Category: Internet

  • MIL-OSI: MEXC Invests $20 Million in USDe to Drive Stablecoin Adoption, Launches $1,000,000 Reward Event

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 26, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, has invested $20 million in USDe, Ethena’s synthetic dollar, as part of its commitment to expanding stablecoin adoption and fostering innovation within the crypto ecosystem. Meanwhile, MEXC Ventures, the investment arm of the global cryptocurrency exchange MEXC, has made a strategic investment of $16 million in Ethena. The acquired USDe will support stablecoin-related initiatives, including a campaign featuring a $1,000,000 reward pool.

    Stablecoins are a cornerstone of the crypto market, providing liquidity and stability for traders and investors. USDe, issued by Ethereum-based DeFi platform Ethena, is designed to overcome the limitations of centralized stablecoins. Ethena is not just creating a new digital asset—it is building a robust ecosystem around USDe, which includes Ethereal, a spot trading platform, and Derive, an on-chain options protocol. These developments enhance the utility of USDe and contribute to a more dynamic DeFi landscape.

    To accelerate stablecoin adoption, MEXC’s $20 million investment in USDe is accompanied by several user-focused incentives. These include zero-fee trading pairs and high-APR staking events, allowing users to earn $1,000,000 worth of rewards while participating in the growing stablecoin market. These benefits and events will be accessible through MEXC’s centralized exchange, making it easier for users to explore and trade USDe.

    Stablecoins play a pivotal role in the development of the broader cryptocurrency market, and MEXC is committed to supporting their expansion,” said Tracy Jin, COO of MEXC. “As digital asset adoption increases, stablecoins will attract greater investment, creating new opportunities for users. We recognize Ethena and USDe as key players in this evolving landscape, and we are excited to contribute to their success by providing users with more stable and efficient financial solutions.

    MEXC is dedicated to investing in crypto-native projects that thrive in decentralized ecosystems. Assets like USDe, which enable reward-bearing instruments such as sUSDe, are inherently designed for DeFi and reduce the reliance on centralized stablecoin issuers. Looking ahead, MEXC aims to further enhance stablecoin accessibility by allowing users more opportunities to hold USDe and earn passive rewards directly on centralized exchanges.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent 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

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content 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. 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. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b2ee400-d6ec-465a-8f53-1c28be74b24f

    The MIL Network

  • MIL-OSI China: MOFA and MOHW jointly form Taiwan public healthcare team to boost export of smart medical care

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    February 14, 2025  

    No. 039  

    Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan convened a meeting at the Ministry of Foreign Affairs on February 14. A decision was made to form a cross-ministerial consultation task force and to invite medical institutions, healthcare businesses, industrial associations, and other experts that often participate in international cooperation projects to organize a Taiwan public healthcare team in conjunction with staff of the Ministry of Foreign Affairs (MOFA) and the Ministry of Health and Welfare (MOHW). By integrating public and private sector resources and harnessing the spirit of integrated diplomacy, the team will jointly implement a flagship initiative on smart medicine and healthcare as part of the Diplomatic Allies Prosperity Project, deepening Taiwan’s public health and medical cooperation with allies and other friendly countries.

     

    As the first leader of Taiwan to hail from the field of medicine, President Lai Ching-te has drawn on his medical expertise and background to commit to growing Taiwan’s leading status in global healthcare. During his 2024 tour of the South Pacific, entitled “Smart and Sustainable Development for a Prosperous Austronesian Region,” President Lai bolstered cooperation with other countries through medical diplomacy, highlighting Taiwan’s contributions to global healthcare development.

     

    Minister Lin and Minister Chiu expressed their hope of leveraging Taiwan’s competitiveness in public health and medical care to further enhance partnerships with diplomatic allies and other friendly countries. This would involve combining the strengths that Taiwan had developed in biotechnology, medicine, pharmaceuticals, and ICT over the years under the Five Plus Two Innovative Industries and Six Core Strategic Industries programs implemented by former President Tsai Ing-wen. The ministers said they wanted the healthy Taiwan envisioned by President Lai to benefit the world while also assisting related Taiwanese industries to expand into overseas markets.

     

    Minister Lin invited Minister Chiu and MOHW staff to attend today’s meeting at MOFA to discuss ways of sharing Taiwan’s public health experience and smart medical solutions with allies and other friendly countries through a smart healthcare cooperation program. Both parties agreed that human resources, technology, and capital should serve together as the three pillars for expediting the export of comprehensive smart medical care and health systems. They said that this would effectively assist allies in increasing healthcare capacity, as well as raise the efficiency of public health management, enhance people’s well-being, and advance local prosperity. They also said that by employing a model that uses medicine to steer a path for industry, they looked forward to helping create business opportunities for Taiwan’s smart healthcare sector and promoting further development in the global healthcare industry.

     

    In addition, the ministers reviewed the highlights and successful results of Taiwan’s public health and medical care cooperation projects. One example was an initiative to enhance Paraguay’s health information management system, which had successfully laid the foundation for healthcare digitalization and would continue to be optimized and serve as a demonstration point for Taiwan’s smart healthcare projects in South America. Elsewhere, they said, a smart healthcare collaboration project between Taiwan and Belau National Hospital in Palau would continue to expand so as to increase Palau’s public health capacity. Views were also exchanged as to strengthening business participation mechanisms and improving the outcome of Taiwan’s joint endeavors with Guatemala, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Eswatini, and other allies.

     

    During the meeting, Minister Lin pointed out that Taiwan’s medical assistance to allies could also benefit Taiwanese people. Citing his delegation’s involvement in a car accident that took place during his recent trip to Palau as President Lai’s special envoy, Minister Lin said that injured MOFA colleagues had been able to receive timely professional care and return safely to Taiwan due to the medical services provided in Palau by Shin Kong Wu Ho-Su Memorial Hospital. He said this amply demonstrated the common good and value inherent in international medical cooperation.

     

    In the future, MOFA and the MOHW will continue to work hand in hand with partners worldwide to deepen healthcare cooperation and make greater contributions to global public health and smart healthcare development based on the vision of a healthy Taiwan. They will also take joint steps to expand the presence of related Taiwanese industries in the international market and transform Taiwan into an economy on which the sun never sets. (E)

    MIL OSI China News

  • MIL-OSI Asia-Pac: MOFA and MOHW jointly form Taiwan public healthcare team to boost export of smart medical care

    Source: Republic of China Taiwan 3

    February 14, 2025  
    No. 039  

    Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan convened a meeting at the Ministry of Foreign Affairs on February 14. A decision was made to form a cross-ministerial consultation task force and to invite medical institutions, healthcare businesses, industrial associations, and other experts that often participate in international cooperation projects to organize a Taiwan public healthcare team in conjunction with staff of the Ministry of Foreign Affairs (MOFA) and the Ministry of Health and Welfare (MOHW). By integrating public and private sector resources and harnessing the spirit of integrated diplomacy, the team will jointly implement a flagship initiative on smart medicine and healthcare as part of the Diplomatic Allies Prosperity Project, deepening Taiwan’s public health and medical cooperation with allies and other friendly countries.
     
    As the first leader of Taiwan to hail from the field of medicine, President Lai Ching-te has drawn on his medical expertise and background to commit to growing Taiwan’s leading status in global healthcare. During his 2024 tour of the South Pacific, entitled “Smart and Sustainable Development for a Prosperous Austronesian Region,” President Lai bolstered cooperation with other countries through medical diplomacy, highlighting Taiwan’s contributions to global healthcare development.
     
    Minister Lin and Minister Chiu expressed their hope of leveraging Taiwan’s competitiveness in public health and medical care to further enhance partnerships with diplomatic allies and other friendly countries. This would involve combining the strengths that Taiwan had developed in biotechnology, medicine, pharmaceuticals, and ICT over the years under the Five Plus Two Innovative Industries and Six Core Strategic Industries programs implemented by former President Tsai Ing-wen. The ministers said they wanted the healthy Taiwan envisioned by President Lai to benefit the world while also assisting related Taiwanese industries to expand into overseas markets.
     
    Minister Lin invited Minister Chiu and MOHW staff to attend today’s meeting at MOFA to discuss ways of sharing Taiwan’s public health experience and smart medical solutions with allies and other friendly countries through a smart healthcare cooperation program. Both parties agreed that human resources, technology, and capital should serve together as the three pillars for expediting the export of comprehensive smart medical care and health systems. They said that this would effectively assist allies in increasing healthcare capacity, as well as raise the efficiency of public health management, enhance people’s well-being, and advance local prosperity. They also said that by employing a model that uses medicine to steer a path for industry, they looked forward to helping create business opportunities for Taiwan’s smart healthcare sector and promoting further development in the global healthcare industry.
     
    In addition, the ministers reviewed the highlights and successful results of Taiwan’s public health and medical care cooperation projects. One example was an initiative to enhance Paraguay’s health information management system, which had successfully laid the foundation for healthcare digitalization and would continue to be optimized and serve as a demonstration point for Taiwan’s smart healthcare projects in South America. Elsewhere, they said, a smart healthcare collaboration project between Taiwan and Belau National Hospital in Palau would continue to expand so as to increase Palau’s public health capacity. Views were also exchanged as to strengthening business participation mechanisms and improving the outcome of Taiwan’s joint endeavors with Guatemala, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Eswatini, and other allies.
     
    During the meeting, Minister Lin pointed out that Taiwan’s medical assistance to allies could also benefit Taiwanese people. Citing his delegation’s involvement in a car accident that took place during his recent trip to Palau as President Lai’s special envoy, Minister Lin said that injured MOFA colleagues had been able to receive timely professional care and return safely to Taiwan due to the medical services provided in Palau by Shin Kong Wu Ho-Su Memorial Hospital. He said this amply demonstrated the common good and value inherent in international medical cooperation.
     
    In the future, MOFA and the MOHW will continue to work hand in hand with partners worldwide to deepen healthcare cooperation and make greater contributions to global public health and smart healthcare development based on the vision of a healthy Taiwan. They will also take joint steps to expand the presence of related Taiwanese industries in the international market and transform Taiwan into an economy on which the sun never sets. (E)

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Address to the CommsDay Regional and Remote Forum

    Source: Australian Ministers 1

    THE MOST CONNECTED CONTINENT 

    I acknowledge the Traditional Owners, the Ngunnawal and Ngambri people, and those with connections to the lands of the ACT.
     
    I pay my respects to Elders past and present, and First Nations people joining, including First Nations Digital Inclusion Advisory Group co-chair Associate Professor Lyndon Ormond-Parker.
     
    The Advisory Group continues to progress digital inclusion for First Nations people, particularly those in regional and remote Australia.
     
    In December, the Group delivered the First Nations Digital Inclusion Roadmap: 2026 and Beyond, a blueprint for government and industry as we work towards closing the digital divide.
     
    This follows the Advisory Group’s initial report to Government, which helped to inform the First Nations Community Wi-Fi Program – which has been rolled out in around 20 communities.

    Last week, I announced a contestable program to provide the next tranche of Community Wi-Fi.  
     
    We have also set up a First Nations Digital Support Hub and Network of Digital Mentors, and improved national data collection.
     
    These initiatives are making a real difference to First Nations communities, which remain some of the nation’s most digitally isolated.
     
    Of course, there is a lot more work to do – collectively – to close the digital divide.
     
    I thank the Advisory Group for their on-going commitment and progress on this, and I welcome their participation at the CommsDay Regional and Remote Forum.
     
    It is wonderful to be part of this inaugural – and very timely – forum focussed on the future of regional and remote connectivity in Australia.
     
    Thank you, Grahame Lynch, for bringing together industry, consumer advocates, and government representatives in the nation’s capital.
     
    It’s great to see so many familiar faces; I know many of you have travelled far to take part.
     
    From Forthside in Tasmania to Belyuen in the Top End, from Moruya on the NSW South Coast to Port Augusta in South Australia, from King Island to Palm Island, everywhere I travel across regional, rural and remote Australia, I see the work of building Australia’s future is gathering pace.
     
    Whether it’s Medicare, superannuation, childcare, or the National Broadband Network, Labor governments have a proud history of expanding universal access to essential services that Australians rely on.
     
    Labor founded the NBN to provide fast, reliable and affordable internet to all people in Australia, regardless of where they live.
     
    Families and businesses in our regions and suburbs should have equal access to the opportunities the NBN delivers.
     
    And Labor’s NBN is already saving households more than 100 hours and $2,580 per year in avoided travel time and costs.
     
    And we are very proud of our record on delivery.
     
    When we came into office, fewer than 300,000 premises had access to NBN fibre upgrades. Today, more than 4.3 million premises do.
     
    The Albanese Government is on track to reach our commitment of extending fibre upgrades to 5 million premises by the end of 2025 – on time and within budget.
     
    Today, there are an additional 2.7 million higher-speed plans taken up – an 80 per cent increase from when we came into office.
     
    We have delivered our $480 million upgrades to NBN Co’s Fixed Wireless and Satellite services, more than doubling average speeds.
     
    Around 800,000 households and businesses in regional, remote and peri-urban areas can now benefit from faster broadband and increased data.
     
    This includes 122,000 premises formerly in the satellite footprint.
     
    This freed up satellite capacity and enabled NBN Co to launch a Sky Muster Premium service with download speeds of up to 100 Mbps and unmetered data.
     
    This resulted in a 75 per cent surge in data consumption for active Skymuster users, delivering important economic and social benefits in health and education.
     
    Our Government is listening to the community – including through the 2024 Regional Telecommunications Review – about the importance they place on increasing minimum regulated broadband speeds to reflect today’s needs.
     
    The current legislated guarantee is for only 25Mbps download speeds, which does not reflect the growing capability of the NBN and other telecommunications networks in Australia, consumer expectations or emerging international norms.
     
    I have asked my Department to commence work on a public consultation on the pathway to increase the minimum download speed to 100Mbps.
     
    An increase over time to Australia’s regulated broadband speeds will bring Australia in line with international best practice and help to power the economy.
     
    And ensure fair and equitable access to services that better meet the needs of users in our increasingly digitally-driven economy.
     
    It’s no secret I have a passion for my portfolio.
     
    As Communications Minister, I’ve seen the transformation connectivity is having at every level of our society and economy.
     
    The difference it is making to people, businesses and communities and our regions.
     
    Building Australia’s future to be the most connected continent is more than critical infrastructure – it’s about the long-term interests of consumers.
     
    It demands forward-looking regulatory environments that facilitate competition.
     
    Over the past few years, 5G has been deployed, fibre access expanded, and low orbit satellites are providing next generation services.
     
    Yet the Universal Service Obligation remains stuck in a different era, entirely at odds with society’s needs for mobility.
     
    Introduced in the 1990s, the USO is a consumer protection to support reasonable access to landlines and payphones for people in Australia.
     
    This was a time when the voice-only ‘brick’ phone was exciting and expensive!
     
    The very first 1G phone was introduced in Australia by Telecom in 1987, retailing at a massive $4,250 or nearly $12,000 in today’s dollars.
     
    The idea of being able to walk and talk was novel. The concepts of mobile web browsing or video calling were almost non-existent.
     
    Today, mobile phones are comparatively affordable, and their use is ubiquitous.
     
    The Universal Service Obligation is as dated as those brick phones of the past.
     
    The only way to build regional Australia’s mobile future is with a modern USO, where mobile coverage is an explicit policy objective for the first time.
     
    And I am proud to say this is what Labor will deliver.
     
    The Albanese Government, if reelected, will legislate a Universal Outdoor Mobile Obligation, known as UOMO.
     
    This is about recognising, in the truest sense of the word, that mobile connectivity is an essential service.
     
    UOMO will require mobile operators to provide outdoor mobile coverage nearly everywhere in Australia where you can see the sky.
     
    This includes the around 70 per cent of our vast continent that does not have mobile connectivity. 
     
    UOMO will enable more Australians to send messages and make voice calls, including calls to Triple Zero, during emergencies and natural disasters.

    This responds to a key piece of feedback from the Regional Telecommunications Review about the need for multiple connection paths.
     
    And unlike universal landline and broadband where Telstra and NBN Co are effectively the sole providers of the obligation, an express policy objective of Labor’s Universal Outdoor Mobile Obligation is to facilitate competitive coverage.
     
    This reform will ensure up to 5 million square kilometers of new and competitive outdoor mobile coverage across Australia, including more than 37,000 kilometers of new coverage along roads and highways in regional and rural communities.
     
    Just think about what this means for the farmer out in the paddock, the injured hiker on the trail, or the distressed parent whose car has broken down.
     
    I welcome the strong endorsements of ACCAN, the National Farmers’ Federation, regional telecommunication stakeholders like the Better Internet for Regional and Rural Australia group, the Regional Telecommunications Independent Review Committee, the NSW Rural Fire Service, the First Nations Digital Advisory Council and a growing list of local and regional councils.
     
    The only mindless opposition is coming from the Coalition.
     
    The Nationals say we are going too slow.
     
    The Liberals say we should not be doing this at all or going too fast.
     
    This smorgasbord of incoherence and freewheeling incompetence is emblematic of a Liberal-National Party that does not know what it stands for.

    In contrast, the Labor Party is very clear on where we want to go.
     
    The Albanese Government will work closely with industry, regulators and stakeholders to introduce legislation in 2025, and work on this has commenced.
     
    The initial focus will be on increasing access to messaging and voice services, with a public-safety focus.
     
    We expect the voice and SMS obligation to be implemented by late 2027, with many Australians likely to benefit well before then.
     
    Given our audience here, I’d like to take this opportunity to provide further detail around the regulatory and policy context, and thank them for their participation in this reform process.
     
    Firstly, we understand this is a rapidly-developing market and our implementation timeline has been designed with regard to this.
     
    Where warranted by global supply, spectrum or capability factors, our legislation will afford mobile operators appropriate flexibility on implementation.
     
    Our Government will also engage with industry and examine incentives to promote competition objectives and public interest outcomes.
     
    As I outlined earlier, a top priority of the Government is to facilitate a healthy supply side market, that offers carriers and consumers choice.
     
    Promoting competition is an express policy feature of UOMO’s design.
     
    This aim is to bring forward investments and product partnerships, and remove market barriers to enable Australians to contact emergency services through D2D.
     
    Our policy announcement is a demand signal to global low orbit providers – we want you to expand your capability in Australia.
     
    The D2D capability is initially expected to provide baseline text messaging, then voice calls and, in time, limited mobile data.
     
    Broadly, industry is targeting the availability of D2D messaging from late this year, followed by voice from 2026 onwards.
     
    Our Government’s expectation is that these services will be well and truly in the market by late 2027.
     
    Secondly, D2D is not a replacement for terrestrial mobile networks or the USO.
     
    It will complement existing networks with a thin coverage layer, and ensure we cover as much of Australia as possible, for the benefit of all.
     
    Labor is filling a giant “black spot” that could simply never be addressed through mobile tower deployment at this scale or speed.
     
    As you are well aware, terrestrial-based network expansion can be a “law of diminishing returns” up against challenging geography and customer ratios that do not stack-up to commercial viability.
     
    The Government remains committed to existing co-investment programs, such as the Mobile Black Spot Program, and the Mobile Network Hardening Program.
     
    These programs will evolve with UOMO to deliver the best public policy outcomes for regional communities – of this I am very confident.
     
    Thirdly, I want to affirm our commitment to engagement.
     
    The expanded Universal Service Obligation framework follows two years of evidence-based groundwork, consultation and engagement.
     
    Early this term, I recognised the potential of the opportunity of LEOSat technology.
     
    I established the LEO Satellite Working Group to bring together the perspectives of global operators, Australian telcos, spectrum and engineering experts, and regional stakeholders.
     
    The Working Group, and data emerging from our LEOSat technical trials, is helping to inform our ongoing work on universal services modernisation.
     
    We have also been engaging with:

    • Global and domestic industry on D2D technology roadmaps;
    • the Australian Communications and Media Authority on radio communications spectrum considerations;
    • the Regional Telecommunications Review, local councils and the First Nations Digital Inclusion Advisory Group;
    • And, importantly, regional and remote consumers and communities.

    The Albanese Government, if re-elected, will continue this collaborative approach, working with the satellite industry, regulators, mobile network operators, consumer groups and other stakeholders as we develop, and introduce, legislation this year.
     
    Finally, we have expectations of industry around providing clear, accurate and accessible public information for consumers.
     
    Consumers need a clear understanding of the capability of D2D services and device compatibility.
     
    We are not talking about streaming Netflix from the Pilbara.
     
    I’ve been advised by industry that different devices are being rigorously tested for compatibility, and that more handsets are becoming eligible. 
     
    This is in keeping with international developments.
     
    We now have in place a more robust handset testing scheme built around the collaboration of the CommsAlliance, test labs at the University of Technology Sydney and the overarching regime administered by the ACMA.
     
    This will be leveraged to ensure consumers are better educated and receive reliable information.

    Because LEOSats orbit close to the Earth, they can provide services to mobile phones that usually communicate through terrestrial networks.
     
    Even during emergencies, when power outages impact the availability of local mobile towers, LEOSats can provide a thin layer of coverage.
     
    Last month, from Los Angeles, we saw this capability in action.
     
    As the highly destructive and deadly wildfires struck, thousands of messages were sent via D2D by thousands of people using standard unmodified devices.
     
    In the depths of crisis, people could text loved ones, neighbours, and, most importantly, emergency services – even when terrestrial networks were silenced.
     
    The public safety implications of D2D cannot be underestimated, particularly during natural disasters – which are becoming far more frequent and destructive.
     
    Closer to home, over the Summer, Australians were transfixed by the disappearance of bush walker Hadi Nazari who got lost in Kosciuszko National Park.
     
    Almost two weeks after he went missing in the unforgiving wilderness he was, thankfully, found alive.
     
    The significant search and rescue operation included a dozen SES teams, 200 personnel, more than 4000 volunteer hours and specialist aircraft.
     
    Hadi’s location could have been known within minutes with a charged mobile phone, Direct 2 Device technology, and a clear view to the sky.
     
    D2D will substantially expand opportunity for people to seek help if they are lost, injured or facing natural disasters in areas without terrestrial mobile coverage.
     
    It will give consumers more connectivity options, as mobile networks are already required to carry all Triple Zero voice calls over their networks.
     
    Early mover markets include the US and New Zealand, where we are seeing limited text to emergency services emerge as an early D2D capability.
     
    In the US, T-Mobile has opened registration for a Beta program, with priority given to first responder agencies and individuals.
     
    One New Zealand provider currently offers D2D text services across a number of premium phones. 
     
    My Department is exploring the feasibility and desirability of expanding the Triple Zero service to have message-based capability – recognising that access to Triple Zero by voice is preferred in time critical situations.
     
    It is also important that people know which devices can access D2D services, and the Government will work with the industry regulator to ensure there is clear public information on this.
     
    This is just the first step towards reform to the USO.
     
    The Department will commence consultation to inform the development of legislation, and we encourage all stakeholders to engage in that process.
     
    The Government has also sought advice on incentives and the removal of barriers to support competition outcomes and public interest objectives.
     
    That work is also underway, and if the Government is returned to office, will gather pace as this would be our top communications legislative priority for 2025.
     
    As part of this process, we will develop a roadmap for a basic data obligation, alongside voice and text as technology evolves.
     
    The Government continues to work through the recommendations of the 2024 Regional Telecommunications Review alongside progress on USO reform.
     
    Undertaken every three years, the review is an opportunity for people living and working outside major cities to share their experiences, views and expectations regarding connectivity and telecommunications services.
     
    The community response to the 2024 review represented a four-fold increase in participation on the previous review.
     
    The unprecedented interest in the work of the Regional Telecommunications Review reflects the importance placed on connectivity in these communities.

    The Committee conducted online consultations and 20 in-person sessions across Australia from Thursday Island to Geraldton, Katherine and Benalla.
     
    In total, more than 4,000 stakeholders took part and more than 3,000 survey responses were received.
     
    The Committee engaged with industry throughout the process to address issues raised during consultations and potential reform options were workshopped.
     
    I’d like to thank Committee Chair, the Honorable Alannah MacTiernan – who will be addressing the Forum this morning.
     
    As well as Committee Members Kristy Sparrow, the Honorable Fiona Nash, Dr Jessa Rogers and Ian Kelly for their extensive work, expert advice and engagement on the ground.
     
    The report’s 14 recommendations address a diverse range of telecommunications issues – from enhanced mobile coverage, consumer affordability, universal service modernisation and the role of LEOSats, through to First Nations inclusion and digital literacy.
     
    We are considering the report’s findings and recommendations and continue to work with key partners like all of you here in the room.
     
    As I noted at the outset, Labor governments have a proud history of expanding universal access and UOMO is the next important piece of architecture.
     
    Australians are proud and early adopters of technology, and we are ambitious to leverage this advantage as part of building a better future.
     
    There is tremendous activity and buzz in the communications space right now.
     
    It’s a time of reform, in-sync with incredible innovation that is making once unviable goals a reality.
     
    This Forum is shining a spotlight on the opportunities this presents for regional, rural and remote Australia.
     
    We know some of these communities face connectivity challenges their city counterparts do not.
     
    Since coming to office, we have been working hard to bridge this divide.
     
    At the last election, we took a record regional telecommunications and connectivity package to the election.
     
    Since then, the Government and NBN Co have expanded fibre access and upgraded fixed wireless, collectively enabling higher speeds to a footprint of nearly 5 million homes and businesses.
     
    Government and industry co-investment has delivered 146 local projects under our Regional Connectivity Plan.
     
    And more than 150 base stations have been built under the Mobile Black Spot Program this term.
     
    These projects have helped carry over 43 million calls, including 48,000 emergency calls.
     
    We are backing Aussie farmers and ag-tech suppliers through our hugely popular On Farm Connectivity Program, which the National Farmers Federation has singled out as one of the best Commonwealth initiatives ever for their sector.
     
    NBN Co has delivered free Community Wi-Fi for First Nations communities, and free home broadband to school kids who would otherwise go without.
     
    And just this week, we have tripled down on our ambition and optimism for the future with our announcement of a Universal Outdoor Mobile Obligation.
     
    The fact is the Albanese Government is delivering with competence, and with a Labor heart.
     
    And the biggest risk to this progress is a Liberal-National Coalition Government.
     
    Let there be no doubt that if Peter Dutton becomes Prime Minister he will privatise the NBN to pay for his $600 billion nuclear fantasy.
     
    It is Australian consumers and regional communities who will pay the price.
     
    In nine years, the Coalition took Australia back from fibre to copper, and created a new acronym for the universal access framework which they were unwilling to reform.
     
    And just before they were voted out, they sneakily tried to push up NBN wholesale prices by inflation plus three per cent on some products.

    Their new Shadow Minister – the third in three years – never once mentioned connectivity during her six years in Parliament before coming into the portfolio.
     
    And Mr Dutton will ensure the Shadow’s effective title will be the ‘Minister for Privatisation’ – not the Minister for Communications.
     
    Australia can do much better than that.
     
    I want to close by thanking the industry, consumer groups, and indeed regional and stakeholders across this portfolio for your engagement throughout this term.
     
    We have learnt much from you. We have left nothing on the field, and sought to do our best.
     
    As a marginal seat holder, and as I’ve said before previous elections, I’ll either be seeing a lot more of you or a lot less of you.
     
    And an important election contest will be fought over the coming month or two.
     
    What I do want you to know is that I and the Albanese Government genuinely value your expertise, and your voice has made a difference.
     
    Now is not a time for thinking small, looking back or aiming low.
     
    This is a time to lean-in to opportunities and forge ahead in making Australia the most connected continent.
     
    Labor is doing this with one eye on the sky, and the other watching out for what’s best for all Australians – regardless of who – or where – they are.

    Every Australian deserves access to fast, reliable and affordable connectivity.
     
    Let’s keep working together to build our future, and deliver the modern world-class communications network our country demands and deserves.
     
    Thank you.
     

    MIL OSI News

  • MIL-OSI China: Beijing conference examines AI’s transformative role

    Source: China State Council Information Office

    The 2025 Enterprise Management Annual Conference is held at the National School of Development of Peking University in Beijing on Feb. 23, 2025. [Photo provided to China.org.cn]

    Entrepreneurs and scholars gathered at the 2025 Enterprise Management Annual Conference in Beijing on Feb. 23 to explore how AI innovations, such as DeepSeek and Unitree Technology’s humanoid robots, are reshaping industries, the workforce and society.

    The conference was co-organized by Enterprise Management magazine, Entrepreneur magazine, and the National School of Development of Peking University.

    During the keynote speech session, Yu Yong, chairman of Hebei Iron and Steel Group Co., Ltd. (HBIS), highlighted DeepSeek’s groundbreaking role in demonstrating China’s growing strength in AI, elevating the global AI conversation to new heights.

    “AI has ushered in a new technological revolution,” he said. “It has far-reaching implications, especially for manufacturing industries.”

    Yu noted that AI is changing how productivity is generated, emphasizing computational power and data over traditional capital and labor. This fundamental shift is reshaping business management models, replacing hierarchical, assembly-line practices with flat, borderless organizations. AI-driven technologies are making it possible to optimize processes in ways previously unimaginable, both improving efficiency and reimagining how value is created.

    “AI will liberate workers from routine tasks, allowing them to focus on higher-level work,” Yu said. “Human workers will transition into roles such as AI managers and strategists, similar to what we’ve done in our corporation.”

    Over the past two years, HBIS has restructured its business units to integrate AI, ensuring a smooth transition as AI becomes more integral to operations, Yu said.

    Humanoid robots were a key topic in a subsequent roundtable discussion. Zhang Rui, chairman of Beijing Ironman Technology Co. Ltd., discussed the company’s pioneering work in bipedal robots, which began with its founding in 2015 as China’s first company to focus on this field.

    Zhang emphasized the importance of tailoring the use of humanoid robots to industry needs. “A humanoid robot is not always the best solution for every scenario,” he said. “It is important to match the robot’s capabilities with the specific demands of the industry.”

    Zhang Yueqiang, vice president of Yonyou Network Co., Ltd., discussed how AI is already transforming professions. “AI has the potential to replace many jobs in fields such as basic translation, writing and even data analysis,” he said. “By 2030, we will see disruptive changes in the workplace, with nearly half of existing skills becoming obsolete.” The key to staying relevant, Zhang stressed, is to focus on creativity, critical thinking and adaptability — skills that AI cannot easily replicate.

    The discussion also highlighted AI’s growing role in public services. Tian Qunxi, chief innovation officer of Seeyon Internet Software Corp., noted that the government is among AI’s largest beneficiaries due to its extensive databases. Tian emphasized that AI will profoundly impact public services, such as administrative processes, by improving efficiency and accuracy in ways previously unseen.

    The 2025 Enterprise Management Annual Conference provided a platform for deep insights into the ongoing AI revolution. From manufacturing to public services, AI is transforming industries at an accelerating pace. As a transformative force, AI is reshaping how we work, live and interact with the world. The challenge, experts agree, is to not only embrace AI but also prepare for the profound changes it will bring.

    MIL OSI China News

  • MIL-OSI Banking: Samsung and Hyundai Motor Company Complete Industry-First RedCap Trial on Private 5G Network

    Source: Samsung

    Samsung Electronics today announced that the company has successfully completed the industry’s first end-to-end Reduced Capability (RedCap) trial over a private 5G network with Hyundai Motor Company (Hyundai Motor), a global leader in smart mobility solutions. This trial highlights the potential of next-generation industrial private 5G connectivity, and will be showcased at the Samsung booth during the Mobile World Congress (MWC) 2025.
     
    The achievement of this industry-first RedCap end-to-end testing follows Samsung’s successful deployment of the private 5G network in Hyundai Motor’s major manufacturing facility last October. The companies have been working together to transform Hyundai Motor’s Ulsan Plant ― the world’s single largest automobile plant, which produces an average of 6,000, vehicles per day ― as a part of their smart factory innovation.
     
    With Samsung, Hyundai Motor has launched an advanced private 5G network to connect and efficiently manage numerous devices and manufacturing systems across its plant, ensuring real-time data upload and download. A high-performance network with reliable connectivity is crucial for automotive manufacturers to control and optimize smart factory automation systems, as well as properly operate their manufacturing systems and Internet of Things (IoT) devices such as Automated Guided Vehicles (AGVs), which deliver parts to the designated production lines.
     
    ▲ The companies have completed end-to-end RedCap test with Samsung’s private 5G solutions and Hyundai Motor’s Diagnostic SCAN (D Scan) equipment for vehicle inspection.
     
     
    Industry-First End-to-End RedCap Trial on a Samsung-Powered Private 5G Network
    As of January, the companies have carried out end-to-end RedCap technology tests at Samsung’s private 5G network testbed, located at its R&D Center. It was aimed to verify RedCap capabilities and integrated performance across the whole network from vehicle inspection terminal to private 5G core, radios and management system. For this trial, Samsung used its RedCap-powered private 5G network solutions including its virtualized 5G Core, baseband units, radios supporting 4.7 GHz band, and an integrated Network Management System.
     
    The trial also focused on integrating Hyundai Motor’s Diagnostic Scan (D Scan) featuring Qualcomm’s Snapdragon® X35 5G Modem-RF System into Samsung’s private 5G network. This device is developed by Hyundai Motor to be used at its smart factories via wireless communications between vehicles and D Scan to automatically inspect and efficiently determine whether vehicles have been assembled correctly before releasing finished cars. Compared to the old Wi-Fi system, the companies achieved a more seamless, real-time inspection data transmission with high speed and reliable 5G connectivity.
     
    This successful collaboration is another milestone Samsung and Hyundai Motor are marking, as Hyundai Motor plans to continuously expand RedCap private 5G networks to its newest electric vehicle manufacturing facilities to begin their operation in the first half of 2026.
     
    At its smart factories, a range of small devices are in operation ― sensors, cameras, tablet PCs, automatic logistics robots, compact wireless tools and testing equipment ― which make RedCap on a private 5G network a key driver for cost-effective, efficient and intelligent network automation and monitoring.
     
    RedCap is considered a catalyst for the widespread adoption of private 5G networks at manufacturing facilities, construction sites, academic campuses and more. This technology streamlines 5G connectivity for small-size 5G IoT (IoST) devices such as industrial sensors and wearables by lowering complexity and more importantly, increasing battery life while still ensuring the desired data speeds.
     
    “The recent collaboration with Hyundai Motor represents how the two leaders in their respective industries can creatively drive business innovation and unlock new real use cases by merging best-in-class expertise,” said Simon Lee, Vice President and Head of B2B·B2G Business Development, Networks Business at Samsung Electronics. “Samsung’s RedCap-powered private 5G network solutions will open up more possibilities for enterprises, manufacturers and public institutions, serving as a gateway to driving more efficient 5G networks.”
     
    “Hyundai Motor was the first Korean company to implement P-5G in mass production,” said Jae Min Lee, Vice President and Head of E-FOREST Center of Hyundai Motor and Kia. “We are also the industry’s first to verify P-5G RedCap technology, reinforcing our global leadership in smart manufacturing solutions. We will continue to accelerate its commercialization.”
     
    “The adoption of RedCap technology will empower private 5G networks to be more efficient and cost-effective, by allowing for devices with smaller form factors, longer battery life and reduced power consumption.” said Pablo Tomasi, Principal Analyst, Private Networks at Omdia. “Thanks to RedCap, private 5G networks will support an increasingly large set of use cases.”
     
    Samsung continues to actively deliver private 5G networks across a range of verticals, including smart factories, hospitals, universities and construction sites, on top of military facilities and local government agencies. With a proven record in commercial deployments, Samsung provides a comprehensive, end-to-end solution backed by long-term R&D leadership.
     
    Also at MWC 2025, Samsung will unveil its innovative next-generation private 5G network, which leverages the company’s virtualization leadership. Supporting current compact and light hardware-based solutions, Samsung will introduce software-centric private 5G solutions – including vRAN software and other software applications on commercial servers (COTS).
     
    Samsung has pioneered the successful delivery of 5G end-to-end solutions, including chipsets, radios and cores. Through ongoing research and development, Samsung drives the industry to advance 5G networks with its market-leading product portfolio, from vRAN 3.0, Open RAN, core to private network solutions and AI-powered automation tools and applications. The company currently provides innovative network solutions to mobile operators and enterprises that deliver boundless connectivity to hundreds of millions of users worldwide.

    MIL OSI Global Banks

  • MIL-OSI Security: Former Police Officer Pleads Guilty to Child Sexual Exploitation

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A former Grain Valley, Mo., police officer pleaded guilty in federal court today to charges related to the sexual exploitation of a child.

    August Price Gildehaus, 28, of Blue Springs, Mo., pleaded guilty before U.S. District Judge Greg Kays to one count of enticing a minor to engage in illegal sexual activity and one count of producing child pornography.

    Gildehaus, a Grain Valley police officer at the time of the offenses, was originally charged by the Jackson County Prosecutor’s Office.

    By pleading guilty today, Gildehaus admitted that he engaged in illegal sexual activity with a 15-year-old female victim. Gildehaus and the victim met on an online social media platform. Gildehaus met with the victim on five separate occasions between Aug. 5, 2022, and Jan. 5, 2023, to engage in illicit sexual activity at different locations, including a middle school parking lot.

    Gildehaus admitted that the child victim took photographs of herself when she was home, and he took photographs of himself that he sent to her. Gildehaus also admitted that he recorded videos of their sexual encounters.

    Under federal statutes, Gildehaus is subject to a mandatory minimum sentence of 25 years in federal prison without parole, up to a sentence of life in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorney Maureen Brackett. It was investigated by the Grain Valley, Mo., Police Department and the Missouri State Highway Patrol.

    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: SLR Investment Corp. Announces Quarter and Year Ended December 31, 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Investment Income of $0.44 Per Share for Q4 2024;

    Declared Quarterly Distribution of $0.41 Per Share;

    Stable NAV/Strong Credit Quality

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $23.8 million, or $0.44 per share, for the fourth quarter of 2024. On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

    As of December 31, 2024, net asset value (“NAV”) was $18.20 per share, unchanged from the prior quarter ended September 30, 2024.

    “This month, SLRC celebrated its 15th anniversary since its initial public offering and more than 18 years of operating history as a private credit manager for SLR Capital Partners, our investment adviser,” said Michael Gross, Co-CEO of SLR Investment Corp. “Since inception in 2010, SLRC has made approximately $7.5 billion of investments including five platform specialty finance acquisitions and four related tuck-in acquisitions. Our asset mix across specialty and sponsor finance investment strategies and conservative underwriting approach has created a differentiated and attractive risk-adjusted return profile compared to sponsor finance only portfolios.” 

    “SLRC generated strong NII per share for both the fourth quarter and full year. In addition, NAV increased to $18.20 from $18.09 per share a year ago, reflecting solid credit performance from a diversified portfolio and disciplined underwriting in an environment of elevated rates and tighter cash flow coverage,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “The ongoing retreat of regional banks from asset-based lending has resulted in a significant pipeline of specialty finance investment opportunities. Our flexibility to pivot to the most attractive investment strategies allows us to protect capital and perform across market cycles.”

    FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024:

    At December 31, 2024:

    Investment portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio fair value:(1) $3.1 billion
    Net assets: $992.9 million or $18.20 per share
    Leverage: 1.03x net debt-to-equity

    Operating Results for the Quarter Ended December 31, 2024:

    Net investment income: $23.8 million or $0.44 per share
    Net realized and unrealized losses: $1.2 million or $0.02 per share
    Net increase in net assets from operations: $22.6 million or $0.41 per share

    Operating Results for the Year Ended December 31, 2024:

    Net investment income: $96.3 million or $1.77 per share
    Net realized and unrealized loss: $0.6 million or $0.01 per share
    Net increase in net assets from operations: $95.8 million or $1.76 per share

    Comprehensive Investment Portfolio Activity(2) for the Quarter and Year Ended December 31, 2024:

    Investments made during the quarter: $338.4 million
    Investments prepaid and sold during the quarter: $442.7 million
    Investments made during the year: $1,352.6 million
    Investments prepaid and sold during the year: $1,377.8 million

    (1) The Comprehensive Investment Portfolio for the quarter ended December 31, 2024 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
    (2) Comprehensive Investment Portfolio activity for the quarter ended December 31, 2024, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.

    Comprehensive Investment Portfolio

    Portfolio Activity

    During the three months ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $338.4 million and repayments of $442.7 million across the Company’s four investment strategies:

     For the Quarter Ended December 31, 2024
    ($mm)

    Asset Class Sponsor
    Finance(1)
    Asset-based
    Lending(2)
    Equipment
    Finance(3)
    Life Science
    Finance
    Total
    Comprehensive Investment
    Portfolio Activity
    Originations $20.7 $128.6 $182.5 $6.6 $338.4
    Repayments / Amortization $102.3 $205.3 $101.7 $33.4 $442.7
    Net Portfolio Activity ($81.6) ($76.7) $80.8 ($26.8) ($ 104.3)

    During the year ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $1,352.6 million and repayments of $1,377.8 million across the Company’s four investment strategies:

    For the Year Ended December 31, 2024
    ($mm)
    Asset Class Sponsor
    Finance(1)
    Asset-based
    Lending(2)
    Equipment
    Finance(3)
    Life Science
    Finance
    Total
    Comprehensive Investment Portfolio Activity
    Originations $113.0 $555.7 $649.4 $34.5 $1,352.6
    Repayments / Amortization $190.2 $515.8 $508.5 $163.3 $1,377.8
    Net Portfolio Activity ($77.2) $39.9 $140.9 ($128.8) ($ 25.2)

    (1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
    (2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.

    Comprehensive Investment Portfolio Composition

    The Comprehensive Investment Portfolio is diversified across approximately 890 unique issuers, operating in over 110 industries, and resulting in an average exposure of $3.5 million or 0.1% per issuer. As of December 31, 2024, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.5% and second lien cash flow exposure was 0.3% of the Comprehensive Investment Portfolio as of December 31, 2024.

    SLRC’s Comprehensive Investment Portfolio composition by asset class as of December 31, 2024 was as follows:

    Comprehensive Investment
    Portfolio Composition
    (at fair value) 
    Amount Weighted Average
    ($mm) % Asset Yield(5)
    Senior Secured Investments      
    Cash Flow Loans (Sponsor Finance)(1) $633.8 20.6% 10.6%
    Asset-Based Loans(2) $1,037.3 33.6% 14.6%
    Equipment Financings(3) $1,147.9 37.2% 10.7%
    Life Science Loans $208.8 6.8% 12.1%
    Total Senior Secured Investments $3,027.8 98.2% 12.1%
    Equity and Equity-like Securities $54.8 1.8%  
    Total Comprehensive Investment Portfolio $3,082.6 100.0%  
    Floating Rate Investments(4) $1,866.7 61.0%  
    First Lien Senior Secured Loans $2,972.1 96.4%  
    Second Lien Senior Secured Asset-Based Loans $47.8 1.5%  
    Second Lien Senior Secured Cash Flow Loans $7.8 0.3%  

    (1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
    (2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
    (4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
    (5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on December 31, 2024 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on December 31, 2024 compared to the portfolio as of December 31, 2024, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of December 31, 2024.

    SLR Investment Corp. Portfolio

    Asset Quality

    As of December 31, 2024, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

    The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

    As of December 31, 2024, the composition of our investment portfolio, on a risk ratings basis, was as follows:

    Internal Investment Rating Investments at Fair Value ($mm) % of Total Portfolio
    1 $701.0 34.9%
    2 $1,286.9 64.2%
    3 $9.9 0.5%
    4 $7.8 0.4%

    Investment Income Contribution by Asset Class

    Investment Income Contribution by Asset Class(1)
    ($mm)
    For the Quarter
    Ended:
    Sponsor
    Finance
    Asset-based
    Lending
    Equipment
    Finance
    Life Science
    Finance
    Total
    12/31/2024 $18.7 $18.1 $8.8 $10.0 $55.6
    % Contribution 33.7% 32.5% 15.8% 18.0% 100.0%
    Investment Income Contribution by Asset Class(1)
    ($mm)
    For the Year
    Ended:
    Sponsor
    Finance
    Asset-based
    Lending
    Equipment
    Finance
    Life Science
    Finance
    Total
    12/31/2024 $82.6 $62.5 $36.6 $50.7 $232.4
    % Contribution 35.5% 26.9% 15.8% 21.8% 100.0%

    (1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.

    SLR Senior Lending Program LLC (SSLP)

    As of December 31, 2024, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total equity commitment for $100 million to the SSLP. At year end, SSLP had total commitments of $189.8 million at par and total funded portfolio investments of $178.7 million at fair value, consisting of floating rate senior secured loans to 32 different borrowers and an average investment of $5.6 million per borrower. This compares to funded portfolio investments of $204.1 million at fair value across 37 different borrowers at September 30, 2024. During the quarter ended December 31, 2024, SSLP invested $2.0 million in 4 portfolio companies and had $27.7 million of investments repaid.

    In Q4 2024, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.6% on the cost basis of the Company’s investment, similar to Q3 2024.

    SLR Investment Corp.’s Results of Operations Year Over Year

    Investment Income

    For the fiscal years ended December 31, 2024, and 2023, gross investment income totaled $232.4 million and $229.3 million, respectively. The increase in gross investment income for the year over year period was primarily due to an increase in dividend income from SSLP and our specialty finance company equity investments.

    Expenses

    SLRC’s net expenses totaled $136.1 million and $137.2 million, respectively, for the fiscal years ended December 31, 2024, and 2023. The decrease in expenses from 2024 to 2023 was primarily due to lower interest expense on a decrease in average borrowings as well as a reduction in general and administrative expenses, partially offset by higher fees stemming from higher net investment income.

    SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal years ended December 31, 2024 and 2023, $153 thousand and $500 thousand, respectively, of such performance-based incentive fees were waived.

    Net Investment Income

    SLRC’s net investment income totaled $96.3 million and $92.1 million, or $1.77 and $1.69, per average share, respectively, for the fiscal years ended December 31, 2024, and 2023.

    Net Realized and Unrealized Loss

    Net realized and unrealized loss for the fiscal years ended December 31, 2024 and 2023 totaled $0.6 million and $15.7 million, respectively.

    Net Increase in Net Assets Resulting from Operations

    For the fiscal years ended December 31, 2024, and 2023, the Company had a net increase in net assets resulting from operations of $95.8 million and $76.4 million, respectively. For the same periods, earnings per average share were $1.76 and $1.40, respectively.

    Capital and Liquidity

    Credit Facilities

    As of December 31, 2024, the Company had $507 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding. In Q3 2024, the Company extended its SLRC revolver credit facility to a maturity of August 2029, increased the size, and lowered pricing. In Q4 2024, three new lenders were added to the SLRC revolving credit facility.

    Unsecured Debt

    On December 16, 2024, the Company closed a private offering of $49.0 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. As of December 31, 2024, the Company had $394 million of unsecured notes outstanding.

    On February 18, 2025, the Company closed an additional private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028.

    Leverage

    As of December 31, 2024, the Company’s net debt-to-equity ratio was 1.03x and compared to 1.19x as of December 31, 2023 and the Company’s target range of 0.9x to 1.25x.

    Available Capital

    As of December 31, 2024, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $900 million of available capital in the aggregate.

    Unfunded Commitments

    As of December 31, 2024, excluding commitments to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $167.2 million.

    Subsequent Events

    On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

    Conference Call and Webcast Information

    The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, February 26, 2025. All interested parties may participate in the conference call by dialing (800) 579-2543 approximately 5-10 minutes prior to the call, international callers should dial (785) 424-1789. Participants should reference SLR Investment Corp. and Conference ID: SLRC4Q24. A telephone replay will be available until March 12, 2025 and can be accessed by dialing (800) 839-4568. International callers should dial (402) 220-2681.

    This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website, https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

    Supplemental Information of SLR Investment Corp.’s Results of Operations Quarter Over Quarter 

    Operating results: Quarter Ended
    December 31, 2024
    (unaudited)
      Quarter Ended
    September 30, 2024
    (unaudited)
    Interest income   $36,290       $45,373  
    Dividend income   16,502       12,578  
    Other income   2,791       1,820  
    Total investment income   55,583       59,771  
    Management fee   7,739       7,893  
    Net Performance-based Incentive fee   5,920       6,036  
    Interest and other credit facility expenses   16,184       18,913  
    Administrative services expense   1,376       1,392  
    Other general and administrative expenses   572       1,189  
    Net expenses   31,791       35,423  
    Net investment income   $23,792       $24,348  
    Net realized and unrealized gains (losses)   (1,183)       (2,299)  
    Net increase in net assets resulting from operations   22,609       22,049  
    Net investment income per common share   $0.44       $0.45  
    Net realized and unrealized gains (losses) per common share   ($0.02)       ($0.04)  
    Earnings per common share – basic and diluted   $0.41       $0.40  
    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)
     
      December 31, 2024     December 31, 2023  
    Assets          
    Investments at fair value:          
    Companies less than 5% owned (cost: $1,019,357 and $1,260,205, respectively) $ 1,027,457     $ 1,271,442  
    Companies 5% to 25% owned (cost: $103,655 and $60,064, respectively)   89,945       44,250  
    Companies more than 25% owned (cost: $916,554 and $870,128, respectively)   888,232       839,074  
    Cash   16,761       11,864  
    Cash equivalents (cost: $397,510 and $332,290, respectively)   397,510       332,290  
    Dividends receivable   15,375       11,768  
    Interest receivable   11,993       11,034  
    Receivable for investments sold   1,573       1,538  
    Prepaid expenses and other assets   571       608  
    Total assets $ 2,449,417     $ 2,523,868  
    Liabilities          
    Debt ($1,041,093 and $1,183,250 face amounts, respectively, reported net of unamortized debt issuance costs of $9,399 and $5,473, respectively.) $ 1,031,694     $ 1,177,777  
    Payable for investments and cash equivalents purchased   397,510       332,290  
    Management fee payable   7,739       8,027  
    Performance-based incentive fee payable   5,920       5,864  
    Interest payable   7,836       7,535  
    Administrative services payable   3,332       1,969  
    Other liabilities and accrued expenses   2,460       3,767  
    Total liabilities $ 1,456,491     $ 1,537,229  
    Commitments and contingencies          
    Net Assets          
    Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively $ 546     $ 546  
    Paid-in capital in excess of par   1,117,606       1,117,930  
    Accumulated distributable net loss   (125,226 )     (131,837 )
    Total net assets $ 992,926     $ 986,639  
    Net Asset Value Per Share $ 18.20     $ 18.09  
    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
       
      2024     2023  
    INVESTMENT INCOME:          
    Interest:          
    Companies less than 5% owned $ 154,077     $ 163,589  
    Companies 5% to 25% owned   3,881       2,058  
    Companies more than 25% owned   13,055       11,627  
    Dividends:          
    Companies 5% to less than 25% owned   845        
    Companies more than 25% owned   52,944       45,986  
    Other income:          
    Companies less than 5% owned   7,117       5,802  
    Companies 5% to 25% owned         26  
    Companies more than 25% owned   512       224  
    Total investment income   232,431       229,312  
    EXPENSES:          
    Management fees   31,389       31,661  
    Performance-based incentive fees   24,039       22,898  
    Interest and other credit facility expenses   71,464       72,507  
    Administrative services expense   5,520       5,899  
    Other general and administrative expenses   3,862       4,756  
    Total expenses   136,274       137,721  
    Performance-based incentive fees waived   (153 )     (500 )
    Net expenses   136,121       137,221  
    Net investment income $ 96,310     $ 92,091  
    REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
    AND CASH EQUIVALENTS:
             
    Net realized loss on investments and cash equivalents:          
    Companies less than 5% owned $ (2,252 )   $ (27,602 )
    Companies more than 25% owned         (381 )
    Net realized loss on investments and cash equivalents   (2,252 )     (27,983 )
    Net change in unrealized gain (loss) on investments:          
    Companies less than 5% owned   (3,137 )     20,425  
    Companies 5% to 25% owned   2,105       (1,384 )
    Companies more than 25% owned   2,731       (6,761 )
    Net change in unrealized gain on investments   1,699       12,280  
    Net realized and unrealized loss on investments and cash
    equivalents
      (553 )     (15,703 )
    NET INCREASE IN NET ASSETS RESULTING FROM
    OPERATIONS
    $ 95,757     $ 76,388  
    EARNINGS PER SHARE $ 1.76     $ 1.40  

    About SLR Investment Corp.

    SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for additional portfolio growth of SLRC; and the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects 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 press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes in the economy, financial markets and political environment, including the impacts of inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, or pandemics; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes 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 it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contact
    SLR Investment Corp.
    Investor Relations
    slrinvestorrelations@slrcp.com | (646) 308-8770

    The MIL Network

  • MIL-OSI Security: Metairie Man Indicted for Possessing Materials Involving Sexual Exploitation of Minors and Federal Gun Control Act Violation

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced today the Indictment of ROBERT ANTHONY MARSH, JR. (“MARSH”), age 59, of Metairie, was indicted on February 14, 2025, with Possession of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Section 2252(a)(4)(B) and (a)(2), and  Possession of a Firearm by a Convicted Felon, in violation of Title 18, United States Code, Sections 922(g)(1) and 924(a)(8). If convicted of the possession of sexual exploitation materials,  MARSH faces a mandatory minimum sentence of ten (10) years and a maximum sentence of twenty (20) years imprisonment, and/or a fine of up to $250,000.00, a term of supervised release of no less than five (5) years and up to life, and a $100.00 mandatory special assessment fee.  If convicted of firearm possession by a convicted felon, MARSH faces a maximum sentence of fifteen (15) years imprisonment, a fine of up to $250,000.00, up to three years of supervised release, and a $100.00 mandatory special assessment fee.

    According to court documents, MARSH’s home was searched by state law enforcement officials and federal agents on December 19, 2024.  At the time of this search, MARSH was on state supervised release for a previous state conviction of Pornography Involving Juveniles.  On December 19, 2024, following the search of his home, MARSH was arrested by Louisiana State Probation and Parole for possession of a firearm by a prohibited person and possession of child pornography.  Thereafter, MARSH was transferred from state to federal custody in connection with this federal indictment.              

    Acting U.S. Attorney Simpson reiterated that the indictment is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice.  Led by United States Attorney’s 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.

    Acting U.S. Attorney Simpson praised the work of the U.S. Department of Homeland Security, Homeland Security Investigations; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Jefferson Parish Police Department; and the Louisiana Department of Public Safety & Corrections, Probation and Parole.  The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Project Safe Childhood Coordinator and Chief of the Financial Crimes Unit.

    MIL Security OSI

  • MIL-OSI Security: Cartel Cocaine Quality Tester Extradited from Mexico

    Source: Office of United States Attorneys

    ATLANTA – Irma Elvira Cruz, also known as “Huzipol” and “Madre,” 60, of Mexico, has been arraigned before Russell G. Vineyard, Chief United States Magistrate Judge, on federal charges of Conspiracy to Unlawfully Import Cocaine into the United States and Possession of Cocaine with Intent to Distribute.  Cruz was indicted by a federal grand jury on February 14, 2017. 

    “Cruz allegedly played a critical role in the trafficking of hundreds of kilograms of cocaine into the United States,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “Cruz’s extradition from Mexico is an important step in holding her accountable for her alleged role in bringing dangerous drugs into the United States and into our local communities. We thank our federal, state, and local law enforcement partners for their work in this investigation and our international partners for their cooperation in helping us bring Cruz to justice.”

    “Drug traffickers exploit vulnerable members of our community to generate profits,” said Jae W. Chung, Acting Special Agent in Charge of the Atlanta Division. “Cases like this clearly demonstrate the resolve of the DEA to hold drug traffickers accountable.”

    “The extradition and arraignment of Irma Elvira Cruz, an alleged key figure in an international cocaine trafficking organization, demonstrates the unwavering commitment of HSI and our partners to dismantling transnational criminal networks,” said Steven N. Schrank, Special Agent in Charge of HSI Atlanta, which covers Georgia and Alabama. “By targeting those who facilitate the flow of dangerous narcotics into our communities, we are sending a strong message that we will pursue justice across borders and hold traffickers accountable.”

    According to Acting U.S. Attorney Moultrie, Jr., the charges, and other information presented in court: In 2013, United States law enforcement identified a Mexico-based drug trafficking organization that, between approximately 2013 and 2016, imported large quantities of cocaine from Colombia, through Mexico and into the United States for distribution, and transported drug proceeds from the United States to Mexico. The investigation identified Irma Elvira Cruz as an associate of the drug trafficking organization, allegedly responsible for the quality control testing of multi-kilogram quantities of cocaine, sent from Colombia to Costa Rica and Mexico, and intended to be delivered into the United States.

    Cruz allegedly conspired with others in Mexico, Colombia, Guatemala, and elsewhere to coordinate the transportation of multi-kilogram quantities of cocaine from Colombia through the coast of Central America for distribution in Mexico and the United States, including Atlanta, Georgia. Specifically, Cruz was allegedly responsible for testing the quality of a large shipment of cocaine ultimately destined for Atlanta.

    The investigation revealed that on or about September 3, 2015, Cruz traveled to the organization’s stash house in Heredia, Belen, Asuncion, Costa Rica, to test the purity of the cocaine to be delivered into the United States. The following day, law enforcement authorities stopped vehicles driven by Cruz’s associates leaving the stash house and seized approximately 100 kilograms of cocaine. Law enforcement authorities then searched the stash house and seized approximately 221 kilograms of cocaine.

    Members of the public are reminded that the indictment only contains charges.  Cruz is presumed innocent of the charges and it will be the government’s burden to prove her guilt beyond a reasonable doubt at trial.

    This case is being investigated by the Drug Enforcement Administration, United States Coast Guard, United States Navy, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, United States Border Patrol, DeKalb County Police Department, and Georgia State Patrol.

    Assistant U.S. Attorneys Thomas M. Forsyth, III and Elizabeth M. Hathaway are prosecuting the case. Former Assistant U.S. Attorney Lisa Tarvin contributed to the prosecution as well. Also, the Department of Justice’s Office of International Affairs coordinated with law enforcement partners in Mexico to secure the arrest and extradition of Cruz.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation.  OCDETF identifies and eliminates the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI

  • MIL-OSI USA: Governor Shapiro Provides Update on the Impacts of the Federal Funding Freeze; All Federal Funding Identified at the Filing of Lawsuit Unfrozen

    Source: US State of Pennsylvania

    System Requirements:

    macOS 10.6 or higher

    Windows 7 or higher

    Supported desktop browsers:

    Safari 10+

    Mozilla Firefox 49+

    Google Chrome 45+

    Microsoft Edge 15+

    Supported mobile browsers:

    Safari 10+ (iOS)

    Chrome 45+

    Internet Connection:

    5 Mbps+ download speed recommended

    MIL OSI USA News

  • MIL-OSI Banking: Verizon Business launches turnkey IoT solution with Atlanta Hawks as first customer

    Source: Verizon

    Headline: Verizon Business launches turnkey IoT solution with Atlanta Hawks as first customer

    What you need to know:

    • Verizon Sensor Insights, a turnkey IoT solution that has been sold to companies in diverse industries such as food refrigeration and insurance, is being deployed by the Atlanta Hawks at State Farm Arena to monitor and manage the temperature and condition of sensitive technical equipment and to better track waste disposal and resource efficiency.
    • Sensor Insights is part of a larger technology initiative with Verizon to enhance stadium operations at State Farm Arena.
    • The solution includes pre-approved sensors, Verizon-certified gateways, cellular connectivity, and a central management portal.

    NEW YORK — Verizon Business today announced the Atlanta Hawks and State Farm Arena as the marquee launch partner for Verizon Sensor Insights, an innovative solution that allows for the management and scaling of complex Internet of Things (IoT) infrastructure. Installed in the arena’s technical equipment hub, Verizon Sensor Insights provides near real-time data-driven intelligence to ensure all technical equipment is operating at peak efficiency.

    Sensor Insights is designed to be turnkey and convenient for businesses of any size, including small and medium businesses, and has also been sold to companies in food refrigeration and insurance. Suitable for nearly any industry, the solution includes pre-approved sensors, Verizon-certified gateways, cellular connectivity, and a central management portal, all atop the foundational Verizon ThingSpace IoT platform.

    “State Farm Arena is constantly looking for ways to push the boundaries of innovation and improve the experience for our fans and staff,” said Kim Rometo, Chief Technology & Innovations Officer for the Atlanta Hawks & State Farm Arena. “By implementing Verizon Sensor Insights, multiple stakeholders can proactively monitor and manage critical operational aspects, ensuring a more seamless and efficient experience for everyone.”

    Organizations across commercial sectors are embracing IoT to improve energy efficiency, streamline maintenance operations, and enhance their overall sustainability efforts. Sensor Insights allows customers to activate, onboard, and manage sensors and gateways, and manage cellular and IoT connections across multiple IoT protocols including LoRaWAN, BLE (Bluetooth Low Energy) — all from an easy-to-use central web portal. Users gain near real-time alerts and trend analysis for optimized operational decision-making.

    By deploying Sensor Insights to manage their network of IoT-enabled sensors at State Farm Arena, the Atlanta Hawks are already gaining actionable insights into the technology equipment health and IDF room environment to better predict maintenance needs and create a smarter and more efficient arena, with plans to expand into new use cases in the coming months.

    “We are thrilled to have the Atlanta Hawks and State Farm Arena as an early adopter of Verizon Sensor Insights,” said Scott Lawrence, Chief Product Officer, Verizon Business. “This deployment is a great example of how high-performing organizations use IoT and other connected technology to improve efficiency and enhance business operations.”

    As part of a larger technology partnership with Verizon, State Farm Arena has also installed Delta Fly-Through Lanes powered by Verizon at Gates 1, 2, 3, and 7, and a new Hawks Express Cashierless Checkout store, powered by Verizon’s 5G Edge technology and developed in collaboration with spatial intelligence and autonomous retail solutions provider AiFi.

    Located on the 100 West main concourse and operational today, the Hawks Express store uses AI-powered computer vision technology to make it simple, fast and convenient for fans to purchase food and beverages in the arena without waiting in line. Customers simply enter the store, select their items, and exit—with purchases automatically processed through their mobile payment method.

    The Delta Fly-Through Lanes lanes at State Farm Arena were designed to streamline the fan ticketing and entry experience. Underpinned by Wicket’s facial authentication technology, Verizon’s 5G Edge Accelerated Access solution for stadiums and venues enhances security while reducing wait times to ensure members are able to spend less time at the entrance and more time enjoying the game. Since becoming operational in October of 2024, these Delta Fly-Through Lanes have expedited the ticket scanning process for Atlanta Hawks members, showing 2,000 enrollments, approaching 10,000 tickets scanned with an average ticket redemption time of 6 seconds, and 72% of members are repeat users.

    Learn more on our Verizon Sensor Insights product page and contact your Verizon Business sales representative to begin a trial today.

    MIL OSI Global Banks

  • MIL-OSI Security: Recidivist Sex Offender Is Sentenced To 14+ Years For Possession Of Child Sexual Abuse Material

    Source: Office of United States Attorneys

    The Defendant Was on Federal Supervised Release for A 2016 Federal Conviction for Similar Offenses Involving Material Depicting the Sexual Exploitation of Children

    CHARLOTTE, N.C. – A Lenoir, N.C. man was sentenced today to a total of 169 months in prison and a lifetime term of supervised release for possession and access with intent to view child sexual abuse material (CSAM) while on federal supervised release, announced Lawrence J. Cameron, Acting U.S. Attorney for the Western District of North Carolina. Joshua Lynn Cook, 40, was also ordered to register as a sex offender after he is released from prison. The Court further ordered Cook to pay $17,000 in special assessments pursuant to the Amy, Vicky, and Andy Child Pornography Victim Assistance Act of 2018.

    Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, joins Acting U.S. Attorney Cameron in making today’s announcement.

    “Despite prior convictions and strict court supervision, Cook broke the law once again and revictimized children by accessing and possessing horrific material depicting their sexual abuse,” said Acting U.S. Attorney Cameron. “Cook’s sentence reflects the consequences awaiting those who continue to ignore the law and harm vulnerable children.”

    “This federal prison sentence reinforces the message; the FBI and our partners will not tolerate the victimization of children. We will continue to meticulously investigate these crimes, which cause irreparable harm and trauma to innocent victims,” said Special Agent in Charge DeWitt.

    According to court documents, Cook was on federal supervised release for a 2016 federal conviction for transportation, receipt, and possession of CSAM. Under the terms of Cook’s federal supervision, he was not permitted to own an electronic device capable of accessing the internet, including a cell phone. Cook was also subject to periodic home inspections by the U.S. Probation Office (USPO) to ensure compliance with his probationary terms. Court records show that, on February 8, 2024, during a home inspection, USPO found Cook in possession of an unauthorized phone in his bedroom. Cook admitted to using the phone to access CSAM around the time that he first gained access to the phone, which was within one month of his release from prison. The phone and an SD card were seized and forensically examined by the FBI. The examination revealed that these devices contained images and videos depicting CSAM, including toddlers.  

    On October 9, 2024, Cook pleaded guilty to possession and access with intent to view child pornography involving prepubescent minors. Today, the Court sentenced Cook to 151 months of incarceration for possession and access with intent to view CSAM, and 18 months, to run consecutive, for committing this offense while on federal supervised release, for a total of 169 months of incarceration. Cook will remain in federal custody until he is transferred to the custody of the Federal Bureau of Prisons.

    The FBI with the assistance of the USPO investigated the case.

    Assistant U.S. Attorney Daniel Cervantes with the U.S. Attorney’s Office in Charlotte prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Justice Department. 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.

     

    MIL Security OSI

  • MIL-OSI USA: Courts Need More Judgeships, Judge Tells Congress

    Source: United States Courts

    With federal courts across the country contending with mounting caseloads, Judge Timothy M. Tymkovich, of the U.S. Court of Appeals for the Tenth Circuit, urged Congress today to create new district and court of appeals judgeships to meet growing workload demands.

    A hearing on “Justice Delayed: The Crisis of Undermanned Federal Courts” was held by the House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet. Tymkovich testified on behalf of the Judicial Conference (pdf), the federal Judiciary’s national policy-making body. He previously served as chair of the Conference’s Committee on Judicial Resources, which is responsible for evaluating judgeship needs.

    “Substantial delays chip away at the public’s respect for the Judiciary and erode public confidence in the judicial process and the timely administration of justice,” Tymkovich wrote in his prepared testimony (pdf). “The problem is so severe that potential litigants may be avoiding federal court altogether, not having the resources or time to wait for their case to be heard or resolved. One cannot imagine the situation will improve on its own, without additional judges.”

    District court filings have grown by 30 percent since 1990, when the last comprehensive judgeship bill was enacted. Since 1991, the overall number of authorized district court judgeships increased by only four percent.  

    Burgeoning caseloads can lead to significant case delays. Delays result in increased costs for litigants and raise access to justice concerns, especially in civil cases that may take years to get to trial. Over the past 20 years, the number of civil cases pending more than three years rose 346 percent, from 18,280 on March 31, 2004, to 81,617 on March 31, 2024.

    In 2023, the Judicial Conference recommended to Congress adding two judgeships to the courts of appeals and 66 judgeships to the district courts. In addition, the Conference recommended converting seven temporary district court judgeships to permanent judgeships and extending two temporary district court judgeships for an additional five years.

    In developing judgeship recommendations, the Conference and its Committee on Judicial Resources use a formal survey process to study and evaluate Article III judgeship needs. Before a judgeship recommendation is transmitted to Congress, it undergoes several levels of careful consideration and review. The surveys are conducted every two years and the resulting recommendations are based on established criteria, including current workload factors and empirical standards.

    Weighted filings data for each district court are published in Federal Court Management Statistics.

    MIL OSI USA News

  • MIL-OSI Security: Pascagoula Man Sentenced to 20 Years in Prison for Distribution of Child Pornography

    Source: Office of United States Attorneys

    Gulfport, MS – A Pascagoula man was sentenced to 20 years in prison for distribution of images of minors engaging in sexually explicit conduct.

    According to court documents, Tyrone Lewis, 20, had sexual contact with a 14-year-old in Jackson County, Mississippi, and recorded some of the sexual acts on a cell phone. Further investigation, including an analysis of the victim’s cell phone, revealed that Lewis sent the victim videos of himself and the victim engaging in sexual activity.  The cell phone also contained a text message which confirmed Lewis knew the victim was a minor.

    In July 2024, Lewis pled guilty to distribution of images of minors engaging in sexually explicit conduct.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Special Agent in Charge Eric DeLaune of Homeland Security Investigations made the announcement.

    The case was investigated by Homeland Security Investigations and the Harrison County Sheriff’s Office.

    Assistant U.S. Attorney Lee Smith prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by 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.

    MIL Security OSI

  • MIL-OSI: Cardinal Energy Ltd. Announces $40 Million Bought Deal Offering of Senior Subordinated Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE PROSPECTUS SUPPLEMENT AND ANY AMENDMENT TO THE FOREGOING DOCUMENTS WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company”) (TSX: CJ) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) co-led by CIBC Capital Markets, RBC Capital Markets and ATB Capital Markets, with CIBC Capital Markets and RBC Capital Markets acting as joint-bookrunners, pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, $40 million aggregate principal amount of senior subordinated unsecured debentures due September 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Company has also granted the Underwriters an option to purchase up to an additional $5 million aggregate principal amount of Debentures, such option to be exercised in whole or in part at the sole discretion of the Underwriters, at any time until two business days prior to the Closing Date (as defined below). The Offering is expected to close on or about March 4, 2025 (the “Closing Date”).

    The Company intends to use the net proceeds of the Offering to first repay and reduce the indebtedness of its outstanding senior credit facility, then to de-risk the completion of the Company’s Reford thermal facility and accelerate the de-risking of the Company’s Kelfield thermal oil opportunity. As well the Company may use some of the proceeds for land and seismic acquisitions to delineate other thermal oil opportunities available to the Company.

    The Debentures will bear interest at a rate of 8.25% per annum, payable semi-annually in arrears on the last business day of March and September of each year commencing on September 30, 2025. The first payment will include accrued and unpaid interest for the period from the Closing Date to, but excluding, September 30, 2025. The Debentures will mature on September 30, 2030 (the “Maturity Date”).

    The Debentures will not be redeemable by the Company before September 30, 2028 (the “First Call Date”). On and after the First Call Date and prior to September 30, 2029, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at a redemption price equal to 104.125% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after September 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures. The Company has the option to satisfy its obligations to repay the principal amount of and premium (if any) on the Debentures due at redemption or on maturity of the Debentures by issuing and delivering that number of freely tradeable common shares of the Company to Debenture holders in accordance with the terms of the debenture indenture that will govern the terms of the Debentures.

    The Debentures will be distributed in all provinces of Canada (other than the province of Quebec) by way of a prospectus supplement to the Company’s base shelf prospectus dated March 28, 2024 and by private placement in the United States to “qualified institutional buyers” pursuant to Rule 144A of the U.S. Securities Act of 1933.

    Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment to the documents. The Base Shelf Prospectus, the Prospectus Supplement (when filed) and any amendments to these documents may be accessed for free on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. Alternatively, electronic or paper copies of the foregoing documents may be obtained, without charge, from: CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com or from RBC Dominion Securities Inc., Attention: Distribution Centre, 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2 or by email at Distribution.RBCDS@rbccm.com, by providing the contact with an email address or address, as applicable. The Offering is subject to customary regulatory approvals, including the approval of the TSX.

    This new release is not an offer of securities of Cardinal for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the securities may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to Cardinal’s plans and other aspects of Cardinal’s anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward-looking information typically uses words such as “anticipate”, “believe”, “project”, “expect”, “goal”, “plan”, “intend”, “may”, “would”, “could” or “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to the anticipated closing date of the Offering and the use of proceeds of the Offering.

    Although Cardinal believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Cardinal can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the Offering may change if the board of directors of Cardinal determines that it would be in the best interests of Cardinal to deploy the proceeds for some other purpose and the closing date for the Offering may be changed. The forward looking statements contained in this press release are made as of the date hereof and Cardinal undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws

    About Cardinal Energy Ltd.

    Cardinal is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. Cardinal differentiates itself from its peers by having the lowest decline conventional asset base in Western Canada. Cardinal has recently announced the commencement of its first thermal SAGD oil development project which will further increase the long-term sustainability of the Company.

    For further information:

    M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO, Laurence Broos, VP Finance or Cody Kwong, Manager Business Development Email: info@cardinalenergy.ca Phone: (403) 234-8681

    The MIL Network

  • MIL-OSI Security: Mexican Drug Cartel Leader Extradited to Georgia to Face Federal Charges

    Source: Office of United States Attorneys

    ATLANTA – Omar Cuenca-Marino, 41, of Guerrero, Mexico, has been arraigned before Chief United States Magistrate Judge Russell G. Vineyard on federal charges of conspiracy to possess with the intent to distribute, and unlawful import of, methamphetamine, cocaine, and heroin into the United States, and conspiracy to commit money laundering.  Cuenca-Marino, who was the alleged leader of the Los Rojos Mexican Drug Cartel, was indicted by a federal grand jury on December 21, 2016.  

    “Robust law enforcement partnerships, tenacious investigators, and a resilient determination to eliminate cartels that import deadly drugs into our communities culminated in the charges and recent extradition of this alleged drug cartel leader,” said Acting United States Attorney Richard S. Moultrie, Jr. “This prosecution sends a strong message to the cartels and their leadership, no matter where they reside: you will face justice.”

    “The arrest and extradition of Omar Cuenca-Marino, the alleged Los Rojos cartel leader, marks a significant success for the ongoing U.S. efforts to dismantle drug trafficking cartels and secure our borders,” said Steven N. Schrank, Special Agent in Charge of HSI Atlanta, which covers Georgia and Alabama. “As part of our commitment to combating the opioid crisis and transnational crime, we are leveraging every available resource to disrupt cross border criminal operations. This case sends a clear message that we, alongside our law enforcement partners, will not tolerate those who seek to profit from the distribution of dangerous narcotics.”

    “The success of this investigation demonstrates DEA will use all of its resources to destroy drug distribution networks that are endangering our communities,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division.

    “Drug cartels have caused the death of many people in the United States and Mexico through violence and the distribution of illegal drugs,” said Special Agent in Charge Demetrius Hardeman, IRS Criminal Investigation, Atlanta Field Office. “Once identified by the Organized Crime Drug Enforcement Task Forces, IRS Criminal Investigation special agents investigate these cartels finances and their involvement with narcotics to help bring them down.”

    According to Acting U.S. Attorney Moultrie, the charges, and other information presented in court: An investigation by law enforcement authorities identified a drug cartel based in Mexico that, between approximately 2013 and 2016, was responsible for importing large, distribution quantities of heroin, methamphetamine, and cocaine from Mexico into the United States.  The investigation identified Cuenca-Marino as the alleged Mexico-based leader of the cartel who oversaw the preparation of thousands of kilograms of cocaine, methamphetamine, and heroin in Mexico and arranged to have the drugs smuggled into the United States, using buses and tractor-trailers.  In addition, Cuenca-Marino allegedly directed the collection of millions of dollars of drug proceeds for transport from the United States back to Mexico.

    For instance:

    • On October 11, 2013, a law enforcement operation in Vinings and Hiram, Georgia led to the seizure of approximately 75 kilograms of methamphetamine, 23 kilograms of heroin, and 47 kilograms of cocaine.  Cuenca-Marino allegedly directed the smuggling of these drugs into the United States for distribution in the Atlanta-metro area.
    • On November 20, 2015, law enforcement seized 76 packages of cocaine from a vehicle in a parking lot in Duluth, Georgia.  The investigation revealed that Cuenca-Marino had relayed the phone number of the Atlanta-based trafficker who was about to take possession of the drugs.
    • On February 9, 2016, law enforcement stopped a vehicle traveling on Interstate 44 in Phelps County, Missouri and found $425,900 in drug proceeds.  The driver, who was enroute to Mexico, allegedly contacted Cuenca-Marino the following day to report that the vehicle had been in an “accident.”

    Members of the public are reminded that the indictment only contains charges.  The defendant is presumed innocent of the charges, and it will be the government’s burden to prove the defendant’s guilt beyond a reasonable doubt at trial.

    The investigation and prosecution of this case is led by the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Drug Enforcement Administration, and Internal Revenue Service Criminal Investigation, with valuable assistance from the U.S. Marshals Service, the Cobb County Police Department, Cobb County Sheriff’s Office, Marietta Police Department, Powder Springs Police Department, Henry County Police Department, Clayton County Sheriff’s Office, Georgia Bureau of Investigation, DeKalb County Police Department, Alabama Drug Task Force, Newnan Police Department, Conyers Police Department, Gwinnett County Judicial Task Force, United States Customs and Border Protection, and the Georgia State Patrol.

    Assistant U.S. Attorney Michael Herskowitz is prosecuting the case.  Former Assistant U.S. Attorneys Nicholas Hartigan and Michael J. Brown, as well as the U.S. Department of Justice, Criminal Division’s Office of International Affairs and Office of Enforcement Operations, provided valuable assistance in the investigation. Also, the Department of Justice’s Office of International Affairs coordinated with law enforcement partners in Mexico to secure the arrest and extradition Cuenca-Marino.

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

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

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI

  • MIL-OSI Economics: Yannis Stournaras: Euro area challenges in an uncertain geopolitical landscape

    Source: Bank for International Settlements

    Your Excellencies, distinguished guests, ladies and gentlemen,

    It is a pleasure and an honour to be here with you today at this esteemed gathering to discuss some of the most pressing challenges confronting the euro area. I would like to extend my deepest gratitude to His Excellency the Ambassador of Poland and to the Embassy of Poland in Athens for hosting this important event, and for your continued commitment to fostering dialogue on issues that affect all of us in Europe. As we navigate through the complexities of our interconnected economies, the euro area finds itself at a critical juncture. In many ways, we are at a crossroads, where the decisions we make today will significantly shape the economic future of Europe for generations to come.

    Europe has emerged from the pandemic susceptible and weakened. Growth in the euro area has been disappointing in 2023 and 2024, at about 0.5% and 0.7% respectively, low on the basis of whatever criteria one would apply. A key factor underlying the tepid economic activity in the euro area in the last two years was weak business investment, which has been basically flat, if we exclude volatile business investment in Ireland. This starkly contrasts with the situation in the US, where business investment has grown almost three times faster than in the euro area in the post-pandemic period since the end of 2021.

    And, if anything, our projections for growth in 2025, at around 1%, clearly do not point to a strong pick-up in activity. In fact, more recent data, like the stagnation of GDP in the last quarter of 2024, already raise questions about the growth dynamics this year. Surveys indicate that manufacturing is still contracting and growth in services is slowing. Firms are holding back on investments, and exports remain weak, with some European industries struggling to remain competitive.

    This picture of subpar growth seems to reflect a series of long-standing structural impediments in the euro area, combined with unusually adverse global geopolitical factors as well as by political issues in some euro area countries, including the largest economies. War is waging on European soil, political gridlock hinders the ability to press ahead with reforms, while extremist political views are gaining ground across the continent.

    Of course, our restrictive but necessary monetary policy stance in the recent past, aimed at counteracting inflationary pressures, has also contributed to the weak growth developments of the euro area. In this sense, the easing interest rate path on which we have embarked should support activity. The good news is that the disinflation process remains well on track. Inflation has fallen rapidly from a peak of about 10.5% in October 2022 to 2.5% in January 2025 and is still trending downwards, despite some upward base effects in recent months, driven by oil and natural gas prices. What I find particularly encouraging is the fact that core inflation is at the moment a bit lower than we had expected in our latest projections. Core inflation is that part of inflation that excludes the most volatile components for which monetary policy has little, if any, impact. And this means that the past monetary policy tightening has done its job in taming inflation. It is also encouraging that, despite a very tight labour market and unemployment rates at historical lows, compensation per employee growth is easing. This is safeguarding a downward inflation path, also for services that are typically more labour-intensive compared to goods and, thus, their inflation is more persistent.

    Our December 2024 Eurosystem staff projections expect inflation to average 2.1% in 2025 and to return sustainably to our target in late 2025. Unless unexpected contingencies materialise, the ECB’s key interest rate through which we steer the monetary policy stance, the deposit facility rate, could fall to around 2% in the course of 2025 from its current level of 2.75%. Obviously, the sequence, pace and magnitude of interest rate cuts remain data-driven and will continue to be decided meeting by meeting.

    Overall, the balance of macroeconomic risks in the euro area has shifted from concerns about high inflation to concerns about low growth. In my view, the euro area is in danger of losing its economic footing, if it has not already done so. We have failed to rival US tech giants, while our economies are stagnating, facing strained public finances. Our region has grown at an average quarterly pace of 0.3% in the last 12 quarters. To put it into context, the US economy has expanded by a far more over the same period. And, to add to our own problems, the new US President seems to implement his election campaign declarations regarding import tariffs.

    Time is running out. We are facing, as ECB President Lagarde put it in Davos a few weeks ago, an existential crisis. There is an urgency for immediate action and collaborative efforts to effectively address Europe’s challenges at home and abroad. In the remainder of my speech, I would like to emphasise several major areas of concern that need to be addressed in priority.

    The first area is competitiveness. Productivity growth in the euro area has nearly stalled, constrained by unfavourable demographics, labour market rigidities in many countries, and weak capital growth. This also stems from Europe’s lagging business and investment dynamism. Europe has yet to match its global peers in channelling sufficient resources into innovation and productive economic activity, while energy remains expensive. European manufacturers pay about twice as much for electricity as their counterparts in the US. Meanwhile, the needs for electricity of an expanding digital economy will be enormous. Supercomputing infrastructure for artificial intelligence is becoming a geopolitical battleground, and the EU sovereigns must build capacity to reduce strategic dependence on foreign big tech companies.

    According to the 2024 European Investment Bank Investment Survey, capacity expansion has been a greater driver of investment in the US than in the euro area, where the primary focus in the latter remained on replacement. Euro area R&D investment was focused on mature industries, such as cars and equipment, while it has been increasingly concentrated in Information and Communication Technology (ICT)-based activities in the US, such as data centres and AI-related facilities. Intangible investment is key for productivity and value added growth, likely contributing to the widening productivity gap between the two jurisdictions, and impacting also potential output growth differentials.

    The road to a robust recovery for the European economy demands mobilising the substantial private investment necessary to reignite growth and foster resilience. To keep pace with global competitors, Europe needs to prioritise a substantial boost in investment in the next few years and structural reforms aimed at enhancing long-term potential growth. Notably, increased spending in green and digital transitions, innovation and energy are paramount for making Europe more productive, competitive and resilient.

    What is in my view needed?

    First, a more harmonised, yet less burdensome, regulation in the EU – for example, regarding corporate law, insolvencies, taxation and labour law – would improve competitiveness without having to invest a single euro.

    Second, the promotion of a single market for capital is essential. The creation of a European Savings and Investments Union is a move in the right direction, as it can ensure a smooth flow of investment throughout our Union. Establishing common supervision of EU capital markets, integrating the highly segmented infrastructure of European financial markets, and standardising products for retail investment can mobilise both EU’s large savings and foreign capital. In addition, deepening the securitisation market and simplifying the relevant regulation can also contribute to attracting investors.

    Third, the completion of Banking Union, with the establishment of EDIS (European Deposit Insurance Scheme) and a Crisis Management Mechanism – CMDI, since a segmented banking sector can never achieve the efficiency and economies of scale gains of US banks.

    There is no doubt that enhanced financial integration can empower innovative firms at all stages of their development with the funding they need to scale up and thrive in a competitive global landscape, reducing their reliance on financing outside Europe. To this end, it is critical to provide investors with incentives for more risk capital, for example by overcoming the institutional and operational hurdles that make European venture capital firms underperform their US counterparts.

    Finally, a permanent fiscal capacity in Europe can successfully step up investments and growth-enhancing projects directed towards areas that bolster economic potential and resilience across Europe. In fact, the accomplishments of the EU Recovery and Resilience Facility offer a valuable blueprint for what can be achieved through coordinated and targeted fiscal initiatives. A clear illustration of this is the finding in the Draghi report that, despite public spending in research and innovation being similar in the EU and the US, it yields much lower dividends in the EU because it is fragmented and uncoordinated across countries.

    Related to that, we need to take a careful look at the factors that have inhibited private investment and, therefore, productivity. In this regard, two factors come to mind.

    First, it appears that some countries are simply not competitive because of structural impediments, such as over-regulation in some markets. I find it interesting that our fastest growing economies at present are those that have had to implement structural reforms during the past decade – countries such as Spain, Portugal, Cyprus and my own.

    Second, we should take a close look at the relationship between investment and our taxation policies. There may well be a need to better harmonise our tax policies in a way that provides an incentive to invest. 

    While these advances require addressing long-standing barriers and fragmentation across jurisdictions and sectors, they would also significantly improve the access of businesses to financing. By fostering business efficiency and resource reallocation to the most productive and competitive sectors, sustainable growth can be supported.

    To this end, we welcome the Commission’s roadmap on improving competitiveness that was released at the end of January 2025, the so-called Competitiveness Compass, which was based on recommendations by the Draghi report. An increase of productivity by closing the innovation gap is of paramount importance for the economic welfare of European citizens. So is investment in human capital through upskilling and reskilling, talent attraction and retainment, and effective integration of underutilised workers and immigrants into the labour force.

    Under President Lagarde’s leadership, the ECB’s Governing Council stands ready to play its part in this quest for higher productivity and competitiveness. First, by maintaining a low and predictable inflation environment, the ECB promotes confidence among businesses and investors and contributes to fostering investment and long-term capital allocation required for sustainable economic growth. Second, by removing in a timely manner layers of monetary policy restriction no longer necessary. With inflation sustainably settling around our target, easier financing conditions will be key in stimulating investment by making capital more accessible and affordable.

    The second area of concern for the euro area is the declared trade policy by the new President of the United States. Although the details of a potential imposition of US tariffs have yet to be disclosed, the prospect of an aggressive US trade policy, coupled with possible retaliatory measures, are likely to have far-reaching implications, adding to the euro area’s headwinds. With trade volumes between the EU and the US at 1.5 trillion euros, it is clear that US tariffs on Europe will be negative for growth. Market estimates suggest that a 10% US tariff on all imports from the euro area, coupled with higher uncertainty about future US-EU trade relations, could depress euro area GDP growth by up to 0.5 percentage points within a year. The magnitude of these adverse growth effects will depend, among other things, on the range of products subject to higher tariffs, how long these tariffs will persist, which retaliatory and counter-retaliatory measures will be put in place, and the feedback effects from global economic and financial conditions. Incidentally, both theory and practice suggest that tariffs is usually a loose-loose instrument, hence not only the US trade partners are bound to loose, but the US too.

    The impact of tariffs on euro area inflation is less straightforward, operating through various channels. On the one hand, a USD appreciation or a tariff retaliation on US goods from our side will make euro area imports from the US – as well as the bulk of total energy imports that is dollar-invoiced – more expensive, pushing up inflation. On the other hand, a possible re-direction of cheaper Chinese exports from the US to the EU market, due to a US-China trade war, would ceteris paribus accentuate the disinflation process in the euro area.

    In any case, uncertainty about geopolitical, trade and financial developments could significantly weigh on economic sentiment and confidence, further hindering consumption and investment from recovering. At the same time, trade constraints are likely to impact activity in the manufacturing sector, the sick man in Europe, prolonging the ongoing economic stagnation in our region. Completing the Single Market will help meet these challenges.

    Strengthening and extending Europe’s trade alliances is also essential to balance trade risks. Expanding bilateral and regional preferential trade agreements would foster cooperation with other countries and contribute to a functional, rule-based multilateral trade system. These steps are essential to boosting investment and fostering sustainable growth, while enhancing the resilience of our economies against external shocks.

    Turning to the pressing issue of climate adaptation and mitigation, it is clear that we are faced with “peak pessimism”. The US withdrawal from the global climate change negotiations and initiatives has been complemented with major banks and asset funds in the US and Europe distancing themselves from climate policies. We can all see the risks. But we also need to see the opportunities. Momentum for the energy transition needs to remain strong in our continent, and across the rest of the world. We have an even stronger case to double down on our own initiatives to bolster decarbonisation, while avoiding Europe’s deindustrialisation. Clean energy at competitive prices should be seen as a great opportunity to industrialise rather than the opposite. The European Commission’s plans for a Clean Industrial Deal and its intentions to streamline the sustainability reporting rules, without discounting on transparency, are good examples of how to balance the goal of greening the economy with that of preserving the EU’s industrial base and firms’ competitiveness.

    As supervisors, central banks can also make sure that the commercial banking sector is better positioned in managing climate risks. We can strengthen the credibility of our monetary policy in achieving our mandate, taking into consideration the implications of climate change for inflation and output. And last but not least, Europe ought to become again the key driver for green tech and finance, which takes me back to the imperative of the European Savings and Investment Union.

    Let me conclude by saying that a key prerequisite for economic prosperity is a safer and more secure Europe. We cannot thrive in an environment where security is fragile or compromised. The Polish EU Presidency in the first half of 2025 has rightly spotlighted the security challenge as central to Europe’s future. Reinforcing the EU’s civilian and military preparedness must be a priority, as it ensures the Union is resilient to a variety of threats, both internal and external. From preparing for natural disasters to building robust defence capacity and shielding our economies from modern threats, such as cyberattacks and critical infrastructure disruptions, are all vital to uphold economic stability and progress.

    In a world fraught with uncertainty about geopolitical, trade and financial developments, full of unknown unknowns, I cannot emphasise enough the urgency for immediate and coordinated steps to navigate these challenges effectively. The challenges we face may be complex but are not insurmountable. With a shared commitment to economic stability, growth and innovation, we can continue to build a more inclusive and sustainable European economy and strengthen our continent’s role in international diplomacy. I am confident that the ambitious programme of the Polish EU Presidency will yield positive outcomes and give Europeans a sense of security and optimism about the future of our economies.

    Thank you very much for your attention.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: TD’s first online auction of Ordinary Vehicle Registration Marks successfully completed

    Source: Hong Kong Government special administrative region

         â€‹The Transport Department (TD)’s first online auction of vehicle registration marks (VRMs) was completed successfully yesterday (February 24). A total of 50 Ordinary VRMs were sold at the five-day auction, with total proceeds of $632,000.

         A spokesman for the TD said, “The first online auction was held via the E-Auction website (e-auction.td.gov.hk) from noon on February 20 to noon on February 24. A total of 50 Ordinary VRMs were put up for auction and were completed successfully yesterday. Operation of the E-Auction was smooth, and the functions of the platform, including real-time bid, auto-bid (during auction), and pre-set auto bid (before auction), also performed well. During the auction, bidders could participate via the Internet and place bids. The entire auction process and the subsequent payment were conducted online.”

         Among the 50 Ordinary VRMs sold with total proceeds of $632,000, the VRM “AA 681” fetched the highest price of $60,000. The auction proceeds will go to the Government Lotteries Fund for charity purposes after the deduction of expenses incurred in conducting the auction. Details of the auction results are available on the E-Auction website. 

         Successful bidders shall follow the TD’s instructions in the notification email to log into the E-Auction within 48 hours from the issuance of the email and complete the necessary processes, including completing the Purchaser Information for the issuance of the Memorandum of Sale of Registration Mark (Memorandum of Sale) and making auction payment for the relevant VRM(s) online. They will receive another notification email around seven working days after successful payment has been confirmed for generating the Memorandum of Sale from the E-Auction system. 

         The VRMs allocated through the auction can be assigned only to motor vehicles registered in the name of the purchasers. The purchaser shall, within 12 months after the issuance of the Memorandum of Sale, arrange to assign the registration mark to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the registration mark within 12 months, the allocation of the mark concerned will be cancelled and arranged for reallocation in accordance with statutory provisions without prior notice to the purchaser.

         Members of the public may refer to the E-Auction website for the relevant information. Please call the E-Auction hotline (3583 3980) or email (e-auction-enquiry@td.gov.hk) for enquiries.

         The next online auction will be held from March 20 to 24, with details to be announced in due course. The TD will conduct a review of the e-Auction operations and gradually increase the number of auctions. 

    MIL OSI Asia Pacific News

  • MIL-OSI: Atsign Expands NoPorts Platform with C Language Support, Enhancing Security for Critical Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — Atsign, a leading provider of critical infrastructure technology, is excited to announce the availability of NoPorts, its secure communication platform, in the C programming language. This expansion offers greater portability and compatibility for IoT devices and networking equipment, enabling seamless integration across a wider range of operating systems and hardware configurations, particularly within critical infrastructure environments.

    The C version of NoPorts provides several key advantages for securing critical infrastructure:

    • Enhanced Portability: The C programming language is widely supported, allowing NoPorts to run on a variety of embedded systems and legacy hardware commonly found in critical infrastructure environments.
    • Reduced Footprint: The C implementation offers a smaller footprint, making it ideal for resource-constrained devices and enabling deployment in environments with limited memory and processing power.
    • Tailored Integration: The C SDK provides developers with granular control over NoPorts integration, allowing them to optimize performance and functionality for specific critical infrastructure use cases and security requirements.

    “The availability of NoPorts in C is a significant milestone for Atsign, particularly in our drive to secure critical infrastructure,” said Colin Constable, Co-founder and CTO of Atsign. “By expanding our language offerings, we are empowering organizations to build secure and scalable communication systems that can withstand cyber threats and ensure the continued operation of essential services.”

    About Atsign

    Atsign specializes in embedded security technology infrastructure, software solutions, and SDKs. The company is providing the technology for the next generation of the Internet with simplicity, security, and privacy built-in. Atsign’s products are based on the promise of a new approach to networking using public key cryptography and personal data services. Learn more at Atsign.com.

    About NoPorts

    NoPorts simplifies and secures remote access, protecting critical infrastructure, for organizations of all sizes. With a zero trust architecture, end-to-end encryption ensuring data privacy, and the elimination of network attack surfaces, NoPorts offers the most secure tunnel for remote access. NoPorts empowers businesses to achieve greater operational efficiency, improved scalability, and enhanced security—all while reducing costs and complexity. Learn more at NoPorts.com.

    Media Contact:
    Scott Hetherington
    Atsign
    Scott@Atsign.com
    844-827-0985

    The MIL Network

  • MIL-OSI: Bitget Enhances Recruitment Efficiency with AI, Cutting Hiring Time by 38%

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released a report highlighting the transformative impact of artificial intelligence on the hiring process. The findings reveal that utilizing AI Bitget has reduced hiring timelines by 38%, streamlined talent acquisition, and improved candidate-job alignment, significantly increasing workforce efficiency.

    Key Takeaways

    • The introduction of AI in recruitment reduced Bitget’s average hiring time by 38%.
    • AI-powered resume screening reduced manual processing by 76%, allowing HR department to focus on higher-level candidates.
    • Recruitment costs dropped by 25% due to automated hiring workflows.
    • Employee retention improved by 15%, as a better candidate-job fit led to a lower first-year attrition rate.
    • AI-driven candidate ranking and skill-job matching increased hiring accuracy, lowering bias in recruitment decisions by 38%.

    Traditional hiring methods often result in slow recruitment cycles, high costs, and mismatches between candidates and job roles. Bitget implemented an AI-driven recruitment solution that automates resume screening, interview scheduling, and candidate evaluation. By leveraging machine learning and predictive analytics, the platform optimized hiring decisions based on skill-job compatibility, past performance metrics, and cultural fit. This transition to AI-driven recruitment has accelerated the company’s hiring process while maintaining high selection standards.

    Before implementing AI-driven hiring, Bitget relied on manual candidate screening and external recruitment agencies, which made recruitment costly and time-consuming. The average hiring cycle lasted 48 days, with some technical positions taking up to 50 days to fill. High dependence on third-party agencies accounted for nearly 40% of total hiring costs, while internal HR teams processed up to 500 resumes per month, leading to operational inefficiencies. Despite the company’s rapid growth, traditional hiring methods limited its ability to scale into new markets and product sectors efficiently.

    To address these challenges, Bitget introduced an AI-powered recruitment system designed to streamline hiring by automating resume screening, optimizing candidate-job matching, and improving decision-making. The AI model was trained using historical hiring data, evaluating key indicators such as skill compatibility, previous performance, and cultural fit. Integrated with existing HR systems, the technology enabled rapid candidate ranking and selection while reducing human bias.

    The results were significant. The average time to hire dropped by 38%, cutting recruitment cycles from 48 to 30 days. Resume screening efficiency improved by 76%, allowing HR specialists to focus on high-value candidates rather than manual filtering. Cost savings reached 25%, primarily due to reduced reliance on external agencies and the automation of administrative hiring processes. Employee retention improved by 15%, as better candidate-job alignment led to a decrease in first-year attrition. Additionally, AI-driven evaluations helped minimize unconscious bias in hiring decisions, resulting in a 38% improvement in hiring accuracy.

    “With AI, we’re not just hiring faster — we’re hiring smarter,” said Gracy Chen, CEO of Bitget. “This technology is helping us attract top talent more efficiently while optimizing costs and improving long-term retention.”

    Bitget’s AI hiring transformation underscores how automation can enhance workforce efficiency in highly competitive industries. By integrating AI into recruitment, the company has set a new benchmark for efficiency, accuracy, and cost-effectiveness, offering a model that could reshape talent acquisition strategies across the cryptocurrency and technology sectors.

    To know more about Bitget’s AI usage in hiring, check the full report here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6645e120-7461-4af0-9253-b5353f2d5350

    The MIL Network

  • MIL-OSI United Kingdom: Recorded Crime in Scotland, year ending December 2024

    Source: Scottish Government

    An Accredited Official Statistics Publication for Scotland.

    Scotland’s Chief Statistician today released Recorded Crime in Scotland, year ending December 2024.

    In the year ending December 2024:

    The police in Scotland recorded 298,308 crimes. This was 1% lower than the 302,076 crimes recorded in the year ending December 2023, but 1% higher than the 296,263 crimes recorded in the year ending December 2020.

    Non-sexual crimes of violence were 2% lower compared to the year ending December 2023 (decreasing from 71,900 to 70,637 crimes), but 10% higher compared to the year ending December 2020 (increasing from 63,938 to 70,637 crimes).

    Sexual crimes were 2% lower compared to the year ending December 2023 (decreasing from 14,894 to 14,539 crimes), but 11% higher compared to the year ending December 2020 (increasing from 13,106 to 14,539 crimes).

    Crimes of dishonesty were less than 1% lower compared to the year ending December 2023 (decreasing from 111,682 to 111,265 crimes), but 16% higher compared to the year ending December 2020 (increasing from 96,286 to 111,265 crimes).

    Damage and reckless behaviour was 7% lower compared to the year ending December 2023 (decreasing from 42,124 to 39,249 crimes), and 12% lower compared to the year ending December 2020 (decreasing from 44,419 to 39,249 crimes).

    Crimes against society were 2% higher compared to the year ending December 2023 (increasing from 61,476 to 62,618 crimes), but 10% lower compared to the year ending December 2020 (decreasing from 69,241 to 62,618 crimes).

    The number of offences recorded by the police in Scotland was 177,172. This is 1% lower than the 179,616 offences recorded in the year ending December 2023, and 6% lower than the 187,752 offences recorded in the year ending December 2020.

    Background

    1. The full statistical publication can be accessed at: Recorded Crime in Scotland: year ending December 2024.
    1. The statistics provide information on recorded crimes up to year ending December 2024, and the previous four years. For additional and more detailed commentary on the recording of crimes and offences, we recommend users refer to the 2023-24 (or year ending March 2024) Accredited Official Statistics bulletin. This includes time series analysis over the longer term (back to 1971), statistics on cyber-crimes and clear-up rates.
    1. Contraventions of Scottish criminal law are divided for statistical purposes into crimes and offences. ‘Crime’ is generally used for the more serious criminal acts. The less serious termed ‘offences’, although the term ‘offence’ may also be used in relation to serious breaches of criminal law. The distinction is made only for statistical reporting purposes and the ‘seriousness’ of the offence is generally related to the maximum sentence that can be imposed.
    1. Further information on Crime and Justice statistics within Scotland can be accessed at: Crime and justice statistics – gov.scot (www.gov.scot)
    1. Accredited Official Statistics are produced by professionally independent statistical staff – more information on the standards of Official Statistics in Scotland can be accessed at: Statistics and research – gov.scot (www.gov.scot)

    Contact: Susan Carsley : 0131 244 1451

    Internet: Recorded Crime in Scotland: year ending December 2024.

    MIL OSI United Kingdom

  • MIL-OSI USA: Cramer, Moran Introduce Bipartisan Legislation to Prevent Taxation of Rural Broadband Grants

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    ***Click here to download audio. ***

    WASHINGTON, D.C. –  Under existing law, federal broadband deployment grants are subject to federal taxation, limiting the funds available for recipients to use.

    U.S. Senator Kevin Cramer (R-ND) joined U.S. Senator Jerry Moran (R-KS) in introducing the Broadband Grant Tax Treatment Act to ensure federal broadband deployment grants are excluded from taxable income, allowing recipients to maximize investments in broadband expansion.

    “It certainly won’t surprise North Dakotans to know that reliable, high-speed broadband brings our country together in many respects,” said Cramer.Much like our integrated highway system, broadband connects large, rural states like ours to essential services like telemedicine, educational opportunities, and strengthens our small businesses with e-commerce opportunities. By making every dollar for broadband expansion count, this bill really does pave the way for a much more connected future.”

    “Reliable, high-speed internet is more crucial than ever for Kansans to run their businesses, access telehealth or pursue an education,” said Sen. Moran. “This commonsense legislation would make certain federal grants provided for broadband deployment are not counted as taxable income to maximize the impact and success of these resources.” 

    The bill is consistent with longstanding efforts to promote broadband accessibility in underserved communities and has received strong support from industry leaders, including USTelecom – The Broadband Association; the Competitive Carriers Association; CTIA – The Wireless Association; INCOMPAS – The Internet and Competitive Networks Association; WTA – Advocates for Rural Broadband; NTCA – The Rural Broadband Association; and the Wireless Internet Service Providers Association.

    Cosponsors of the Broadband Grant Tax Treatment Act include U.S. Senators Dan Sullivan (R-AK), Tim Kaine (D-VA), Tommy Tuberville (R-AL), Mark Kelly (D-AZ), Shelley Moore Capito (R-WV), Angus King (I-ME), Roger Wicker (R-MS), Raphael Warnock (D-GA), and Deb Fischer (R-NE).

    Click here for bill text.

    MIL OSI USA News

  • MIL-OSI Security: U.S. Attorney’s Office and FBI Charge Pojoaque Man with Sexual Abuse of a Minor

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Pojoaque man has been charged with aggravated sexual abuse of a minor.

    According to the indictment, between December 21, 2021, and February 23, 2022, Alexander John Duran, 30, an enrolled member of Pojoaque Pueblo, allegedly engaged in and attempted to engage in sexual acts with a child under the age of 12.

    Duran will remain in custody pending trial, which has not been set. If convicted, Duran faces no less than 30 years and up to life imprisonment.

    Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Albuquerque-Santa Fe Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case. Assistant U.S. Attorney Mark A. Probasco is prosecuting the case 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 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 Justice.gov/PSC.

    MIL Security OSI

  • MIL-OSI Security: Eldon Sex Offender Sentenced to 20 Years for Child Pornography

    Source: Office of United States Attorneys

    JEFFERSON CITY, Mo. – An Eldon, Mo., man who is a registered sex offender was sentenced in federal court today for possessing child pornography.

    David Arabie, 59, was sentenced by U.S. District Judge Brian C. Wimes to 20 years in federal prison without parole, the statutory maximum sentence for this offense. The court also sentenced Arabie to 25 years of supervised release following incarceration.

    Arabie is a registered sex offender with prior felony convictions for statutory sodomy involving a 6-year-old victim and criminal sexual conduct involving the sexual abuse of three children ages 7 to 12.

    On Oct. 26, 2023, Arabie pleaded guilty to possessing child pornography. The court found him in breach of his plea agreement at today’s hearing, however, after Arabie filed a motion to withdraw his guilty plea and recanted his previous statements made under oath during the change of plea hearing, claiming to be innocent of the charged conduct. On Dec. 20, 2024, the court denied Arabie’s motion to withdraw his guilty plea.

    Arabie admitted that, while visiting his in-laws, he used a peer-to-peer file-sharing network on his computer to share images of child sexual abuse material with an undercover law enforcement officer. Arabie shared a video of the sexual abuse of a child victim approximately 3 to 6 years old.

    Arabie also admitted that he possessed more than 600 images of child sexual abuse material on his computer.

    This case was prosecuted by Assistant U.S. Attorney Ashley S. Turner. It was investigated by the Missouri State Highway Patrol.

    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 Security: Silver Spring Man Indicted for Producing and Possessing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    Greenbelt, Maryland – A federal grand jury indicted David Alain Schmidt, 43, of Silver Spring, Maryland, charging him with producing and possessing child sexual abuse material.

    Phil Selden, Acting U.S. Attorney for the District of Maryland, announced the indictment with Special Agent in Charge Michael McCarthy, Homeland Security Investigations (HSI) Baltimore, and Chief Marc R. Yamada, Montgomery County Police Department.

    According to the indictment, in October 2024, Schmidt enticed a minor to produce child sexual abuse material and he also possessed sexually explicit images of a minor victim.

    If convicted, Schmidt faces a mandatory minimum sentence of 15 years in federal prison for producing child sexual abuse material and a maximum of 10 years in federal prison for possessing child sexual abuse material.  Actual sentences for federal crimes are typically less than the maximum penalties.  A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors. 

    An indictment is not a finding of guilt.  Individuals charged by indictment are presumed innocent until proven guilty at a later criminal proceeding.

    Acting U.S. Attorney Selden commended HSI and the Montgomery County Police Department for their work in the investigation.  Mr. Selden also thanked Assistant U.S. Attorney Megan S. McKoy who is prosecuting the case.

    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 U.S. Attorney’s 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, visit www.justice.gov/psc.  Learn about Internet safety education by clicking on the “Resources” tab on the left side of the page. 

    Know2Protect is a Department of Homeland Security national public awareness campaign to educate and empower children, teens, parents, trusted adults and policymakers to prevent and combat online child sexual exploitation and abuse; explain how to report online enticement and victimization; and offer resources for victims and survivors and their supporters.  Learn more about Know2Protect at www.dhs.gov/know2protect.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit https://www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI

  • MIL-OSI: Alaris Equity Partners Provides Corporate Update

    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, Feb. 24, 2025 (GLOBE NEWSWIRE) — (all numbers in this release are in US dollars (US$) unless otherwise noted) Alaris Equity Partners Income Trust (the “Trust“) (TSX: AD.UN) is pleased to announce that its subsidiary, Alaris Equity Partners USA Inc. (collectively, with the Trust and its other subsidiaries, “Alaris“) has made an investment of $21.0 million into Berg Demo Holdings, LLC (“Berg“) (the “Berg Investment”) and $61.1 million into Professional Electric Contractors of Connecticut, Inc. (“PEC“) (the “PEC Investment“). Alaris is also pleased to announce the redemption of Alaris’ investment in Unify Consulting LLC (“Unify“), which closed in December, and resulted in gross proceeds of $12.3 million to Alaris (the “Unify Redemption“).

    “A productive start to 2025 with the closing of two new partnerships and the successful exit of another. Berg and PEC both signify the forming of partnerships with very strong entrepreneurs. David Berg and Jim Bisson from Berg and PEC respectively are exactly what we look for in partners. Long track records of success and a strong passion to continue to grow their businesses. Both partners have the capacity and desire to grow through acquisitions in addition to continued organic growth.

    I’d like to thank Darren Alger and his team at Unify for a wonderful eight years as our partner. Alaris originally funded a management buyout for Darren and we are proud of how well he has done as majority owner. Crystallizing another investment with an IRR of 20% is also an excellent result for our management team,” said Steve King, Chief Executive Officer, Alaris.

    Berg Investment

    The Berg Investment consists of: (i) $17.15 million (the “Berg Preferred Contribution“) of preferred equity, entitling Alaris to an initial annualized distribution of $2.40 million (the “Berg Distribution“); and (ii) $3.85 million (the “Berg Common Equity“) for a minority common equity ownership in Berg. The Berg Distribution will reset annually based on the percentage change in gross profit, subject to a collar of +/- 7%.

    Berg has an earnings coverage ratio between 1.5x and 2.0x based on Berg’s trailing twelve-month financial results and giving effect to certain other changes to Berg’s capital structure. The Berg Investment will be used for capital investment and to provide partial liquidity to equity holders.

    “We are thrilled to partner with Alaris, a partnership that strengthens our leadership team’s ability to drive future growth. As a third-generation demolition, scrap, and hazardous materials company, Berg has built a legacy of excellence. With Alaris’s strategic support and expertise, we are confident that Berg will continue to thrive as an industry leader for generations to come,” said David Berg, Founder, Berg.

    Berg is a leading demolition solutions provider serving public, commercial and industrial end markets in the Baltimore and DC, Maryland & Virginia (“DMV”) metropolitan area in the United States. Founded in 1998 by David Berg and headquartered in Baltimore, MD, Berg has become the preeminent hazardous material abatement, selective structural and building razing operation in the region.

    PEC Investment

    The PEC Investment of $61.1 million consists of a $37.0 million investment in debt and preferred equity (the “PEC Contribution“) as well as an investment of $24.1 million in exchange for a minority common equity ownership in PEC (the “PEC Common Equity“). Included within the $37.0 million PEC Contribution is $10.0 million of preferred equity redeemable at par. The PEC Contribution will result in an annualized cash distribution to Alaris of $5.18 million (the “PEC Distribution“), an initial combined annual yield of 14% and will reset annually +/- 7% based on changes in PEC’s revenue. The proceeds from the PEC Investment were used for partial liquidity to existing PEC shareholders.

    PEC has an earnings coverage ratio between 1.5x and 2.0x, based on PEC’s trailing twelve-month financial results and giving effect to changes to PEC’s capital structure following the Alaris investment.

    “When we first met Alaris, we liked their people and their unique model immediately; Alaris’ combination of financial strength and M&A acumen will allow us to focus on growth, while their approach recognizes our desire to protect and preserve PEC’s culture, which has always been a competitive advantage and our defining attribute,” said Jim Bisson, Jr., President and Chief Executive Officer, PEC.

    PEC is a full-service electrical contracting firm with a broad range of capabilities ranging from commercial installations, historical structural retrofits and large scale Photovoltaic (PV) projects. In addition, through its subsidiary North American Renewables, Inc, PEC is a leading solar engineering, procurement and construction (“EPC”) contractor. PEC serves the Greater New England and New York area.

    Unify Redemption

    Alaris successfully exited its partnership with Unify after eight years resulting in total gross proceeds over the life of the investment of CAD$51.6 million. Alaris’ total return on the Unify investment is CAD$38.6 million, equating to an unlevered IRR of 20% and MOIC of 1.9x.

    Following the Berg and PEC Investment, and the Unify Redemption, Alaris will have approximately CA$412.9 million drawn on its senior credit facility (the “Facility“) and $87.1 million available for investment purposes while the total senior debt to EBITDA on a proforma basis is approximately 2.43x. Alaris estimates its run rate payout ratio to be approximately 57.6% following today’s announcement.

    About Alaris:

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Private Company Partners“) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Private Company Partners.

    NON-IFRS MEASURES:

    Earnings Coverage Ratio refers to the Normalized 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.

    Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature and is calculated by adjusting for non-recurring expenses and gains to EBITDA. Management deems non-recurring charges to be unusual and/or infrequent charges that our Partners incur outside of its common day-to-day operations.

    EBITDA refers to earnings determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations.

    IRR is a supplementary financial measure and refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    MOIC is a supplementary financial measure and refers to multiple of capital invested, which is a financial metric used to evaluate the value of an investment relative to the initial capital. Management uses MOIC to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    The terms Earnings Coverage Ratio, Normalized EBITDA, EBITDA, IRR and MOIC (the “Non-IFRS Measures“) are not standard measures under IFRS. Alaris’ calculation of the Non-IFRS Measures may differ from those of other issuers and, therefore, should only be used in conjunction with the Trust’s annual audited and unaudited interim financial statements, which are available under the Trust’s (and its predecessor’s) profile on SEDAR+ at www.sedarplus.ca.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this news release may be forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the Berg and PEC Investments and the Unify redemption. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. Forward looking statements in this news release include, without limitation, statements regarding: the annualized distributions for the Berg and PEC Investments; the earnings coverage ratios for Berg and PEC; and Alaris’ outstanding indebtedness and use of the balance of the Facility. Any forward-looking statements herein which constitute a financial outlook or future-oriented financial information (including the impact on Run Rate Payout Ratio) were approved by management as of the date hereof and have been included to provide an understanding of 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 are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital 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 expectations 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.

    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 ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners 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 in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; 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 the Trust’s Management Discussion and Analysis for the year ended December 31, 2023, which is filed under the Trust’s profile at www.sedar.com and on its website at www.alarisequitypartners.com.

    This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about increases to the Trust’s net operating cash from activities and revenues, each of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. Alaris’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and FOFI, or if any of them do so, what benefits the Trust will derive therefrom. 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. 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.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6

    www.alarisequitypartners.com

    The MIL Network

  • MIL-OSI: EverQuote Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth Quarter Revenue Growth of 165% Year-Over-Year to $147.5 million
    • Fourth Quarter Variable Marketing Dollars Increases Over 110% Year-Over-Year to $44.0 million
    • Delivers Fourth Quarter Net Income of $12.3 million and Adjusted EBITDA of $18.9 million
    • Full Year Revenue Grows 74% and Variable Marketing Dollars Increases 55%, Year-Over-Year
    • Full Year Net Income Increases to $32.2 million and Generates Operating Cash Flow of $66.6 million

    CAMBRIDGE, Mass., Feb. 24, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “I am proud of our remarkable team and our financial accomplishments in 2024. We grew revenue by 74% year-over-year to cross the $500 million mark for the first time, increased Adjusted EBITDA to almost $60 million, and finished the year with over $100 million of cash on the balance sheet, and no debt,” said Jayme Mendal, CEO of EverQuote. “Over the last year, we have refocused and clarified our vision to become the leading growth partner for P&C insurance providers by efficiently delivering better performing referrals, bigger traffic scale and a broader suite of products and services. We are emerging from the auto insurance downturn with record performance, and expect to carry forward our positive momentum and profitable growth into 2025 and beyond.”

    “Our strong momentum continued through the fourth quarter, as we again exceeded guidance across all three of our primary financial metrics: total revenue, Variable Marketing Dollars or VMD, and Adjusted EBITDA. We produced a record-level of revenue and net income, as well as a record-level of Adjusted EBITDA and operating cash flow for the full year 2024,” said Joseph Sanborn, CFO of EverQuote. “As we progress through 2025, we plan to make continued strategic investments to accelerate the advancement of our technology platform to enable faster development of product enhancements and new offerings for our customers. We are excited about our ability to continue to leverage our traffic expertise, data assets and technology to support our insurance provider customers in successfully expanding their business; and in turn enable EverQuote to further scale and drive growing profitability.”

    Fourth Quarter 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to the fourth quarter of 2023).

    • Total revenue of $147.5 million, an increase of 165%.
    • Automotive insurance vertical revenue of $135.9 million, an increase of over 200%.
    • Home and renters insurance vertical revenue of $11.3 million, an increase of 15%.
    • VMD more than doubled to $44.0 million, compared to $20.7 million.
    • GAAP net income of $12.3 million, compared to a GAAP net loss of ($6.3) million.
    • Adjusted EBITDA of $18.9 million, compared to ($0.9) million.
    • Operating cash flow of $20.1 million, compared to ($0.8) million.
    • Ended the quarter with $102.1 million in cash and cash equivalents, an increase of 23% from $82.8 million at the end of the third quarter of 2024.

    Full Year 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to full year 2023 results).

    • Total revenue of $500.2 million, an increase of 74%.
    • Automotive insurance vertical revenue of $446.1 million, an increase of 96%.
    • Home and renters insurance vertical revenue of $52.0 million, an increase of 27%.
    • VMD increased 55% to $155.2 million, compared to $100.3 million.
    • GAAP net income of $32.2 million, compared to a GAAP net loss of ($51.3) million. The net loss for 2023 includes $23.6 million of restructuring and other charges related to the sale of our health insurance vertical assets and workforce reduction.
    • Adjusted EBITDA of $58.2 million, compared to $0.5 million.
    • Operating cash flow of $66.6 million, compared to ($2.8) million.

    First Quarter 2025 Outlook:

    • Revenue of $155.0 – $160.0 million, representing 73% year-over-year growth at the midpoint.
    • Variable Marketing Dollars of $44.0 – $46.0 million, representing 46% year-over-year growth at the midpoint.
    • Adjusted EBITDA of $19.0 – $21.0 million, representing 163% year-over-year growth at the midpoint.

    With respect to the Company’s expectations under “First Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call and Webcast Information

    EverQuote will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results at 4:30 p.m. Eastern Time today, February 24, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

    Safe Harbor Statement

    This press release contains 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. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.

    About EverQuote

    EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 489-2193

     
    EVERQUOTE, INC.
    STATEMENTS OF OPERATIONS
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands except per share)  
    Revenue   $ 147,455     $ 55,705     $ 500,190     $ 287,921  
    Cost and operating expenses(1):                                
    Cost of revenue     5,420       4,988       20,922       22,455  
    Sales and marketing     114,209       44,594       387,700       240,131  
    Research and development     7,640       5,944       29,553       27,591  
    General and administrative     8,159       6,962       30,264       26,301  
    Restructuring and other charges           (21 )           23,568  
    Acquisition-related costs                       (150 )
    Total cost and operating expenses     135,428       62,467       468,439       339,896  
    Income (loss) from operations     12,027       (6,762 )     31,751       (51,975 )
    Other income:                                
    Interest income     683       382       2,079       1,251  
    Other income, net   24       9     178     14  
    Total other income, net     707       391       2,257       1,265  
    Income (loss) before income taxes     12,734       (6,371 )     34,008       (50,710 )
    Income tax (expense) benefit     (428 )     23       (1,839 )     (577 )
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Net income (loss) per share:                                
    Basic   $ 0.35     $ (0.19 )   $ 0.92     $ (1.54 )
    Diluted   $ 0.33     $ (0.19 )   $ 0.88     $ (1.54 )
    Weighted average common shares
        outstanding, basic and diluted
                                   
    Basic     35,490       33,954       35,007       33,350  
    Diluted     37,051       33,954       36,646       33,350  
                                     
    (1) Amounts include stock-based compensation expense, as follows:                          
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Cost of revenue   $ 53     $ 49     $ 182     $ 219  
    Sales and marketing     1,713       1,906       6,796       8,667  
    Research and development     1,422       1,574       5,502       8,053  
    General and administrative     2,122       1,284       8,134       5,869  
    Restructuring and other charges                       1,288  
        $ 5,310     $ 4,813     $ 20,614     $ 24,096  
     
     
    EVERQUOTE, INC.
    BALANCE SHEET DATA
     
        December 31,  
        2024     2023  
        (in thousands)  
    Cash and cash equivalents   $ 102,116     $ 37,956  
    Working capital     99,131       39,293  
    Total assets     210,530       110,925  
    Total liabilities     75,162       30,018  
    Total stockholders’ equity     135,368       80,907  
     
     
    EVERQUOTE, INC.
    STATEMENTS OF CASH FLOWS
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Cash flows from operating activities:                                
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Adjustments to reconcile net income (loss) to net cash provided by
       (used in) operating activities:
                                   
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Stock-based compensation expense     5,310       4,813       20,614       24,096  
    Loss on sale of health assets                       19,388  
    Impairment of right-of-use asset                       384  
    Change in fair value of contingent consideration
       liabilities
                          (150 )
    Provision for (recovery of) bad debt     (3 )     18       13       204  
    Unrealized foreign currency transaction (gains) losses     (82 )     22       (26 )     21  
    Changes in operating assets and liabilities:                                
    Accounts receivable     (13,099 )     952       (40,178 )     8,219  
    Prepaid expenses and other current assets     128       (1,675 )     440       962  
    Commissions receivable, current and non-current     1,158       1,565       4,880       4,176  
    Operating lease right-of-use assets     371       491       2,213       2,497  
    Other assets           385       (291 )     421  
    Accounts payable     12,961       (3,382 )     42,664       (13,411 )
    Accrued expenses and other current liabilities     (73 )     1,979       1,040       (1,543 )
    Deferred revenue     (14 )     (29 )     (107 )     5  
    Operating lease liabilities     (384 )     (658 )     (2,537 )     (3,006 )
    Net cash provided by (used in) operating activities     20,134       (792 )     66,566       (2,828 )
    Cash flows from investing activities:                                
    Acquisition of property and equipment, including costs
        capitalized for development of internal-use software
        (1,003 )     (852 )     (4,114 )     (3,840 )
    Proceeds from sale of health assets                       13,194  
    Net cash provided by (used in) investing activities     (1,003 )     (852 )     (4,114 )     9,354  
    Cash flows from financing activities:                                
    Proceeds from exercise of stock options     651       639       3,553       979  
    Tax withholding payments related to net share settlement     (496 )     (103 )     (1,846 )     (402 )
    Net cash provided by financing activities     155       536       1,707       577  
    Effect of exchange rate changes on cash,
        cash equivalents and restricted cash
        (11 )     15       1       18  
    Net increase (decrease) in cash, cash equivalents and
       restricted cash
        19,275       (1,093 )     64,160       7,121  
    Cash, cash equivalents and restricted cash at beginning
       of period
        82,841       39,049       37,956       30,835  
    Cash, cash equivalents and restricted cash at end
       of period
      $ 102,116     $ 37,956     $ 102,116     $ 37,956  
     
     
    EVERQUOTE, INC.
    FINANCIAL AND OPERATING METRICS
    Revenue by vertical:
        Three Months Ended
    December 31,
        Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 135,930     $ 44,985       202.2 %
    Home and Renters     11,298       9,821       15.0 %
    Other     227       899       -74.7 %
    Total Revenue   $ 147,455     $ 55,705       164.7 %
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 446,095     $ 227,505       96.1 %
    Home and Renters     52,013       40,889       27.2 %
    Other     2,082       19,527       -89.3 %
    Total Revenue   $ 500,190     $ 287,921       73.7 %
                             
    Other financial and non-financial metrics:
        Three Months Ended
    December 31,
        Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 12,027     $ (6,762 )     -277.9 %
    Net income (loss)   $ 12,306     $ (6,348 )     -293.9 %
    Variable marketing dollars   $ 44,023     $ 20,668       113.0 %
    Adjusted EBITDA(1)   $ 18,916     $ (886 )   NM  
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 31,751     $ (51,975 )     -161.1 %
    Net income (loss)   $ 32,169     $ (51,287 )     -162.7 %
    Variable marketing dollars   $ 155,227     $ 100,282       54.8 %
    Adjusted EBITDA(1)   $ 58,215     $ 461     NM  
     
    (1 ) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
         

    To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

    The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; restructuring and other charges; acquisition-related costs; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

    The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

    The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

    The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
    EVERQUOTE, INC.
    RECONCILIATION OF NON-GAAP MEASURES TO GAAP
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Stock-based compensation     5,310       4,813       20,614       22,808  
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Restructuring and other charges           (21 )           23,568  
    Acquisition-related costs                       (150 )
    Interest income     (683 )     (382 )     (2,079 )     (1,251 )
    Income taxes     428       (23 )     1,839       577  
    Adjusted EBITDA   $ 18,916     $ (886 )   $ 58,215     $ 461  

    The MIL Network

  • MIL-OSI Asia-Pac: WAVES Comic Chronicles

    Source: Government of India

    Posted On: 24 FEB 2025 7:21PM by PIB Delhi

    Transform Ideas into Reality with AI-Driven Storytelling

     

    Introduction

    The WAVES Comic Chronicles is set to unleash a world of creativity, offering storytellers a unique opportunity to transform their ideas into vibrant comics using AI-powered tools. As part of the inaugural World Audio Visual & Entertainment Summit (WAVES), this challenge invites participants to craft and present AI-generated comics through Dashtoon Studio, showcasing their stories on the Dashtoon mobile app. Organised by the Internet and Mobile Association of India (IAMAI) in collaboration with the Ministry of Information and Broadcasting, the competition has already garnered 774 registrations as of 15 February 2025, highlighting the growing enthusiasm for digital creativity.

    The WAVES Summit, scheduled from 1 to 4 May 2025 at the Jio World Convention Centre & Jio World Gardens in Mumbai, is a unique hub and spoke platform poised for the convergence of the entire Media and Entertainment (M&E) sector. The event is a premier global event that aims to bring the focus of the global M&E industry to India and connect it with the Indian M&E sector along with its talent. The event is structured around four foundational pillars: Broadcasting and Infotainment, AVGC-XR (Animation, Visual Effects, Gaming, Comics, and Extended Reality), Digital Media and Innovation, and Films. The WAVES Comic Chronicles is part of the Digital Media and Innovation pillar, which delves into the dynamic digital landscape, exploring emerging trends and technologies, the evolving app economy, and the growing influence of social media and influencer marketing. This pillar also addresses regulatory challenges like data privacy and security while promoting ethical content creation and responsible digital consumption.

    The Create in India Challenges, a flagship initiative of the Ministry of Information and Broadcasting, are central to the WAVES Summit’s vision of promoting creativity and innovation. With over 73,000 registrations, these challenges, including the WAVES Comic Chronicles, offer a vibrant platform for creators to bring their ideas to life, fostering artistic expression, technological experimentation, and cultural storytelling.

    Eligibility Criteria

    Guidelines

    1. There is no limit on the length of the comic, but valid submissions must contain at least 60 panels (One image or scene counts as one panel).

     

    1. The comic should follow the vertical scroll format (Webtoon format).

     

    1. The comic must be in English.

     

    1. All comics must be created using Dashtoon Studio and published on the Dashtoon mobile app. While participants can use other tools for post-production or edits, the final comic must be assembled on Dashtoon Studio and published through the Dashtoon app.

     

    1. Participants are free to download and use their comic elsewhere or share it on social media.

     

    1. Originality is crucial: Characters and stories must not be copied from any copyrighted material (No fan fiction allowed).

     

    1. Content Restrictions: Submissions must not include:

     

    • NSFW or sexually explicit content
    • Racist or casteist content
    • Political or advertising content

     

    1. Participants can create a comic on any topic of their choice.

     

    1. Previously published or released works, whether shared personally or by a third party, cannot be submitted. All entries must be new, unpublished works that have not been publicly shared.

    Timeline

    Evaluation Criteria

     

    Rewards and Recognition

     

    Additional Rewards

    1. Top 3 Winners: Opportunity to present their comics at the WAVES Summit.
    2. Top 25 Participants: Receive a goodie bag sponsored by Google Play and Dashtoon, along with a certificate of excellence and recognition by IAMAI and Dashtoon.
    3. All Participants: Get a certificate of participation upon valid entry.

    Conclusion

    The WAVES Comic Chronicles is a key component of the Create in India Challenges, a flagship initiative under the WAVES Summit. These challenges, led by the Ministry of Information and Broadcasting, aim to inspire creativity, promote innovation, and nurture talent across the Media and Entertainment (M&E) sector. As part of the Digital Media and Innovation pillar of the summit, the WAVES Comic Chronicles invites participants to harness AI-powered tools on Dashtoon Studio, offering a vibrant platform for original storytelling. This competition not only celebrates fresh talent but also aligns with the Create in India vision of positioning India as a global hub for artistic and technological excellence.

    References:

    1. https://eventsites.iamai.in/Waves/comic-chronicles/
    2. https://wavesindia.org/challenges-2025

    Click here to download PDF

    *******

    Santosh Kumar/ Sheetal Angral/ Saurabh Kalia

    (Release ID: 2105887) Visitor Counter : 54

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Luján Named Ranking Member of Commerce Subcommittee on Telecommunications and Media

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Subcommittee Oversees Key New Mexico Priorities Including Broadband Access and Public Safety Communications

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) was named Ranking Member of the Senate Commerce Committee’s Subcommittee on Telecommunications and Media for the 119th Congress. Senator Luján previously served as Chair, formerly named the Subcommittee on Communications, Media, and Broadband, since 2021.  

    “New Mexicans know the difference between fast internet, slow internet, and no internet. Broadband is a necessity for daily life, and I am proud to once again represent New Mexico on this critical subcommittee to ensure every household in our state and across the country has affordable, secure, and reliable internet access,” said Senator Luján. “Since being elected to the Senate in 2020, I have been proud to chair this subcommittee which has broad jurisdiction over communications policy, including federal spectrum, broadband affordability & accessibility, public safety communications, network resiliency, broadcasting & streaming, and the Internet.

    “In this Congress, I look forward to serving as Ranking Member and working closely with Senator Fischer to continue our bipartisan work to expand broadband access, secure communications networks, and enact policies that will benefit all Americans,” continued Senator Luján. “The subcommittee is at the center of critical debates over the future of access to media, including streaming and Section 230 of the Communications Decency Act. Far too many communities throughout the country have been left without broadband access, and I won’t stop working until every New Mexican is connected.”

    Background on Senator Luján’s work on the Subcommittee on Telecommunications and Media:

    During the 117th and 118th Congress, Senator Luján chaired a total of 11 subcommittee hearings on key issues, ranging from broadband buildout and affordability, to protecting Americans from robocalls, to preventing harms online. In May 2023, as Chair of the Subcommittee, Senator Luján created a bipartisan, bicameral working group to evaluate and propose potential reforms to the Universal Service Fund. During the 117th Congress, as chair of the subcommittee, Senator Luján successfully helped pass the Bipartisan Infrastructure Law that created the Broadband Equity Access and Deployment (BEAD) Program, as well as the Affordable Connectivity Program (ACP), which delivered broadband access to over 55 million Americans.

    Background on the Subcommittee on Telecommunications and Media:

    The Subcommittee on Telecommunications and Media has jurisdiction over matters relating to communications, including includes telephones, cell phones, the Internet, commercial and noncommercial television, cable, satellite broadcast, satellite communications, wireline and wireless broadband, radio, consumer electronic equipment associated with such services, and public safety communications. The subcommittee is also responsible for oversight of the Federal Communications Commission (FCC), the Corporation for Public Broadcasting (CPB), and the National Telecommunications and Information Administration (NTIA) at the Department of Commerce, which is the federal agency primarily responsible for the management of government spectrum and advising the President on telecommunications policy.

    MIL OSI USA News