vyacheslav Pechugin, a visitor to the event, said in an interview with Xinhua.

    During the war, many events took place that united the two nations. More than 2,000 Soviet pilots defended the skies of China, delivering powerful blows to the Japanese aggressors. Chinese pilot Tang Do participated in the Great Patriotic War as a deputy squadron commander of a fighter aviation regiment. Chinese journalist Hu Jibang wrote about the decisive struggle of the Soviet people.

    “The cooperation between China and the USSR during the anti-fascist war was not only interstate strategic mutual assistance, but also a demonstration of friendship established by peoples at the expense of their lives and sacrifices,” Ren Xuewen emphasized.

    THE MAJESTIC POWER OF HISTORICAL SIGNIFICANCE

    Every time there are important holidays, the Yellow River Cantata is performed in Yan’an, the birthplace of the great work. It is also a compulsory performance at local music colleges. “It is a masterpiece that most reflects the national spirit of China,” said Guo Qiang, deputy director of the Xi’an Conservatory of Music.

    For 86 years since the Yellow River appeared, it has been performed many times in concert halls in Russia. This has become a good tradition and part of the growing humanitarian exchanges between the two countries. At the same time, Holy War has been constantly performed by Chinese musicians, appeared in TV programs and films, and has become known to many Chinese.

    “These two pieces of art born in the fire of war have become a cultural heritage that knows no national boundaries,” said Zhou Zhou, a Chinese graduate student at Russia’s V.S. Popov Academy of Choral Art who has conducted Chinese and Russian student choirs performing “Holy War” and “Yellow River” on numerous occasions.

    During the war, the two countries shared hardships, and today they are developing together. Relations between China and Russia, good neighbors and true friends, are constantly moving forward. In particular, cooperation in the humanitarian sphere is dynamic.

    A rich and varied program has been developed within the framework of the China-Russia Cross Years of Culture /2024-2025/. For example, about 1.5 million people attended hundreds of events within the framework of the “Chinese New Year in Moscow” festival, which took place from January 28 to February 9.

    “Russian-Chinese cooperation in the humanitarian sphere is the most important component of the multifaceted complex of bilateral relations of comprehensive partnership and strategic interaction. We are always pleased to note its progressive development in all areas,” said the official representative of the Russian Foreign Ministry, Maria Zakharova.

    “Today, when the concept of building a community with a shared future for mankind is gaining popularity, the time and space of the symphony of sounds of the Yellow River and Holy War cantatas tell us that only by continually strengthening the ties between people and preserving the hard-won peace can we pay tribute to our ancestors,” Liu Meng said. –0–

    MIL OSI Russia News

  • MIL-OSI USA: Pixmeo OsiriX MD

    News In Brief – Source: US Computer Emergency Readiness Team

    View CSAF

    1. EXECUTIVE SUMMARY

    • CVSS v4 9.3
    • ATTENTION: Exploitable remotely/low attack complexity
    • Vendor: Pixmeo
    • Equipment: OsiriX MD
    • Vulnerabilities: Use After Free, Cleartext Transmission of Sensitive Information

    2. RISK EVALUATION

    Successful exploitation of these vulnerabilities could allow an attacker to cause memory corruption, resulting in a denial-of-service condition or to steal credentials.

    3. TECHNICAL DETAILS

    3.1 AFFECTED PRODUCTS

    The following Pixmeo products are affected:

    • OsiriX MD: Versions 14.0.1 (Build 2024-02-28) and prior

    3.2 VULNERABILITY OVERVIEW

    3.2.1 USE AFTER FREE CWE-416

    The affected product is vulnerable to a use after free scenario, which could allow an attacker to upload a crafted DICOM file and cause memory corruption leading to a denial-of-service condition.

    CVE-2025-27578 has been assigned to this vulnerability. A CVSS v3.1 base score of 7.5 has been calculated; the CVSS vector string is (AV:N/AC:L/PR:N/UI:N/S:U/C:N/I:N/A:H).

    A CVSS v4 score has also been calculated for CVE-2025-27578. A base score of 8.7 has been calculated; the CVSS vector string is (AV:N/AC:L/AT:N/PR:N/UI:N/VC:N/VI:N/VA:H/SC:N/SI:N/SA:N).

    3.2.2 USE AFTER FREE CWE-416

    The affected product is vulnerable to a local use after free scenario, which could allow an attacker to locally import a crafted DICOM file and cause memory corruption or a system crash.

    CVE-2025-31946 has been assigned to this vulnerability. A CVSS v3.1 base score of 6.2 has been calculated; the CVSS vector string is (AV:L/AC:L/PR:N/UI:N/S:U/C:N/I:N/A:H).

    A CVSS v4 score has also been calculated for CVE-2025-31946. A base score of 6.9 has been calculated; the CVSS vector string is (AV:L/AC:L/AT:N/PR:N/UI:N/VC:N/VI:N/VA:H/SC:N/SI:N/SA:N).

    3.2.3 CLEARTEXT TRANSMISSION OF SENSITIVE INFORMATION CWE-319

    The Osirix MD Web Portal sends credential information without encryption, which could allow an attacker to steal credentials.

    CVE-2025-27720 has been assigned to this vulnerability. A CVSS v3.1 base score of 7.4 has been calculated; the CVSS vector string is (AV:N/AC:H/PR:N/UI:N/S:U/C:H/I:H/A:N).

    A CVSS v4 score has also been calculated for CVE-2025-27720. A base score of 9.3 has been calculated; the CVSS vector string is (AV:N/AC:L/AT:N/PR:N/UI:N/VC:H/VI:H/VA:N/SC:N/SI:N/SA:N).

    3.3 BACKGROUND

    • CRITICAL INFRASTRUCTURE SECTORS: Healthcare and Public Health
    • COUNTRIES/AREAS DEPLOYED: Worldwide
    • COMPANY HEADQUARTERS LOCATION: Switzerland

    3.4 RESEARCHER

    Chizuru Toyama of TXOne Networks and Canaan Kao of TXOne Networks reported these vulnerabilities to CISA.

    4. MITIGATIONS

    Pixmeo recommends users to download the latest version of OsiriX MD.

    For additional support regarding OsiriX MD, users should contact Pixmeo directly.

    CISA recommends users take defensive measures to minimize the risk of exploitation of this these vulnerabilities, such as:

    • Minimize network exposure for all control system devices and/or systems, ensuring they are not accessible from the Internet.
    • Locate control system networks and remote devices behind firewalls and isolating them from business networks.
    • When remote access is required, use more secure methods, such as Virtual Private Networks (VPNs), recognizing VPNs may have vulnerabilities and should be updated to the most current version available. Also recognize VPN is only as secure as the connected devices.

    CISA reminds organizations to perform proper impact analysis and risk assessment prior to deploying defensive measures.

    CISA also provides a section for control systems security recommended practices on the ICS webpage on cisa.gov/ics. Several CISA products detailing cyber defense best practices are available for reading and download, including Improving Industrial Control Systems Cybersecurity with Defense-in-Depth Strategies.

    CISA encourages organizations to implement recommended cybersecurity strategies for proactive defense of ICS assets.

    Additional mitigation guidance and recommended practices are publicly available on the ICS webpage at cisa.gov/ics in the technical information paper, ICS-TIP-12-146-01B–Targeted Cyber Intrusion Detection and Mitigation Strategies.

    Organizations observing suspected malicious activity should follow established internal procedures and report findings to CISA for tracking and correlation against other incidents.

    CISA also recommends users take the following measures to protect themselves from social engineering attacks:

    No known public exploitation specifically targeting these vulnerabilities has been reported to CISA at this time.

    5. UPDATE HISTORY

    • May 8, 2025: Initial Publication

    MIL OSI USA News

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 243

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL3

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 243
    NWS Storm Prediction Center Norman OK
    710 PM CDT Thu May 8 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    South Texas
    Coastal Waters

    * Effective this Thursday night from 710 PM until Midnight CDT.

    * Primary threats include…
    Scattered damaging winds and isolated significant gusts to 75
    mph possible
    Scattered large hail and isolated very large hail events to 2
    inches in diameter possible

    SUMMARY…Clusters of strong to severe cellular thunderstorms will
    likely grow upscale into a linear band of thunderstorms this
    evening. Large hail (1 to 2 inches in diameter) and severe gusts
    (60-75 mph) will be the primary threats with the more intense
    storms. This activity is forecast to move east of the coast
    tonight.

    The severe thunderstorm watch area is approximately along and 55
    statute miles east and west of a line from 15 miles northwest of
    Beeville TX to 105 miles south of Alice TX. For a complete depiction
    of the watch see the associated watch outline update (WOUS64 KWNS
    WOU3).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 238…WW 239…WW
    240…WW 241…WW 242…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2 inches. Extreme turbulence and surface wind gusts to 65 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    30035.

    …Smith

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW3
    WW 243 SEVERE TSTM TX CW 090010Z – 090500Z
    AXIS..55 STATUTE MILES EAST AND WEST OF LINE..
    15NW NIR/BEEVILLE TX/ – 105S ALI/ALICE TX/
    ..AVIATION COORDS.. 50NM E/W /43NNW CRP – 39WNW BRO/
    HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..65 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 30035.

    LAT…LON 28529694 26219714 26219892 28529875

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU3.

    Watch 243 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low ( 65 knots

    Mod (30%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Mod (30%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (70%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News

  • MIL-OSI Video: Advancing Global Scientific Cooperation for Sustainable Development | United Nations

    Source: United Nations (Video News)

    Advancing Global Scientific Cooperation for Sustainable Development: Leveraging Quantum Science for a Resilient Future – High-Level Event.

    Session Objectives:

    Promoting global scientific collaboration and knowledge exchange:
    Discuss ways to advance global scientific collaboration, leveraging opportunities such as the International Decade of Sciences for Sustainable Development (IDSSD, 2024-2033) and the International Year of Quantum Science and Technology (2025). Emphasize the importance of inclusive scientific engagement to tackle global challenges and support sustainable development, with a focus on participation from traditionally underrepresented regions.

    Showcasing inclusive success stories:
    Present success stories and case studies that illustrate ICTP’s commitment to inclusivity and diversity in scientific research. Demonstrate how these initiatives promote gender equality, empower scientists from developing countries, and contribute to building a more diverse global scientific community.

    Strengthening the science-policy interface based on enhanced trust in science:
    Discuss the role of the science-policy interface in informing policy decisions at the UN, and how research and innovations are translated into actionable policies that address global challenges and contribute to the achievement of the SDGs.

    https://www.youtube.com/watch?v=6UV-WailRL8

    MIL OSI Video

  • MIL-OSI USA: General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal

    US Senate News:

    Source: The White House
    Context and ObjectivesPresident Donald J. Trump and Prime Minister Sir Keir Starmer committed to deliver shared prosperity for American and British citizens alike. Our governments have a unique opportunity to enhance our economic partnership through the U.S.-UK Economic Prosperity Deal (EPD).
    A first of its kind, the United States and the United Kingdom expect the EPD to address three core objectives, based on fairness and reciprocity:
    To grow the quality and volume of mutually beneficial trade between the United States and the United Kingdom, creating good, high-paying jobs and growth in both countries;
    To remove barriers to make it easier for American and British businesses to operate, invest and trade in both countries; and
    To ensure that the Special Relationship is rooted in an enduring economic partnership that is fair, reciprocal, future-facing, and built on a shared vision of the challenges that face our economies.
    This document serves to define the general terms for the EPD that set forth the shared desires of the United States and the United Kingdom to make bilateral trade fairer, easier, and more substantial. Alongside this document covering our trading relationship, we are continuing discussions toward a transformative technology partnership between our countries.
    The United States and United Kingdom are immediately beginning negotiations of the EPD to develop and formalize the proposals made in this document. Once the initial proposals have been formalized and implemented, the United States and United Kingdom understand that the EPD can further be expanded over time to cover additional areas. Each country intends to continue to improve market access under the EPD.
    Both the United States and the United Kingdom recognize that this document does not constitute a legally binding agreement.
    Addressing Tariffs(a) Following a reasonable period of negotiation: (i) the United Kingdom intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United States in sectors of importance to the United States; and (ii) the United States intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United Kingdom in sectors of importance to the United Kingdom. The countries intend to coordinate the timing of their respective tariff reductions to be as soon as practicable, taking into consideration their respective domestic processes. On request of the United Kingdom, the United States will consider reducing its applied tariff rates for a UK territory or territories for whose international relations the United Kingdom is responsible on a preferential basis.(b) U.S. beef exports to the United Kingdom are currently subject to a 20 percent tariff within a quota of 1,000 metric tons (mt). The United Kingdom will remove the 20 percent tariff. Additionally, the United Kingdom will create a preferential duty-free quota of 13,000 mt for U.S. beef. In return, the United States will reallocate to the United Kingdom 13,000 mt of its existing “Other Countries” tariff rate quota (TRQ) for beef. Additionally, the United Kingdom will offer a preferential duty-free TRQ of 1.4 billion liters for U.S. ethanol.(c) The United States intends to provide certain key UK imports with modified reciprocal tariff treatment, based on our balanced trading relationship and shared national security priorities. Any such modifications will be consistent with those shared national security priorities, including priorities identified in future U.S. Section 232 investigations.(i) The United States will create a quota of 100,000 vehicles for UK automotive imports at a 10 percent tariff rate, and an accompanying arrangement for attendant auto parts for such autos.(ii) The United Kingdom will work to promptly meet U.S. requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities. Understanding the United Kingdom will meet these requirements, the United States will promptly construct a quota at most favored nation (MFN) rates for UK steel and aluminum and certain derivative steel and aluminum products.(iii) Contingent on the findings of the U.S. Section 232 investigation on pharmaceuticals and pharmaceutical ingredients, and consistent with the United Kingdom’s compliance with the supply chains security requirements described in subparagraph (ii), the United States and the United Kingdom intend to promptly negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients. The United Kingdom confirms that it will endeavor to improve the overall environment for pharmaceutical companies operating in the United Kingdom.(iv) In addition to products already addressed in this document, the United States and the United Kingdom intend to adopt a structured, negotiated approach to othersectors that may be subject to Section 232 investigations or other tariff measures with a view to a significantly preferential outcome. Any such approach is contingent on the United Kingdom ensuring the security of supply chains, using appropriate measures, of products intended for export to the United States and on the findings of related U.S. investigations of, or other tariff measures related to, such sectors.(d) To ensure U.S. and UK firms can benefit from these changes in practice, both countries intend to apply rules of origin that maximize bilateral trade and prevent non-participants from using our bilateral arrangement to circumvent tariffs. The United States affirms that it intends to take into consideration during the negotiations of the EPD the United Kingdom’s request that the United States continues to work to lower tariffs on UK goods imposed by U.S. executive authority as well as those subject to Congressional approval.
    Addressing Non-Tariff Barriers(a) The United Kingdom and the United States plan to work constructively in an effort to enhance agricultural market access. Further, both countries positively support future discussions to strengthen bilateral agricultural trade. The United Kingdom and the United States affirm that imported food and agricultural goods must comply with the importing country’s sanitary and phytosanitary (SPS) standards and other mutually agreed standards. The United Kingdom and the United States commit to working together to improve market access for agricultural products, to highlight concerns, and to increase agricultural cooperation on areas such as certain export verification programs to facilitate greater trade, and more formal bilateral engagement through international standard setting bodies.(b) The United Kingdom and the United States each confirms its intent to accord to conformity assessment bodies of the other treatment no less favorable than that it accords to conformity assessment bodies located in its own territory. Treatment under this paragraph includes procedures, criteria, fees, and other conditions relating to accrediting, approving, licensing, or otherwise recognizing conformity assessment bodies.(c) Both countries intend to build on an existing set of Mutual Recognition Agreements (MRAs) by negotiating additional agreements, as appropriate, across certain industrial goods and advance toward an agreement on services domestic regulation.(d) The United Kingdom and United States intend to discuss the principles and criteria used in order to recognize a standard as an international standard. The United Kingdom and the United States will further commit to discuss respective applicable standards for mutually agreed sectors of interest and, within those specified sectors, to agree which of the other’s relevant domiciled standards development organizations (SDOs) currently meet recognized international principles.
    Increasing Digital Trade(a) Both countries confirm that they will negotiate an ambitious set of digital trade provisions that will include within its scope services, including financial services.(b) Both countries confirm that they will negotiate provisions on paperless trade, pre-arrival processing, and digitalized procedures for the movement of goods between our countries.
    Strengthening Alignment and Collaboration on Economic Security(a) Both countries intend to strengthen cooperation on economic security, including by coordinating to address non-market policies of third countries.(b) Both countries intend to cooperate on the effective use of investment security measures, export controls, and ICT vendor security, building on the current levels of close alignment on trade and investment security measures.(c) In order to ensure more competitive, reciprocal, and secure access to our procurement markets, both countries reaffirm their procurement commitments under the Agreement on Government Procurement (GPA) and their respective free trade agreements, and intend to discuss the implementation of our respective procurement commitments, including through the United Kingdom’s new National Security Unit for Procurement and the United Kingdom’s new powers under the Procurement Act 2023, which provides that non-“treaty states” are not guaranteed non-discriminatory treatment in procurement.(d) Both countries confirm that they will negotiate as part of the EPD provisions on duty evasion customs cooperation to combat evasion schemes and the illegal transshipment of goods from countries subject to antidumping, countervailing duties, safeguards, etc., which undermine economic security.
    Commercial Considerations and OpportunitiesBoth countries commit to continuing to identify mutually beneficial goods, services, investment opportunities and commercial transactions that serve to increase economic integration in critical industries and defense preparedness, leveraging government policies, licenses, and programs and private-sector participation to facilitate such transactions.
    Other Matters(a) Both countries confirm that they intend to discuss high-standard commitments related to intellectual property rights protection and enforcement, labor practices (including addressing forced labor in supply chains), and environmental policies and practices.(b) The United Kingdom will consider the interests of those UK territories for whose international relations it is responsible.(c) The United Kingdom and the United States recognize that the purpose of this arrangement is to deepen our trade relationship based on mutual trust and a shared commitment to fair and reciprocal trade. On request of either country, the United Kingdom and the United States will consult with a view to considering any changes that may need to be made to this arrangement to ensure that it remains mutually beneficial.(d) The United States or the United Kingdom may terminate this arrangement by giving written notice to the other. The United Kingdom and the United States further plan to discuss procedures for review and termination as part of the negotiations of the EPD.
    This document becomes operative on May 8, 2025.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment, says Raksha Mantri at National Quality Conclave 2025

    Source: Government of India

    Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment, says Raksha Mantri at National Quality Conclave 2025

    “India has always played the role of a responsible nation, but if anyone tries to take advantage of its restraint, they will face ‘quality action’”

    No limit will become an obstacle in protecting India’s sovereignty, fully prepared for responsible responses in the future: Shri Rajnath Singh

    “Expanding defence industrial ecosystem is providing an unprecedented strength to India”

    “Need to develop global trust in our equipment to make India a developed nation & largest defence exporter by 2047”

    Posted On: 08 MAY 2025 5:53PM by PIB Delhi

    Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment,” said Raksha Mantri Shri Rajnath Singh while addressing the National Quality Conclave in New Delhi on May 08, 2025. Raksha Mantri commended the precision with which the Armed Forces executed the operation without harming any innocent person and with minimum collateral damage, terming it as unimaginable and a matter of great pride for the nation.

    “In Operation Sindoor, nine terror camps were destroyed in Pakistan & PoK, and a good number of terrorists were killed. It shows the crucial role ‘quality’ plays in securing national interests,” said Shri Rajnath Singh.

    Raksha Mantri asserted that India has always played the role of a responsible nation exercising great restraint and it believes in resolving issues through dialogue, however, if anyone tries to take advantage of this restraint, they will face ‘quality action’. He assured the nation that no limit will become an obstacle for the Government in protecting India’s sovereignty. “We are fully prepared for such responsible responses in the future as well,” he said.

    Sharing his views on the theme of the conclave ‘Fast-tracking of Quality Assurance through Integrated Approach and Technology Enabled Processes’, Shri Rajnath Singh stated that fast-tracking quality assessment is the need of the hour in view of the disruptive changes and new transformations being witnessed in the defence sector across the globe.

    Raksha Mantri voiced the Government’s emphasis on the empowerment of the defence production sector since 2014, based on Prime Minister Shri Narendra Modi’s philosophy of Defence Sovereignty. He said: “Defence Sovereignty means that until a country is capable and self-reliant in its defence needs, its independence cannot be considered complete. If we buy weapons and other defence equipment from abroad, we are outsourcing our security and leaving it at the mercy of someone else. Our government thought over it seriously and took a decisive step to achieve self-reliance. The expanding defence industrial ecosystem is providing an unprecedented strength to India”.

    Shri Rajnath Singh added that equal emphasis is being laid on quality and quantity in defence production with many revolutionary steps being taken in that direction, including corporatisation of Ordnance Factory Board (OFB). He termed Quality as the Government’s priority Reform Agenda, highlighting that since the corporatisation of OFB, DPSUs have become internationally competitive and export-oriented, with efforts being made to advance quality production.

    Raksha Mantri pointed out that one of the objectives behind the progress of the public sector has been to develop a Healthy Competitive Private Defence Ecosystem, which will strengthen India’s security through quality. “In today’s world, a strong brand value is important than just a product. The brand, which assures consistent quality and reliability, succeeds,” he said.

    Shri Rajnath Singh appealed to the Armed Forces, Government QA agencies, DPSUs, private industry, research institutions, academia, and MSME representatives present on the occasion to build a world-leading state-of-the-art Brand India.  “Brand India means if an Indian company has promised something, it will definitely happen. ‘Whenever in doubt, go for India’ should be our USP,” he said.

    On the major changes being witnessed in the global order, Raksha Mantri stated that when developed countries move towards re-armament, the demand for arms & equipment will increase. He cited the report of Stockholm International Peace Research Institute which said that the world military expenditure has reached $ 2,718 billion in 2024. He expressed hope that with coordinated efforts, the Indian defence manufacturing sector can make its mark globally with the Brand India philosophy. “Defence exports crossed the record figure of about Rs 24,000 crore in Financial Year 2024-25. Our aim is to increase the figure to Rs 50,000 crore by 2029. The target is to make India a developed nation and the world’s largest defence exporter by 2047. To achieve the goal, we must develop global trust regarding the quality of our defence equipment,” he said.

    While Shri Rajnath Singh acknowledged the efforts being made towards quality improvement, he stressed on the need to focus on using tools such as artificial intelligence, internet of things, and machine learning for real-time quality monitoring in today’s technology-driven era. He also called for updating standards and testing protocols to align with evolving global technologies. We need to focus on time-bound quality assurance clearances so that unwanted delays do not take place, he said.

    Raksha Mantri added that quality assessment agencies should always keep an eye on their deficiencies and work on overcoming them through modernisation and development of testing infrastructure. Continuous gap analysis in the field of niche technology will be an essential step, he said.

    Organised by the Directorate General of Quality Assurance (DGQA) under the aegis of Department of Defence Production, the conclave underscored the need to transition from legacy QA models to predictive, data-driven, and automated systems. Experts called for seamless collaboration across stakeholders to accelerate certification timelines, streamline inspections, and embed real-time quality oversight into defence production.

    Secretary (Defence Production) Shri Sanjeev Kumar spotlighted the role of innovation and industry collaboration in making India a leading defence exporter. In a transparent and interactive Open House session, he addressed queries from defence industry representatives and user agencies, reinforcing the Ministry’s resolve to simplify, digitalise, and modernise QA systems.

    Key Highlights & Announcements

    • A landmark session introduced the Industry 4.0/QA 4.0 Roadmap, developed jointly by DGQA and industry partners. It includes deployment of smart technologies like Internet of Things-enabled test benches, automated data capture, digital dashboards, and AI-powered analytics—aimed at reducing human error, enhancing efficiency, and enabling continuous quality monitoring across defence product life-cycles.
    • The Draft Indian Military Airworthiness Bill was formally presented for final inputs. The Bill, crafted through an inclusive process involving multiple stakeholders, including MoD, DRDO, Services, DPSUs, and industry, proposes a statutory framework for the certification of military aircraft and airborne systems. A dedicated interactive session captured final feedback from user representatives and industry forums.
    • A dedicated session explored strategies to boost the indigenous development of Explosives and Ordnance (E&O) stores. Experts examined the role of emerging technologies – AI/ML, Big Data, Additive Manufacturing, Silicon Photonics, Semiconductors, and Advanced Materials—in modernising E&O production, safety validation, and certification. The session reinforced the need for technological self-reliance in critical munitions and precision systems.

     

    The National Quality Conclave 2025 concluded with a united commitment from all stakeholders to redefine defence QA as a strategic enabler, not just of compliance, but of national security, export capability, and indigenous innovation. The outcomes of the conclave are expected to catalyse India’s transformation into a global benchmark for defence quality assurance.

    DG, DGQA Shri N Manoharan emphasised that the conclave had significantly strengthened the partnership between industry and defence stakeholders, while also advancing efforts toward standardisation and innovation in quality assurance.

    Director General of Naval Armament Inspection Rear Admiral Rupak Barua, Director General of Aeronautical Quality Assurance Shri Sanjay Chawla, CMDs of DPSUs, senior MoD officers were also present on the occasion.

    *****

    VK/Savvy

    (Release ID: 2127735) Visitor Counter : 2

    MIL OSI Asia Pacific News

  • MIL-OSI USA: What They Are Saying: Support for Fischer’s Precision Ag Package

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, organizations and industry groups released statements and endorsed U.S. Senator Deb Fischer’s (R-Neb.) Precision Ag Package. Earlier this week, Fischer, a member of the Senate Agriculture Committee, introduced three pieces of legislation aimed at enabling America’s producers to harness the full potential of precision agriculture.
    “Nebraska Farm Bureau is proud to support Nebraska Senator Deb Fischer’s work to ensure rural America has necessary broadband coverage and is able to utilize the latest in precision agriculture technology to help ensure the success of Nebraska’s farm and ranch families. Passage of all three of these important pieces of legislation will help equip farmers and ranchers with the tools and infrastructure needed for a more productive, sustainable, and connected agricultural future,” said Nebraska Farm Bureau Federation President Mark McHargue.
    “These bipartisan bills deliver practical tools that empower farmers’ adoption of precision technologies, increase productivity, improve on-farm connectivity and conserve resources more effectively. We applaud Senators Fischer, Klobuchar, Warnock and Luján for advancing policies that strengthen agriculture through innovation and stewardship,” said Irrigation Association CEO Natasha Rankin. 
    “We thank Senator Fischer and the sponsors of these important bills that will encourage the use of innovative precision agriculture technologies, including efficient irrigation and the ways it fits into smart farming practices. This legislation will help growers meet global food challenges while simultaneously supporting USDA conservation goals,” said Lindsay Corporation President Randy Wood.Full List of Endorsements of Fischer’s 
    Precision Ag Package: American Equipment Manufacturers, American Farm Bureau Federation, American Soybean Association, Ethos Connected, Irrigation Association, John Deere, National Corn Growers Association, and Nebraska Farm Bureau Federation.
    Additional Support for Fischer’s 
    PRECISE and PAL Acts:
    “America’s farmers and ranchers increasingly rely on advancements in technology to grow more with less. Equipment manufacturers applaud Senators Deb Fischer and Amy Klobuchar for championing the PRECISE Act and Senator Fischer and Senator Raphel Warnock for leading thePAL Act, which will help producers embrace precision agriculture technologies – allowing them to reduce costs, operate more efficiently, and better compete on a global scale. These two bipartisan bills will help ensure that America’s farmers and ranchers have access to the innovative technologies to help them feed the world while also protecting it,” said Association of Equipment Manufacturers Senior Vice President of Government and Industry Relations Kip Eideberg.
    “PAL and PRECISE prioritize American agriculture leadership. Farmers, ranchers and private industry dedicated to driving American agriculture innovation require sound and responsible policy that not only invests in technological advancements, stewardship of our natural resources and continued agriculture leadership but also prioritizes national security. These bills do just that. Ethos Connected applauds Senator Fischer for her steadfast commitment to agriculture and the security of our great nation,” said Ethos Connected CEO Julie Bushell.
    Full List of Endorsements of Fischer’s 
    PRECISE and PAL Acts: American Equipment Manufacturers, American Soybean Association, American Farm Bureau Federation, Ethos Connected, Irrigation Association, John Deere, National Corn Growers Association, Nebraska Farm Bureau Federation, and The Nature Conservancy. 
    Additional Support for Fischer’s 
    LAST ACRE Act:
    “Innovation is at the heart of everything farmers and ranchers do, but without access to reliable broadband, that innovation is often stifled. Farm Bureau is grateful to Senators Fischer and Luján for their leadership and dedication to advancing connectivity on farms, ranches, and in rural communities. Precision agriculture tools are key to ensuring our nation’s food security and in turn, national security, and the LAST ACRE Act will allow all farmers and ranchers to utilize the latest technologies,” said American Farm Bureau Federation Vice President of Public Policy Sam Kieffer.“Equipment manufacturers applaud Senators Fischer and Luján for their longstanding support for keeping rural communities connected and competitive. Today’s farmers and ranchers rely on broadband internet access to power precision agriculture technologies, which allow them to operate more efficiently. The LAST ACRE Act will help our nation’s agriculture community harness this critical technology through affordable and reliable access to high-speed broadband,” said Association of Equipment Manufacturers Senior Vice President of Government and Industry Relations Kip Eideberg.
    “LAST ACRE plays a critical role in securing and growing America’s rural communities and ensuring America’s continued leadership in agriculture. This bill will connect the acre; where farmers and ranchers need to make real-time decisions, drive operational efficiencies and improve their quality of life. For too long, we have overlooked the need to adequately connect America’s greatest strength: farmers, ranchers, and the communities they support. We are grateful for Senator Fischer’s steadfast leadership, continued dedication, and deliberate action for agriculture,” said Ethos Connected CEO Julie Bushell.
    “Competitive Carriers Association applauds Senators Fischer and Luján for reintroducing the ‘LAST ACRE Act of 2025.’ This bill can help expand access to the precision agriculture applications that are increasingly relied upon across America’s rural farmlands, ranches, and forests – technologies that depend on robust mobile and wireless connectivity. Wireless networks play a critical role in rural America, and policies like those in the LAST ACRE Act can help meet demand and spur innovation and opportunities to meet the agriculture community’s diverse needs. I thank Senators Fischer and Luján for their unwavering commitment to fully connecting rural communities,” said Competitive Carriers Association President and CEO Tim Donovan. 
    “The LAST ACRE Act is a vital step toward bridging the digital divide in rural America by extending high-speed broadband access beyond homes and businesses to the very fields where farmers and ranchers work, enabling the full adoption of precision agriculture technologies. We welcome this important bipartisan legislation that ensures the U.S. Department of Agriculture has the strategy and resources to deliver connectivity to every acre, boosting productivity, sustainability, and economic opportunity across rural communities,” said NATE: The Communications Infrastructure Contractors Association.Full List of Endorsements of Fischer’s 
    LAST ACRE Act: Association of Equipment Manufacturers, American Farm Bureau Federation, American Soybean Association, Competitive Carriers Association, Ethos Connected, Irrigation Association, John Deere, Lindsay Corporation, NATE–The Communications Infrastructure Contractors Association, National Cattlemen’s Beef Association, National Corn Growers Association, National Milk Producers Federation, Nebraska Farm Bureau Federation, NexTech, and the Wireless Internet Service Providers Association.

    MIL OSI USA News

  • MIL-OSI Security: Blue Springs Man Sentenced to 14 Years for Child Pornography

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Blue Springs, Mo., man was sentenced in federal court today for possessing hundreds of images and videos of child pornography.

    Jon Hopkins, Jr., 41, was sentenced by U.S. District Judge Stephen R. Bough to 14 years in federal prison without parole. The court also ordered Hopkins to serve supervised release for Life following his incarceration and to pay $15,000 in restitution to his victims.

    On October 29, 2024, Hopkins pleaded guilty to one count of possessing child pornography. According to court documents, while Hopkins was employed with Honeywell in Kansas City, Missouri, he was discovered to be in possession of an electronic device within the Honeywell facility in a secure classified area which prohibits electronics.  His electronic device was lawfully searched, and law enforcement discovered images depicting child pornography during an initial review.  A federal search warrant was obtained, and following detailed forensic analysis, hundreds of images and videos of child pornography were discovered on his phone, many of which focused on preteen girls.  These images included depictions of 10 previously identified child pornography victims.

    Hopkins is also charged in Jackson County, Missouri with the felony offenses of Statutory Rape or Attempted Statutory Rape in the First Degree of a child less than 12 years old, as well Statutory Sodomy or Attempted Statutory Sodomy in the First Degree of a child less than 12 years old.  Those charges have been pending while this federal case has been ongoing.

    This case was prosecuted by Assistant U.S. Attorney Kenneth W. Borgnino. It was investigated by the Department of Energy, Office of the Inspector General, as well as the Independence Missouri Police Department.

    Project Safe Childhood

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc . For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

    MIL Security OSI

  • MIL-OSI USA: RELEASE: Mullin, Kelly, Crapo, Cramer Introduce Lowering Broadband Costs for Consumers Act of 2025

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Mullin, Kelly, Crapo, Cramer Introduce Lowering Broadband Costs for Consumers Act of 2025

    Washington, D.C. –U.S. Senators Markwayne Mullin (R-OK), Mark Kelly (D-AZ), Mike Crapo (R-ID), and Kevin Cramer (R-ND) introduced the Lowering Broadband Costs for Consumers Act of 2025 to direct the Federal Communications Commission (FCC) to require proper contributions to the Universal Service Fund (USF) from edge providers and broadband providers. Requiring edge providers to cover associated costs for rural fiber networks will reduce the financial burden on consumers and rural providers while strengthening broadband connectivity throughout rural America.
    In Oklahoma, less than half of all rural residents have access to broadband Internet, a necessity most people across the country have enjoyed at a low cost for years. More than 30 percent of individuals living on Tribal land across the U.S. do not have access to high-speed internet. 
    “Fair contributions to the USF from edge providers are long overdue,” said Senator Mullin. “Video streaming services account for 75 percent of all traffic on rural broadband networks. However, unrecovered costs from streaming companies are often shifted and borne by small rural broadband providers. Available, affordable internet will close the digital divide and increase telehealth, educational, and employment opportunities for those who previously went without. Rural Oklahomans deserve the same connectivity as those living in urban areas.”
    “In an interconnected world, high-speed internet access is part of our daily lives – from scheduling a doctor’s appointment to keeping in touch with family,” said Senator Kelly. “This bipartisan bill will have big corporations contribute to the expansion of affordable high-speed internet in areas that desperately need it.” 
    “Chickasaw Telephone Company wishes to thank Senator Markwayne Mullin, Senator Mark Kelly, and Senator Mike Crapo for introducing the Lowering Broadband Costs for Consumers Act of 2025. This bill recognizes that the Universal Service Fund rules written in 1996 aren’t applicable today, nor was the funding mechanism that was adopted decades ago. This bill takes the funding burden off those who are the smallest users of the network and places it fairly and rationally on the largest financial beneficiaries of the network,” Larry Jones, Vice President and Chief Financial Officer of Chickasaw Holding Company.
    “We are pleased and encouraged by the Lowering Broadband Costs for Consumers Act of 2025.  Senators Mullin and Kelly are true leaders for consumers and rural areas. During times of economic struggle for many in America, this bill would lessen the burden on families when they pay for the internet.  This legislation would also help modernize how broadband network deployment and maintenance is supported and paid for in the future.  We thank the Senators for introducing this ground-breaking bill,” Mark Gailey, President and CEO of Totah Communications, Inc.
    “The Universal Service Fund is a vital tool for ensuring that all Americans have access to affordable broadband, which is why WTA – Advocates for Rural Broadband supports the Lowering Costs for Broadband Consumers Act. This legislation would provide the FCC the authority it needs to ensure that all businesses that profit from the broadband network support the construction, maintenance, and upgrades of the network. It makes no sense to continue to rely on telephone customers alone. We thank the Senators for introducing this bipartisan bill and look forward to working with Congress and the FCC to modernize the USF contributions mechanism,” Derrick Owens, Senior Vice President of Government and Industry Affairs, WTA.
    “NTCA applauds the introduction of the Lowering Broadband Costs for Consumers Act, which would promote more predictable and stable funding to preserve and advance the statutory mission of universal service. As traditional telecommunications revenues decline, the assessment on the remaining consumers of such services increases, resulting in a disproportionate burden on those consumers even though they are not the most significant users of services or beneficiaries of underlying networks. Common-sense reforms like those directed by this legislation will shore up the foundation of universal service funding, spread contribution obligations more equitably among all of those that use and benefit from broadband networks, and ultimately help the low-income and rural consumers and schools, libraries, and rural health care facilities that depend on critical universal service programs,” Shirley Bloomfield, CEO of NTCA-The Rural Broadband Association.
    “The Universal Service Fund plays a crucial role in connecting millions in America, particularly in our rural areas. We appreciate Senators Mullin and Kelly for their leadership and urge Congress to make Universal Service Fund reform a top priority,” Brandon Heiner, Senior Vice President of Government Affairs, USTelecom.
    Background – The Lowering Broadband Costs for Consumers Act would:
    Direct the FCC to reform the USF by expanding the base so that edge providers and broadband providers contribute on an equitable and nondiscriminatory basis to preserve and advance universal service.
    Limit assessments of edge providers to only those with more than 3% of the estimated quantity of broadband data transmitted in the United States and more than $5 billion in annual revenue. 
    Direct the FCC to adopt a new mechanism under the current USF high-cost program to provide specific, predictable, and sufficient support for expenses incurred by broadband providers that are not otherwise recovered.
    Limit the FCC’s authority over edge providers and broadband providers only to requiring contributions to the USF.
    Full text of the Lowering Broadband Costs for Consumers Act of 2025 can be found here.

    MIL OSI USA News

  • MIL-OSI USA: GREAT DEAL FOR AMERICA: President Trump’s “Breakthrough” Trade Deal

    US Senate News:

    Source: The White House
    In February, President Donald J. Trump promised “a great trade agreement” with the United Kingdom — and today he delivered with a “breakthrough” trade deal that expands market access, curbs non-tariff barriers, and levels the playing field for American exporters.
    Promises made, promises kept — and he’s just getting started.
    It’s the first such deal under President Trump’s transformational plan to liberate Americans from globalist trade policies that make foreign countries rich while Americans get robbed. It’s all part of President Trump’s vision of economic prosperity: fair trade, historic tax cuts, deregulation, and a manufacturing revival that will cement America’s new Golden Age for decades to come.
    Here’s what they’re saying:
    National Cattlemen’s Beef Association President Buck Wehrbein: “With this trade deal, President Trump has delivered a tremendous win for American family farmers and ranchers. For years, American cattle producers have seen the United Kingdom as an ideal partner for trade. Between our countries’ shared history, culture, and their desire for high-quality American beef, securing a trade agreement is a natural step forward. Thank you President Trump for fighting for American cattle producers.”
    Renewable Fuels Association President and CEO Geoff Cooper: “We sincerely thank President Trump and his trade negotiators for ensuring that American-made ethanol is an important part of the trade agreement announced today with the United Kingdom. While we are still awaiting the specific details of the agreement, we are excited about the prospects of expanded market access that will help boost our farm economy, while also delivering lower-cost, cleaner fuel to UK drivers.”
    International Dairy Foods Association President and CEO Michael Dykes, D.V.M.: “On behalf of America’s dairy processors and producers, IDFA applauds President Trump’s announcement today that the United States and the United Kingdom have reached the terms for a significant trade deal between our two markets that promises to expand access for U.S. agricultural goods, reduce tariffs, and remove barriers to trade … For too long, the UK has limited America’s food and agricultural exports to the world’s sixth largest economy and now President Trump’s deal promises to level the playing field. IDFA looks forward to studying the details of this agreement as they emerge, especially specifics on relief and new market access opportunities for U.S. dairy products. The United States offers the world’s most wholesome, high-quality and affordable dairy products and IDFA is excited to work with our member companies to bring these delicious products to more consumers in the United Kingdom.”
    Growth Energy CEO Emily Skor: “In terms of trade with the UK, the American ethanol industry had its best year ever last year of exports valued at over $535 million. This trade agreement puts us on track to set another record, all to the benefit of American farmers, biofuel producers, and UK consumers. We look forward to learning more, and finding new ways to help the UK achieve its economic and environmental goals through the increased use of American biofuels. We commend the President and his team for making this deal and creating new opportunities for American ethanol and rural America.”
    Job Creators Network CEO Alfredo Ortiz: “Trump’s trade deal with the United Kingdom is a big victory for small businesses, American consumers, and the Trump administration itself. By reducing tariffs and trade barriers, American small businesses will be able to expand their markets and more easily sell to the relatively wealthy UK, whose population is 70 million. American consumers — including small businesses — will also get cheaper access to British goods. President Trump’s tough tariff stance is starting to pay dividends in the form of fairer and freer trade deals that put America first. The many more deals to come will greatly improve the small business economy, financial markets, and American prosperity.”
    Consumer Brands Association President and CEO Melissa Hockstad: “Consumer Brands commends the Trump administration’s successful completion of a comprehensive trade deal with the United Kingdom. As President Trump and his team pursues the America First Trade Policy agenda, the consumer packaged goods industry — America’s largest domestic manufacturing sector by employment — supports the creation of new opportunities for U.S. businesses and efforts to address unfair trade barriers around the world. As the administration continues to pursue deals with other countries, we encourage U.S. trade representatives to examine the needs of different manufacturing sectors and prioritize maintaining access to unavailable natural resources. Ensuring continued trade flows of those key ingredients, which are not available from U.S. sources, is critical to achieving the president’s economic vision, fighting grocery inflation and protecting the 22.3 million American jobs supported by food, beverage, household and personal care manufacturers.”
    HSBC USA President & CEO Lisa McGeough: “Today’s landmark US – UK trade agreement marks a significant step in strengthening transatlantic economic ties and expanding opportunities for businesses and investors. As a British-headquartered bank with a strong US footprint, we’re uniquely positioned to help American companies and investors seize new growth opportunities domestically, in the UK, and beyond. In the US, we stand ready to leverage our position as the world’s leading trade bank to facilitate cross-border commerce, support job creation, and drive investment. We commend the administration on the first of what we hope will be many forward-looking trade agreements.”
    American Farm Bureau Federation President Zippy Duvall: “Farm Bureau appreciates the work between the administration and the United Kingdom to secure a new trade agreement. We have long advocated for new trade deals, and this is an important first step in expanding markets in the four countries … We’re encouraged by progress to create market opportunities for farmers.”
    Nebraska Gov. Jim Pillen: “Trade matters to Nebraska because our farmers and ranchers produce the absolute best – and feed the world. America’s relationship with the U.K. is longstanding, and there is great potential for expanded trade between our countries. President Trump and his administration know that we need more trade with fewer barriers, and they are working around the clock to finalize trade deals with partners across the globe. That’s good news for Nebraska.”
    Iowa Secretary of Agriculture Mike Naig: “A new trade deal with a key ally like the United Kingdom is great news and so I am very encouraged by President Trump’s announcement today. I am particularly pleased to hear the President tout expanded market access for ethanol, beef, and, as he put it, ‘virtually all the products produced by our great farmers’ … Today’s trade announcement demonstrates that there is real progress being made toward opening additional markets for Iowa products across the globe. I hope this deal is the first of many that will be announced with other trading partners in the coming weeks and months.”
    Senate Majority Whip John Barrasso: “It’s good to have the dealmaker-in-chief back in the White House. President Trump’s historic trade deal with the U.K. will mean more jobs and increased investment right here in America. More promises kept.”
    Sen. Jim Banks: “Art of the Deal!”
    Sen. John Boozman: “I just spoke on the phone with USTR Ambassador Greer to discuss the good news. He’s doing a great job, and I look forward to working with him and @SecRollins to ensure agriculture market access remains a priority as the details continue to be worked out.”
    Sen. John Cornyn: “@POTUS Donald Trump will unveil his first post-Liberation Day trade deal this morning — a “major” agreement with the United Kingdom on rolling back tariffs.”
    Sen. Joni Ernst: “President Trump continues to deliver and is opening new markets for Iowa farmers!”
    Sen. Bill Hagerty: “No surprise that our Dealmaker-in-Chief President Donald Trump is rapidly delivering on his promise to ensure our trading partners are operating in good faith and that America is being treated fairly. The deal the President struck with the UK is proof that countries are responding to tariffs and want to enter into trade agreements with the United States that benefit both parties. I look forward to many more announcements in the near future.”
    Sen. Roger Marshall: “Promises made. Promises kept. We are opening up new markets for our world class Kansas beef! Big win.”
    Sen. Jerry Moran: “The UK offers a strategic market for American aviation & agricultural products. I introduced legislation earlier this year to lay the groundwork for a strong bilateral trade relationship, & President Trump’s announcement of a new trade agreement with the UK is a positive step forward.”
    Sen. Bernie Moreno: “An absolutely historic pro America deal by the most pro America President of my lifetime. We will no longer be ripped off and will no longer tolerate trade imbalances that have destroyed the opportunities for working Americans.”
    Sen. Eric Schmitt: “After years of getting ripped off, America is finally playing to win. More exports, more products made here, and record-breaking investment thanks to President Trump’s trade deals.”
    Sen. Rick Scott: “Great news! Thank you, President Trump, for working with our allies while putting America first and protecting American jobs!”
    Sen. Tim Sheehy: “The Art of the Deal. President Trump just delivered a huge win for hardworking Americans. Let’s keep them coming!”
    Sen. Thom Tillis: “A big win secured by @POTUS with the United Kingdom, our greatest ally and one of our largest trade partners. This is a significant step toward establishing fair and mutually beneficial trade relationships with our global partners.”
    Sen. Tommy Tuberville: “Today’s trade deal with the UK is the first of many to come. Like I always say: Never bet against @realDonaldTrump. THE ART OF THE DEAL”
    House Majority Whip Tom Emmer: “The master negotiator succeeds again. @POTUS promised to bring our trading partners to the table and secure deals that put AMERICA FIRST—and that’s exactly what he did. More to come!”
    House Republican Conference Chair Lisa McClain: “Promises Made, Promises KEPT! @POTUS brought countries to the negotiation table and has already DELIVERED a historic trade deal.”
    House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump delivers AGAIN. Thanks to his bold leadership and tough tariffs, the UK is the first to come to the table—with a new trade deal that puts American workers and businesses FIRST. This is what economic strength and real leadership looks like. Fair trade. Better deals. America wins.”
    Rep. Mark Alford: “Fact check: President Trump’s tariff strategy works. Boosting American manufacturing and fighting for our farmers. ANOTHER WIN FOR AMERICA.”
    Rep. Rick Allen: “Another VICTORY! @POTUS is bringing our trading partners to the table and securing billions in new market access for American workers, businesses, and producers. Today’s trade deal with the U.K. will be the first of many. Economic strength is national strength!”
    Rep. Don Bacon: “I congratulate @POTUS on striking a trade deal with the U.K. While we wait for the finer details of the agreement, including more than $700 million in ethanol exports and $250 million in other AG products like beef, every Nebraskan will surely feel it.”
    Rep. Aaron Bean: “President Trump announced the first historic trade deal with the UK—something the legacy media said was ‘impossible.’ Today’s deal will make our economy stronger, put American workers first, and unleash the full potential of American industry.”
    Rep. Vern Buchanan: “President Trump has once again delivered for the American people with a historic trade agreement that puts our workers and businesses first. This new deal with the United Kingdom dramatically expands access for American exports—especially agriculture—and levels the playing field for our manufacturers.”
    Rep. Tim Burchett: “.@realDonaldTrump is fulfilling his promise to protect American workers and businesses. The UK trade deal slashes tariffs against the U.S. and is Making America Prosperous Again.”
    Rep. Buddy Carter: “This new trade deal with the United Kingdom is just the start to the Golden Age of America. President Trump is keeping his promise, bringing fair trade to America by using the art of the deal!”
    Rep. Andrew Clyde: “ART OF THE DEAL in action!”
    Rep. Mike Collins: “President Trump’s tariff strategy works. Today’s trade deal with the U.K. will make our economy stronger and put American workers first. The only people upset are the Democrats and liberal media who wanted him to fail.”
    Rep. Warren Davidson: “A glaring example of why we need to trust President Trump’s tariff strategy—it’s working. Stay the course.”
    Rep. Pat Fallon: “Another day, another deal!”
    Rep. Michelle Fischbach: “More promises made and kept by @POTUS. He said he would hold our trade partners accountable and put America first, and he’s delivering. This is just the beginning!”
    Rep. Julie Fedorchak: “@POTUS is delivering exactly what our producers need. North Dakota grows and raises some of the best products in the world, and now we have greater access to one of the world’s largest markets. This is just the first of many trade victories to come under President Trump!”
    Rep. Chuck Fleischmann: “@POTUS is ending decades of unfair trade deals that have ripped off the American People and is moving at lightning speed to negotiate and deliver America First trade deals. The US-UK trade deal announced today is historic and is only just the beginning!”
    Rep. Mike Flood: “Over the last four years, President Biden did nothing on trade. Within a matter of months, President Trump’s dealmaking experience resulted in a trade deal with the United Kingdom, one of our country’s oldest allies.”
    Rep. Virginia Foxx: “The Art of The Deal.”
    Rep. Lance Gooden: “In four years, Joe Biden signed ZERO major trade deals. In just over 100 days, President Trump negotiated and signed a major trade deal with the United Kingdom. America is leading once again.”
    Rep. Mark Green: “Once again, the Negotiator-in-Chief is closing deals to safeguard American manufacturers and grow our trade bigger and better than ever. On Victory in Europe Day, there isn’t a better anniversary to solidify our partnership with the United Kingdom.”
    Rep. Marjorie Taylor Greene: “Another incredible trade deal just secured by President Trump! The Golden Age of America is here!!”
    Rep. Diana Harshbarger: “This is a HUGE WIN! Because of @POTUS’s leadership, America is securing historic economic deals—and this is just the beginning!”
    Rep. Ashley Hinson: “Huge win—and many more to come! @POTUS is fighting to right the wrongs of the past, return to fair trade, and build a more abundant America. Thank you for prioritizing new market opportunities for Iowa’s farmers and biofuels producers.”
    Rep. Richard Hudson: “This is what decisive leadership looks like. Thank you, @POTUS!”
    Rep. Wesley Hunt: “Economic Security IS National Security — and PRESIDENT TRUMP is doing it again! This HISTORIC DEAL delivers:A stronger industrial baseTougher export controlsProtection of U.S. techBoosted steel productionThis is the Art of the Deal — the world is taking notes!”
    Rep. Jim Jordan: “President Trump’s trade deal with the UK is the first of many to come. There’s no better negotiator. There’s no one better to fix Joe Biden’s broken economy.”
    Rep. Young Kim: “I’m glad to see the Trump administration work with our ally Britain to promote fair trade and expand market opportunity for U.S. agricultural producers.”
    Rep. David Kustoff: “Today, @POTUS unveiled a historic U.S.-UK trade deal. $5B in new market access, $6B in tariff revenue, and a stronger alliance! @realdonaldtrump keeps delivering on his promises! This is America First!”
    Rep. Barry Loudermilk: “America has spent far too long on the losing end of global trade. President Trump pledged to put America’s interests first, and he is doing so beginning with this trade deal with one of our oldest allies. #promiseskept.”
    Rep. Tom McClintock: “The freer the trade, the greater the benefits for all countries involved. The UK agreement takes us in the right direction. Let’s keep going toward a new golden age of global free trade and the peace and prosperity it produces.”
    Rep. Dan Meuser: “This is a strong step forward. Fairer trade, lower energy costs, and pro-growth tax policies will keep driving investment here at home. I also laid out how we can responsibly reduce spending while extending key provisions of President Trump’s Tax Cuts and Jobs Act, which delivered significant benefits for families and small businesses.”
    Rep. Mary Miller: “THE ART OF THE DEAL!”
    Rep. Riley Moore: “Absolute genius to announce this deal on V-E Day!”
    Rep. Troy Nehls: President Trump is the Dealmaker in Chief. He has reached a historic trade deal with the United Kingdom. President Trump and his entire administration are working hard to protect American industries, protect American workers, and grow our economy. AMERICA FIRST!”
    Rep. Ralph Norman: “MASSIVE win for our farmers who will have the opportunity for a wider range in markets!! Art of the deal.”
    Rep. Andy Ogles: “President Trump delivers again!! This deal will bring billions home and make America stronger, richer, and more respected. A huge win for the American people.”
    Rep. Gary Palmer: A win for our nation secured by President Trump! This is what it looks like to have leadership in the White House.”
    Rep. August Pfluger: “President Trump just secured a huge trade deal—one I believe will be the first of many. This massive win for all Americans brings us one step closer to restoring fair trade policies.”
    Rep. Adrian Smith: “I’m pleased the Trump administration has struck an initial trade deal with one of our nation’s greatest trade partners and longest-standing allies. This is a significant step toward eliminating barriers to American products in foreign markets and friendshoring supply chains. I commend President Trump and his administration for conducting negotiations swiftly to the mutual benefit of our producers, job creators, and consumers. This agreement builds upon the groundwork laid in the President’s first term, and I am pleased the administration has indicated it continues to pursue dynamic dialogue with the United Kingdom to address additional concerns.”
    Rep. Marlin Stutzman: “As @POTUS says, the first of many, this is a great day for America! A combination of Trump’s trade deals and the passage of the One Big Beautiful Bill will make our country strong for generations to come.”
    Rep. Claudia Tenney: “.@POTUS is continuing to put America FIRST, working to strengthen our economy & national security by achieving historic trade deals. This is a huge win for American manufacturers & farmers, & there is only more winning to come!”
    Rep. Beth Van Duyne: “The first of many historic trade deals!! Better market access for US products!”
    Rep. Daniel Webster: Once again, @POTUS delivers for the American people by securing a historic trade deal with our key ally, the United Kingdom. This agreement lowers trade barriers, opening $5 billion of increased market access for American exports, especially for American farmers. Thank you President Trump for putting America’s farmers, businesses, and workers first!”
    Rep. Tony Wied: “The Art of the Deal.”
    Rep. Rudy Yakym: “President Trump is bringing countries to the table and securing fair trade deals. The first of many!”
    Rep. Ryan Zinke: “Great news for Montana! The UK is our 6th largest trade partner and this will help that grow!”
    House Committee on Agriculture: “This announcement is a big win for American agriculture! @POTUS is unlocking billions in new market access for U.S. exports like beef, ethanol, and more—boosting our GREAT farmers and rural economies!”
    Republican Study Committee: “Another day, another historic deal secured by President Trump! This is a MASSIVE victory for American workers. PROMISES MADE, PROMISES KEPT!”

    MIL OSI USA News

  • MIL-OSI: Portman Ridge Finance Corporation Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Reports Net Investment Income of $0.47 Per Share and Net Asset Value of $18.85 Per Share

    Deployment of Approximately $17.5 Million and Sales and Repayments of Approximately $15.7 Million for Net Deployment of Approximately $1.8 Million

    Announces Second Quarter 2025 Quarterly Base Distribution of $0.47 Per Share

    Investors are Encouraged to Vote FOR the Acquisition of Logan Ridge Finance Corporation

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total investment income for the first quarter of 2025 was $12.1 million, down from $14.4 million in the fourth quarter of 2024, due to the reversal of previously accrued income after a portfolio company was placed on non-accrual status in the first quarter of 2025.
    • Core investment income1, excluding the impact of purchase price accounting, for the first quarter of 2025 was $12.1 million, as compared to $14.4 million for the fourth quarter of 2024.
    • Net investment income (“NII”) for the first quarter of 2025 was $4.3 million ($0.47 per share), inclusive of the reversal of $0.4 million ($0.05 per share) of previously accrued interest income on a loan that was placed on non-accrual in the first quarter of 2025, as compared to $5.5 million ($0.60 per share) in the fourth quarter of 2024.
    • Net asset value (“NAV”), as of March 31, 2025, was $173.5 million ($18.85 per share), as compared to NAV of $178.5 million ($19.41 per share) as of December 31, 2024.
    • Deployments of approximately $17.5 million and sales and repayments of approximately $15.7 million, resulting in net deployments of approximately $1.8 million.

    Subsequent Events

    • On May 8, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock. The distribution is payable on May 29, 2025, to stockholders of record at the close of business on May 19, 2025.

    Management Commentary
    Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “During the first quarter we continued to execute on our disciplined investment strategy, deploying approximately $17.5 million into strong, defensively positioned portfolio companies. Concurrently, we had $15.7 million in repayments and sales, resulting in our return to net deployers of capital.

    Looking ahead, the current macroeconomic backdrop shaped by shifting trade dynamics, inflation, and ever-evolving monetary policy, continues to drive uncertainty in the market. These dynamics highlight the importance of taking a long-term approach, grounded in disciplined credit selection and prudent risk management. That said, we view this as an opportunity to further differentiate through thoughtful deployment and rigorous underwriting, backed by our prudent investment strategy and experienced management team. I remain confident in our ability to drive the best outcome for shareholders.

    Finally, we continue to believe in the strategic benefits the combination with Logan Ridge will provide. This merger represents a meaningful step forward for the Company, with the potential to provide increased scale, improved liquidity, and greater operational efficiency, all of which are critical to enhancing long-term shareholder value. We encourage shareholders to vote FOR the proposed merger, as recommended by the Board of Directors of both companies. We are excited about the road ahead and look forward to sharing more updates soon.”

    Selected Financial Highlights

    • Total investment income for the quarter ended March 31, 2025, was $12.1 million, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $16.5 million for the quarter ended March 31, 2024, of which $14.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio.
    • Core investment income for the quarter ended March 31, 2025, excluding the impact of purchase discount accretion, was $12.1 million, as compared to core investment income of $16.5 million for the quarter ended March 31, 2024.
    • Net investment income (“NII”) for the quarter ended March 31, 2025, was $4.3 million ($0.47 per share) as compared to $6.2 million ($0.67 per share) for the quarter ended March 31, 2024.
    • Net asset value (“NAV”) as of March 31, 2025, was $173.5 million ($18.85 per share), as compared to $178.5 million ($19.41 per share) for the fourth quarter of 2024.
    • Deployment during the quarter was strong, with deployments of approximately $17.5 million and sales and repayments of approximately $15.7 million, resulting in net deployment of approximately $1.8 million.
    • Investment portfolio at fair value as of March 31, 2025, was $406.4 million, comprised of 93 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025, and was spread across 24 different industries comprised of 72 different portfolio companies with an average par balance per entity of approximately $2.6 million. This compares to a total investment portfolio at fair value as of December 31, 2024, of $405.0 million, comprised of 93 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $320.7 million at fair value as of December 31, 2024, spread across 26 different industries and comprised of 71 different portfolio companies, with an average par balance per entity of approximately $2.5 million.
    • Debt investments on non-accrual, as of March 31, 2025, were six, representing 2.6% and 4.7% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing 1.7% and 3.4% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024.
    • Weighted average annualized yield was approximately 11.0% (excluding income from non-accruals and collateralized loan obligations) as of March 31, 2025.
    • Par value of outstanding borrowings, as of March 31, 2025, was $255.4 million, as compared to $267.5 million as of December 31, 2024, with an asset coverage ratio of total assets to total borrowings of 168% and 167%, respectively. On a net basis, leverage as of March 31, 2025, was 1.3x2 compared to 1.3x2 as of December 31, 2024.

    Results of Operations

    Operating results for the three months ended March 31, 2025, and March 31, 2024, were as follows:

      For the Three Months Ended March 31,  
    ($ in thousands, except share and per share amounts) 2025       2024  
    Total investment income $ 12,118     $ 16,526  
    Total expenses   7,778       10,300  
    Net Investment Income   4,340       6,226  
    Net realized gain (loss) on investments   (173 )     (2,057 )
    Net change in unrealized gain (loss) on investments   (3,903 )     71  
    Tax (provision) benefit on realized and unrealized gains (losses) on investments   (346 )     459  
    Net realized and unrealized appreciation (depreciation) on investments, net of taxes   (4,422 )     (1,527 )
    Net realized gain (loss) on extinguishment of debt         (213 )
    Net Increase (Decrease) in Net Assets Resulting from Operations $ (82 )   $ 4,486  
    Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:            
    Basic and Diluted: $ (0.01 )   $ 0.48  
    Net Investment Income Per Common Share:            
    Basic and Diluted: $ 0.47     $ 0.67  
    Weighted Average Shares of Common Stock Outstanding — Basic and Diluted   9,198,223       9,344,994  
                   

    Investment Income
    The composition of our investment income for the three months ended March 31, 2025, and March 31, 2024, was as follows:

      For the Three Months Ended March 31,  
    ($ in thousands) 2025     2024  
    Interest income, excluding CLO income and purchase discount accretion $ 7,522     $ 12,088  
    Purchase discount accretion   16       73  
    PIK income   3,061       2,006  
    CLO income   78       555  
    JV income   1,417       1,653  
    Fees and other income   24       151  
    Investment Income $ 12,118     $ 16,526  
    Less: Purchase discount accretion $ (16 )   $ (73 )
    Core Investment Income $ 12,102     $ 16,453  
     

    Fair Value of Investments

    The composition of our investment portfolio as of March 31, 2025, and December 31, 2024, at cost and fair value was as follows:

    ($ in thousands) March 31, 2025     December 31, 2024  
    Security Type Cost/Amortized
    Cost
        Fair Value     Fair Value Percentage of Total Portfolio     Cost/Amortized
    Cost
        Fair Value     Fair Value Percentage of Total Portfolio  
    First Lien Debt $ 318,953     $ 294,379       72.4 %   $ 311,673     $ 289,957       71.6 %
    Second Lien Debt   35,147       28,724       7.1 %     34,892       28,996       7.2 %
    Subordinated Debt   8,034       1,740       0.4 %     8,059       1,740       0.4 %
    Collateralized Loan Obligations   3,800       4,639       1.1 %     5,318       5,193       1.3 %
    Joint Ventures   65,883       50,491       12.4 %     66,747       54,153       13.4 %
    Equity   32,098       26,218       6.5 %     31,921       24,762       6.1 %
    Asset Manager Affiliates(1)   17,791                   17,791              
    Derivatives   31       232       0.1 %     31       220        
    Total $ 481,737     $ 406,423       100.0 %   $ 476,432     $ 405,021       100.0 %

    (1) Represents the equity investment in the Asset Manager Affiliates.

    Liquidity and Capital Resources
    As of March 31, 2025, the Company had $255.4 million (par value) of outstanding borrowings at a current weighted average interest rate of 5.9%, of which $108.0 million par value had a fixed rate of 4.875% (Notes due 2026), and $147.4 million par value had a floating rate under the JPM Credit Facility.

    As of March 31, 2025, and December 31, 2024, the fair value of investments and cash were as follows:

    ($ in thousands)    
    Security Type March 31, 2025     December 31, 2024  
    Cash and Cash Equivalents $ 9,233     $ 17,532  
    Restricted Cash   14,278       22,421  
    First Lien Debt   294,379       289,957  
    Second Lien Debt   28,724       28,996  
    Subordinated Debt   1,740       1,740  
    Equity   26,218       24,762  
    Collateralized Loan Obligations   4,639       5,193  
    Asset Manager Affiliates          
    Joint Ventures   50,491       54,153  
    Derivatives   232       220  
    Total $ 429,934     $ 444,974  
     

    As of March 31, 2025, the Company had unrestricted cash of $9.2 million and restricted cash of $14.3 million. This compares to unrestricted cash of $17.5 million and restricted cash of $22.4 million as of December 31, 2024. As of March 31, 2025, the Company had $52.6 million of available borrowing capacity under the JPM Credit Facility.

    Interest Rate Risk
    The Company’s investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.

    As of March 31, 2025, approximately 88.5% of our Debt Securities Portfolio at par value were either floating rate with a spread to an interest rate index such as SOFR or the PRIME rate. 84.2% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominately be floating rate investments.

    In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 4.875% Notes Due 2026 would remain the same, given that this debt is at a fixed rate, while the interest rate on borrowings under the JPM Credit Facility would fluctuate with changes in interest rates.

    Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

      Impact on net investment income from
    a change in interest rates at:
    ($ in thousands) 1%     2%     3%  
    Increase in interest rate $ 1,619     $ 3,289     $ 4,959  
    Decrease in interest rate $ (1,613 )   $ (3,222 )   $ (4,655 )
                           

    Conference Call and Webcast
    We will hold a conference call on Friday, May 9, 2025, at 10:00 am Eastern Time to discuss our first quarter 2025 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 9782758.

    A replay of this conference call will be available shortly after the live call through May 16, 2025.

    A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/ovseyk3q. The online archive of the webcast will be available on the Company’s website shortly after the call.

    About Portman Ridge Finance Corporation
    Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

    Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

    Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

    Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company’s ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC; (15) the successful completion of the proposed merger with Logan Ridge Finance Corporation (“LRFC”) and receipt of stockholder approval from the Company’s and LRFC’s stockholders; and (16) expectations concerning the proposed merger with LRFC, including the financial results of the combined company. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Additional Information and Where to Find It
    This document relates to the proposed merger of the Company and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, the Company has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for the Company and LRFC and a prospectus of the Company (the “Joint Proxy Statement”) and will mail the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about the Company, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF THE COMPANY AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by the Company, from the Company’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation
    the Company, its directors, certain of its executive officers and certain employees and officers of Sierra Crest Investment Management LLC and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of the Company is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan Management LLC, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Company and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation
    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in the Company, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Contacts:
    Portman Ridge Finance Corporation

    650 Madison Avenue, 3rd floor
    New York, NY 10022
    info@portmanridge.com

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    PORTMAN RIDGE FINANCE CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)

      March 31, 2025     December 31, 2024  
      (Unaudited)        
    ASSETS          
    Investments at fair value:          
    Non-controlled/non-affiliated investments (amortized cost of $365,539 and $358,153, respectively) $ 333,519     $ 327,622  
    Non-controlled affiliated investments (amortized cost of $67,137 and $68,858, respectively)   61,523       64,384  
    Controlled affiliated investments (amortized cost of $49,061 and $49,421, respectively)   11,381       13,015  
    Total Investments at fair value (amortized cost of $481,737 and $476,432, respectively) $ 406,423     $ 405,021  
    Cash and cash equivalents   9,233       17,532  
    Restricted cash   14,278       22,421  
    Interest receivable   4,787       6,088  
    Dividend receivable   1,247       1,367  
    Other assets   2,812       1,205  
    Total Assets $ 438,780     $ 453,634  
    LIABILITIES          
    4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $832 and $1,017, respectively) $ 107,168     $ 106,983  
    Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,198 and $1,322, respectively)   146,181       158,157  
    Accounts payable, accrued expenses and other liabilities   4,900       3,007  
    Accrued interest payable   4,634       3,646  
    Due to affiliates         635  
    Management and incentive fees payable   2,386       2,713  
    Total Liabilities $ 265,269     $ 275,141  
    COMMITMENTS AND CONTINGENCIES          
    NET ASSETS          
    Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,965,480 issued, and 9,202,870 outstanding at March 31, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 $ 92     $ 92  
    Capital in excess of par value   714,398       714,331  
    Total distributable (loss) earnings   (540,979 )     (535,930 )
    Total Net Assets $ 173,511     $ 178,493  
    Total Liabilities and Net Assets $ 438,780     $ 453,634  
    Net Asset Value Per Common Share $ 18.85     $ 19.41  
    PORTMAN RIDGE FINANCE CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share amounts)
     
      For the Three Months Ended March 31,  
      2025     2024  
    INVESTMENT INCOME          
    Interest income:          
    Non-controlled/non-affiliated investments $ 7,300     $ 12,621  
    Non-controlled affiliated investments   316       95  
    Total interest income   7,616       12,716  
    Payment-in-kind income:          
    Non-controlled/non-affiliated investments(1)   2,853       1,894  
    Non-controlled affiliated investments   208       112  
    Total payment-in-kind income   3,061       2,006  
    Dividend income:          
    Non-controlled affiliated investments   1,417       1,653  
    Total dividend income   1,417       1,653  
    Fees and other income:          
    Non-controlled/non-affiliated investments   24       151  
    Total fees and other income   24       151  
    Total investment income   12,118       16,526  
    EXPENSES          
    Management fees   1,466       1,729  
    Performance-based incentive fees   920       1,234  
    Interest and amortization of debt issuance costs   4,298       5,725  
    Professional fees   452       604  
    Administrative services expense   411       356  
    Directors’ expense   144       162  
    Other general and administrative expenses   87       490  
    Total expenses   7,778       10,300  
    NET INVESTMENT INCOME   4,340       6,226  
    REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS          
    Net realized gains (losses) from investment transactions:          
    Non-controlled/non-affiliated investments   (81 )     (1,641 )
    Non-controlled affiliated investments   (92 )      
    Controlled affiliated investments         (416 )
    Net realized gain (loss) on investments   (173 )     (2,057 )
    Net change in unrealized appreciation (depreciation) on:          
    Non-controlled/non-affiliated investments   (1,501 )     (659 )
    Non-controlled affiliated investments   (1,140 )     140  
    Controlled affiliated investments   (1,274 )     590  
    Derivatives   12        
    Net change in unrealized gain (loss) on investments   (3,903 )     71  
    Tax (provision) benefit on realized and unrealized gains (losses) on investments   (346 )     459  
    Net realized and unrealized appreciation (depreciation) on investments, net of taxes   (4,422 )     (1,527 )
    Net realized gain (loss) on extinguishment of debt         (213 )
    NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (82 )   $ 4,486  
    Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:          
    Basic and Diluted: $ (0.01 )   $ 0.48  
    Net Investment Income Per Common Share:          
    Basic and Diluted: $ 0.47     $ 0.67  
    Weighted Average Shares of Common Stock Outstanding — Basic and Diluted   9,198,223       9,344,994  

    (1) During the three months ended March 31, 2025, and 2024, the Company received $0.2 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

    __________________________________

    1 Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
    2 Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $23.5 million and $40.0 million of cash and cash equivalents and restricted cash as of March 31, 2025, and December 31, 2024, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition.

    The MIL Network

  • MIL-OSI: VAALCO Energy, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) today reported operational and financial results for the first quarter of 2025.

    First Quarter 2025 Highlights and Recent Key Items:

    • Reported net income of $7.7 million ($0.07 per diluted share), Adjusted Net Income of $6.3 million ($0.06 per diluted share) and Adjusted EBITDAX(1)of $57.0 million;
    • Produced 17,764 net revenue interest (NRI)(2)barrels of oil equivalent per day (“BOEPD”), above the high end of guidance, or 22,402 working interest (WI)(3)BOEPD, toward the high end of guidance;
    • Sold 19,074 NRI BOEPD, toward the high end of guidance;
    • Entered into new reserves based revolving credit facility with an initial commitment of $190 million with the ability to grow to $300 million, secured against certain Vaalco assets;
    • Reduced full year capital expenditure guidance by about 10%, without impacting full year production or sales guidance;
    • Acquired 70% WI(3)in and will operate the CI-705 block in offshore Côte D’Ivoire;
    • Declared quarterly cash dividend of $0.0625 per share of common stock to be paid on June 27, 2025; and
    • Announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025.
    (1) Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”
    (2) All NRI sales and production rates are Vaalco’s working interest volumes less royalty volumes, where applicable.
    (3) All WI production rates and volumes are Vaalco’s working interest volumes, where applicable.

    George Maxwell, Vaalco’s Chief Executive Officer commented, “We delivered another successful quarter, once again meeting or exceeding our guidance. Sales for the first quarter were toward the high end of guidance and our NRI production was above the high end of guidance, leading to solid net income of $0.07 per diluted share and Adjusted EBITDAX of $57.0 million. We continue to execute our strategic vision, with multiple accomplishments achieved in the first quarter that lay the foundation for profitable growth in 2025 and beyond. We entered into a new credit facility that will supplement our internally generated cash flow and cash balance to assist in funding our robust organic growth projects. In Côte D’Ivoire, we commenced the FPSO refurbishment project and are preparing for a drilling campaign in 2026 to augment the production and economic life of the Baobab field. In Gabon, we are preparing for the 2025/2026 drilling program which is scheduled to begin in Q3 2025. While we are continuing with these two major projects, we have decided to reduce our capital expenditure budget for 2025 by about 10%. We are delaying discretionary capital spending and are deferring our capital program in Canada. We are doing all of this without impacting production or sales forecasts for 2025 due to the strong performance of our assets in Gabon and Egypt.”

    “We believe that we are well positioned to fund the meaningful growth and opportunities that we have planned over the next few years which should lead to even greater growth and value for the remainder of the decade. We look forward to providing additional details at our Capital Markets Day next week describing our diversified asset portfolio and the upside that we believe is available to drive future organic growth.”

    Operational Update

    Egypt

    The start of the 2024 drilling campaign was deferred until late 2024. In Q4 2024, we completed one well. In Q1 2025, we completed an additional five wells. Four of the five wells that were completed in Q1 2025 were brought online and had an average initial production rate for the first 30 days of approximately 135 barrels of oil per day (“BOPD”). The fifth well was brought online in early Q2 2025. In addition to all new wells successfully increasing production levels, new reserves and a new production zone were discovered in the Bakr formation. The Company is reviewing several options to improve flow as the reservoir contains heavier oil.

    The Company continues to perform detailed technical reviews of its newly drilled and existing wells while also continuing to work on enhancing production through a series of planned workovers and recompletions.

    Canada

    In the first half of 2024, Vaalco drilled and completed four 2.75 mile lateral wells in Canada. These wells continue to meet production expectations and the Company is monitoring their longer-term performance for future drilling opportunities. In 2025, Vaalco has decided to defer the drilling of additional wells in Canada to reduce the Company’s overall capital expenditures.

    Gabon

    The Company secured a drilling rig in December 2024 in conjunction with its 2025/2026 drilling program, which is planned to begin in Q3 2025 to drill multiple development wells, and appraisal or exploration wells, as well as to perform workovers, with options to drill additional wells. Vaalco plans to drill the wells at both the Etame platform and at the Seent platform, and perform a re-drill and several workovers in the Ebouri field to access production and reserves that were previously shut in and removed from proved reserves due to the presence of hydrogen sulfide (“H2S”).

    In Q1 2025, Vaalco conducted an extended flow test on the Ebouri 4-H well to gather information on the H2S concentrations at this location to aid in equipment design and to evaluate Vaalco’s chemical crude sweetening process. The well has flowed for over four months, and the H2S concentration is within modeling expectations, demonstrating Vaalco’s ability to treat the oil. The well has provided additional production, with some additional operating costs associated with the chemical treatment, adding to the Company’s strong first quarter results.

    Côte d’Ivoire

    As part of the planned dry dock refurbishment, the Baobab Floating Production Storage and Offloading vessel (“FPSO”) ceased hydrocarbon production on January 31, 2025 and the final lifting of crude oil from the FPSO took place in February 2025. The vessel departed from the field in late March 2025 and is now currently under tow to the shipyard in Dubai for the refurbishment. Significant development drilling is expected to begin in 2026 after the FPSO is expected to return to service with potential meaningful additions to production from the main Baobab field in CI-40, as well as a potential future development of the Kossipo field, which is also on the license.

    In March 2025, Vaalco announced that it had farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco is the operator of the block with a 70% WI and a 100% paying interest through a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers (“km”) to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km2 and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3 million to acquire its interest in the new block, which it believes has significant prospectivity.

    Financial UpdateFirst Quarter of 2025

    Vaalco reported net income of $7.7 million ($0.07 per diluted share) for Q1 2025, which was down 34% compared with net income of $11.7 million ($0.11 per diluted share) in Q4 2024 and up modestly compared to $7.7 million ($0.07 per diluted share) in Q1 2024. The decrease in earnings compared with Q4 2024 was driven by lower sales volume in Q1 2025 of 1,717 MBOE compared to a sales volume of 1,872 MBOE in Q4 2024 and higher production expense, partially offset by lower depreciation, depletion and amortization (“DD&A”) and lower income tax expense.

    Adjusted EBITDAX totaled $57.0 million in Q1 2025, a 25% decrease from $76.2 million in Q4 2024. The decrease was primarily due to lower sales volumes and higher production expense. Adjusted EBITDAX was down 8% from $61.7 million generated in Q1 2024.


    Quarterly Summary – Sales and Net Revenue
                           
    $ in thousands Three Months Ended March 31, 2025   Three Months Ended December 31, 2024
      Gabon   Egypt   Canada   Côte d’Ivoire   Total   Gabon   Egypt   Canada   Côte d’Ivoire   Total
    Oil Sales   59,864       57,656       5,325       18,042   $ 140,887       54,172       59,010       6,685       28,045   $ 147,912  
    NGL Sales               1,808           1,808                   1,965           1,965  
    Gas Sales               636           636                   421           421  
    Gross Sales   59,864       57,656       7,769       18,042     143,331       54,172       59,010       9,071       28,045     150,298  
                                           
    Selling Costs & Carried Interest         (149 )     (232 )         (381 )     450       (130 )     (319 )         1  
    Royalties & Taxes   (7,677 )     (23,587 )     (1,357 )         (32,621 )     (7,455 )     (19,899 )     (1,224 )         (28,578 )
                                           
    Net Revenue   52,187       33,920       6,180       18,042     110,329       47,167       38,981       7,528       28,045     121,721  
                                           
    Oil Sales MMB (working interest)   757       920       80       238     1,995       733       923       99       379     2,134  
    Average Oil Price Received $ 79.09     $ 62.49     $ 66.17     $ 75.87   $ 70.61     $ 73.92     $ 63.92     $ 67.68     $ 73.90   $ 69.30  
    Change                   2 %                    
    Average Brent Price                 $ 75.87                     $ 74.66  
    Change                   2 %                    
                                           
    Gas Sales MMCF (working interest)               413           413                   431           431  
    Average Gas Price Received             $ 1.54         $ 1.54                 $ 0.98         $ 0.98  
    Change                   57 %                    
    Average Aeco Price ($USD)             $ 1.43         $ 1.43                 $ 1.36         $ 1.36  
    Change                   5 %                    
                                           
    NGL Sales MMB (working interest)               69           69                   75           75  
    Average Liquids Price Received             $ 26.39         $ 26.39                 $ 26.22         $ 26.22  
    Change                   1 %                    
     
    Revenue and Sales Q1 2025   Q1 2024   % Change Q1 2025 vs. Q1 2024   Q4 2024   % Change Q1 2025 vs. Q4 2024
    Production (NRI BOEPD)   17,764     16,848   5 %     20,775   (14 %)
    Sales (NRI BOE)   1,717,000     1,490,000   15 %     1,872,000   (8 %)
    Realized commodity price ($/BOE) $ 64.27   $ 66.43   (3 %)   $ 64.77   (1)%
    Commodity (Per BOE including realized commodity derivatives) $ 64.34   $ 66.41   (3 %)   $ 64.48   %
    Total commodity sales ($MM) $ 110.3   $ 100.2   10 %   $ 121.7   (9 %)

    In Q1 2025, Vaalco had a net revenue decrease of $11.4 million or 9% compared to Q4 2024 as total NRI sales volumes of 1,717 MBOE was 8% lower than the Q4 2024 volumes of 1,872 MBOE but was 15% higher compared to 1,490 MBOE for Q1 2024, primarily due to production from the Cote d’Ivoire assets acquired in April 2024. Q1 2025 NRI sales were toward the high end of Vaalco’s guidance.

    Costs and Expenses Q1 2025   Q1 2024   % Change Q1 2025 vs. Q1 2024   Q4 2024   % Change Q1 2025 vs. Q4 2024
    Production expense, excluding offshore workovers and stock comp ($MM) $ 44.7     $ 32.1     39 %   $ 36.5     23 %
    Production expense, excluding offshore workovers ($/BOE) $ 26.08     $ 21.58     21 %   $ 19.52     34 %
    Offshore workover expense ($MM) $     $ (0.1 )   %   $ 0.1     %
    Depreciation, depletion and amortization ($MM) $ 30.3     $ 25.8     17 %   $ 37.0     (18 %)
    Depreciation, depletion and amortization ($/BOE) $ 17.65     $ 17.30     2 %   $ 19.79     (11 %)
    General and administrative expense, excluding stock-based compensation ($MM) $ 7.8     $ 5.9     31 %   $ 7.1     9 %
    General and administrative expense, excluding stock-based compensation ($/BOE) $ 4.51     $ 3.90     16 %   $ 3.80     19 %
    Stock-based compensation expense ($MM) $ 1.4     $ 0.9     50 %   $ 1.4     (3 %)
    Current income tax expense (benefit) ($MM) $ 17.7     $ 25.7     (31 %)   $ 26.2     (32)%
    Deferred income tax expense (benefit) ($MM) $ (1.6 )   $ (3.4 )   (53 %)   $ (9.0 )   (82 %)

    Total production expense (excluding offshore workovers and stock compensation) of $44.7 million in Q1 2025 increased by 23% compared to Q4 2024 and 39% compared to Q1 2024. The increase in Q1 2025 compared to Q1 2024 was primarily driven by higher expenses in Gabon related to government audit settlements of approximately $4.7 million (net to Vaalco), additional chemical costs associated with the H2S treatment and to the increased sales associated with the purchase of the Côte d’Ivoire asset. The increase in Q1 2025 compared to Q4 2024 was driven by higher expenses in Gabon related to the government audit settlements and higher chemical costs.

    DD&A expense for Q1 2025 was $30.3 million which was lower than $37.0 million in Q4 2024 and higher than $25.8 million in Q1 2024. The decrease in Q1 2025 DD&A expense compared to Q4 2024 is due primarily to the impact of the year end 2024 depletion adjustments based on the year end reserve reports. The increase in Q1 2025 DD&A expense compared to Q1 2024 is due to higher depletable costs in Côte d’Ivoire partially offset by lower depletable costs in Gabon, Egypt, and Canada.

    General and administrative (“G&A”) expense, excluding stock-based compensation, increased slightly to $7.8 million in Q1 2025 from $7.1 million in Q4 2024 and increased from $5.9 million in Q1 2024. The increase in G&A expenses compared to Q1 2024 was primarily due to higher professional service fees, salaries and wages, and accounting and legal fees. Q1 2025 cash G&A was within the Company’s guidance.

    Non-cash stock-based compensation expense was $1.4 million for Q1 2025 compared to $0.9 million for Q1 2024. Non-cash stock-based compensation expense for Q4 2024 was $1.4 million.

    Other income (expense), net, was an expense of $2.4 million for Q1 2025, compared to an expense of $2.3 million during Q1 2024 and an expense of $9.7 million for Q4 2024. Other income (expense), net, normally consists of foreign currency losses and interest expense, net. Also in Q4 2024, the Company recorded a reduction in the bargain purchase gain of $6.4 million as a result of the change in fair value estimates of the net assets acquired in the Svenska acquisition.

    Income tax expense (benefit) was an expense for Q1 2025 of $16.1 million and is comprised of current expense of $17.7 million and deferred tax benefit of $1.6 million. In Q1 2024, income tax expense was $22.3 million and is comprised of current expense of $25.7 million and deferred tax benefit of $3.4 million. Q4 2024 income tax expense was $17.2 million, and is comprised of current tax expense of $26.2 million and deferred tax benefit of $9.0 million.

    Taxes paid by jurisdiction are as follows:

    (in thousands)   Gabon   Egypt   Canada   Equatorial Guinea   Cote d’Ivoire   Corporate and Other   Total  
    Cash/In Kind Taxes Paid:                              
    Three months ended March 31, 2025   $ 30,253   6,953       $ 790     $ 37,996  


    Capital Investments/Balance Sheet

    For the first quarter of 2025, net capital expenditures totaled $58.5 million on a cash basis and $51.3 million on an accrual basis. These expenditures were primarily related to costs associated with project costs and long lead items for Gabon and Côte d’Ivoire and the development drilling program in Egypt.

    At the end of the first quarter of 2025, Vaalco had an unrestricted cash balance of $40.9 million. Working capital at March 31, 2025 was $23.2 million compared with $56.2 million at December 31, 2024, while Adjusted Working Capital at March 31, 2025 totaled $40.4 million.

    In March 2025, Vaalco entered into a new reserves based revolving credit facility (the “new facility”) with an initial commitment of $190 million and the ability to grow to $300 million, led by The Standard Bank of South Africa Limited, Isle of Man Branch with other participating banks and financial partners. The new facility, which is subject to customary administrative conditional precedents, replaces the Company’s existing undrawn revolving credit facility that was provided by Glencore Energy UK Ltd. The Company arranged the new facility primarily to provide short-term funding that may be needed from time-to-time to supplement its internally generated cash flow and cash balance as it executes its planned investment programs across its diversified asset base over the next few years.

    Quarterly Cash Dividend

    Vaalco paid a quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 on March 28, 2025. The Company also recently announced its next quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), to be paid on June 27, 2025 to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Vaalco Board of Directors.

    Hedging

    The Company continued to opportunistically hedge a portion of its expected future production to lock in strong cash flow generation to assist in funding its capital and shareholder return programs.

    The following includes hedges remaining in place as of the end of the first quarter of 2025:

                        Weighted Average Hedge Price ($/Bbl)
    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (Bbl)   Floor   Ceiling
    April 2025 – June 2025   Oil   Collars   Dated Brent   70,000   $ 65.00   $ 81.00
    July 2025 – September 2025   Oil   Collars   Dated Brent   60,000   $ 65.00   $ 80.00

    Subsequent to March 31, 2025, the Company entered into the following additional derivative contracts to cover its future anticipated production:

    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (GJ)(a)   Weighted Average Hedge Price (CAD/GJ)
    May 2025 – October 2025   Natural Gas   Swap   AECO (7A)   114,000   $ 2.15

    a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions.

    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (Bbl)   Weighted Average Hedge Price ($/Bbl)
    July 1, 2025 – July 31, 2025   Oil   Swap   Dated Brent   100,000   $ 65.45


    Capital Markets Day Presentation

    Vaalco announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025. The presentation will begin at 8 a.m. Central Time (2 p.m. London Time) and is expected to conclude around 10:00 a.m. Central Time. The agenda will include presentations by key members of management on Vaalco’s longer-term vision including growth across its diversified, multi-country asset base.

    Participation in the Capital Markets Day is directed to Vaalco’s shareholders, buy side and sell side analysts, as well as large institutional investors and portfolio managers. The session will be web cast live along with related presentation materials through Vaalco’s web site at www.vaalco.com in the “Investors” section of the web site. A replay will be archived on the site shortly after the presentation concludes.

    2025 Guidance:

    The Company has provided second quarter 2025 guidance and updated its full year 2025 guidance. All of the quarterly and annual guidance is detailed in the tables below.

          FY 2025   Gabon   Egypt   Canada   Côte d’Ivoire
    Production (BOEPD) WI   19250 – 22310   7000 – 8300   9750 – 11100   2200 – 2600   300 – 310
    Production (BOEPD) NRI   14500 – 16710   6200 – 7100   6200 – 7200   1800 – 2100   300 – 310
    Sales Volume (BOEPD) WI   19850 – 22700   7300 – 8300   9750 – 11100   2200 – 2600   600 – 700
    Sales Volume (BOEPD) NRI   14900 – 17200   6300 – 7200   6200 – 7200   1800 – 2100   600 – 700
    Production Expense (millions) WI & NRI   $148.5 – $161.5 MM                
    Production Expense per BOE WI   $18.00 – $21.50                
    Production Expense per BOE NRI   $24.00 – $28.00                
    Offshore Workovers (millions) WI & NRI   $0 – $10 MM                
    Cash G&A (millions) WI & NRI   $25.0 – $31.0 MM                
    CAPEX excluding acquisitions (millions) WI & NRI   $250 – $300 MM                
    DD&A ($/BOE) NRI   $16.00 – $20.00                
          Q2 2025   Gabon   Egypt   Canada   Côte d’Ivoire
    Production (BOEPD) WI   20000 – 22100   7800 – 8600   10100 – 11200   2100 – 2300  
    Production (BOEPD) NRI   15400 – 16800   6800 – 7500   6900 – 7400   1700 – 1900  
    Sales Volume (BOEPD) WI   22800 – 24900   10600 – 11400   10100 – 11200   2100 – 2300  
    Sales Volume (BOEPD) NRI   17800 – 19300   9200 – 10000   6900 – 7400   1700 – 1900  
    Production Expense (millions) WI & NRI   $39.5 – $48.0 MM                
    Production Expense per BOE WI   $18.00 – $23.00                
    Production Expense per BOE NRI   $23.00 – $29.00                
    Offshore Workovers (millions) WI & NRI   $0 – $0 MM                
    Cash G&A (millions) WI & NRI   $6.0 – $8.0 MM                
    CAPEX excluding acquisitions (millions) WI & NRI   $65 – $85 MM                
    DD&A ($/BOE) NRI   $16.00 – $20.00                


    Conference Call

    As previously announced, the Company will hold a conference call to discuss its first quarter 2025 financial and operating results, Friday, May 9, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time). Interested parties may participate by dialing (833) 685-0907. Parties in the United Kingdom may participate toll-free by dialing 08082389064 and other international parties may dial (412) 317-5741. Participants should request to be joined to the “Vaalco Energy First Quarter 2025 Conference Call.” This call will also be webcast on Vaalco’s website at www.vaalco.com. An archived audio replay will be available on Vaalco’s website.

    A “Q1 2025 Supplemental Information” investor deck will be posted to Vaalco’s website prior to its conference call on May 9, 2025 that includes additional financial and operational information.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com


    Forward Looking Statements

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws(collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

    Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s most recent Annual Report on Form 10-K.

    Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors for Vaalco. The declaration and payment of future dividends remains at the discretion of the Board and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board. The Board reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco common stock, the Board may revise or terminate the payment level at any time without prior notice.

    Any forward-looking statement made by Vaalco in this press release is based only on information currently available to Vaalco and speaks only as of the date on which it is made. Except as may be required by applicable securities laws, Vaalco undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Other Oil and Gas Advisories

    Investors are cautioned when viewing BOEs in isolation. BOE conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalencies described above, utilizing such equivalencies may be incomplete as an indication of value.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets

      As of March 31, 2025   As of December 31, 2024
      (in thousands)
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 40,914   $ 82,650
    Receivables:      
    Trade, net of allowances for credit loss and other of $0.2 million and $0.2 million, respectively   120,252     94,778
    Accounts with joint venture owners, net of allowance for credit losses of $1.8 million and $1.5 million, respectively   2,847     179
    Egypt receivables and other   3,235     35,763
    Other current assets   33,590     24,557
    Total current assets   200,838     237,927
    Crude oil, natural gas and NGLs properties and equipment, net   562,926     538,103
    Other noncurrent assets:      
    Right of use operating lease assets   16,303     17,254
    Right of use finance lease assets   78,862     79,849
    Deferred tax assets   48,364     55,581
    Other long-term assets   19,810     26,236
    Total assets $ 927,103   $ 954,950
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities $ 177,675   $ 181,728
    Asset retirement obligations   81,053     78,592
    Operating lease liabilities – net of current portion   12,915     13,903
    Finance lease liabilities – net of current portion   66,198     67,377
    Deferred tax liabilities   85,168     93,904
    Other long-term liabilities       17,863
    Total liabilities   423,009     453,367
    Total shareholders’ equity   504,094     501,583
    Total liabilities and shareholders’ equity $ 927,103   $ 954,950


    VAALCO ENERGY, INC AND SUBSIDIARIES

    Consolidated Statements of Operations

      Three Months Ended
      March 31, 2025   March 31, 2024   December 31, 2024
      (in thousands except per share amounts)
    Revenues:          
    Crude oil, natural gas and natural gas liquids sales $ 110,329     $ 100,155     $ 121,721  
    Operating costs and expenses:          
    Production expense   44,806       32,089       36,641  
    Exploration expense         48        
    Depreciation, depletion and amortization   30,305       25,824       37,047  
    Transaction costs related to acquisition         1,313        
    General and administrative expense   9,051       6,710       8,454  
    Credit losses and other   (27 )     1,812       1,082  
    Total operating costs and expenses   84,135       67,796       83,224  
    Other operating income, net         (166 )     10  
    Operating income   26,194       32,193       38,507  
    Other income (expense):          
    Derivative instruments gain (loss), net   (74 )     (847 )     (365 )
    Interest expense, net   (1,295 )     (935 )     (1,092 )
    Bargain purchase gain               (6,366 )
    Other income (expense), net   (1,012 )     (487 )     (1,828 )
    Total other income (expense), net   (2,381 )     (2,269 )     (9,651 )
    Income before income taxes   23,813       29,924       28,856  
    Income tax expense   16,083       22,238       17,192  
    Net income $ 7,730     $ 7,686     $ 11,664  
    Other comprehensive income (loss):          
    Currency translation adjustments   117       (2,454 )     (5,975 )
    Comprehensive income $ 7,847     $ 5,232     $ 5,689  
               
    Basic net income per share:          
    Net income per share $ 0.07     $ 0.07     $ 0.11  
    Basic weighted average shares outstanding   103,758       103,659       103,743  
    Diluted net income per share:          
    Net income per share $ 0.07     $ 0.07     $ 0.11  
    Diluted weighted average shares outstanding   103,785       104,541       103,812  


    VAALCO ENERGY, INC AND SUBSIDIARIES

    Condensed Consolidated Statements of Cash Flows

      Three Months Ended March 31,
        2025       2024  
      (in thousands)
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income $ 7,730     $ 7,686  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation, depletion and amortization   30,305       25,824  
    Exploration expense   146        
    Deferred taxes   (1,519 )     (3,441 )
    Unrealized foreign exchange loss   1,673       (102 )
    Stock-based compensation   1,475       898  
    Cash settlements paid on exercised stock appreciation rights         (154 )
    Derivative instruments (gain) loss, net   74       847  
    Cash settlements paid on matured derivative contracts, net   123       (24 )
    Cash settlements paid on asset retirement obligations         (29 )
    Credit losses and other   (27 )     1,812  
    Other operating loss, net         166  
    Equipment and other expensed in operations   972       302  
    Change in operating assets and liabilities   (8,246 )     (11,953 )
    Net cash provided by operating activities   32,706       21,832  
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Property and equipment expenditures   (58,527 )     (16,618 )
    Acquisition of crude oil and natural gas properties   (247 )      
    Net cash used in investing activities   (58,774 )     (16,618 )
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Proceeds from the issuances of common stock         447  
    Dividend distribution   (6,570 )     (6,463 )
    Treasury shares   (155 )     (6,344 )
    Deferred financing costs   (5,118 )      
    Payments of finance lease   (2,943 )     (2,095 )
    Net cash used in in financing activities   (14,786 )     (14,455 )
    Effects of exchange rate changes on cash   27       (208 )
    NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (40,827 )     (9,449 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   97,726       129,178  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 56,899     $ 119,729  

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Selected Financial and Operating Statistics
    (Unaudited)

      Three Months Ended
      March 31, 2025   March 31, 2024   December 31, 2024
    NRI SALES DATA          
    Crude oil, natural gas and natural gas liquids sales (MBOE) 1,717   1,490   1,872
    Average daily sales volumes (BOE) 19,074   16,374   20,352
               
    WI PRODUCTION DATA          
    Etame Crude oil (MBbl) 767   819   791
    Gabon Average daily production volumes (BOEPD) 8,522   9,001   8,598
               
    Egypt Crude oil (MBbl) 920   950   923
    Egypt Average daily production volumes (BOEPD) 10,225   10,440   10,035
               
    Canada Crude Oil (MBbl) 80   61   99
    Canada Natural Gas (MMcf) 413   469   431
    Canada Natural Gas Liquid (MBOE) 69   76   75
    Canada Crude oil, natural gas and natural gas liquids (MBOE) 218   215   246
    Canada Average daily production volumes (BOEPD) 2,420   2,363   2,669
               
    Côte d’Ivoire Crude oil (MBbl) 111     368
    Côte d’Ivoire Average daily production volumes (BOEPD) 1,235     3,997
               
    Total Crude oil, natural gas and natural gas liquids production (MBOE) 2,016   1,984   2,328
    Average daily production volumes (BOEPD) 22,402   21,804   25,300
               
    NRI PRODUCTION DATA          
    Etame Crude oil (MBbl) 667   713   688
    Gabon Average daily production volumes (BOEPD) 7,414   7,835   7,481
               
    Egypt Crude oil (MBbl) 642   641   644
    Egypt Average daily production volumes (BOEPD) 7,131   7,044   7,001
               
    Canada Crude Oil (MBbl) 66   51   85
    Canada Natural Gas (MMcf) 338   392   371
    Canada Natural Gas Liquid (MBOE) 56   63   64
    Canada Crude oil, natural gas and natural gas liquids (MBOE) 179   179   211
    Canada Average daily production volumes (BOEPD) 1,984   1,971   2,296
               
    Côte d’Ivoire Crude oil (MBbl) 111     368
    Côte d’Ivoire Average daily production volumes (BOEPD) 1,235     3,997
               
    Total Crude oil, natural gas and natural gas liquids production (MBOE) 1,599   1,533   1,911
    Average daily production volumes (BOEPD) 17,764   16,850   20,775
    AVERAGE SALES PRICES:          
    Crude oil, natural gas and natural gas liquids sales (per BOE) – WI basis $ 67.03   $ 69.62   $ 65.69
    Crude oil, natural gas and natural gas liquids sales (per BOE) – NRI basis $ 64.27   $ 66.43   $ 64.77
    Crude oil, natural gas and natural gas liquids sales (Per BOE including realized commodity derivatives) – NRI basis $ 64.34   $ 66.41   $ 64.48
               
    COSTS AND EXPENSES (Per BOE of sales):          
    Production expense   26.10   $ 21.54   $ 19.57
    Production expense, excluding offshore workovers and stock compensation*   26.05   $ 21.56   $ 19.49
    Depreciation, depletion and amortization   17.65   $ 17.33   $ 19.79
    General and administrative expense**   5.27   $ 4.50   $ 4.52
    Property and equipment expenditures, cash basis (in thousands) $ 58,527   $ 16,618   $ 41,466

    * Offshore workover costs excluded for the three months ended March 31, 2025 and 2024 and December 31, 2024 are $0.0 million, $(0.1) million and $0.1 million, respectively.
    * Stock compensation associated with production expense excluded from the three months ended March 31, 2025 and 2024 and December 31, 2024 are immaterial.
    ** General and administrative expenses include $0.76, $0.58 and $0.72 per barrel of oil related to stock-based compensation expense in the three months ended March 31, 2025 and 2024 and December 31, 2024, respectively.

    NON-GAAP FINANCIAL MEASURES

    Management uses Adjusted Net Income to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain non-cash and/or other items that management does not consider to be indicative of the Company’s performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company’s operating and financial performance across periods, as well as to facilitate comparisons to others in the Company’s industry. Adjusted Net Income is a non-GAAP financial measure and as used herein represents net income, plus deferred income tax expense (benefit), unrealized derivative instrument loss (gain), bargain purchase gain on the Svenska Acquisition, FPSO demobilization, transaction costs related to the Svenska acquisition and non-cash and other items.

    Adjusted EBITDAX is a supplemental non-GAAP financial measure used by Vaalco’s management and by external users of the Company’s financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry. Management believes the measure is useful to investors because it is as an indicator of the Company’s ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX is a non-GAAP financial measure and as used herein represents net income, plus interest expense (income) net, income tax expense (benefit), depreciation, depletion and amortization, exploration expense, FPSO demobilization, non-cash and other items including stock compensation expense, bargain purchase gain on the Svenska Acquisition, other operating (income) expense, net, non-cash purchase price adjustment, transaction costs related to acquisition, credit losses and other and unrealized derivative instrument loss (gain).

    Management uses Adjusted Working Capital as a transition tool to assess the working capital position of the Company’s continuing operations excluding leasing obligations because it eliminates the impact of discontinued operations as well as the impact of lease liabilities. Under the applicable lease accounting standards, lease liabilities related to assets used in joint operations include both the Company’s share of expenditures as well as the share of lease expenditures which its non-operator joint venture owners’ will be obligated to pay under joint operating agreements. Adjusted Working Capital is a non-GAAP financial measure and as used herein represents working capital excluding working capital attributable to discontinued operations and current liabilities associated with lease obligations.

    Management uses Free Cash Flow to evaluate financial performance and to determine the total amount of cash over a specified period available to be used in connection with returning cash to shareholders, and believes the measure is useful to investors because it provides the total amount of net cash available for returning cash to shareholders by adding cash generated from operating activities, subtracting amounts used in financing and investing activities, effects of exchange rate changes on cash and adding back amounts used for dividend payments and stock repurchases. Free Cash Flow is a non-GAAP financial measure and as used herein represents net change in cash, cash equivalents and restricted cash and adds the amounts paid under dividend distributions and share repurchases over a specified period.

    Free Cash Flow has significant limitations, including that it does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP. Free Cash Flow should not be considered as a substitute for cashflows from operating activities before discontinued operations or any other liquidity measure presented in accordance with GAAP. Free Cash Flow may vary among other companies. Therefore, the Company’s Free Cash Flow may not be comparable to similarly titled measures used by other companies.

    Adjusted EBITDAX and Adjusted Net Income have significant limitations, including that they do not reflect the Company’s cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow should not be considered as substitutes for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX and Adjusted Net Income exclude some, but not all, items that affect net income (loss) and operating income (loss), and the calculation of these measures may vary among other companies. Therefore, the Company’s Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow may not be comparable to similarly titled measures used by other companies.

    The tables below reconcile the most directly comparable GAAP financial measures to Adjusted Net Income, Adjusted EBITDAX, Adjusted Working Capital and Free Cash Flow.

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Reconciliations of Non-GAAP Financial Measures
    (Unaudited)
    (in thousands)

      Three Months Ended
    Reconciliation of Net Income to Adjusted Net Income March 31, 2025   March 31, 2024   December 31, 2024
    Net income $ 7,730     $ 7,686     $ 11,664  
    Adjustment for discrete items:          
    Unrealized derivative instruments loss (gain)   198       823       96  
    Bargain purchase gain               6,366  
    Deferred income tax expense (benefit)   (1,610 )     (3,441 )     (11,781 )
    Transaction costs related to acquisition   22       1,313       508  
    Other operating (income) expense, net         166       (10 )
    Adjusted Net Income $ 6,340     $ 6,547     $ 6,843  
               
    Diluted Adjusted Net Income per Share $ 0.06     $ 0.06     $ 0.07  
    Diluted weighted average shares outstanding (1)   103,785       104,541       103,812  

    (1)  No adjustments to weighted average shares outstanding

      Three Months Ended
    Reconciliation of Net Income to Adjusted EBITDAX March 31, 2025   March 31, 2024   December 31, 2024
    Net income $ 7,730     $ 7,686   $ 11,664  
    Add back:          
    Interest expense, net   1,295       935     1,092  
    Income tax expense   16,083       22,238     17,192  
    Depreciation, depletion and amortization   30,305       25,824     37,047  
    Exploration expense         48      
    Non-cash or unusual items:          
    Stock-based compensation   1,352       899     1,196  
    Unrealized derivative instruments loss   198       823     96  
    Bargain purchase gain             6,366  
    Other operating (income) expense, net         166     (10 )
    Transaction costs related to acquisition   22       1,313     508  
    Credit losses and other   (27 )     1,812     1,082  
    Adjusted EBITDAX $ 56,958     $ 61,744   $ 76,233  

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Reconciliations of Non-GAAP Financial Measures
    (Unaudited)
    (in thousands)

    Reconciliation of Working Capital to Adjusted Working Capital March 31, 2025   December 31, 2024   Change
    Current assets $ 200,838     $ 237,927     $ (37,089 )
    Current liabilities   (177,675 )     (181,728 )     4,053  
    Working capital   23,163       56,199       (33,036 )
    Add: lease liabilities – current portion   17,249       16,895       354  
    Adjusted Working Capital $ 40,412     $ 73,094     $ (32,682 )
       
      Three Months Ended March 31, 2025
    Reconciliation of Free Cash Flow (in thousands)
    Net cash provided by Operating activities $ 32,706  
    Net cash used in Investing activities   (58,774 )
    Net cash used in Financing activities   (14,786 )
    Effects of exchange rate changes on cash   27  
    Total net cash change   (40,827 )
       
    Add back shareholder cash out:  
    Dividends paid   6,570  
    Total cash returned to shareholders   6,570  
       
    Free Cash Flow $ (34,257 )

    The MIL Network

  • MIL-OSI: Logan Ridge Finance Corporation Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

     Reports Solid First Quarter Results with Net Investment Income of $0.35 Per Share and a Net Asset Value of $29.66 Per Share

    Declared a Distribution of $0.36 Per Share for the Second Quarter of 2025

    Successfully Exited its Equity Investment in GA Communications, Inc., Further Reducing the Company’s Non-Yielding Equity Portfolio

    Investors are Encouraged to Vote FOR the Merger with Portman Ridge Finance Corporation (“PTMN”)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC”, the “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total investment income was $4.6 million for the quarter ended March 31, 2025, as compared to $5.4 million reported for the quarter ended December 31, 2024.
    • Net investment income (“NII”) was $0.9 million, or $0.35 per share, for the quarter ended March 31, 2025, as compared to $1.5 million or $0.56 per share, for the quarter ended December 31, 2024.
    • Net asset value was $29.66 per share as of March 31, 2025, as compared to $32.04 per share as of December 31, 2024.
    • The Company made approximately $15.1 million of investments and had approximately $12.4 million in repayments and sales of investments, resulting in net deployment of approximately $2.7 million during the quarter ended March 31, 2025.

    Subsequent Events

    • On May 7, 2025, the Company’s Board of Directors approved a second quarter distribution of $0.36 per share, payable on May 29, 2025, to stockholders of record as of May 19, 2025.

    Management Commentary
    Ted Goldthorpe, Chief Executive Officer and President of Logan Ridge, said, “Following record results in 2024, Logan Ridge continued to make significant strides in strengthening its portfolio, despite the large write-down on the Company’s legacy term loan to Sequoia Healthcare. Notably, during the quarter, the Company grew its portfolio with net deployment, and as previously announced, Logan Ridge continued rotating out of the legacy equity portfolio with the successful exit of its second largest non-yielding equity investment in GA Communications, Inc. This exit stands as another important achievement in our long-term strategy of rotating out of the legacy equity portfolio, which has now been reduced to just 10.8% of our portfolio at fair value, down from 13.8% as of the prior quarter and 18.2% in the first quarter of 2024.

    Looking forward, with the continued monetization of the legacy equity portfolio, we believe the Company is well-positioned to continue to grow earnings and increase long-term shareholder value as we navigate this dynamic market shaped by renewed uncertainty, increased market volatility, and shifting geopolitical dynamics.

    Finally, we remain excited about the opportunities the proposed combination with Portman Ridge presents. This transaction offers the potential for increased scale, improved liquidity, and enhanced operational efficiencies, all of which would strengthen our ability to deliver greater value to shareholders. The combination of these companies would be a marquee transaction for our BDC franchise and a significant milestone for the BC Partners Credit Platform. We encourage all shareholders to vote FOR the proposed merger, as recommended by the Board of Directors of both companies. We are excited about the road ahead and look forward to sharing more updates at the upcoming Special Meeting of Stockholders.”

    Selected Financial Highlights

    • Total investment income for the quarter ended March 31, 2025, decreased by $0.4 million, to $4.6 million, compared to $5.0 million for the quarter ended March 31, 2024.
    • Total operating expenses for the quarter ended March 31, 2025, decreased by $0.4 million, to $3.7 million, compared to $4.1 million for the quarter ended March 31, 2024.
    • Net investment income for the quarter ended March 31, 2025, was $0.9 million, or $0.35 per share, unchanged from the quarter ended March 31, 2024.
    • Net asset value as of March 31, 2025, was $78.8 million, or $29.66 per share, compared to $85.1 million, or $32.04 per share, as of December 31, 2024.
    • Cash and cash equivalents as of March 31, 2025, were $5.1 million compared to $15.0 million as of December 31, 2024.
    • The investment portfolio as of March 31, 2025, consisted of investments in 59 portfolio companies with an aggregate fair value of approximately $169.6 million. This compares to 59 portfolio companies with an aggregate fair value of approximately $172.3 million as of December 31, 2024.
    • Deployment was judicious and prudent. During the quarter ended March 31, 2025, the Company made approximately $15.1 million in investments and had $12.4 million in repayments and sales of investments, resulting in net deployment of approximately $2.7 million.
    • The debt investment portfolio as of March 31, 2025, represented 86.6% of the fair value of the total portfolio, with a weighted average annualized yield of approximately 10.7% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately 83.3% with a weighted average annualized yield of approximately 10.7% (excluding income from non-accruals and collateralized loan obligations) as of December 31, 2024. As of March 31, 2025, 9.3% of the fair value of the debt investment portfolio was bearing a fixed rate of interest, compared to 12.1% of the fair value of the debt investment portfolio as of December 31, 2024.
    • Non-accruals: As of March 31, 2025, the Company had debt investments in three portfolio companies on non-accrual status with an amortized cost and fair value of $17.2 million and $3.7 million, respectively, representing 8.7% and 2.2% of the investment portfolio’s amortized cost and fair value, respectively. This compares to debt investments in three portfolio companies on non-accrual status with an aggregate amortized cost and fair value of $17.2 million and $7.9 million, respectively, representing 9.0% and 4.6% of the investment portfolio’s amortized cost and fair value, respectively, as of December 31, 2024.
    • Asset coverage ratio as of March 31, 2025, was 179.4%.

    Results of Operations
    Our operating results for the three months ended March 31, 2025 and March 31, 2024, were as follows (dollars in thousands):

          For the Three Months Ended March 31,  
          2025     2024  
    Total investment income     $ 4,631     $ 5,003  
    Total expenses       3,703       4,056  
    Net investment income       928       947  
    Net realized gain (loss) on investments       2,603       287  
    Net change in unrealized appreciation (depreciation) on investments       (8,755 )     675  
    Net realized gain (loss) on extinguishment of debt       (146 )     (58 )
    Net increase (decrease) in net assets resulting from operations     $ (5,370 )   $ 1,851  
                       

    Investment income
    The composition of our investment income for the three months ended March 31, 2025 and March 31, 2024, was as follows (dollars in thousands):

          For the Three Months Ended March 31,  
          2025     2024  
    Interest income     $ 3,906     $ 4,633  
    Payment-in-kind interest       547       353  
    Dividend income       143       17  
    Other income       35        
    Total investment income     $ 4,631     $ 5,003  
                       

    Fair Value of Investments
    The composition of our investments as of March 31, 2025 and December 31, 2024, at amortized cost and fair value of investments was as follows (dollars in thousands):

    March 31, 2025   Investments at
    Amortized Cost
        Amortized Cost
    Percentage of
    Total Portfolio
        Investments at
    Fair Value
        Fair Value
    Percentage of
    Total Portfolio
     
    First Lien Debt   $ 131,479       66.5 %   $ 114,600       67.6 %
    Second Lien Debt     10,834       5.5 %     9,119       5.4 %
    Subordinated Debt     27,060       13.7 %     23,040       13.6 %
    Collateralized Loan Obligations     309       0.2 %     572       0.3 %
    Joint Venture     4,119       2.1 %     3,948       2.3 %
    Equity     23,709       12.0 %     18,334       10.8 %
    Total   $ 197,510       100.0 %   $ 169,613       100.0 %
                                     
    December 31, 2024   Investments at
    Amortized Cost
        Amortized Cost
    Percentage of
    Total Portfolio
        Investments at
    Fair Value
        Fair Value
    Percentage of
    Total Portfolio
     
    First Lien Debt   $ 123,068       64.4 %   $ 111,460       64.7 %
    Second Lien Debt     10,623       5.5 %     9,051       5.3 %
    Subordinated Debt     26,996       14.1 %     22,858       13.3 %
    Collateralized Loan Obligations     852       0.4 %     940       0.5 %
    Joint Venture     4,170       2.2 %     4,153       2.4 %
    Equity     25,723       13.4 %     23,828       13.8 %
    Total   $ 191,432       100.0 %   $ 172,290       100.0 %
                                     

    Interest Rate Risk
    Based on our consolidated statements of assets and liabilities as of March 31, 2025, the following table shows the annual impact on net income (excluding the potential related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate securities), assuming no changes in our investment and borrowing structure (dollars in thousands):

    Basis Point Change Increase
    (decrease) in interest income
        (Increase)
    decrease in
    interest expense
        Increase
    (decrease) in
    net income
     
    Up 300 basis points $ 4,200     $ (1,322 )   $ 2,878  
    Up 200 basis points   2,800       (881 )     1,919  
    Up 100 basis points   1,400       (441 )     959  
    Down 100 basis points   (1,400 )     441       (959 )
    Down 200 basis points   (2,744 )     881       (1,863 )
    Down 300 basis points   (3,984 )     1,322       (2,662 )
                           

    Conference Call and Webcast
    We will hold a conference call on Friday, May 9, 2025, at 11:00 a.m. Eastern Time to discuss the first quarter 2025 financial results. Stockholders, prospective stockholders, and analysts are welcome to listen to the call or attend the webcast.

    To access the conference call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the call and use the conference ID 8145997.

    A replay of this conference call will be available shortly after the live call through May 16, 2025.

    A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website www.loganridgefinance.com in the Investor Resources section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/h9fj5e3y. The online archive of the webcast will be available on the Company’s website shortly after the call.

    About Logan Ridge Finance Corporation
    Logan Ridge Finance Corporation (Nasdaq: LRFC) is a business development company that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. The Company invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com

    About Mount Logan Capital Inc.
    Mount Logan Capital Inc. (“MLC”) is an alternative asset management company that is focused on public and private debt securities in the North American market. MLC seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. MLC actively sources, evaluates, underwrites, manages, monitors, and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit www.bcpartners.com.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements
    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest Investment Management LLC (“Sierra Crest”) to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Additional Information and Where to Find It
    This document relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and will mail the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and securityholders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation
    PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan Management LLC, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding
    the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation
    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Contacts:
    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd Floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    Lena Cati
    The Equity Group Inc.
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    The Equity Group Inc.
    vferraro@equityny.com
    (212) 836-9633

    Logan Ridge Finance Corporation
    Consolidated Statements of Assets and Liabilities
    (in thousands, except share and per share data)
                 
        As of March 31,
    2025
        As of December 31,
    2024
     
        (unaudited)        
    ASSETS            
    Investments at fair value:            
    Non-control/non-affiliate investments (amortized cost of $162,447 and $152,393, respectively)   $ 143,121     $ 138,079  
    Affiliate investments (amortized cost of $35,063 and $39,039, respectively)     26,492       34,211  
    Total investments at fair value (amortized cost of $197,510 and $191,432, respectively)     169,613       172,290  
    Cash and cash equivalents     5,073       15,015  
    Interest and dividend receivable     1,572       1,404  
    Prepaid expenses     4,061       2,543  
    Receivable for unsettled trades           1,082  
    Other assets     343       335  
    Total assets   $ 180,662     $ 192,669  
    LIABILITIES            
    2026 Notes (net of deferred financing costs and original issue discount of $602 and $694, respectively)   $ 49,398     $ 49,306  
    2032 Convertible Notes (net of deferred financing costs and original issue discount of $283 and $439, respectively)     4,717       7,061  
    KeyBank Credit Facility (net of deferred financing costs of $1,092 and $1,147, respectively)     42,369       47,607  
    Management and incentive fees payable     805       834  
    Interest and financing fees payable     1,541       942  
    Accounts payable and accrued expenses     3,057       1,820  
    Total liabilities   $ 101,887     $ 107,570  
    Commitments and contingencies            
    NET ASSETS            
    Common stock, par value $0.01, 100,000,000 shares of common stock authorized, 2,655,973 and 2,655,898 shares of common stock issued and outstanding, respectively   $ 27     $ 27  
    Capital in excess of par value     188,860       188,858  
    Total distributable loss     (110,112 )     (103,786 )
    Total net assets   $ 78,775     $ 85,099  
    Total liabilities and net assets   $ 180,662     $ 192,669  
    Net asset value per share   $ 29.66     $ 32.04  
                     
    Logan Ridge Finance Corporation
    Consolidated Statements of Operations
    (in thousands, except share and per share data)
           
        For the Three Months Ended March 31,  
        2025     2024  
    INVESTMENT INCOME            
    Interest income:            
    Non-control/non-affiliate investments   $ 3,699     $ 4,633  
    Affiliate investments     207        
    Total interest income     3,906       4,633  
    Payment-in-kind interest and dividend income:            
    Non-control/non-affiliate investments     432       336  
    Affiliate investments     115       17  
    Total payment-in-kind interest and dividend income     547       353  
    Dividend income:            
    Affiliate investments     143       17  
    Total dividend income     143       17  
    Other income:            
    Non-control/non-affiliate investments     35        
    Total other income     35        
    Total investment income     4,631       5,003  
    EXPENSES            
    Interest and financing expenses     1,813       2,007  
    Base management fee     805       893  
    Directors’ expense     116       150  
    Administrative service fees     272       201  
    General and administrative expenses     697       805  
    Total expenses     3,703       4,056  
    NET INVESTMENT INCOME     928       947  
    REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS            
    Net realized gain (loss) on investments:            
    Non-control/non-affiliate investments     70       287  
    Affiliate investments     2,533        
    Net realized gain (loss) on investments     2,603       287  
    Net change in unrealized appreciation (depreciation) on investments:            
    Non-control/non-affiliate investments     (5,012 )     (3,904 )
    Affiliate investments     (3,743 )     4,579  
    Net change in unrealized appreciation (depreciation) on investments     (8,755 )     675  
    Total net realized and change in unrealized gain (loss) on investments     (6,152 )     962  
    Net realized loss on extinguishment of debt     (146 )     (58 )
    NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (5,370 )   $ 1,851  
    NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC   $ (2.02 )   $ 0.69  
    WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC     2,655,899       2,678,342  
    NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – DILUTED   $ (2.02 )   $ 0.65  
    WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – DILUTED     2,655,899       3,195,740  
    DISTRIBUTIONS PAID PER SHARE   $ 0.36     $ 0.32  

    The MIL Network

  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.

    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (TSX-AD.UN) (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three months ended March 31, 2025. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    Highlights:

    • For the period ended March 31, 2025, Alaris generated $0.12 per unit of additional Net book value (1), improving this metric to $24.34. Driving this increase is current quarter earnings of $0.50 per unit, offset by $0.34 of distributions to unitholders;
    • During the quarter, the Trust, through its normal course issuer bid (“NCIB”), purchased and cancelled 218,900 units, which reflects a $0.02 per unit of additional Net book value (1);
    • The Trust, together with its Acquisition Entities, earned $43.0 million of Partner distribution revenue in Q1 2025, an increase of $3.7 million or 9% for the three-month period as compared to Q1 2024. The period over period increase is primarily the result of new and follow-on investments made subsequent to Q1 2024, higher common distributions received and for preferred distributions that were subject to a reset, an increase of distributions of approximately 4% based on unaudited result from each of its Partners;
    • Alaris’ net distributable cash flow (2) for the three months ended March 31, 2025, of $30.4 million increased by 19% as compared to the three months ended March 31, 2024.
      • The Actual Payout Ratio (3) for the Trust, based on the Alaris net distributable cash (2) flow for the three months ended March 31, 2025 was 59%, which is inclusive of the cash disbursements related to the quarters NCIB purchases;
    • Following March 31, 2025, Federal Management Partners, LLC (“FMP”) experienced suspension of certain key contracts, primarily driven by changes in U.S. federal procurement policies, resulting in a material reduction in revenue. These developments are expected to have a significant adverse impact on FMP’s financial performance and outlook in the near term. Given the evolving circumstances and associated uncertainty, Alaris anticipates that FMP’s ability to sustain distribution payments for the remainder of the year will be negatively affected. Furthermore, these factors are expected to lead to a material downward reassessment of the fair value of FMP. FMP management is actively evaluating mitigation strategies and Alaris is continuing to assess the potential impact to FMP’s long-term outlook;
    • The weighted average combined Earnings Coverage Ratio (4) for Alaris’ Partners is approximately 1.5x with ten of twenty Partners greater than 1.5x. In addition, twelve of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • Subsequent to quarter end, Alaris completed an amendment to its senior credit facility, which included converting the credit facility from CDN$500 million to US$450 million, in addition to converting the accordion feature from CDN$50 million to US$50 million. As of the date of this release, total drawn of the facility is approximately US$289 million and US$161 million remaining available.

    “Our first quarter saw solid performance from the portfolio despite a very uncertain environment. The combination of predominantly required service, low leverage businesses continues to shield us from extreme volatility. The US government cuts have ultimately hit one of our partners, FMP, in a negative way. Despite it appearing that the company had dodged anything significant through the end of April, a surprise cut to some of their large contracts has resulted in a substantial loss of revenue and a need to pivot. This is still a profitable company with no net debt and an extremely talented, aligned management team. FMP is already focusing on targeting new opportunities to replace lost contracts but this will take time to execute on. We are confident in this management team’s ability to build the revenue stream back up. We’re very fortunate that as a portfolio, the impact of the government cuts and tariffs has been quite small in the context of our total portfolio. On a positive note, the current environment is presenting our company with a large number of opportunities to invest in very good, long-term assets. We expect an active second half of deployment.” said Steve King President and CEO.

    Results of Operations

    Three months ended March 31,   2025     2024     % Change  
    Change in Net book value per unit $ 0.12   $ 0.54     -77.8 %
    Alaris net distributable cash flow per unit $ 0.67   $ 0.56     +19.6 %
    Earnings from operations per unit $ 0.62   $ 0.52     +19.2 %
    Earnings and comprehensive income per unit $ 0.50   $ 1.62     -69.1 %
    Weighted average basic units (000’s)   45,534     45,498    
                   

    Net book value (1) per unit at March 31, 2025 increased by $0.12 during the quarter to $24.34 per unit, which is a 77.8% decrease from Q1 2024 change in Net book value (1) of $0.54 per unit . The $0.12 per unit increase in Net book value (1) is primarily driven by $0.50 earnings per unit recorded by the Trust during Q1 2025, less the quarterly dividend of $0.34 per unit. In Q1 2024, $0.46 of the $0.54 per unit change in Net book value (1) was related to a foreign exchange gain of $20.1 million as compared to a foreign exchange loss of $4.9 million in the current quarter. These foreign exchange gains and losses are primarily related to the revaluation of U.S dollar denominated assets due to changes in foreign exchange rates from period to period.

    Alaris net distributable cash flow (2) per unit increased by 19.6%, primarily due to higher preferred and common Partner distributions received in Q1 2025 in addition to higher cash taxes recovered by the Acquisition Entities during the quarter. Partner distributions increased quarter over quarter, reflecting higher common Distributions received in Q1 2025 and higher preferred distributions, primarily due to Alaris’ new investment in Cresa, LLC (“Cresa”) and follow-on investment in The Shipyard, LLC (”Shipyard”) that were made partway through the prior year. New investments in The Berg Demo Holdings, LLC (“Berg”) and Professional Electric Contractors of Connecticut, Inc. (“PEC”) completed in Q1 2025, also contributed to the increase. These were partially offset by lower distributions following the redemption of Brown & Settle Investments, LLC and a subsidiary thereof (collectively, “Brown & Settle”) and as part of Ohana Growth Partners, LLC (“Ohana”) asset under management transaction in Q4 2024, which had lower yields on the new convertible preferred units received.

    Earnings and comprehensive income decreased by 69.1% per unit due to a non-recurring gain of $30.3 million recognized in Q1 2024 on the derecognition of previously consolidated entities, as well as a foreign exchange loss of $4.9 million recognized during Q1 2025 as compared to a foreign exchange gain of $20.8 million in Q1 2024. Partially offsetting period over period decrease to earnings and comprehensive income is a 19.2% increase to earnings from operations in Q1 2025 as compared to Q1 2024, which is primarily due to higher revenue and operating income driven by higher Distributions from Partners and increases to the fair value of Partner investments. The Trust recorded a net increase of $10.1 million to the fair value of its investment in Partners during Q1 2025, largely driven by gains to the fair value of Alaris’ investment in Shipyard and Ohana, and partially offset by a fair value decrease in Sono Bello, LLC (“Sono Bello“).

    Outlook

    In Q1 2025, the Trust together with its Acquisition Entities earned $43.7 million of revenue from Partners, which included $43.0 million of Partner Distributions and $0.7 million of third party transaction and management fee revenue, collectively which was ahead of previous guidance of $42.5 million due to higher than expected common Distributions received, as well as a higher realized foreign exchange rate on US denominated distributions. Alaris expects total revenue from its Partners in Q2 2025 of approximately $41.4 million.

    During the three months ended March 31, 2025, the Trust, through its Acquisition Entities invested in two new Partners, Berg and PEC, for a total investment of approximately $118 million. Subsequent to March 31, 2025, FMP was impacted by the loss of certain key contracts which Alaris anticipates will require FMP to defer distributions. These investments and the deferral of FMP’s distributions are reflected in Alaris’ Run Rate Revenue (5) for the next twelve months, of approximately $178 million, which includes an estimated $19.1 million of common dividends.

    The Run Rate Cash Flow (6) table below outlines the Trust and it’s Acquisition Entities’ combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (6) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $18.5 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (7) is expected to be within a range of 60% and 65% when including Run Rate Revenue (5), overhead expenses and our existing capital structure. The table below sets out our estimated Run Rate Cash Flow (6) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($)   $ / Unit  
    Run Rate Revenue, Partner Distribution revenue $ 178,000   $ 3.91  
    General and administrative expenses   (18,500 )   (0.41 )
    Third party Interest and taxes   (60,600 )   (1.33 )
    Net cash from operating activities $ 98,900   $ 2.17  
    Distributions paid   (61,900 )   (1.36 )
    Run Rate Cash Flow $ 37,000   $ 0.81  
         
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,550     +0.06  
    Interest rates Every 1.0% increase in SOFR   -3,200     -0.07  
    USD to CAD Every $0.01 change of USD to CAD +/- 900   +/- 0.02  
     

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Friday, May 9, 2025 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q1 2025 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q1 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, structured equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity. The principal objective is to generate predictable cash flows for distribution payments to its unitholders while growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Net book value, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assets less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      31-Mar   31-Dec   31-Mar
    $ thousands except per unit amounts   2025       2024       2024  
    Total Assets $ 1,201,210     $ 1,199,683     $ 1,073,401  
    Total Liabilities $ 92,749     $ 97,721     $ 87,985  
    Net book value $ 1,108,461     $ 1,101,962     $ 985,416  
    Weighted average basic units (000’s)   45,534       45,503       45,498  
    Net book value per unit $ 24.34     $ 24.22     $ 21.66  
                           

    (2) “Alaris net distributable cashflow is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and cash tax paid (received). Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

      Three months ended March 31
    $ thousands except per unit amounts   2025     2024   % Change
    Partner Distribution revenue – Preferred $ 40,579   $ 38,193    
    Partner Distribution revenue – Common $ 2,393   $ 601    
    Third party management and advisory fees $ 706   $ 510    
           
    Expenditures of the Trust:      
    General and administrative $ (4,185 ) $ (4,110 )  
    Third party cash interest paid by the Trust $ (2,028 ) $ (2,032 )  
    Cash taxes (paid) / received by the Trust $ (7 ) $    
           
    Expenditures incurred by Acquisition Entities:      
    Operating costs and other $ (866 ) $ (903 )  
    Transactions costs $ (1,869 ) $ (1,362 )  
    Cash interest paid, senior credit facility and convertible debentures $ (6,290 ) $ (5,428 )  
    Cash taxes received by the Acquisition Entities $ 1,988   $ 63    
    Alaris net distributable cash flow $ 30,421   $ 25,532     +19.1 %
    Alaris net distributable cash flow per unit $ 0.67   $ 0.56     +19.6 %
                       

    (3) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by Alaris net distributable cashflow generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (4) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (5) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (6) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (7) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (8) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity Distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; expected gains on common equity and future exits; payout of Alaris’ AUM strategy including, without limitation, the impact of management fees and profit participation; the yield on the Trust’s investments and expected resets on Distributions; changes in interest rates, including SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for the next twelve months. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: impact of widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, tariffs and internal trade disputes on the Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)); the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; a negative impact on the Trust or Partners with risk to cybersecurity and or implementation of artificial intelligence; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:
    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network

  • MIL-OSI USA: Attorney General Alan Wilson achieves key legislative win as House passes bill to speed up investigations into child sexual abuse materialRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) Attorney General Alan Wilson announced a major victory today in the fight to protect South Carolina’s children. The House has officially passed Senate Bill 74, the Administrative Subpoena Bill, a top legislative priority this cycle for the Attorney General’s Office and a critical tool in the mission to stop child predators in their tracks. 

     

    “This is a HUGE WIN not only for our office but for South Carolina’s children and families,” said Attorney General Wilson. “S.74 cuts through red tape and empowers our Internet Crimes Against Children (ICAC) Taskforce to move swiftly to issue administrative subpoenas in child sexual exploitation cases, dramatically reducing the time it takes to find child predators and protect children actively being harmed.” 

     

    The passage of this bill would not have been possible without the support of our state legislators. “I want to personally thank the members of the South Carolina House and Senate for recognizing the urgency of this issue and getting it done. Your support is saving lives,” Attorney General Wilson said. 

     

    We also extend deep gratitude to our law enforcement partners across the state. Their relentless work, day in and day out, helped drive this effort forward. Their endorsement of this bill underscores its critical importance in bringing child predators to justice faster and more effectively. 

     

    Charleston County Sheriff Carl Ritchie said, “I am pleased to have offered support of this bill and happy to see it is headed to the Governor’s desk. This bill is instrumental in effectively and without delay prosecuting individuals committing internet crimes against children. I appreciate the leadership of Attorney General Alan Wilson and the work of our legislature to get this bill passed.” 

     

    Lexington County Sheriff Jay Koon said, “The partnership between local law enforcement and the Internet Crimes Against Children task force is invaluable when it comes to investigating and arresting criminals who prey on our children. Allowing the Attorney General to sign administrative subpoenas will speed up our ability to catch these criminals and hold them accountable. This bill is critical to protect children and get predators off the street quicker. Thank you to Attorney General Wilson for leading the charge and Senator Hembree and Representative Travis Moore for pushing this important legislation.” 

     

    The bill now heads to Governor Henry McMaster’s desk for his signature to be signed into law. 

    MIL OSI USA News

  • MIL-OSI Security: Former Rock Hill Cop Convicted at Trial of Receiving, Sending Child Sexual Abuse Materials

    Source: Office of United States Attorneys

    COLUMBIA, S.C. — A federal jury in Columbia has convicted Daniel Paul Shealy, 36, of Rock Hill, on 18 counts of possession and distribution of child sexual abuse material.* The jury returned a guilty verdict following three days of testimony and an hour and a half of deliberation.

    According to evidence presented during trial, in 2023 investigators with the York County Sheriff’s Office (YCSO) received a tip from the National Center for Missing and Exploited Children (NCMEC) that three videos depicting the sexual abuse of children were flagged on the social messaging app Kik, under the username “orgasmd0nor.” Investigators with the YCSO and FBI traced the account and IP address to Shealy, a detective and former school resource officer with the Rock Hill Police Department.

    Further investigation revealed that Shealy was a member of more than 40 private groups on Kik designed for users to trade child sexual abuse materials, including groups with references to minors, teens, and incest in the titles. According to testimony from a Kik representative, users in such groups often exchange images and videos of rape, sexual assault, bestiality, and other abuse of children. Investigators testified during trial that after receiving the tip, they executed a search warrant on Shealy’s phone and his Kik account. Shealy’s phone was in his patrol car and accessible through his thumbprint and a passcode, which was his badge number. 

    Agents recovered 126 explicit videos of children from Shealy’s phone and Kik account, which Shealy had received or distributed to others on the internet. The files included recordings of prepubescent minors in bondage and constraints and child sex abuse materials represented the majority of explicit recovered from his Kik account.

    When Shealy testified at trial, he admitted that he operated the orgasmd0nor account and that he accessed child sex abuse material on the platform. He also admitted that he never reported the any of the videos to Kik or to law enforcement because he either did not know how to report or was concerned about his privacy related to his intimate life. Shealy taken into custody at the conclusion of the trial. 

    “The facts alone in this case were disturbing but became even more appalling because the defendant was a police officer, an individual given immense public trust,” said U.S. Attorney Bryan Stirling for the District of South Carolina. “We remain committed to holding those who betray public trust accountable and protecting our most vulnerable citizens, our children. We’re grateful to the FBI, York County Sheriff’s Office for their work on this case and our trial attorneys that worked diligently to bring this man to justice.”

    “The FBI is unwavering in its commitment to safeguarding children from individuals who perpetrate physical and sexual abuse or engage in the exploitation of minors through the distribution of child sexual abuse material, as proved in this case,” said Reid Davis, Acting Special Agent in Charge of the FBI Columbia Field Office. “We hope this verdict represents a meaningful step toward justice for the victims and ensures that the defendant is held fully accountable under the law.”

    He faces a mandatory minimum of five years in federal prison and a maximum of 20 years. He also faces a fine of up to $250,000, restitution, lifetime supervision to follow the term of imprisonment, and sex offender registry requirements.  United States District Judge Joseph F. Anderson Jr. presided over the trial and will sentence Shealy after receiving and reviewing a sentencing report prepared by the U.S. Probation Office.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the U.S. Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals, who sexually exploit children, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit http://www.justice.gov/psc.

    The case was investigated by the FBI Columbia field office, the York County Sheriff’s Office, and the South Carolina ICAC (Internet Crimes Against Children) Task Force at the South Carolina Attorney General’s Office.  Assistant U.S. Attorneys Elliott B. Daniels and Elle E. Klein are prosecuting the case.

    ###

    MIL Security OSI

  • MIL-OSI Security: Johnson County Man Sentenced for Producing and Possessing Child Pornography

    Source: Office of United States Attorneys

    PIKEVILLE, Ky. – A Hagerhill, Ky., man, Jason Ryan Campbell, 46, was sentenced on Thursday to 40 years in prison by U.S. District Judge Danny Reeves, for production of child pornography and possession of child pornography.  

    According to his plea agreement, on August 27, 2022, Campbell engaged in the production of child pornography. Specifically, upon searching his phone, law enforcement located two videos taken of Campbell and a minor victim engaging in sexual conduct. Law enforcement also found additional videos and photos of child pornography on his phone. 

    Under federal law, Campbell must serve 85 percent of his prison sentence. Upon his release from prison, he will be under the supervision of the U.S. Probation Office for life. 

    Paul McCaffrey, Acting United States Attorney for the Eastern District of Kentucky; Olivia Olson, Acting Special Agent in Charge, FBI, Louisville Field Office; and Phillip J. Burnett, Jr., Commissioner of the Kentucky State Police, jointly announced the sentence.

    The investigation was conducted by the FBI and Kentucky State Police. Assistant U.S. Attorney Justin Blankenship is prosecuting the case on behalf of the United States.

    This case was prosecuted as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    – END –

     

    MIL Security OSI

  • MIL-OSI: Lantronix Reports Results for Third Quarter of Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Third Quarter Net Revenue of $28.5 Million
    • Third Quarter GAAP EPS of ($0.10)
    • Third Quarter Non-GAAP EPS of $0.03

    IRVINE, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its third quarter of fiscal 2025.

    Despite a complex macroeconomic environment, Lantronix delivered revenue within guidance and continued executing its long-term strategy toward becoming a leader in intelligent edge computing.

    Lantronix continued its leadership in AI edge intelligence and industrial connectivity through several key initiatives in the last quarter. The company enabled Teledyne/FLIR’s AI-driven drone thermal camera, validating the performance and reliability of its Open-Q™ platform in mission-critical edge vision systems. Further expanding its AI-capable compute portfolio, Lantronix launched the Open-Q™ 8550CS SoM, built on Qualcomm’s advanced QCS8550 processor, which delivers premium AI/ML performance and is designed for next-generation industrial and robotics applications.

     Q3 FY2025 Financial Results

    • Net Revenue: $28.5 million, in range of $27.0 million to $31.0 million guidance
    • GAAP EPS: ($0.10), compared to ($0.01) in Q3 FY2024 and ($0.06) in Q2 FY2025
    • Non-GAAP EPS: $0.03, compared to $0.11 in Q3 FY2024 and $0.04 in Q2 FY2025

    “We’re positioning Lantronix to lead the next wave of industrial and enterprise transformation at the edge,” said Saleel Awsare, president and CEO of Lantronix. “This quarter reflects continued investment in high-growth areas — from AI-enabled gateways to 5G connectivity — while advancing our innovation roadmap, global partnerships and talent base.”

    Q4 FY2025 Business Outlook

    Lantronix expects the following results for the fourth fiscal quarter ending June 30, 2025:

    • Revenue: $26.5 million to $30.5 million
    • Non-GAAP EPS: $0.00 to $0.02

    Conference Call and Webcast

    Management will host an investor conference call and audio webcast on Thursday, May 8, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the third quarter of fiscal 2025 that ended March 31, 2025. To access the live conference call, investors should dial 1-844-802-2442 (U.S.) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 third-quarter call.

    Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on May 8, 2025, on the Lantronix website. A telephonic replay will also be available through May 15, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3110521.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Non-GAAP net loss consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

    Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the fourth fiscal quarter of 2025, our positioning to capitalize on the next wave of industrial and enterprise transformation using edge computing, and our expectations regarding high-growth market areas. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to changes in U.S. trade policy, including recently increased or future tariffs, a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, expected to be filed with the SEC on or about May 9, 2025 including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Analyst and Investor Contact:        

    investors@lantronix.com

    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
           
      March 31,
      June 30,
      2025   2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 19,999     $ 26,237  
    Accounts receivable, net   23,648       31,279  
    Inventories, net   28,151       27,698  
    Contract manufacturers’ receivables   1,637       1,401  
    Prepaid expenses and other current assets   3,029       2,335  
    Total current assets   76,464       88,950  
    Property and equipment, net   2,768       4,016  
    Goodwill   31,089       27,824  
    Intangible assets, net   4,310       5,251  
    Lease right-of-use assets   8,974       9,567  
    Other assets   584       600  
    Total assets $ 124,189     $ 136,208  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 11,005     $ 10,347  
    Accrued payroll and related expenses   3,905       5,836  
    Current portion of long-term debt, net   3,063       3,002  
    Other current liabilities   10,594       10,971  
    Total current liabilities   28,567       30,156  
    Long-term debt, net   9,458       13,219  
    Other non-current liabilities   10,694       11,478  
    Total liabilities   48,719       54,853  
           
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Common stock   4       4  
    Additional paid-in capital   306,858       304,001  
    Accumulated deficit   (231,763 )     (223,021 )
    Accumulated other comprehensive income   371       371  
    Total stockholders’ equity   75,470       81,355  
    Total liabilities and stockholders’ equity $ 124,189     $ 136,208  
           
    LANTRONIX, INC.  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
                                           
                                           
      Three Months Ended   Nine Months Ended
      March 31,
      December 31,
      March 31,
      March 31,
      2025
      2024
      2024
      2025
      2024
    Net revenue $ 28,500     $ 31,161     $ 41,183     $ 94,084     $ 111,252  
    Cost of revenue   16,097       17,877       24,679       53,922       65,620  
    Gross profit   12,403       13,284       16,504       40,162       45,632  
    Operating expenses:                                      
    Selling, general and administrative   8,959       8,811       9,753       27,237       29,147  
    Research and development   4,463       4,984       5,186       14,403       15,017  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition-related costs   100       208             337        
    Fair value remeasurement of earnout consideration                           (9 )
    Amortization of intangible assets   879       1,248       1,310       3,378       4,004  
    Total operating expenses   15,982       15,444       16,599       48,029       49,059  
    Loss from operations   (3,579 )     (2,160 )     (95 )     (7,867 )     (3,427 )
    Interest expense, net   (159 )     (126 )     (171 )     (404 )     (741 )
    Other income (loss), net   (19 )     8       2       (48 )     (2 )
    Loss before income taxes   (3,757 )     (2,278 )     (264 )     (8,319 )     (4,170 )
    Provision for income taxes   111       94       159       423       732  
    Net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Net loss per share – basic and diluted $ (0.10 )   $ (0.06 )   $ (0.01 )   $ (0.23 )   $ (0.13 )
    Weighted-average common shares – basic and diluted   38,820       38,631       37,509       38,493       37,283  
                                           
    LANTRONIX, INC.
    UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
    (In thousands, except per share data)
                       
      Three Months Ended    Nine Months Ended
      March 31,   December 31,
      March 31,    March 31, 
       2025     2024     2024     2025     2024 
                       
    GAAP net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Non-GAAP adjustments:                  
    Cost of revenue:                  
    Share-based compensation   34       48       66       146       171  
    Employer portion of withholding taxes on stock grants         2       1       7       6  
    Amortization of manufacturing profit in acquired inventory   44             190       44       696  
    Depreciation and amortization   101       114       144       338       339  
    Total adjustments to cost of revenue   179       164       401       535       1,212  
    Selling, general and administrative:                  
    Share-based compensation   1,159       1,044       1,337       3,329       4,238  
    Employer portion of withholding taxes on stock grants   13       20       21       111       68  
    Depreciation and amortization   345       348       352       1,044       1,024  
    Total adjustments to selling, general and administrative   1,517       1,412       1,710       4,484       5,330  
    Research and development:                  
    Share-based compensation   324       421       469       1,155       1,381  
    Employer portion of withholding taxes on stock grants   4       2       9       25       27  
    Depreciation and amortization   56       111       76       236       236  
    Total adjustments to research and development   384       534       554       1,416       1,644  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition related costs   100       208             337        
    Fair value remeasurement of earnout consideration                           (9 )
    Amortization of purchased intangible assets   879       1,248       1,310       3,378       4,004  
    Litigation settlement cost         158             198        
    Total non-GAAP adjustments to operating expenses   4,461       3,753       3,924       12,487       11,869  
    Interest expense, net   159       126       171       404       741  
    Other (income) expense, net   19       (8 )     (2 )     48       2  
    Provision for income taxes   111       94       159       423       732  
    Total non-GAAP adjustments   4,929       4,129       4,653       13,897       14,556  
    Non-GAAP net income $ 1,061     $ 1,757     $ 4,230     $ 5,155     $ 9,654  
                       
                       
    Non-GAAP net income per share – diluted $ 0.03     $ 0.04     $ 0.11     $ 0.13     $ 0.25  
                       
    Denominator for GAAP net income (loss) per share – diluted   38,820       38,631       37,509       38,493       37,283  
    Non-GAAP adjustment   1,300       953       1,674       1,034       1,021  
    Denominator for non-GAAP net income per share – diluted   40,120       39,584       39,183       39,527       38,304  
                       
    GAAP cost of revenue $ 16,097     $ 17,877     $ 24,679     $ 53,922     $ 65,620  
    Non-GAAP adjustments to cost of revenue   (179 )     (164 )     (401 )     (535 )     (1,212 )
    Non-GAAP cost of revenue   15,918       17,713       24,278       53,387       64,408  
    Non-GAAP gross profit $ 12,582     $ 13,448     $ 16,905     $ 40,697     $ 46,844  
    Non-GAAP gross margin   44.1 %     43.2 %     41.0 %     43.3 %     42.1 %
                       
    LANTRONIX, INC.
    UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
    (In thousands)
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
      March 31,
    2025
      March 31,
    2024
    Embedded IoT Solutions $ 11,990   $ 10,784   $ 12,452   $ 36,161   $ 35,589
    IoT System Solutions   14,730     18,592     26,789     52,081     68,847
    Software & Services   1,780     1,785     1,942     5,842     6,816
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
      March 31,
    2025
      March 31,
    2024
    Americas $ 16,497   $ 16,386   $ 17,543   $ 50,303   $ 61,077
    EMEA   6,048     9,036     18,354     25,568     37,831
    Asia Pacific Japan   5,955     5,739     5,286     18,213     12,344
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       

    The MIL Network

  • MIL-OSI: Magnite to Participate in Upcoming Financial Conferences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, today announced that members of its executive team will participate and host in-person investor meetings at the following financial conferences:

    • 20th Annual Needham Technology, Media and Consumer Conference in New York City on Tuesday, May 13 – company management will participate in a fireside chat at 10:15 a.m. ET.
    • B. Riley Securities 25th Annual Investor Conference in Marina del Rey on Wednesday, May 21, and Thursday, May 22.
    • Craig-Hallum 22nd Annual Institutional Investor Conference in Minneapolis on Wednesday, May 28.
    • Evercore ISI 4th Annual Nothing But Net Internet Investors Summit in New York City on Wednesday, May 28.
    • Bank of America Global Technology Conference in San Francisco on Tuesday, June 3 – company management will participate in a fireside chat at 2:40 p.m. PT.
    • Wolfe Research Small and Mid-Cap Conference in New York City on Thursday, June 5.
    • Rosenblatt 5th Annual Technology Summit – company management will participate in a virtual fireside chat on Tuesday, June 10 at 9:00 a.m. ET

    Live webcasts of the Needham and Bank of America fireside chats will be available in the “Events & Presentations” section of Magnite’s investor relations website at: https://investor.magnite.com. The webcast replays will be available following the conclusion of the live presentations for 90 days.

    About Magnite

    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Investor Relations Contact
    Nick Kormeluk, 949-500-0003
    nkormeluk@magnite.com

    The MIL Network

  • MIL-OSI: Microchip Technology Announces Financial Results For Fourth Quarter and Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    For the quarter ended March 31, 2025

    • Net sales of $970.5 million, declined 5.4% sequentially and 26.8% from the year ago quarter.  The midpoint of our guidance provided on February 6, 2025 was net sales of $960.0 million.
    • On a GAAP basis: gross profit of 51.6%; operating loss of $100.3 million and 10.3% of net sales; net loss attributable to common stockholders of $156.8 million; and loss of $0.29 per diluted share. Our guidance provided on February 6, 2025 was for GAAP loss per diluted share of $0.24 to $0.14 and did not include the restructuring charges that we announced on March 3, 2025 or the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.
    • On a Non-GAAP basis: gross profit of 52.0%; operating income of $136.0 million and 14.0% of net sales; net income of $61.4 million; and EPS of $0.11 per diluted share. Our guidance provided on February 6, 2025 was for Non-GAAP EPS per diluted share of $0.05 to $0.15.
    • Returned approximately $244.8 million to stockholders in the March quarter through dividends.
    • Quarterly dividend on common stock declared for the June quarter of 45.5 cents per share.

    For fiscal year 2025

    • Net sales of $4.402 billion decreased 42.3% over the prior year.
    • On a GAAP basis: gross profit of 56.1%; operating income of $296.3 million; net loss attributable to common stockholders of $2.7 million, adversely impacted by purchase accounting adjustments associated with our previous acquisitions, restructuring charges and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025 and loss of $0.01 per diluted share.
    • On a Non-GAAP basis: gross profit of 57.0%; operating income of $1.078 billion and 24.5% of net sales; net income of $708.8 million and EPS of $1.31 per diluted share.
    • Paid down $356.2 million of total debt and returned $1.066 billion to shareholders through dividends and share repurchases.

    CHANDLER, Ariz., May 08, 2025 (GLOBE NEWSWIRE) — – (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2025.

    Steve Sanghi, Microchip’s CEO and President commented that “Our March quarter revenue of $970.5 million exceeded the midpoint of our guidance, and we believe marks the bottom of this prolonged industry down cycle for Microchip. The decisive actions we have taken under our nine-point-plan are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus. As we move forward from a challenging fiscal year, we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve.”

    Mr. Sanghi added, “A key highlight this quarter has been our inventory reduction strategy, with overall inventory dollars down $62.8 million, distribution inventory days reduced by 4 days to 33 days, and inventory days on our balance sheet decreased by 15 days from levels at December 31, 2024. We expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “During the quarter, we executed multiple financial actions that strengthened our balance sheet. These included reducing our total net debt by roughly $1.30 billion with a mandatory convertible preferred offering. We also amended and extended our revolving line of credit with more favorable terms and financial flexibility. Our financing actions are helping to maintain our investment grade rating. We believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our strategic initiatives continue to deliver value across markets, with our new Switchtec PCIe switches, advanced touchscreen controllers, and AI Coding software assistant demonstrating our commitment to innovation. By expanding our offerings in atomic clock technology, enhancing our microprocessors, and expanding our 10Base-T1S solutions, we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles.”

    Mr. Sanghi concluded, “In the March 2025 quarter, we achieved our first positive book-to-bill ratio in nearly three years; and we have clearly reached an inflection point. Additionally, our bookings in the month of April were higher than any month in the March quarter. Balancing this with geopolitical concerns and the non-quantifiable impact of tariffs, we expect our net sales in the June 2025 quarter to be between $1.02 billion and $1.07 billion. Our focus is on translating the momentum we are seeing in our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth.”

    The following table summarizes Microchip’s reported results for the three months and fiscal year ended March 31, 2025.

      Three Months Ended March 31, 2025(1) Twelve Months Ended March 31, 2025(1)
    Net sales $970.5       $4,401.6      
      GAAP % Non-GAAP(2) % GAAP % Non-GAAP(2) %
    Gross profit $501.1 51.6% $504.6 52.0% $2,467.9 56.1% $2,509.8 57.0%
    Operating (loss) income $(100.3) (10.3)% $136.0 14.0% $296.3 6.7% $1,078.0 24.5%
    Other expense $(68.0)   $(64.9)   $(257.4)   $(252.2)  
    Income tax (benefit) provision $(13.7)   $9.7   $39.4   $117.0  
    Net (loss) income $(154.6)   $61.4   $(0.5)   $708.8  
    Dividends on preferred stock $(2.2)     $(2.2)    
    Net (loss) income attributable to common stockholders $(156.8) (16.2)% $61.4 6.3% $(2.7) (0.1)% $708.8 16.1%
    Diluted net (loss) income per common share $(0.29)   $0.11   $(0.01)   $1.31  

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the fourth quarter of fiscal 2025 were $970.5 million, down 26.8% from net sales of $1.326 billion in the prior year’s fourth fiscal quarter.

    GAAP net loss attributable to common stockholders for the fourth quarter of fiscal 2025 was $156.8 million, or $0.29 per diluted share, down from GAAP net income attributable to common stockholders of $154.7 million, or $0.28 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, GAAP results were adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions. The fourth quarter of fiscal 2025 GAAP results were adversely impacted by the restructuring charges that were announced on March 3, 2025 and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fourth quarter of fiscal 2025 was $61.4 million, or $0.11 per diluted share, down from non-GAAP net income of $310.3 million, or $0.57 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Net sales for the fiscal year ended March 31, 2025 were $4.402 billion, a decrease of 42.3% from net sales of $7.634 billion in the prior fiscal year.

    GAAP net loss attributable to common stockholders for the fiscal year ended March 31, 2025 was $2.7 million, or $0.01 per diluted share, a decrease from net income of $1.907 billion, or $3.48 per diluted share in the prior fiscal year. Fiscal 2025 and fiscal 2024, GAAP net loss and GAAP net income results were significantly adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions and loss on debt settlement associated with our debt refinancing activities. The fiscal 2025 GAAP net loss was adversely impacted by the restructuring charges that were announced on March 3, 2025, cybersecurity incident expenses and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fiscal year ended March 31, 2025 was $708.8 million, a decrease of 73.7% from net income of $2.698 billion in the prior fiscal year. Non-GAAP earnings per diluted share for the fiscal year ended March 31, 2025 were $1.31, a decrease of 73.4% from the $4.92 per diluted share in the prior fiscal year. See the “Use of Non-GAAP Financial Measures” section of this release.

    Microchip announced today that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share, which is payable on June 5, 2025 to stockholders of record on May 22, 2025. The Microchip Board also declared a quarterly cash dividend on its 7.50% Series A Mandatory Convertible Preferred Stock of $16.875 per share (which represents $0.8438 per depositary share) which is payable on June 15, 2025 to stockholders of record on June 1, 2025.

    First Quarter Fiscal Year 2026 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.020 to $1.070 billion    
      GAAP(5) Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 51.2% to 53.2% $9.8 to $10.8 million 52.2% to 54.2%
    Operating Expenses(2) 49.3% to 51.1% $166.1 to $170.1 million 33.4% to 34.8%
    Operating Income 0.2% to 3.9% $175.9 to $180.9 million 17.4% to 20.8%
    Other Expense, net $53.2 to $54.8 million $(0.2) to $0.2 million $53.0 to $55.0 million
    Income Tax (Benefit) Provision $(5.3) to $(1.7) million(3) $20.0 to $22.0 million $14.7 to $20.3 million(4)
    Net (loss) income $(47.9) to $(9.8) million $155.7 to $159.0 million $107.8 to $149.2 million
    Dividends on preferred stock $(27.8) million $27.8 million
    Net (loss) income attributable to common stockholders $(75.7) to $(37.6) million $183.5 to $186.8 million $107.8 to $149.2 million
    Diluted Common Shares Outstanding Approximately 538.9 million shares 31.4 to 32.4 million shares Approximately 570.3 to 571.3 million shares
    Diluted net (loss) per common share $(0.15) to $(0.07) $0.33 $0.18 to $0.26

    (1) See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending June 30, 2025. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending June 30, 2025.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2026, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
    (5) Our GAAP guidance excludes the impact of any potential charges related to our ongoing evaluation of restructuring activities.

    Capital expenditures for the quarter ending June 30, 2025 are expected to be between $20 million and $25 million. Capital expenditures for all of fiscal 2026 are expected to be at or below $100 million. Consistent with the slowing macroeconomic environment in fiscal 2025, we have paused most of our factory expansion actions and reduced our planned capital investments through fiscal 2026. However, we are adding capital equipment to selectively expand our production capacity and add research and development equipment.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures and our mandatory convertible preferred stock (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2025 quarter between $45 and $55 per share (however, we make no prediction as to what our actual share price will be for such period or any other period).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share amounts)
           
      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net sales $                     970.5     $                  1,325.8     $                  4,401.6     $                  7,634.4  
    Cost of sales                          469.4                              535.9                          1,933.7                          2,638.7  
    Gross profit                          501.1                              789.9                          2,467.9                          4,995.7  
                   
    Research and development                          255.2                              240.3                              983.8                          1,097.4  
    Selling, general and administrative                          152.0                              161.8                              617.7                              734.2  
    Amortization of acquired intangible assets                          122.6                              151.2                              490.9                              605.4  
    Special charges (income) and other, net                            71.6                              (16.9 )                              79.2                              (12.3 )
    Operating expenses                          601.4                              536.4                          2,171.6                          2,424.7  
                   
    Operating (loss) income                        (100.3 )                            253.5                              296.3                          2,571.0  
                   
    Other expense, net                          (68.0 )                            (53.8 )                          (257.4 )                          (205.1 )
    (Loss) income before income taxes                        (168.3 )                            199.7                                38.9                          2,365.9  
    Income tax (benefit) provision                          (13.7 )                              45.0                                39.4                              459.0  
    Net (loss) income                        (154.6 )                            154.7                                (0.5 )                        1,906.9  
    Dividends on preferred stock                            (2.2 )                                  —                                (2.2 )                                  —  
    Net (loss) income attributable to common stockholders $                    (156.8 )   $                     154.7     $                        (2.7 )   $                  1,906.9  
                   
    Basic net (loss) income per common share $                      (0.29 )   $                        0.29     $                      (0.01 )   $                        3.52  
    Diluted net (loss) income per common share $                      (0.29 )   $                        0.28     $                      (0.01 )   $                        3.48  
                   
    Basic common shares outstanding                          538.2                              538.9                              537.3                              542.0  
    Diluted common shares outstanding                          538.2                              544.8                              537.3                              548.0  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (in millions)
     
    ASSETS
      March 31,   March 31,
       2025    2024
    Cash and short-term investments $                       771.7   $                       319.7
    Accounts receivable, net                            689.7                          1,143.7
    Inventories                        1,293.5                          1,316.0
    Other current assets                            236.4                              233.6
    Total current assets                        2,991.3                          3,013.0
           
    Property, plant and equipment, net                        1,183.7                          1,194.6
    Other assets                      11,199.6                        11,665.6
    Total assets $                  15,374.6   $                  15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $                    1,155.1   $                    1,520.0
    Current portion of long-term debt                                  —                              999.4
    Total current liabilities                        1,155.1                          2,519.4
           
    Long-term debt                        5,630.4                          5,000.4
    Long-term income tax payable                            633.4                              649.2
    Long-term deferred tax liability                              33.8                                28.8
    Other long-term liabilities                            843.6                          1,017.6
           
    Stockholders’ equity                        7,078.3                          6,657.8
    Total liabilities and stockholders’ equity $                  15,374.6   $                  15,873.2
               

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)

    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Gross profit, as reported $ 501.1     $ 789.9     $ 2,467.9     $ 4,995.7  
    Share-based compensation expense   3.5       5.4       21.8       25.6  
    Cybersecurity incident expenses               20.1        
    Other manufacturing adjustments         4.3             4.3  
    Non-GAAP gross profit $ 504.6     $ 799.6     $ 2,509.8     $ 5,025.6  
    GAAP gross profit percentage   51.6 %     59.6 %     56.1 %     65.4 %
    Non-GAAP gross profit percentage   52.0 %     60.3 %     57.0 %     65.8 %
                                   

    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Research and development expenses, as reported $ 255.2     $ 240.3     $ 983.8     $ 1,097.4  
    Share-based compensation expense   (25.6 )     (23.3 )     (104.6 )     (94.3 )
    Other adjustments                     (0.5 )
    Non-GAAP research and development expenses $ 229.6     $ 217.0     $ 879.2     $ 1,002.6  
    GAAP research and development expenses as a percentage of net sales   26.3 %     18.1 %     22.4 %     14.4 %
    Non-GAAP research and development expenses as a percentage of net sales   23.7 %     16.4 %     20.0 %     13.1 %
                                   

    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Selling, general and administrative expenses, as reported $ 152.0     $ 161.8     $ 617.7     $ 734.2  
    Share-based compensation expense   (11.6 )     (14.1 )     (54.0 )     (57.6 )
    Cybersecurity incident expenses               (1.3 )      
    Other adjustments         (0.8 )     (7.3 )     (1.3 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Non-GAAP selling, general and administrative expenses $ 139.0     $ 146.6     $ 552.6     $ 673.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   15.7 %     12.2 %     14.0 %     9.6 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   14.3 %     11.1 %     12.6 %     8.8 %
                                   

    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating expenses, as reported $ 601.4     $ 536.4     $ 2,171.6     $ 2,424.7  
    Share-based compensation expense   (37.2 )     (37.4 )     (158.6 )     (151.9 )
    Cybersecurity incident expenses               (1.3 )      
    Other adjustments         (0.8 )     (7.3 )     (1.8 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Amortization of acquired intangible assets (1)   (122.6 )     (151.2 )     (490.9 )     (605.4 )
    Special charges (income) and other, net   (71.6 )     16.9       (79.2 )     12.3  
    Non-GAAP operating expenses $ 368.6     $ 363.6     $ 1,431.8     $ 1,676.4  
    GAAP operating expenses as a percentage of net sales   62.0 %     40.5 %     49.3 %     31.8 %
    Non-GAAP operating expenses as a percentage of net sales   38.0 %     27.4 %     32.5 %     22.0 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO NON-GAAP OPERATING INCOME

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating (loss) income, as reported $ (100.3 )   $ 253.5     $ 296.3     $ 2,571.0  
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses               21.4        
    Other adjustments         0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments         4.3             4.3  
    Amortization of acquired intangible assets(1)   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Non-GAAP operating income $ 136.0     $ 436.0     $ 1,078.0     $ 3,349.2  
    GAAP operating (loss) income as a percentage of net sales (10.3) %     19.1 %     6.7 %     33.7 %
    Non-GAAP operating income as a percentage of net sales   14.0 %     32.9 %     24.5 %     43.9 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Other expense, net, as reported $ (68.0 )   $ (53.8 )   $ (257.4 )   $ (205.1 )
    Loss on settlement of debt   1.4             1.7       12.2  
    Loss on available-for-sale investments   1.7             3.5        
    Non-GAAP other expense, net $ (64.9 )   $ (53.8 )   $ (252.2 )   $ (192.9 )
    GAAP other expense, net, as a percentage of net sales (7.0) %   (4.1) %   (5.8) %   (2.7) %
    Non-GAAP other expense, net, as a percentage of net sales (6.7) %   (4.1) %   (5.7) %   (2.5) %
                   

    RECONCILIATION OF GAAP INCOME TAX (BENEFIT) PROVISION TO NON-GAAP INCOME TAX PROVISION

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Income tax (benefit) provision as reported $ (13.7 )   $ 45.0     $ 39.4     $ 459.0  
    Income tax rate, as reported   8.1 %     22.5 %     101.3 %     19.4 %
    Other non-GAAP tax adjustment   23.4       26.9       77.6       (0.3 )
    Non-GAAP income tax provision $ 9.7     $ 71.9     $ 117.0     $ 458.7  
    Non-GAAP income tax rate   13.6 %     18.8 %     14.2 %     14.5 %
                                   

    RECONCILIATION OF GAAP NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS AND GAAP DILUTED NET (LOSS) INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net (loss) income attributable to common stockholders, as reported $ (156.8 )   $ 154.7     $ (2.7 )   $ 1,906.9  
    Dividends on preferred stock   2.2             2.2        
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses               21.4        
    Other adjustments         0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments         4.3             4.3  
    Amortization of acquired intangible assets   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Loss on settlement of debt   1.4             1.7       12.2  
    Loss on available-for-sale investments   1.7             3.5        
    Other non-GAAP tax adjustment   (23.4 )     (26.9 )     (77.6 )     0.3  
    Non-GAAP net income $ 61.4     $ 310.3     $ 708.8     $ 2,697.6  
    GAAP net (loss) income attributable to common stockholders as a percentage of net sales (16.2)%     11.7 %   (0.1)%     25.0 %
    Non-GAAP net income as a percentage of net sales   6.3 %     23.4 %     16.1 %     35.3 %
    Diluted net (loss) income per common share, as reported $ (0.29 )   $ 0.28     $ (0.01 )   $ 3.48  
    Non-GAAP diluted net income per common share $ 0.11     $ 0.57     $ 1.31     $ 4.92  
    Diluted common shares outstanding, as reported   538.2       544.8       537.3       548.0  
    Diluted common shares outstanding non-GAAP   543.5       544.8       542.5       548.0  
                                   

    RECONCILIATION OF GAAP DILUTED COMMON SHARES OUTSTANDING TO NON-GAAP DILUTED COMMON SHARES OUTSTANDING

      Three Months Ended March 31,   Twelve Months Ended March 31,
      2025   2024   2025   2024
    Diluted common shares outstanding, as reported                        538.2                          544.8                          537.3                          548.0
    Dilutive effect of RSUs(1)                            2.7                                —                              4.0                                —
    Dilutive effect of 2015 Senior Convertible Debt(1)                              —                                —                              0.1                                —
    Dilutive effect of 2017 Senior Convertible Debt(1)                            0.3                                —                              0.5                                —
    Dilutive effect of preferred stock(1)                            2.3                                —                              0.6                                —
    Diluted common shares outstanding non-GAAP                        543.5                          544.8                          542.5                          548.0
                   

    (1)The non-GAAP adjustment includes the impact that is anti-dilutive on a GAAP basis for the fiscal quarter ended March 31, 2025 and fiscal year ended March 31, 2025 as the Company generated a GAAP net loss in the respective periods.

    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    GAAP cash flow from operations, as reported $ 205.9     $ 430.0     $ 898.1     $ 2,892.7  
    Capital expenditures   (14.2 )     (40.1 )     (126.0 )     (285.1 )
    Free cash flow $ 191.7     $ 389.9     $ 772.1     $ 2,607.6  
    GAAP cash flow from operations as a percentage of net sales   21.2 %     32.4 %     20.4 %     37.9 %
    Free cash flow as a percentage of net sales   19.8 %     29.4 %     17.5 %     34.2 %
                                   

    Microchip will host a conference call today, May 8, 2025 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until June 6, 2025.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on May 8, 2025 and will remain available until 5:00 p.m. (Eastern Time) on June 6, 2025. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13752601.

    Cautionary Statement:

    The statements in this release relating to our belief that this marks the bottom of this prolonged industry down cycle for Microchip, that the decisive actions we have taken are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus, that we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve, that we expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion, that our financing actions are helping to maintain our investment grade rating, that we believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth, that our strategic initiatives continue to deliver value across markets, our commitment to innovation, that  we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles, that we have clearly reached an inflection point, that we expect our net sales in the June 2025 quarter to be between $1.020 billion and $1.070 billion, that our focus is on translating the momentum we are seeing on our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth, our first quarter fiscal 2026 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax (benefit) provision, net (loss) income, dividends on preferred stock, net (loss) income attributable to common stockholders, diluted common shares outstanding, diluted net (loss) per common share, capital expenditures for the June 2025 quarter and for all of fiscal 2026, adding capital equipment to selectively expand our production capacity and add research and development equipment, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the June 2025 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 241

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL1

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 241
    NWS Storm Prediction Center Norman OK
    250 PM CDT Thu May 8 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    South-Central into Deep South Texas

    * Effective this Thursday afternoon and evening from 250 PM until
    1100 PM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible
    Isolated significant damaging wind gusts to 75 mph possible
    A tornado or two possible

    SUMMARY…Supercell thunderstorms will pose a threat for mainly
    large hail up to 1.5-2.5 inches in diameter as they move slowly
    east-southeastward this afternoon and evening. Some threat for
    severe winds of 60-75 mph may also exist with any clusters that
    evolve.

    The severe thunderstorm watch area is approximately along and 65
    statute miles north and south of a line from 55 miles west northwest
    of Del Rio TX to 45 miles east of Laredo TX. For a complete
    depiction of the watch see the associated watch outline update
    (WOUS64 KWNS WOU1).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 238…WW 239…WW 240…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    30025.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW1
    WW 241 SEVERE TSTM TX 081950Z – 090400Z
    AXIS..65 STATUTE MILES NORTH AND SOUTH OF LINE..
    55WNW DRT/DEL RIO TX/ – 45E LRD/LAREDO TX/
    ..AVIATION COORDS.. 55NM N/S /55WNW DLF – 37E LRD/
    HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..65 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 30025.

    LAT…LON 30610177 28499874 26619874 28730177

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU1.

    Watch 241 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (10%)

    Wind

    Probability of 10 or more severe wind events

    Mod (30%)

    Probability of 1 or more wind events > 65 knots

    Mod (30%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Mod (30%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    Mod (60%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 240

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL0

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 240
    NWS Storm Prediction Center Norman OK
    330 PM EDT Thu May 8 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Eastern Kentucky
    Far Southwest North Carolina
    Eastern Tennessee
    Far Southwest Virginia

    * Effective this Thursday afternoon and evening from 330 PM until
    1100 PM EDT.

    * Primary threats include…
    Scattered large hail likely with isolated very large hail events
    to 2 inches in diameter possible
    Scattered damaging wind gusts to 70 mph possible

    SUMMARY…Thunderstorms will continue to intensify this afternoon
    and evening while moving eastward and posing a threat for large hail
    up to 1-2 inches in diameter. Scattered damaging winds with peak
    gusts to 60-70 mph should also occur with any thunderstorm clusters
    that can develop.

    The severe thunderstorm watch area is approximately along and 65
    statute miles east and west of a line from 85 miles east northeast
    of London KY to 10 miles east southeast of Chattanooga TN. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU0).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 238…WW 239…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    27030.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW0
    WW 240 SEVERE TSTM KY NC TN VA 081930Z – 090300Z
    AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
    85ENE LOZ/LONDON KY/ – 10ESE CHA/CHATTANOOGA TN/
    ..AVIATION COORDS.. 55NM E/W /71NNW HMV – 6E GQO/
    HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 27030.

    LAT…LON 37548146 34978389 34978618 37548383

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU0.

    Watch 240 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low ( 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    High (70%)

    Probability of 1 or more hailstones > 2 inches

    Mod (30%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (90%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News

  • MIL-OSI: Kajeet Urges House to Support Schools and Libraries Counting on E-Rate Funding for Hotspots

    Source: GlobeNewswire (MIL-OSI)

    MCLEAN, Va., May 08, 2025 (GLOBE NEWSWIRE) — Following today’s Congressional Review Act (CRA) block of the Federal Communications Commission Wi-Fi hotspots order, which removes E-Rate funding eligibility for these devices, Kajeet®, a leading provider of managed internet solutions for education, expressed confidence the House of Representatives will recognize the profound benefits of hotspots. To continue its mission, Kajeet affirmed its commitment to honoring E-Rate pricing to help schools and libraries secure critical connectivity.

    While the CRA reversal presents a setback to efforts aimed at funding off-campus student Wi-Fi hotspots through E-Rate, Kajeet encourages the House to carefully consider the compelling data demonstrating the effectiveness and safety of managed hotspots. It is an undeniable reality that over 70% of students rely on out-of-school internet access for homework, underscoring the critical need for reliable home connectivity. The pandemic starkly illuminated the deep disparities that exist, with countless families depending on public Wi-Fi at locations like libraries, hospitals, and even fast-food restaurants to enable their students to complete assignments.

    “Every day, teachers across the nation grapple with the challenges faced by students who lack internet access at home, a significant barrier to learning in today’s digital world,” said Ben Weintraub, CEO of Kajeet. “We are resolute in our commitment and want to help these impacted districts and libraries pivot quickly.”

    Kajeet’s solutions prioritize student safety and security with robust content filtering and management tools that comply with educational requirements and the Children’s Internet Protection Act (CIPA). Last year, Kajeet Sentinel blocked billions of student attempts to access TikTok and other non-educational sites. This regulated filtering, with parameters set by school administrators based on grade level, has proven effective.

    Thousands of schools and libraries across the country applied for hotspot funding this year. It is estimated that this reversal could potentially impact more than 6 million individuals nationwide. As districts and libraries now face the pressing task of identifying alternative funding sources, Kajeet stands firm in its commitment to providing affordable and secure connectivity solutions.

    “We fully recognize the significant impact this E-Rate reversal for hotspots will have on districts’ carefully laid plans to provide essential off-campus connectivity,” added Weintraub. “By honoring E-Rate pricing, we aim to provide immediate stability and empower districts to continue their indispensable programs without disruption, ensuring that no student is left behind.”

    To take advantage of this limited E-Rate offer, please visit our website.

    About Kajeet:

    Kajeet provides optimized IoT connectivity, software and hardware solutions that deliver safe, reliable, and controlled internet connectivity to nearly 3,000 businesses, schools and districts, state, and local governments. Kajeet’s award-winning management platform, Sentinel®, includes visibility into real-time data usage, policy control management, custom content filters for added security, and multi-network flexibility. Since 2003, Kajeet has helped thousands of organizations connect over a million devices around the world. To learn more, visit kajeet.com

    Media Contact:

    Linda Jennings, Kajeet Corporate Communications

    248-521-3606 ljennings@kajeet.com

    The MIL Network

  • MIL-OSI: MEXC Lists USD1, Accelerating Global Stablecoin Innovation with World Liberty Financial

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced that it will list World Liberty Financial USD (USD1) in the Innovation Zone on May 9, 2025 (UTC). The USD1/USDT trading pair will also open at 08:00 on May 8, 2025 (UTC), and the MEXC Convert feature will be available from 09:00 on May 8, 2025 (UTC), offering users a seamless asset conversion experience. This listing expands the range of digital assets on the platform and further demonstrates MEXC’s commitment to advancing the global stablecoin ecosystem.

    USD1: A New Era in Stablecoins and Financial Transparency

    USD1 is World Liberty Financial’s stablecoin that provides secure and transparent digital asset services for global users. The stablecoin is backed 1:1 by the US dollar, with its reserve assets custodied by BitGo, held by Fidelity and subject to regular audits by third-party accounting firms to ensure transparency and stability. Currently, USD1 is deployed on both Ethereum and Binance Smart Chain (BSC), with plans to expand to additional blockchains in the future to enhance interoperability.

    Furthermore, USD1 has made significant strides in the decentralized finance (DeFi) ecosystem. For example, ListaDAO has launched a USD1 lending vault on BNB Chain, providing liquidity support for 20 million USD1. Renowned market maker DWF Labs has also deployed USD1 liquidity across multiple platforms, further enhancing its availability and market depth. According to the data from CoinMarketCap, USD1’s market capitalization has surpassed USD 2.12 billion, demonstrating strong market demand.

    Special Promotion to Celebrate the Listing

    To celebrate the successful listing of USD1, MEXC is launching a series of special offers to thank its users for their support. Starting May 8, 2025, at 08:00 (UTC), users can enjoy the following benefits:

    • Zero Trading Fees: The USD1/USDT spot trading pair will have 0 trading fees.
    • Zero Withdrawal Fees: Users will enjoy 0 withdrawal fees when withdrawing USD1.

    MEXC Drives the Evolution of Stablecoins Through Ecosystem Empowerment

    As a leading global cryptocurrency exchange, MEXC has earned the trust of 36 million users across 170+ countries worldwide, thanks to its fast token listing process, diverse asset offerings, deep liquidity, and robust security. At the same time, MEXC continues to empower quality projects and partners, actively promoting the healthy development of the global digital asset and stablecoin ecosystem.

    Looking Ahead: A Shared Vision for the Future of Stablecoins

    MEXC’s listing partnership with World Liberty Financial further drives innovation in the development of stablecoins. Looking ahead, MEXC will continue to strengthen its support for stablecoin projects, promoting the widespread adoption of stablecoins globally. At the same time, the platform will keep iterating its products and services to provide users with a more secure and seamless trading experience.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15818921-c5b2-4fbf-93a6-e7e0c7d6fdf6

    The MIL Network

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-Led Nationwide Crackdown, Including Five in the Middle District of Florida

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Tampa, FL – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children. The FBI is relentless in our pursuit of those who exploit the most vulnerable among us.”

    In the Middle District of Florida, five individuals were arrested and charged with federal offenses, including production, attempted production, receipt and distribution of child sexual abuse material, enticement of a minor to engage in sexual activity, and attempted transmission of harmful material to a minor.

    “Children are among our society’s most vulnerable populations and must be protected at all costs,” said U.S. Attorney Gregory W. Kehoe. “We will leave no stone unturned in finding and prosecuting those who prey upon their innocence and bring the perpetrators to justice.”

    “Operation Restore Justice underscores the FBI’s unwavering commitment to protecting the most vulnerable members of our community,” said Jason J. Carley, Acting Special Agent in Charge of the FBI Jacksonville Division. “Every arrest in these child sexual abuse cases sends a powerful message: crimes against children will not be tolerated, and the FBI and our partners will continue to surge resources to bring abusers of children to justice.”

    “This operation is an example of the ongoing, relentless determination of the special agents, task force officers, and analysts working to protect our most vulnerable,” said FBI Tampa Division Special Agent in Charge Matthew Fodor. “This is tough work; and I commend these investigative teams making it their mission to identify these predators and ensure that justice is served.”

    Operation Restore Justice MDFL Arrests

    Jacksonville

    On April 30, 2025, Brittany Karen Firth (41, St. Augustine) was arrested on a criminal complaint charging her with production, attempted production, distribution, and receipt of CSAM. If convicted, Firth faces a minimum sentence of 15 years, up to 70 years, in federal prison. According to the complaint, detectives with the St. Johns County Sheriff’s Office Internet Crimes Against Children unit received information from a social media and gaming platform company that CSAM had been uploaded by user “xo.southpaw.ox,” later identified as Firth. A search warrant revealed that from May through September 2024, Firth engaged in approximately 5,000 online text messages with another platform user (Person 1) who was identified by law enforcement in Utah as a registered sex offender who had previously been convicted of a child sex offense. The investigation revealed that Person 1 had access to two children and during his online conversations with Firth, Person 1 exchanged sexually explicit messages regarding, among other things, Person 1’s desires and efforts to engage in sexual conduct with these children. Person 1 streamed live video of his sexualized interactions with the children to Firth. On several occasions, Firth screen-recorded live-streaming video of Person 1 as he sexually abused one of the children.

    Ocala

    Jordan Dave Persad (22, Phoenix) was arrested on April 30, 2025, on an indictment charging him with possession of CSAM and possession of contraband (a cellphone) by federal prisoner. If convicted, Persad faces a maximum penalty of 10 years in federal prison for the CSAM offense; he also faces up to one year of incarceration for the contraband offense. According to court documents while Persad was an inmate at the Coleman Federal Correctional Complex in Sumter County, he possessed a contraband cellphone and material that contained an image of CSAM.

    Tampa

    Lee Hughes (45, Pinellas Park), a third-grade teacher, was arrested on May 1, 2025, and charged with attempted transmission of harmful material to a minor. If convicted, Hughes faces a maximum penalty of 10 years in federal prison. According to court documents, from June 2024 to May 2025, Hughes communicated with an undercover officer in an attempt to engage in sexual intercourse with the undercover officer’s purported nine-year-old daughter. Throughout their communications, Hughes sent the undercover officer approximately 10 explicit photos and/or videos of himself, with the request that they be shown to the purported child. On May 1, 2025, Hughes traveled to an agreed-upon location to engage in sexual intercourse with the purported nine-year-old girl and was arrested.

    Tampa

    On May 1, 2025, Jonathan Richmond (30, St. Petersburg) was arrested on a two-count indictment charging him with receipt and possession of CSAM. If convicted, Richmond faces a maximum of 20 years in federal prison on each count.

    Orlando

    On April 29, 2025, Steve C. Gopal (42, Ocoee) was arrested on an indictment charging him with attempted enticement of a minor to engage in sexual activity. If convicted, Gopal faces a minimum of 10 years, up to life, in federal prison.

    An indictment/complaint is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. 

    While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

    The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office. 0

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

    MIL Security OSI

  • MIL-OSI Europe: AMERICA/PERU – “No matarás”: the country’s bishops condemn the murder of a group of workers at the hands of criminal gangs

    Source: Agenzia Fides – MIL OSI

    Thursday, 8 May 2025

    Internet

    Lima (Agenzia Fides) – “As a Church, we reaffirm our call to build a society in which life is respected and the dignity of every person is protected, and development is accompanied by justice, honesty, and charity,” said the Peruvian Bishops (CEP) in a joint statement condemning the murder of 13 workers kidnapped on April 25 in the town of Pataz, in the La Libertad region.”We feel deep pain and dismay at these criminal acts of organized crime, which are deeply damaging to human dignity and social peace,” emphasized Carlos García Camader, President of the Bishops’ Conference and Bishop of Lurín, in the statement.The victims are believed to have been murdered by criminal gangs linked to illegal mining.The bishops not only expressed their solidarity with the victims’ families and assured them of their prayers, but also strongly condemned the murders and called on the judicial authorities to speed up the investigations and ensure a fair trial.”Do not let yourselves be robbed of hope,” Bishop Camader appealed to Peruvians, quoting Pope Francis. He urged them not to give in to despair and emphasized that even in the midst of pain, it is possible to work for a more just and fraternal country. In recent months, the Peruvian government has extended the state of emergency in the capital, Lima, and the constitutional province of Callao for 30 days, starting on April 17, 2025. This is the first time since 2022. A total of 459 people were killed between January 1 and March 16, according to police, who registered 1,909 extortion charges in January aloneThe Bishops’ Conference reiterated its commitment to defending life and peace in the country. (AP) (Agenzia Fides, 8/5/2025)
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    MIL OSI Europe News