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Category: KB

  • MIL-OSI United Nations: DR Congo crisis: A public health ‘nightmare’ is unfolding, warns WHO

    Source: United Nations 4

    29 January 2025 Peace and Security

    As UN agencies reported “relative calm” on Wednesday in the city of Goma in eastern Democratic Republic of the Congo (DRC), humanitarians warned that the chaos caused by advancing M23 rebel forces could fuel a region-wide health emergency.

    The internet also remains down in the provincial capital and only mobile phone networks are functioning, with M23 fighters apparently in control of “a significant portion of the city” after intense clashes with the Congolese army, UN agencies reported on Wednesday.

    Aid teams from the UN World Health Organization (WHO) “cannot move freely to support the hospitals, even ambulances cannot run. It’s a situation that in public health is a nightmare,” said Dr Boureima Hama Sambo, WHO Representive in DRC.

    ‘Vulnerable people need us’

    Speaking to UN News, Dr Sambo added: “We just hope that the situation will return to normal for the Government … vulnerable people really need us.”

    Conditions in provincial capital Goma remain “dire”, he added, with no running water, electricity cut and civilians trapped – including health professionals.

    Echoing those concerns, a senior UN peacekeeping official warned that the level of suffering among those caught up in the violence was “unimaginable”.

    Vivian van de Perre, Deputy Special Representative for Protection and Operations in the UN Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) told the Security Council late Tuesday that there was a need for “urgent and coordinated international action” to stop the fighting between Rwanda-backed M23 rebels and Congolese forces as they battled for control of Goma.

    Massive displacement and fear

    Before M23 fighters closed in on Goma, more than 700,000 internally displaced people lived around the provincial capital. But hundreds of thousands fled in anticipation of clashes between the Rwanda-backed rebels and DRC troops, prompting renewed alarm about the further spread of deadly disease.

    “When you have as many as 700,000 people living in camps, you can imagine the human suffering,” the WHO official told UN News, pointing to “a lot of ongoing [disease] outbreaks” in North and South Kivu – two mineral-rich regions close to the Rwanda border, where dozens of armed groups have held sway for decades.

    Disease ever-present

    Repeated mass displacement in DRC has created ideal conditions for the spread of many endemic diseases in camps and surrounding communities in the Kivus, including cholera (more than 22,000 cases and 60 deaths in 2024), measles (close to 12,000 cases and 115 deaths) and malaria, as well as chronic child malnutrition. 

    In August last year, WHO Director General Tedros Adhanom Ghebreyesus also declared the mpox outbreak a public health emergency of international concern.

    Despite a “robust” initial response to the mpox threat by WHO and national partners that has been coordinated from Kinshasa and field offices in Goma and South Kivu, Dr Sambo warned that mpox patients had fled at least one camp’s treatment centre and were now living now in host communities and with families.

    “So, we are there’s a fear for the disease to be spreading widely in communities, but at this point we cannot say because we have not been able to get there and assess what’s happening right now.”

    MIL OSI United Nations News –

    January 30, 2025

  • MIL-OSI Canada: Statement by the Prime Minister on Vietnamese New Year

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today issued the following statement on Vietnamese New Year:

    “This week, Vietnamese communities in Canada and around the world will celebrate the beginning of the Lunar New Year and usher in the Year of the Snake.

    “On Tết Nguyên Đán, or Tết, families and friends gather to share meals, exchange wishes for good health, happiness, and prosperity, and celebrate their rich traditions passed down through generations. Bright coloured flowers and fruits will adorn homes in communities across the country. As people look to the future with determination and hope for the year to come, they will find inspiration in the values of wisdom and strength the snake symbolizes.

    “Canada is home to over 275,000 Vietnamese Canadians who have made – and continue to make – extraordinary contributions to our country. On Tết, we are reminded of the important role of diversity in shaping a stronger and more vibrant world for everyone.

    “On behalf of the Government of Canada, I extend my warmest wishes to everyone celebrating. May the Year of the Snake bring peace, success, and joy to all.

    “Chúc mừng năm mới.”

    MIL OSI Canada News –

    January 30, 2025

  • MIL-OSI Canada: Statement by the Prime Minister on the National Day of Remembrance of the Quebec City Mosque Attack and Action against Islamophobia

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today issued the following statement on the National Day of Remembrance of the Quebec City Mosque Attack and Action against Islamophobia:

    “On January 29, 2017, a gunman opened fire at the Centre culturel islamique de Québec in Sainte-Foy. Six Canadians died and 19 others were wounded. Today, we remember the victims of this senseless act of hate.

    “Ibrahima Barry, Mamadou Tanou Barry, Khaled Belkacemi, Abdelkrim Hassane, Azzeddine Soufiane, and Aboubaker Thabti were proud Muslims, Quebeckers, and Canadians. They were murdered because of their faith. Our thoughts are with the communities of Quebec City, as well as the brave first responders who risked their lives to help others in the wake of this tragedy. We stand in solidarity with Muslim communities in Canada and around the world to fight the hate that led to this attack. We are also not immune to its resurgence, especially as we see the rise in Islamophobia and hate across our communities.

    “We’re taking action. We appointed Canada’s first Special Representative on Combatting Islamophobia, Amira Elghawaby, to support our efforts to combat Islamophobia. We have renewed Canada’s Anti-Racism Strategy to ensure diverse voices shape federal policies, programs, and services. We invested in the Canada Community Security Program to increase security at places of worship and community centres.

    “To protect communities, we passed the toughest gun control measures in over 40 years. With the measures announced last month, we’ve now banned more than 2,400 makes and models of assault-style firearms and their variants. We expanded background checks and prohibited the sale, purchase, and transfer of handguns in Canada. We also introduced ‘red flag’ laws, which are already in force, allowing anyone to apply to the court to remove firearms from individuals who may pose a risk to themselves or others.

    “Today, we remember those whose lives were tragically taken at the Centre culturel islamique de Québec and we reaffirm our commitment to standing with Muslim communities in Canada in the face of racism, hate, and discrimination. Together, we will continue to build a safe, welcoming, and prosperous country for everyone.”

    MIL OSI Canada News –

    January 30, 2025

  • MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Financial results reflect the second full quarter following the completed merger of Main Street Financial Services Corp. (Main Street) and Wayne Savings Bancshares, Inc. (Wayne) on May 31, 2024.
    • Net income for the fourth quarter of 2024 totaled $3.2 million, or $0.41 per common share
    • Annualized deposit growth of 19.7% for the quarter ended December 31, 2024
    • Reduced reliance on wholesale funding by $40 million during the fourth quarter of 2024
    • Declared cash dividend of $0.14 per share on January 10, 2025

    WOOSTER, Ohio, Jan. 29, 2025 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.2 million, or $0.41 per common share, for the three months ended December 31, 2024. The return on average equity and return on average assets for the fourth quarter of 2024 was 11.69% and 0.90%, compared to 16.90% and 1.02%, for the fourth quarter of 2023.

    The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

    The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024, September 30, 2024 and December 31, 2024, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended December 31, 2024, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

    President and CEO James R. VanSickle commented, “I am proud of the dedication and hard work displayed by Main Street Bank’s team of community bankers throughout 2024. They have been instrumental in the improvement of our operational efficiencies, enhancement of our customer experience and delivering long-term value for our shareholders. I would like to thank our customers, shareholders and our communities for their confidence in Main Street Bank.”

    Fourth Quarter 2024 Financial Results

    Net interest income was $10.6 million for the quarter ended December 31, 2024, an increase of 103.4% from $5.2 million for the quarter ended December 31, 2023. The net interest margin of 3.19% for the fourth quarter of 2024 increased 46 basis points from 2.73% for the fourth quarter of 2023. Loan yields were 6.12% for the quarter ended December 31, 2024, an increase of 82 basis points when compared to 5.30% for the quarter ended December 31, 2023. The loan yield increase is the result of variable rate loan repricing, new loan originations at current markets rates and purchase accounting accretion on acquired loans. Investment yields increased 122 basis points to 3.59% as of December 31, 2024 when compared to the quarter ended December 31, 2023. The cost of funds for the fourth quarter of 2024, was 2.66%, an increase of 33 basis points when compared to the fourth quarter of 2023. The cost of funds increase is largely due to shifting deposit composition to higher-yielding product offerings and utilizing higher-cost wholesale funding, such FHLB advances. The cost of total deposits was 2.25% for the quarter ended December 31, 2024, a 21 basis point increase when compared to 2.04% for the quarter ended December 31, 2023. The cost of borrowings for the quarter ended December 31, 2024 totaled 5.64%, an increase of 94 basis points when compared to the quarter ended December 31, 2023.

    A provision for credit losses and unfunded commitments of $79,000 was recorded for the quarter ended December 30, 2024. During the quarter, the Company recognized $20,000 in charge-offs and $5,000 in recoveries, reflecting relatively stable asset quality.

    Noninterest income totaled $1.2 million for the quarter ended December 31, 2024, an increase of $148,000, or 14.6%, when compared to the quarter ended December 31, 2023. Noninterest income declined by $435,000 when compared to the quarter ended September 30, 2024. During the quarter ended September 30, 2024, the Company recognized a gain on the sale of investments totaling $702,000.

    Noninterest expense totaled $8.0 million for the quarter ended December 31, 2024, an increase of $4.2 million when compared to the quarter ended December 31, 2023. Noninterest expense increased by $87,000 when compared to the quarter ended September 30, 2024 due to increased incentive compensation and a charge related to the disposition of an REO property. The increase reflects a full quarter of combined expenses after completion of the merger.

    The provision for income taxes for the quarter ended December 31, 2024, decreased by $246,000 compared to the quarter ended September 30, 2024. This reduction was primarily driven by the Company’s reassessment of the West Virginia state income tax impact.

    December 31, 2024 Financial Condition

    At December 31, 2024, the Company had total assets of $1.41 billion with net loan balances totaling $1.11 billion. Loan balances remained relatively unchanged for the quarter ended December 31, 2024. As part of the merger, the Company acquired $430.8 million in loans.

    The allowance for credit losses was $11.8 million at December 31, 2024, compared to $7.3 million at December 31, 2023. The increase is a result of establishing an allowance for credit losses on the acquired non-PCD loan portfolio during the second quarter of 2024. The allowance for credit losses as a percent of total loans was 1.05%, compared to 1.09% as of December 31, 2023. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

    Total nonperforming loans (NPLs) was $6.1 million at December 31, 2024, an increase from $0.6 million at December 31, 2023. The NPL to net loan receivable ratio was 0.55% as of December 31, 2024. Past due loan balances of 30 days and more increased from $2.8 million at December 31, 2023, to $13.8 million, or 1.24% of net loans outstanding, at December 31, 2024. The increase in nonperforming and past due loans is due to the impact of the acquired loan portfolio.

    Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans and loans past due 30 or more days for Legacy Wayne and Main Street was $24.4 million and $19.1 as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of December 31, 2024, the resultant Company has $14.8 of classified loans and $13.8 of loans past due 30 or more days.

    Total liabilities increased to $1.30 billion at December 31, 2024 with deposits totaling $1.16 billion and FHLB advances totaling $100.0 million. Deposits grew by $54.3 million, or 19.7% annualized, during the fourth quarter of 2024. As part of the merger, the Company acquired $487.4 million in deposits. As of December 31, 2024, the Company held no brokered deposits compared to $116.7 million at December 31, 2023. The Company leverages FHLB advances for short-term funding needs due to their accessibility and alignment with prevailing market rates. During the fourth quarter of 2024, the Company reduced the reliance on FHLB advances by $40 million.

    Total stockholders’ equity was $110.6 million at December 31, 2024, an increase of $57.7 million when compared to the December 31, 2023 balance. The increase was primarily driven by the merger between Main Street and Wayne. Total stockholders’ equity decreased during the fourth quarter of 2024 primarily from a decrease in accumulated other comprehensive income of $4.7 million and dividends of $1.1 million, partially offset by net income of $3.2 million.

    Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

    Non-GAAP Disclosure
    This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

    Forward-Looking–Statements
    This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995.  These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results.  When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements.  Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control.  These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment.  Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact Information:
    Matthew Hartzler
    Senior Vice President, Chief Financial Officer
    (330) 264-5767

       
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Balance Sheets
    (Dollars in thousands, except share data – unaudited)
       
        December 31, 2024   December 31, 2023
    ASSETS            
                 
    Cash and cash equivalents   $ 54,422     $ 20,884  
    Securities, net (1)   163,819     86,405  
    Loans receivable, net   1,113,900     669,603  
    Federal Home Loan Bank stock   6,445     3,959  
    Premises & equipment, net   10,880     4,904  
    Bank-owned life insurance   22,155     11,706  
    Other assets   37,608     12,486  
    TOTAL ASSETS   $ 1,409,229     $ 809,947  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
                 
    Deposit accounts   $ 1,156,328     $ 693,126  
    Other short-term borrowings   28,308     8,743  
    Federal Home Loan Bank advances   100,000     47,000  
    Accrued interest payable and other liabilities   13,957     8,111  
    TOTAL LIABILITIES   1,298,593     756,980  
                 
                 
    Common stock (7,801,011 shares of $1.00 par value issued)   7,801     398  
    Additional paid-in capital   56,387     36,715  
    Retained earnings   57,356     55,342  
    Treasury Stock, at cost – 0 shares and 1,777,824 shares at December 31, 2024 and December 31, 2023, respectively.   –     (30,330 )
    Accumulated other comprehensive loss   (10,908 )   (9,158 )
    TOTAL STOCKHOLDERS’ EQUITY   110,636     52,967  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,409,229     $ 809,947  
                 
    (1) Includes available-for-sale and held-to-maturity classifications.
    Note: The December 31, 2023 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Statements of Income
    (Dollars in thousands, except share data – unaudited)
                     
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
          2024       2023       2024       2023  
                     
    Interest income   $ 19,138     $ 9,545     $ 60,334     $ 35,095  
    Interest expense     8,531       4,330       27,665       12,920  
    Net interest income     10,607       5,215       32,669       22,175  
    Provision for credit losses     79       4       4,782       530  
    Net interest income after provision for credit losses     10,528       5,211       27,887       21,645  
    Non-interest income     1,165       1,017       4,158       3,017  
    Non-interest expense                
    Salaries and employee benefits     3,823       1,782       12,511       7,731  
    Net occupancy and equipment expense     1,430       625       4,399       2,431  
    Federal deposit insurance premiums     197       157       637       531  
    Franchise taxes     107       81       464       380  
    Advertising and marketing     237       44       645       223  
    Legal     143       15       651       45  
    Professional fees     260       74       1,924       239  
    ATM network     84       123       557       443  
    Auditing and accounting     130       60       516       240  
    Other     1,539       787       4,165       2,561  
    Total non-interest expense     7,950       3,748       26,469       14,824  
    Income before federal income taxes     3,743       2,480       5,576       9,838  
    Provision for federal income taxes     558       443       873       2,005  
    Net income   $ 3,185     $ 2,037     $ 4,703     $ 7,833  
                     
    Earnings per share                
    Basic   $ 0.41     $ 0.46     $ 0.76     $ 3.56  
    Diluted   $ 0.41     $ 0.46     $ 0.76     $ 3.54  
    MAIN STREET FINANCIAL SERVICES CORP.
    Selected Condensed Consolidated Financial Data
    (Dollars in thousands, except share data – unaudited)
                     
        December   September   June   March
          2024       2024       2024       2024  
                     
    Interest and dividend income   $ 19,138     $ 18,930     $ 12,572     $ 9,694  
    Interest expense     8,531       8,308       6,185       4,641  
    Net interest income     10,607       10,622       6,387       5,053  
    Provision for credit losses     79       109       4,720       (126 )
    Net interest income after provision for credit losses     10,528       10,513       1,666       5,179  
    Non-interest income     1,165       1,600       716       678  
    Non-interest expense     7,950       7,863       6,723       3,934  
    Income before federal income taxes     3,743       4,251       (4,341 )     1,923  
    Provision for federal income taxes     558       804       (873 )     384  
    Net income   $ 3,185     $ 3,446     $ (3,468 )   $ 1,539  
                     
    Earnings per share – basic   $ 0.41     $ 0.44     $ (0.68 )   $ 0.40  
    Earnings per share – diluted   $ 0.41     $ 0.44     $ (0.67 )   $ 0.40  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     0.90 %     1.00 %     -1.38 %     0.76 %
    Return on average equity     11.69 %     12.58 %     -17.16 %     11.63 %
    Shares outstanding at quarter end     7,801,011       7,801,011       7,787,055       3,840,575  
    Book value per share   $ 14.18     $ 14.27     $ 13.60     $ 13.81  
    Tangible equity per share   $ 12.13     $ 12.15     $ 11.49     $ 13.36  
                     
                     
        December   September   June   March
          2023       2023       2023       2023  
                     
    Interest and dividend income   $ 9,545     $ 9,078     $ 8,571     $ 7,901  
    Interest expense     4,330       3,673       2,867       2,050  
    Net interest income     5,215       5,405       5,704       5,851  
    Provision for credit losses     4       138       170       218  
    Net interest income after provision for credit losses     5,211       5,267       5,534       5,633  
    Non-interest income     1,017       691       706       603  
    Non-interest expense     3,748       3,733       3,949       3,394  
    Income before federal income taxes     2,480       2,225       2,291       2,842  
    Provision for federal income taxes     443       452       547       563  
    Net income   $ 2,037     $ 1,773     $ 1,744     $ 2,279  
                     
    Earnings per share – basic   $ 0.53     $ 0.46     $ 0.46     $ 0.60  
    Earnings per share – diluted   $ 0.53     $ 0.46     $ 0.45     $ 0.59  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     1.02 %     0.91 %     0.92 %     1.23 %
    Return on average equity     16.90 %     14.41 %     14.36 %     19.58 %
    Shares outstanding at quarter end     3,839,702       3,837,609       3,837,085       3,831,939  
    Book value per share   $ 13.80     $ 12.40     $ 12.64     $ 12.51  
    Tangible equity per share   $ 13.35     $ 11.95     $ 12.20     $ 12.06  
    MAIN STREET FINANCIAL SERVICES CORP.
    Non-GAAP reconciliation
    (Dollars in thousands, except per share data – unaudited)
         
      For three months ended   For the twelve months ended
      December,   December,
          2024       2023       2024       2023  
                     
    Net Income as reported – GAAP   $ 3,185     $ 2,037     $ 4,703     $ 7,833  
    Effect of merger related expenses (net of tax benefit)     26       353       5,769       950  
    Net Income non-GAAP   $ 3,211     $ 2,390     $ 10,472     $ 8,783  
                     
    Earnings per share – GAAP   $ 0.41     $ 0.93     $ 0.76     $ 3.56  
    Effect of merger related expenses     0.00       0.16       0.94       0.43  
    Earnings per share non-GAAP   $ 0.41     $ 1.09     $ 1.70     $ 3.99  
                     
    Return on average assets – GAAP     0.90 %     1.02 %     0.41 %     1.02 %
    Effect of merger related expenses     0.01 %     0.18 %     0.50 %     0.12 %
    Return on average assets non-GAAP     0.91 %     1.20 %     0.91 %     1.14 %
                     
    Return on average equity – GAAP     11.69 %     16.90 %     5.58 %     16.27 %
    Effect of merger related expenses     0.09 %     2.93 %     6.84 %     1.97 %
    Return on average equity non-GAAP     11.78 %     19.83 %     12.42 %     18.24 %
                     
    Efficiency Ratio – GAAP     67.54 %     60.14 %     71.87 %     58.42 %
    Effect of merger related expenses     -0.22 %     -5.66 %     -6.73 %     -3.77 %
    Efficiency Ratio non-GAAP     67.32 %     54.48 %     65.14 %     55.07 %

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Tenable Plans to Acquire Vulcan Cyber, Accelerate Leadership in Exposure Management

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc., (“Tenable”) (Nasdaq: TENB) the exposure management company, today announced that it has signed a definitive agreement to acquire Vulcan Cyber Ltd. (“Vulcan Cyber”), a leading innovator in exposure management. Vulcan Cyber’s capabilities will augment Tenable’s industry-leading Exposure Management platform, enhancing customers’ ability to consolidate exposures across their security stack, prioritize risks and streamline remediation efforts across the entire attack surface.

    Under the terms of the agreement, Tenable will acquire Vulcan Cyber for approximately $147 million in cash and $3 million of restricted stock units (RSUs) that vest over a future period. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

    “CISOs are overwhelmed with scattered security products, siloed tools and disjointed teams which makes protecting their organizations from exposure a massive undertaking. As the pioneer behind Exposure Management, we are driven to solve this central challenge of modern security — a fragmented approach to identifying and combating cyber risk,” said Steve Vintz, Co-CEO and CFO, Tenable. “That is what this acquisition is all about. With Vulcan, we’re accelerating our Tenable One vision to radically unify security visibility, insight and action across the attack surface – from the data center to the cloud – to rapidly expose and close the gaps that put businesses at risk.”

    Tenable plans to expand the Tenable One Exposure Management Platform with Vulcan Cyber’s robust capabilities, including enhanced visibility, extended third-party data flows, superior risk prioritization, and optimized remediation. By consolidating and aggregating vast amounts of data into the most comprehensive Exposure Management platform, Tenable is empowering organizations to confidently reduce risk across their entire environment.

    “These capabilities aren’t just technical enhancements – they represent a fundamental shift in how organizations will manage cyber risks holistically into the future. For example, while having a cloud security platform is critical on its own, its power is exponentially amplified when treated as part of a comprehensive exposure management approach,” said Mark Thurmond, Co-CEO and COO, Tenable. “By uniting disparate tools and data under one roof, we’re providing security teams with a full-spectrum view of their attack surface, enabling them to prioritize what matters most and act decisively to address vulnerabilities.”

    A Unified Vision for Exposure Management

    With the addition of Vulcan Cyber, Tenable One customers will gain:

    • Expanded Third-Party Ecosystem Data: By integrating with more than 100 security products across vulnerability assessment, endpoint security, cloud security, application security, and threat intelligence, Tenable will ingest, normalize, and unify data across the security stack. This streamlined approach centralizes critical data and empowers security teams to operate more efficiently and proactively across the entire attack surface.
    • AI-Powered Risk Prioritization: Siloed security products create blind spots where attackers thrive, leaving critical gaps across the attack surface. Enhanced risk prioritization closes these gaps by integrating enriched threat intelligence and context, helping organizations focus on the most critical vulnerabilities while optimizing the use of their security tools and technology.
    • Automated Remediation Workflows: Optimized remediation with automated campaigns, advanced tagging and ticketing ensure that security issues, along with corrective guidance, get into the hands of the right security team members to automatically fix exposures quickly, wherever they might exist in their environment.
    • Advanced AI capabilities: Leveraging a single unified risk data set, Tenable is laying the foundation for advanced exposure AI capabilities that will revolutionize how customers manage and mitigate risk across the security stack.

    “We’re thrilled to join forces with Tenable. Integrating Vulcan Cyber’s capabilities into the Tenable One platform will uniquely address all exposure management use cases across the entire attack surface,” said Yaniv Bar-Dayan, Co-Founder and CEO, Vulcan Cyber. “For the first time at scale, security teams will be able to consolidate exposure findings from multiple sources into a single, actionable interface. We are excited to start working with Tenable and their customers to remediate exposure risk.”

    About Vulcan Cyber
    Vulcan Cyber is a pioneer in cyber risk management. Its flagship ExposureOS platform helps businesses reduce vulnerabilities and asset risk through measurable and efficient attack surface security. Investors include YL Ventures, TenEleven Ventures, Dawn Capital, Maor Investments and Wipro Ventures. Learn more at https://vulcan.io.

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Forward Looking Statements
    This press release contains forward-looking information related to Tenable, and its potential acquisition of Vulcan Cyber Ltd. that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as the words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. The forward-looking statements in this press release are based on Tenable’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many of which are beyond Tenable’s control. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the acquisition and product developments and other possible or assumed business strategies, potential growth opportunities, new products, potential market opportunities, and the anticipated timing of the closing of the acquisition. Risks and uncertainties include, among other things, our ability to successfully integrate Vulcan Cyber’s operations; our ability to implement our plans, expectations with respect to Vulcan Cyber’s business; our ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; disruption from the acquisition making it more difficult to maintain business and operational relationships; the inability to retain key employees; the negative effects of the consummation of the acquisition on the market price of our common stock or on our operating results; unknown liabilities; attracting new customers and maintaining and expanding our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, increased competition on our market and our ability to compete effectively, and expansion of our operations and increased adoption of our platform internationally.

    Additional risks and uncertainties that could affect our financial results are included in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other filings that we make from time to time with the Securities and Exchange Commission (SEC) which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    Contact information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: LPL Financial Welcomes Salient Wealth Planning Group

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors John P. Schlatter, CFP®, Robert Rojano, Alec Hoag, CFP®, and Michael Madden, CFA®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $1 billion in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

    Based in Manhattan Beach, Calif., Schlatter founded Salient Wealth Planning Group to provide clients with customized investment strategies, financial planning and wealth preservation services emphasizing tax efficiency and wealth transfer through multiple generations. The advisors take an interdisciplinary approach to help ensure all aspects of each client’s financial situation are coordinated and reviewed.

    “We take a holistic process to build on the foundations that clients have already laid, and we believe good planning helps the right choices reveal themselves,” Schlatter said, noting they primarily work with high-net-worth clients. “Our services are rooted in developing deep personal relationships to help families navigate the challenges and opportunities of managing generational wealth.”

    The Salient team selected LPL for its advanced capabilities and commitment to providing exceptional customer service experiences.

    “The foundation of our business is built on value-added consulting and meticulous planning,” Schlatter said. “To perpetuate this legacy, we require a stable partner to meet this standard through superior customer service and technology. With LPL, we have a dedicated service team and access to a wide range of innovative capabilities, strategic business solutions and research.”

    Schlatter said he appreciates LPL’s significant technology investment, including approximately $500 million in 2024 for innovation and infrastructure enhancements. He said, “As a Fortune 500 company, LPL is a leading wealth management firm that puts our business and clients in a better position for a more successful future. Most of our clients have been with us for more than 20 years, and we are excited to continue enhancing their experiences over the next 20 years.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome John, Robert, Alec and Michael to the LPL community. We look forward to supporting their vision by providing elevated services and integrated technology to help them remain competitive in the evolving wealth management landscape. LPL’s sophisticated wealth management platform and robust business tools are designed with advisors in mind, to help them run thriving practices and be successful in serving the needs of their clients.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Salient Wealth Planning Group and LPL are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2024.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #685921

    The MIL Network –

    January 30, 2025

  • MIL-OSI: CBE Customer Solutions Welcomes Rachel Rybicki as Chief Client Success Officer, Bringing Fresh Expertise to Client Success Strategy

    Source: GlobeNewswire (MIL-OSI)

    CEDAR FALLS, Iowa, Jan. 29, 2025 (GLOBE NEWSWIRE) — CBE Customer Solutions is excited to announce Rachel Rybicki as the new Chief Client Success Officer. Bringing 25 years of BPO experience and a reputation for innovation, Rachel joins CBE ready to take client success to a new level with expanded outsourcing services and go-to-market strategies.

    Rybicki’s career spans industries from healthcare and insurance to fintech and high-tech. She has managed a $250 million portfolio, designed game-changing client growth strategies, and led high-touch service delivery for global brands. Her expertise combines digital CX, right-shoring and cost efficiency with AI-driven solutions and transformative tech. Rybicki knows how to optimize processes from global labor models to interaction analytics, and she’s always looking for opportunities to drive growth and value for clients.

    “Rachel brings a wealth of experience in client success management and a deep understanding of the BPO landscape,” said Erica Parks, CBE’s President and CEO. “Her strategic mindset and proven track record in building strong client relationships make her an excellent fit for this pivotal role within our organization!”

    As CBE’s Chief Client Success Officer, Rybicki will lead our efforts to ensure the success and satisfaction of our valued clients in the BPO sector and drive strategic growth for our organization. She will work closely with our teams to develop and implement innovative strategies that deliver exceptional service and tangible results for our strategic global partners.

    Rybicki shared her thoughts on CBE’s mission and future: “CBE is a special place, starting 90+ years ago as a family-owned company, doing very good work with very good people to run large, complex collections contracts. Our mission now is to accelerate growth in the BPO / Customer Solutions space. Everything we do is centered around integrity and trust, and the best client and customer experiences. I’m surrounded by an entrepreneurial executive team, and an energized sales & marketing team. We have such a solid foundation of people and capabilities, more than ready to make 2025 a year of continued growth and expansion. I’m really proud and excited.”

    When she is not creating impactful client and customer solutions, you can find Rachel cheering for the Buffalo Bills, hosting friends and family, or supporting her kids from the bleachers at their football, basketball, baseball/softball, and volleyball games. Based in Buffalo, NY, Rachel balances her fast-paced career with family and community connections. Join us in welcoming Rachel Rybicki to the CBE family!

    About CBE Customer Solutions 

    CBE Customer Solutions is a leading provider of business process outsourcing and customer experience solutions. With a focus on delivering exceptional service, CBE is committed to helping clients across industries optimize their operations, reduce costs, and improve customer satisfaction.  For more information about how we’re shaking up the BPO industry, visit https://cbecustomersolutions.com or connect with us on our Facebook and LinkedIn pages. 

    For media inquiries or to learn more about CBE’s innovative BPO solutions, please contact CBE Marketing Director at casey.cipoletti@cbecompanies.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7d2b600-92fe-43fb-a2ab-2fe80f287ef1

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Wix to Announce Fourth Quarter and Full Year 2024 Results on February 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX), today announced that it will report its results for the fourth quarter ended December 31, 2024 before the market opens on Wednesday, February 19, 2025. Management will host a conference call and webcast that morning at 8:30 a.m. ET to answer questions about the Company’s financial results. Prior to the conference call and webcast, Wix will issue a press release reporting these results along with a shareholder update and additional materials at https://investors.wix.com/. 

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform globally to create, manage and grow a digital presence1. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

    For more about Wix, please visit our Press Room

    Investor Relations:
    ir@wix.com 

    Media Relations:
    pr@wix.com

    1Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    The MIL Network –

    January 30, 2025

  • MIL-OSI: PLUMAS BANCORP TO ACQUIRE CORNERSTONE COMMUNITY BANCORP

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (“Plumas”) (Nasdaq: PLBC) and Cornerstone Community Bancorp (“Cornerstone”) (OTCPK: CRSB) jointly announce the signing of a definitive merger agreement (the “Agreement”) whereby Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million (the “Transaction”) based on the closing price of $47.76 for Plumas shares on January 28, 2025. On a pro forma consolidated basis, the combined company would have approximately $2.3 billion in assets, $2.0 billion in deposits, $1.5 billion in loans, and operate 19 branches throughout Northern California and Western Nevada.

    Cornerstone, headquartered in Red Bluff, California, is the parent company of Cornerstone Community Bank, a 19-year-old bank with approximately $658 million in assets as of December 31, 2024. Cornerstone Community Bank operates through four branches throughout the Northern California counties of Shasta and Tehama.

    “We are thrilled to announce our merger agreement with Cornerstone,” said Andrew J. Ryback, President and Chief Executive Officer, Plumas Bancorp. “Our companies share a connection to the people and businesses who have built their livelihoods throughout Northern California. Bringing together the team of local experts at Cornerstone Community Bank with Plumas Bank’s technology and small business expertise offers even greater services for the markets we serve. We look forward to providing long-term value to our combined shareholders, clients, team members, and the communities we serve.”

    “We are excited about the opportunity to join forces with Plumas, bringing our banks together to carry on our focus of providing our customers, employees and all of our stakeholders with superior products, services and support,” said Matthew B. Moseley, President and Chief Executive Officer of Cornerstone, who will continue with Plumas following the acquisition. “Gaining access to Plumas’ network of offices and extensive product lines allows us to expand our footprint and offerings beyond the Shasta and Tehama communities we have served for the past 19 years. There are many similarities in our institutions and the small communities we serve. This combination will afford the two organizations the opportunity to utilize our combined years of experience to continue to deliver the outstanding experience our customers have come to expect.”

    Under the terms of the Agreement, each issued and outstanding share of common stock of Cornerstone will be converted into the right to receive 0.6608 shares of common stock of Plumas and $9.75 in cash (subject to adjustment under certain circumstances). Based on the closing price of $47.76 for Plumas shares on January 28, 2025, the Transaction would result in an aggregate consideration of $64.6 million (inclusive of the value to Cornerstone stock option holders) and value of $41.31 per Cornerstone share.

    Giving effect to the merger, Cornerstone shareholders will hold, in the aggregate, approximately 14% of Plumas’ outstanding common stock based on December 31, 2024 data. One current member of the Cornerstone board of directors will join the Plumas board of directors upon the merger.

    Plumas expects the acquisition to be approximately 9% accretive to earnings per share in 2025 and 23% accretive in 2026. Plumas expects dilution to tangible book value per share of approximately 13% at close with a tangible book value earn-back period of less than three years. The boards of directors of Plumas and Cornerstone have approved the proposed merger, which is expected to occur in the second half of 2025 and remains subject to customary closing conditions, including obtaining approval by Cornerstone’s shareholders and bank regulatory authorities.

    Plumas was advised in the Transaction by Raymond James & Associates, Inc. as financial advisor and Sheppard, Mullin, Richter & Hampton LLP as legal counsel. Cornerstone was advised by Performance Trust Capital Partners as financial advisor and Gary Steven Findley & Associates as legal counsel.

    About Plumas Bancorp

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

    About Cornerstone Community Bancorp

    Cornerstone Community Bancorp is a bank holding company headquartered in Red Bluff, California and is the parent company for Cornerstone Community Bank, a California state-chartered bank with four locations across the Northern California counties of Shasta and Tehama. Founded in 2006, Cornerstone Community Bank has a proven track record of contributing to the success of the local economies they serve, contributing to the success of the people who live, work, and play in Shasta and Tehama.

    Additional Information About the Proposed Transaction and Where to Find It

    This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

    Investors and security holders are urged to carefully review and consider each of Plumas’s public filings with the SEC, including but not limited to its Annual Reports on Form 10-K, its Proxy Statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. The documents filed by Plumas with the SEC may be obtained free of charge at Plumas’s website at www.plumasbank.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Plumas by requesting them in writing to Plumas Bancorp, 5050 Meadowood Mall Circle, Reno, Nevada 89502; Attention: Shareholder Relations, or by telephone at (775) 786-0907.

    Plumas intends to file a registration statement on Form S-4 with the SEC which will include a proxy statement /prospectus which will be distributed to the shareholders of Cornerstone in connection with their vote on the Transaction. Before making any voting or investment decision, investors and security holders of Cornerstone are urged to carefully read the entire proxy statement/prospectus, when it becomes available, as well as any amendments or supplements, because it will contain important information about the proposed Transaction. Investors and security holders will be able to obtain the proxy statement/prospectus free of charge from the SEC’s website or from Plumas by writing to the address provided in the preceding paragraph.

    The directors, executive officers and certain other members of management and employees at Cornerstone and Plumas may be deemed participants in the solicitation of proxies in favor of the Transaction. Information about the directors and executive officers of Cornerstone will be included in the proxy statement/prospectus regarding the proposed Transaction. Information regarding Plumas’s directors and executive officers is available in Plumas’s definitive proxy statement for its 2024 annual meeting of shareholders filed with the SEC on April 4, 2024, which is available free of charge from Plumas upon request as described above.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains forward-looking statements regarding Plumas Bancorp (“Plumas”), Cornerstone Community Bancorp (“Cornerstone”) and the combined company and the proposed merger that are forward-looking statements subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to plans, expectations, projections and statements about the benefits of the proposed merger, the timing of completion of the merger, and other statements that are not historical facts. Forward-looking statements involve risks and uncertainties that are difficult to predict. Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to the occurrence of any event, change or other circumstances that could give rise to the right of Plumas or Cornerstone to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Plumas or Cornerstone; delays in completing the merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals impose conditions that could adversely affect the combined company or the expected benefits of the merger); the failure of Cornerstone to obtain shareholder approval or Plumas or Cornerstone to satisfy any of the other conditions to the merger on a timely basis or at all; the ability to complete the merger and integration of Plumas and Cornerstone successfully; costs being greater than anticipated; cost savings being less than anticipated; changes in economic conditions; the risk that the merger disrupts the business of the Plumas, Cornerstone or both; difficulties in retaining senior management, employees or customers; and other factors that may affect the future results of Plumas or Cornerstone. Further information regarding Plumas’s risk factors is contained in Plumas’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023. Forward-looking statement made in this release speak only as of the date of this release. Neither Plumas nor Cornerstone undertake any obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    Investor Relations Contact:

    Jamie Huynh
    AVP, Assistant Corporate Secretary and Investor Relations Coordinator
    Plumas Bank
    Phone: 530.283.7305 ext. 8908
    Email: jamie.huynh@plumasbank.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Fusion Fuel Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Jan. 29, 2025 (GLOBE NEWSWIRE) — via IBN — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of comprehensive energy engineering, advisory and supply solutions, today announced the resignation of Gavin Jones as Chief Financial Officer and the appointment of Frederico Figueira de Chaves as Interim Chief Financial Officer, effective January 24, 2025. Mr. Jones has opted to pursue a new opportunity; however, he will continue to serve as Company Secretary and has pledged his support to ensure a seamless transition.

    The Company’s Board of Directors is pleased to announce the appointment of Frederico Figueira de Chaves as interim Chief Financial Officer. Mr. Figueira de Chaves previously held the position of Chief Financial Officer at Fusion Fuel from 2020 to 2023, where he was instrumental in shaping the Company’s financial strategy and operational framework. Mr. Figueira de Chaves is currently serving as the Company’s Chief Strategy Officer and Head of Hydrogen Solutions and will assume this additional role while maintaining his existing responsibilities, leveraging his extensive financial and strategic expertise, while supported by an experienced in-house finance team.

    “On behalf of the Board of Directors, I would like to extend our heartfelt appreciation to Gavin for his outstanding service to Fusion Fuel since joining the Company in 2021,” stated Jeffrey Schwarz, Chairman of the Board of Fusion Fuel. “His steady leadership has been pivotal in establishing a strong foundation for the Company’s growth. We are grateful for his commitment to excellence and professionalism, and we wish him every success as he embarks on this exciting new chapter in his career.”

    Reflecting on his tenure, Mr. Jones commented: “This is a bittersweet moment for me. Over the past four years, I have had the privilege of collaborating with an exceptional team to navigate the various challenges and opportunities that have shaped Fusion Fuel’s journey. These years have been immensely rewarding, and I will carry these experiences with me throughout my career. I extend my gratitude to the Board of Directors, my colleagues, and the entire finance team for their trust and support. I firmly believe that Fusion Fuel is well-positioned for continued success, and I look forward to its continued progress.”

    The appointment of Mr. Figueira de Chaves as Interim CFO comes at a crucial juncture for Fusion Fuel as the Company advances its strategic priorities. His profound understanding of the hydrogen ecosystem, coupled with a proven track record in financial stewardship and strategic planning, positions him uniquely to guide the Company through its next phase of growth. With a sharpened focus on expanding its hydrogen solutions and gas services businesses, Fusion Fuel is strategically poised to reinforce its status as a leader in integrated energy solutions.

    About Fusion Fuel Green plc

    Fusion Fuel Green PLC (NASDAQ: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al Shola Gas and BrightHy subsidiaries. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.

    Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

    Forward-Looking Statements

    This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

    Investor Relations Contact

    ir@fusion-fuel.eu

    Wire Service Contact:
    IBN
    Austin, Texas
    www.InvestorBrandNetwork.com
    512.354.7000 Office
    Editor@InvestorBrandNetwork.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: RightNOW 2025 to help accounting firms thrive with keynotes and deep-dive sessions on cybersecurity, AI integration and overcoming staffing challenges

    Source: GlobeNewswire (MIL-OSI)

    NASHUA, N.H., Jan. 29, 2025 (GLOBE NEWSWIRE) — Accounting firm leaders, staff and SMB finance professionals will gather en masse in Nashville, TN for RightNOW 2025. The annual event, hosted by Rightworks, the only intelligent cloud services provider purpose-built for accounting firms and professionals, will bring together some of the brightest minds in accounting on May 19, 2025. The two-day conference will feature top-tier influencer keynotes, engaging breakout sessions on security, generative AI integration and building a modern firm, and offer a networking forum for attendees to tackle the profession’s persisting challenges head-on.

    “The accounting profession is at a critical turning point where modernization is not optional. Firms need to uplevel their businesses with the technical innovations and strategies that enhance client service and drive greater efficiency in their everyday business,” said Joel Hughes, CEO of Rightworks. “We are excited to gather professionals at all stages of growth so they can walk away with a strategic action plan that will make an immediate impact on their business in the second half of the year and beyond.”

    Renowned entrepreneurs and CEOs Gary Vaynerchuk and Josh Linkner to deliver opening keynotes

    RightNOW 2025 will kick off each day with keynotes from major industry trailblazers exploring harnessing the power of generative AI, creating powerful brands and strengthening the workplace. Day one features a fireside chat with Gary Vaynerchuk, CEO, author, serial entrepreneur and chairman of VaynerX. Day two begins with Josh Linkner, serial entrepreneur, New York Times bestselling author and venture capital investor.

    Following the keynotes is an exceptional lineup of breakout sessions, including:

    • The future of the accounting profession: Navigating emerging challenges and opportunities for firms
    • Buying & selling accounting firms: Insider tips from a broker, banker and lawyer
    • The nuts and bolts of AI: A workshop for practical application
    • Think like a hacker: How to protect yourself, your family and your firm from being breached
    • Late night lounge: Evening on AI
    • Cultivating credibility: The path to becoming a trusted advisor
    • Key tactics for successfully leading through change
    • Roundtable: Top trends and tactics you need to know about
    • Unpacking NPAG’s accounting talent strategy report: A plan to overcome the talent shortage
    • Why culture matters and how to build one that empowers
    • Great job! Building a great place to work
    • Purposely invest in yourself through lifelong learning
    • Getting strategic with AI
    • Staying compliant and secure in the cloud
    • Innovation station

    Early Bird registration ends soon

    RightNOW 2025 will take place May 19-21, 2025, at Gaylord Opryland Resort & Convention Center in Nashville, Tennessee. Early access pricing is available through January 31. Attendees are eligible to receive up to 14 Continuing Professional Education (CPE) credits. Visit the RightNOW page for more information.

    Connect with Rightworks
    Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

    About Rightworks
    Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

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    The MIL Network –

    January 30, 2025

  • MIL-OSI: Royalty Pharma Announces Sale of MorphoSys Development Funding Bonds

    Source: GlobeNewswire (MIL-OSI)

    • Total proceeds of $530 million on $300 million original 2022 investment
    • Proceeds strengthen balance sheet and provide added flexibility to pursue disciplined capital allocation strategy, including significant share repurchases and royalty acquisitions

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced the closing of a transaction to monetize the remaining fixed payments on the MorphoSys Development Funding Bonds for $511 million in upfront cash. This payment, combined with payments previously received, results in total cash proceeds of $530 million on the $300 million investment that was made in September 2022. The company generated an attractive return by monetizing these future fixed payments at a low discount rate of 5.35% and will redeploy these proceeds into higher returning investment opportunities, including repurchasing its shares and acquiring attractive new royalties.

    “While Royalty Pharma does not generally sell royalty investments, Novartis’ acquisition of MorphoSys created a unique opportunity to convert a fixed stream of long-term payments with no potential for outperformance into a large cash inflow today at an attractive return for shareholders,” said Pablo Legorreta, Royalty Pharma founder and Chief Executive Officer. “Earlier this year, we updated our capital allocation framework, seeking to generate attractive returns through a blend of royalty investments and share repurchases. Royalty Pharma will benefit from enhanced flexibility to pursue our disciplined capital allocation strategy.”

    Transaction Details

    Royalty Pharma entered into a long-term strategic funding partnership with MorphoSys in 2021 to provide up to $2.025 billion as part of MorphoSys’ acquisition of Constellation Pharmaceuticals. Through that transaction, Royalty Pharma acquired royalties on Tremfya and other development stage assets including trontinemab. In connection with that transaction, Royalty Pharma purchased $300 million of Development Funding Bonds from MorphoSys in September 2022. In 2024, Novartis acquired MorphoSys.

    Prior to the monetization transaction announced today, Royalty Pharma received the first two quarterly repayments on the Development Funding Bonds, amounting to $9.7 million in the fourth quarter of 2024 and $9.7 million in January 2025. These payments will be recorded in Portfolio Receipts. The $511 million monetization proceeds will be treated as an asset sale and will not be recorded as Portfolio Receipts. Following this sale to a syndicate of investors, Royalty Pharma will no longer receive Development Funding Bond payments over the remainder of 2025 and beyond.

    BofA Securities, Inc. acted as placement agent on behalf of Royalty Pharma plc.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 14 development-stage product candidates. For more information, visit www.royaltypharma.com.

    Forward-Looking Statements

    The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Signing Day Sports Executes Stock Purchase Agreement to Acquire Majority of Capital Stock of Dear Cashmere Group Holding Company d/b/a Swifty Global

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Arizona, Jan. 29, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the signing of a Stock Purchase Agreement (SPA) to acquire 99.13% of the issued and outstanding capital stock of Dear Cashmere Group Holding Company (OTC: DRCR), doing business as Swifty Global.  

    Swifty Global is a global online sports and casino technologies company with a track record of revenue growth and profitability.

    Swifty Global’s strengths and growth strategies are expected to contribute significantly to the Company’s growth potential, including:

    • Strong Financial Performance: Swifty Global achieved revenues of over $128 million and a net profit of approximately $2.44 million for the fiscal year ended December 31, 2023, despite significant investments of nearly $3.1 million in software development and licensing.
    • Global Expansion Targeting High Growth Markets: Swifty Global continues to expand its international gambling operations with significant growth opportunities on the horizon. This strategy aligns with the shared vision of both companies to target high-growth markets as a core component of our long-term strategy.
    • Rapid Development of New Revenue Generating Technologies: Swifty Global plans to offer data feed services for the online sports gambling industry in the near future. These services are currently expensive and limited in choice, as many sports, such as boxing, have until recently had limited or no live data feed available to allow real-time betting. The Signing Day Sports team has significant experience working with critical sports datapoints and creating sports measurement technologies, which could assist Swifty Global in developing this revenue stream.

    Daniel Nelson, CEO of Signing Day Sports, commented, “We are thrilled to announce the signing of the SPA with Swifty Global, which reflects the shared vision and collaboration between our organizations. I extend my sincere appreciation to James Gibbons and Nick Link for their exceptional efforts throughout this process. We see the SPA as a significant step toward accelerated expansion, enabling us to leverage Swifty Global’s cutting-edge SaaS technology to enhance operational efficiency, reduce costs by over 50%, and accelerate product development. Together, we expect to increase user growth, retention, and new revenue opportunities while expanding into emerging markets across Europe, Africa, and the Middle East. Together, we are confident in our ability to build a stronger company, committed to innovation, positioned for global expansion, and powered by cutting-edge technology—delivering exceptional value to our shareholders and clients.”

    “Following the closing of the SPA, Swifty Global will operate as a subsidiary of Signing Day Sports, with its financial results fully integrated into our operations. Signing Day Sports’ pre-closing business will likewise operate within a subsidiary of Signing Day Sports.”

    James Gibbons, CEO of Swifty Global commented, “The Swifty Global team has worked extremely hard, demonstrating exceptional diligence and discipline in building an outstanding business with a solid foundation. We are excited about the future and look forward to working together to achieve great things.”

    Terms of the Transaction

    At the closing of the acquisition under the SPA, Signing Day Sports will acquire from James Gibbons and Nicolas Link (the “Sellers”) the common stock and preferred stock of Swifty Global held by them constituting 99.13% of the issued and outstanding capital stock of Swifty Global. Additional sellers holding Swifty Global common stock or preferred stock may enter into substantially identical agreements with Signing Day Sports and also sell their Swifty Global capital stock to Signing Day Sports, which would increase the aggregate percentage of Swifty Global acquired by Signing Day Sports.  

    At the closing, the Sellers will receive a number of shares of Signing Day Sports common stock that is equal to 19.99% of the issued and outstanding common stock of Signing Day Sports as of the date of the SPA. The balance of the shares that Signing Day Sports must issue to the sellers will be in the form of convertible preferred stock that will have no voting or dividend rights until shareholder approval of conversion and the clearance of an initial listing application with The Nasdaq Stock Market LLC (“Nasdaq”). Signing Day Sports legacy shareholders are expected to retain approximately 8.24% of the post-transaction company’s shares, with the remaining approximately 91.76% being issued to the sellers and the other stockholders of DRCR, based on the number of shares of Signing Day Sports common stock outstanding as of the date of the SPA, subject to adjustment as described below.

    At the closing, James Gibbons will become the Chief Executive Officer of Signing Day Sports and remain the Chief Executive Officer of Swifty Global. Signing Day Sports management will remain the management of the Signing Day Sports subsidiary that will be established in connection with the acquisition. One Signing Day Sports executive director will resign, and Mr. Gibbons will be elected to the Signing Day Sports board.

    After the closing, Signing Day Sports will consolidate Swifty Global’s financial statements and operate Swifty Global as a subsidiary. Signing Day Sports’ existing assets will be contributed into a newly formed subsidiary.

    After the closing, Signing Day Sports will hold a shareholder meeting to, among other things, approve the conversion of the preferred stock issued to the Sellers into common stock, and elect a new board of directors of Signing Day Sports. If the stockholders approve the proposals, the Sellers’ Signing Day Sports preferred stock will convert into 19,782,720 shares of Signing Day Sports common stock. In addition, the board will continue to consist of five members, consisting of one board member nominated by Signing Day Sports, two independent directors and one executive director nominated by Swifty Global’s pre-closing board, and one independent director jointly nominated by both Signing Day Sports and Swifty Global jointly.

    Signing Day Sports and Swifty Global will also seek all necessary stockholder, regulatory, and stock exchange consents or approvals, in order for Signing Day Sports to acquire the remaining outstanding equity ownership of Swifty Global not acquired from the Sellers under the SPA or additional stock purchase agreements through a merger of Swifty Global into Signing Day Sports or a wholly-owned subsidiary of Signing Day Sports (the “Merger”). Signing Day Sports will file a registration statement on Form S-4 relating to, among other things, the registration of the offer and sale of the shares of Signing Day Sports common stock to be issued to the stockholders of Swifty Global in the Merger.

    Both Signing Day Sports and Swifty Global will collectively seek to raise at least $2.0 million in financing as soon as possible, with the proceeds split equally. These funds will be used for the operations of each of Signing Day Sports and Swifty Global, and the payment of outstanding liabilities of Signing Day Sports, such that there will be no material liabilities of Signing Day Sports remaining at the time of the conversion of the preferred stock. If, at the effective time of the Merger, Signing Day Sports has any indebtedness for borrowed money or liabilities in excess of $150,000 relating to the period prior to the closing, then Signing Day Sports will issue to the legacy stockholders of Swifty Global, including the Sellers, as soon as practicable following the closing of the Merger, a number of shares of Signing Day Sports common stock equal to the aggregate Signing Day Sports liabilities divided by the Applicable Price Per Share (as defined in the SPA).

    Both Signing Day Sports and Swifty Global will complete due diligence before the closing under the SPA. The closing is subject to the satisfaction or waiver of closing conditions, including, without limitation, conditional approval from Nasdaq of an initial listing application that has been filed with such exchange, and no assurance can be given that the closing will occur, or that post-closing requirements for the acquisition will be met. From and after the closing, Signing Day Sports is expected to commence trading on the Nasdaq.

    The sellers and the officers and directors of Signing Day Sports will be subject to a three-month lock-up period following the closing.

    The SPA contains provisions for termination, representations, warranties, covenants, and mutual indemnification provisions.

    Advisors to the transaction include Maxim Group LLC, which is serving as exclusive financial advisor to Swifty Global. Lucosky Brookman LLP is serving as counsel to Swifty Global. Bevilacqua PLLC is serving as counsel to Signing Day Sports. 

    A copy of the SPA will be filed as an exhibit to a current report on Form 8-K to be filed by Signing Day Sports with the U.S. Securities and Exchange Commission (“SEC”) on or about the date of this press release. All parties desiring details regarding the terms and conditions of the proposed acquisition are urged to review that Form 8-K and the exhibits attached thereto, which will be available at the SEC’s website at www.sec.gov. 

    Signing Day Sports

    Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development).  For more information about Signing Day Sports, go to https://bit.ly/SigningDaySports.

    Swifty Global

    Swifty Global is a technology company operating out of London, New York and Dubai developing ground-breaking technology solutions in the gambling and betting sector. Swifty Global aims to drive shareholder value through accelerated innovation and enhanced usability of the products it develops. With licenses spanning several jurisdictions, Swifty Global has successfully brought to market a suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platform. For more information about Swifty Global, go to https://www.otcmarkets.com/stock/DRCR/profile.

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty Global and integrate its business, the ability of the Company, the Sellers, and Swifty Global to obtain all necessary consents and approvals in connection with the acquisition, including Nasdaq clearance of an initial listing application in connection with the acquisition, obtain stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the SPA, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the SEC. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:
    Crescendo Communications, LLC
    212-671-1020
    SGN@crescendo-ir.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: ES Bancshares, Inc. Announces Fourth Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Asset Quality

    Source: GlobeNewswire (MIL-OSI)

    STATEN ISLAND, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $466 thousand, or $0.03 per diluted common share, for the quarter ended December 31, 2024, compared to a net income of $582 thousand or $0.08 per diluted common share for the quarter ended September 30, 2024.

     
    Key Quarterly Financial Data 2024 Highlights
    Performance Metrics   4Q24     3Q24     4Q23   •The Cost of Funds for the three months ended December 31, 2024, improved to 3.02% from 3.02% in the prior linked quarter.

    •For 3 months ended December 31, 2024, the Company’s net interest margin increased to 2.50% compared to 2.30% for the 3 months ended September 30, 2024.

    •The Company sold $3 million in SBA 7a loan during the quarter, resulting in a gain on loan sale.

    •The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-months in 2024.

    •Total Revenues for the quarter ended December 31, 2024, totaled $8.4 million increasing for a second consecutive quarter.
    Return on average assets (%)   0.29     0.36     0.05  
    Return on average equity (%)   3.94     4.98     0.73  
    Return on average tangible equity (%)   3.99     5.04     0.74  
    Net interest margin (%)   2.50     2.30     2.28  
                       
    Income Statement (a)   4Q24     3Q24     4Q23  
    Net interest income $ 3,876   $ 3,567   $ 3,454  
    Non-interest income $ 372   $ 609   $ 322  
    Net income $ 466   $ 582   $ 84  
    Earnings per diluted common share $ 0.03   $ 0.08   $ 0.01  
                       
    Balance Sheet (a)   4Q24     3Q24     4Q23  
    Average total loans $ 566,031   $ 566,031   $ 569,515  
    Average total deposits $ 512,120   $ 512,120   $ 470,394  
    Book value per share $ 6.89   $ 6.85   $ 6.83  
    Tangible book value per share $ 6.81   $ 6.77   $ 6.74  
    (a) In thousands except for per share amounts              
                   

    Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares said, “We ended 2024 with positive trends over the last two quarters. The downward turn in interest rates has bolstered our net interest income. The Company’s net interest margin increased by twenty basis points, demonstrating growth for the past three quarters. This coupled with our cost containment program has bolstered our core earnings. The Company’s balance sheet and capital position remain a strength for our Company.”

    Selected Balance Sheet Information:

    December 31, 2024 vs. December 31, 2023

    As of December 31, 2024, total assets were $636.6 million, a decrease of $2.1 million, or 0.3%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to a slightly smaller loan portfolio.

    Loans receivable, net of Allowance for Credit Losses on Loans totaled $559.3 million, a decrease of 0.8% from December 31, 2023. As of December 31, 2024, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.91%.

    Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.3 million or 0.84% of total assets, as of December 31, 2024, increasing from $1.4 million or 0.22% of total assets at December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.94%, as of December 31, 2024, and 0.22% for December 31, 2023. The increase from December 31, 2023, was primarily due to one Commercial Real Estate and one 1-4 family investor loan being placed on non-accrual status. Both loans are deemed to be well collateralized and in total amount to $4.0 million.

    Total liabilities decreased $3.8 million to $589.1 million at December 31, 2024 from $592.9 million at December 31, 2023. The decrease can be attributed to repayments of brokered deposits and Federal Home Loan (FHLB) borrowings partially offset by growth in core deposits. The growth in deposits was driven by an increase in interest-bearing, non-maturity deposit accounts, as well as interest-bearing deposits.

    As of December 31, 2024, the Bank’s Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.31%, 13.68%, 13.68% and 14.93%, respectively, all in excess of the ratios required to be deemed “well-capitalized.” During the Fourth quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.89 at December 31, 2024 compared to $6.83 at December 31, 2023. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.81 at December 31, 2024 compared to $6.74 at December 31, 2023.

    Financial Performance Overview:

    Three Months Ended December 31, 2024, vs. September 30, 2024

    For the three months ended December 31, 2024, the Company net income totaled $466 thousand compared to a net income of $582 thousand for the three months ended September 30, 2024. The decrease can be attributed to lower non-interest income and non-interest expense, partially offset by higher net interest income quarter over quarter.

    Net interest income for the three months ended December 31, 2024, increased $309 thousand, to $3.9 million from $3.6 million at three months ended September 30, 2024. The Company’s net interest margin widened by nine basis points to 2.50% for the three months ended December 31, 2024, as compared to 2.30% for the three months ended September 30, 2024. The increase in margin can be attributed to a reduction in the Company’s average cost for its interest-bearing liabilities.

    There was a $2 thousand provision for credit losses taken for the three months ended December 31, 2024, compared to a reversal for credit losses of $38 thousand for the three months ended September 30, 2024.

    Non-interest income decreased $237 thousand, to $372 thousand for the three months ended December 31, 2024, compared with non-interest income of $609 thousand for the three months ended September 30, 2024. The majority of the decrease can be attributed to lower service charges and fees and no gain on extinguishment of the Company’s subordinated debt, partially offset by the gain on loan sales.

    Non-interest expenses totaled $3.6 million for the three months ended December 31, 2024, compared to $3.4 million for the three months ended September 30, 2024. The largest fluctuations quarter over quarter were due to a $154 thousand increase in other expenses, due to a lack of a recovery of collection expenses that we realized in the September 2024 quarter, an increase in employment search fees, and other expenses. The $92 thousand increase in professional fees, due to higher legal and consulting fees as compared to the quarter ended September 30, 2024.

    Twelve months ended December 31, 2024 vs. December 31, 2023

    For the twelve months ended December 31, 2024, net income totaled $1.1 million in comparison to $1.5 million for the twelve months ended December 31, 2023. The decrease can mainly be attributed to higher costs paid on deposits which increased $5.1 million year over year.

    Net interest income for the twelve months ended December 31, 2024, decreased 11% or $1.8 million, to $14.1 million from $15.9 million at December 31, 2023. The decrease can be attributed to increased interest expense for deposits, partially offset by increased interest income earned on the loan portfolio.

    Provision for credit losses totaled $12 thousand for the twelve months ended December 31, 2024, compared to a $20 thousand provision for the twelve months ended December 31, 2023.

    Non-interest income totaled $1.2 million for the twelve months ended December 31, 2024, compared with noninterest income of $758 thousand for the twelve months ended December 31, 2023. The increase can be attributed to the gain recorded on extinguishment of sub-debt which is partially offset by decreased in gain on sale of loans period over period.

    Operating expenses totaled $14.0 million for the twelve months ended December 31, 2024, compared to $15.0 million for the twelve months ended December 31, 2023, or a decrease of 7.1%. The decrease in non-interest expense can be attributed to initiatives taking effect from the cost-cutting program launched in 2024.

    About ES Bancshares Inc.
    ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

    The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

    We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

    Forward-Looking Statements

    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

    Investor Contact:
    Peggy Edwards, Corporate Secretary
    (845) 451-7825

     
    ES Bancshares, Inc.
    Consolidated Statements of Financial Condition
    (in thousands)
        December 31,   December 31,
    2024   2023
        |—-(unaudited)—-|    
    Assets        
    Cash and cash equivalents $ 26,713     32,728  
    Securities, net   22,336     15,220  
    Loans receivable, net:        
    Real estate mortgage loans   545,569     551,124  
    Commercial and Lines of Credit   14,418     13,301  
    Home Equity and Consumer Loans 398     349  
    Deferred costs   4,084     4,233  
    Allowance for Loan Credit Losses (5,137 )   (5,086 )
    Total loans receivable, net   559,330     563,920  
    Accrued interest receivable   2,628     2,625  
    Investment in restricted stock, at cost   4,335     5,191  
    Goodwill   581     581  
    Bank premises and equipment, net   4,845     5,600  
    Repossessed assets   –     –  
    Right of use lease assets   5,894     6,415  
    Bank Owned Life Insurance   5,489     5,341  
    Other Assets   4,471     1,129  
    Total Assets $ 636,622     638,750  
             
    Liabilities & Stockholders’ Equity        
    Non-Interest-Bearing Deposits   133,268     109,065  
    Interest-Bearing Deposits   359,816     328,479  
    Brokered Deposits   20,750     56,581  
    Total Deposits   513,834     494,125  
    Bond Issue, net of costs   11,787     13,708  
    Borrowed Money   50,084     70,805  
    Lease Liability   6,172     6,672  
    Other Liabilities   7,195     7,578  
    Total Liabilities   589,071     592,888  
    Stockholders’ equity   47,551     45,862  
    Total liabilities and stockholders’ equity $ 636,622     638,750  
     
       
      ES Bancshares, Inc.
      Consolidated Statements of Income
      (in thousands)
                   
      Three Months Ended   Twelve Months Ended
      December 31, 2024 September 30, 2024   December 31, 2023   December 31, 2024 December 31, 2023
      |————–(unaudited)————–|   |—-(unaudited)—-|
    Interest income              
    Loans $ 7,405 $ 7,315     $ 7,059     $ 29,273 $ 26,343
    Securities   224   218       110       678   446
    Other interest-earning assets   373   428       278       1,624   1,418
    Total Interest Income   8,002   7,961       7,447       31,576   28,207
    Interest expense              
    Deposits   3,436   3,674       2,945       14,531   9,052
    Borrowings   690   720       1,048       2,950   3,268
    Total Interest Expense   4,126   4,394       3,993       17,482   12,320
    Net Interest Income   3,876   3,567       3,454       14,094   15,887
    (Rev)Prov for Credit Losses   2   (38 )     (83 )     12   20
    Net Interest Income after (Rev)Prov for Credit Losses   3,874   3,605       3,537       14,082   15,867
    Non-interest income              
    Service charges and fees   192   264       254       828   762
    Gain on loan sales   139   –       30       140   168
    Gain on extinguishment of Sub-debt   –   245       –       245   –
    Other   42   100       38       314   149
    Total non-interest income   372   609       322       1,527   1,080
    Non-interest expenses              
    Compensation and benefits   1,662   1,719       1,745       6,830   7,408
    Occupancy and equipment   618   618       646       2,509   2,656
    Data processing service fees   295   315       357       1,253   1,396
    Professional fees   247   155       357       808   1,104
    FDIC & NYS Banking Assessments   132   100       88       428   272
    Advertising   64   84       101       308   406
    Insurance   56   55       51       208   190
    Other   518   365       405       1,622   1,603
    Total non-interest expense   3,592   3,411       3,750       13,966   15,035
    Income prior to tax expense   654   803       109       1,643   1,912
    Income taxes   188   221       25       539   440
    Net Income $ 466 $ 582     $ 84     $ 1,104 $ 1,472
                   
                       
      ES Bancshares, Inc.
      Average Balance Sheet Data
      For the Three Months Ended (dollars in thousands)
      December 31, 2024 September 30, 2024 June 30, 2024
      Avg Bal Interest Average Avg Bal Interest Average Avg Bal Interest Average
      Rolling Rolling Rolling Rolling Rolling Rolling
    Assets  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost
    Interest-earning assets:                  
    Loans receivable $ 564,745 $ 7,405 5.24 % $ 566,031 $ 7,315 5.17 % $ 569,515 $ 7,059 4.96 %
    Investment securities   22,898   224 3.91 %   22,480   218 3.87 %   15,957   110 2.75 %
    Other interest-earning assets   31,135   373 4.69 %   31,656   428 5.29 %   20,128   278 5.40 %
    Total interest-earning assets   618,778   8,002 5.17 %   620,167   7,961 5.13 %   605,600   7,447 4.92 %
    Non-interest earning assets   18,048       17,919       16,840    
    Total assets $ 636,826     $ 638,086     $ 622,440    
    Liabilities and Stockholders’ Equity                  
    Interest-bearing liabilities:                  
    Interest-bearing checking $ 32,800 $ 27 0.33 % $ 33,512 $ 55 0.65 % $ 25,368 $ 23 0.36 %
    Savings accounts   217,746   1,695 3.09 %   200,248   1,728 3.42 %   123,641   884 2.84 %
    Certificates of deposit   166,368   1,714 4.09 %   173,577   1,891 4.32 %   207,091   2,037 3.90 %
    Total interest-bearing deposits   416,914   3,436 3.27 %   407,337   3,674 3.58 %   356,101   2,945 3.28 %
    Borrowings   50,189   499 3.94 %   52,984   519 3.89 %   76,844   827 4.27 %
    Subordinated debenture   11,784   191 6.43 %   13,726   201 5.81 %   13,705   221 6.41 %
    Total interest-bearing liabilities   478,887   4,126 3.42 %   474,047   4,394 3.68 %   446,649   3,993 3.55 %
    Non-interest-bearing demand deposits   96,011       104,782       114,293    
    Other liabilities   14,580       13,045       15,803    
    Total non-interest-bearing liabilities   110,591       117,827       130,096    
    Stockholders’ equity   47,347       46,211       45,695    
    Total liabilities and stockholders’ equity $ 636,826     $ 638,086     $ 622,440    
    Net interest income   $ 3,874     $ 3,567     $ 3,454  
    Average interest rate spread      1.75 %     1.46 %     1.37 %
    Net interest margin      2.50 %     2.30 %     2.28 %
                       
                       
                   
    Five Quarter Performance Ratio Highlights Three Months Ended
    December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023  
    Performance Ratios (%) – annualized            
    Return(loss) on Average Assets   0.29     0.36     0.10     (0.07 )   0.05  
    Return(loss) on Average Equity   3.94     4.98     1.37     (0.90 )   0.73  
    Return(loss) on Average Tangible Equity   3.99     5.04     1.38     (0.91 )   0.74  
    Efficiency Ratio   84.58     81.70     92.86     101.08     99.31  
    Yields / Costs (%)            
    Average Yield – Interest Earning Assets   5.17     5.13     5.16     5.03     4.92  
    Average Cost – Interest-bearing Liabilities   3.42     3.69     3.86     3.82     3.55  
    Net Interest Margin   2.50     2.30     2.21     2.12     2.28  
    Capital Ratios (%)            
    Equity / Assets   7.47     7.44     7.12     7.34     7.18  
    Tangible Equity / Assets   7.38     7.36     7.03     7.26     7.09  
    Tier I leverage ratio (a)   9.31     9.18     9.30     9.52     9.45  
    Common equity Tier I capital ratio (a)   13.68     13.67     13.81     13.63     13.60  
    Tier 1 Risk-based capital ratio (a)   13.68     13.67     13.81     13.63     13.60  
    Total Risk-based capital ratio (a)   14.93     14.92     15.06     14.88     14.85  
    Stock Valuation            
    Book Value $ 6.89   $ 6.85   $ 6.74   $ 6.75   $ 6.83  
    Tangible Book Value $ 6.81   $ 6.77   $ 6.65   $ 6.67   $ 6.74  
    Shares Outstanding (b)   6,900     6,878     6,884     6,834     6,714  
    Asset Quality (%)            
    ACL / Total Loans   0.91     0.90     0.90     0.89     0.89  
    Non Performing Loans / Total Loans   0.94     0.91     0.22     0.24     0.22  
    Non Performing Assets / Total Assets   0.84     0.81     0.19     0.21     0.22  
                   
    (a) Ratios at Bank level                            (b) Shares information presented in thousands        
                   

    The MIL Network –

    January 30, 2025

  • MIL-OSI: ibex Earns Fifth Great Place to Work® Certification™ in Nicaragua, Recognizing World-Class Workplace Culture and Employee Experience

    Source: GlobeNewswire (MIL-OSI)

    MANAGUA, Nicaragua, Jan. 29, 2025 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, is proud to be Certified™ by Great Place to Work® in Nicaragua for the fifth time overall. This prestigious certification recognizes employers who create an outstanding employee experience and is based entirely on what current employees say about their experience working at ibex.

    The past year has been transformative for ibex Nicaragua, with the business experiencing strong growth. ibex Nicaragua has expanded to more than 2,100 seats and is poised to surpass 2,200 employees. This growth is accompanied by strategic vertical diversification, including ongoing client expansion in the technology sector and new client wins in the utilities, gaming, and waste management sectors.

    “We are proud to earn the Great Place to Work® Certification™ for the fifth time and continue to grow our amazing team in Nicaragua,” said David Afdahl, Chief Operating Officer at ibex. “ibex’s inclusive and engaging culture is a clear differentiator among BPOs in Nicaragua and around the world. We respect and value diverse backgrounds, experiences, and perspectives, which is critical to unlocking the extraordinary potential across our team to deliver the best customer service. By combining the best talent, training, and technology, we are redefining customer experience.”

    ibex’s success in Nicaragua is rooted in its comprehensive approach to employee development and workplace culture. The company offers modern facilities featuring dedicated learning centers and open collaboration spaces. ibex is also recognized in the region for its positive and supportive work environment, as well as for its competitive compensation and opportunities for employees to advance their careers through training and development programs.

    “This recognition is a powerful affirmation of our incredible team’s passion and unwavering dedication to excellence,” said Henry Bermudez, Senior Vice President of Operations – Nicaragua at ibex. “At ibex, we believe that a better employee experience leads to a better customer experience and we are laser-focused on creating meaningful career opportunities that empower individuals to excel. This certification is a celebration of their hard work and a promise of even greater achievements ahead.”

    With successful operations in Nicaragua, Honduras, and Jamaica, ibex continues to demonstrate its position as a global leader in business process outsourcing in the region. The company remains committed to investing in its people, driving innovation, and creating meaningful opportunities for professional growth.

    About Great Place To Work®

    As the global authority on workplace culture, Great Place To Work brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work-Certified or receiving recognition on a coveted Best Workplaces™ List. Learn more at greatplacetowork.com and follow Great Place To Work on LinkedIn, Twitter, Facebook and Instagram.

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of 31 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of approximately 31,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    Media Contact:
    Dan Burris
    Daniel.Burris@ibex.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed6a537a-d80c-496e-bb61-e4b7bef79c55

    The MIL Network –

    January 30, 2025

  • MIL-OSI: American Armed Forces Mutual Aid Association Simplifies Insurance Application Processes Through Sapiens Implementation

    Source: GlobeNewswire (MIL-OSI)

    FT. MYER, Va., Jan. 29, 2025 (GLOBE NEWSWIRE) — The American Armed Forces Mutual Aid Association (AAFMAA), the nation’s longest-standing nonprofit financial solutions provider for the military community, today announced that it has implemented the Sapiens ApplicationPro, IllustrationPro, UnderwritingPro and DataSuite, to simplify its life insurance application, enrollment and underwriting process for active-duty servicemembers, Veterans, and their families. AAFMAA has upgraded its systems with Sapiens solutions to better serve its Members by making the important insurance decision-making process faster and easier for them.

    AAFMAA offers a variety of term and whole life insurance policies designed to meet the unique needs and circumstances of members of the military community. The Sapiens system presents applicants with appropriately tailored options side-by-side and the incorporation of automation dramatically shortens the application review cycle for complex cases, reducing approvals or other decisions from weeks to just a few days.

    “Our Members and their families will see incredibly helpful improvements to our insurance procurement platform, thanks to our partnership with Sapiens,” said Jerry Quinn, AAFMAA Chief Operating Officer. “Making decisions about insurance isn’t just important, it’s also quite complicated; sometimes our Members find themselves unsure of how to even begin the process. With Sapiens’ technology, that complicated process has become much simpler.”

    “We admire AAFMAA’s mission and are thrilled that the implementation of our technology is helping their team provide military servicemembers and their families with their necessary insurance needs,” said Roni Al-Dor, Sapiens President and CEO. “We look forward to hearing more about how our technology is making the process of obtaining insurance easier for their Members.”

    To get started on protecting your family more easily with life insurance or for more information, members of the military community can visit aafmaa.com.

    About AAFMAA

    The American Armed Forces Mutual Aid Association (AAFMAA) is the longest-standing nonprofit financial solutions provider that empowers the military community with affordable financial solutions, including always-affordable life insurance, expert investment management, and customized residential mortgages. Follow the organization on X, Facebook and LinkedIn. 

    AAFMAA Media Contact:
    FischTank PR
    aafmaa@fischtankpr.com

    About Sapiens  
    Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.  

    For more information visit https://sapiens.com or follow us on LinkedIn   
      
    Investor and Media Contact:  
    Yaffa Cohen-Ifrah  
    Sapiens Chief Marketing Officer and Head of Investor Relations  
    Mobile: +1 917 533 4782 
    Email: Yaffa.cohen-ifrah@sapiens.com  

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Reporting of granting of Tryg shares by senior management

    Source: GlobeNewswire (MIL-OSI)

    Group CEO Johan Kirstein Brammer has been granted 38,867 Tryg shares for a total amount of DKK 5,686.242.10. Granting of the shares are related to the bonus programme in 2020 and the acquisition of RSA Scandinavia in 2021.

    Group COO Lars Bonde has been granted 37,813 Tryg shares for a total amount of DKK 5,532,041.90. Granting of the shares are related to the bonus programme in 2020 and the acquisition of RSA Scandinavia in 2021.

    Attachment

    • 08_2025.29.01 Transaction statement

    The MIL Network –

    January 30, 2025

  • MIL-OSI Economics: Galaxy Studio Comes to Sandton City

    Source: Samsung

    Samsung has brought an exciting interactive experience to Sandton City with the Galaxy Studio, which opened on 23 January 2025. The studio is offering visitors the chance to step into the future – an immersive space where technology and creativity collide, showcasing the latest in Galaxy AI innovation.
     
    At Galaxy Studio, guests can get an exclusive hands-on preview of the newly launched Samsung Galaxy S25 Series –  a true AI companion – that is set to redefine the future of mobile technology. Unveiled on 22 January 2025, the Galaxy S25 Series learns from your daily habits and routines, adapting to fit seamlessly into your life. It’s not just a phone – it’s your next mobile assistant that empowers you to make every day extraordinary.
     
    With the new One UI 7.0, the Galaxy S25 Series is designed to elevate your mobile experience by personalising your interactions, simplifying tasks, and enhancing every aspect of your daily routine. Studio visitors will be treated to live demonstrations of the phone’s unique AI features, showing how Samsung’s cutting-edge mobile technology makes every day easier, smarter, and more efficient. From AI-enhanced intuitive features to smart personalisation, this device will turn your idea of what a phone can do on its head.
     
    At Galaxy Studio visitors can engage directly with the technology and witness its transformative power in real time. You can explore Samsung’s AI-driven camera features, capture your moments, and watch as they’re enhanced instantly, giving you the chance to share your stunning creations on social media. See for yourself:
     

     

    View this post on Instagram

     
    A post shared Anele Mdoda (@zintathu)

     
    One of the Galaxy Studio highlights is a demonstration of the phone’s powerful camera in a concert scenario in the Nightography Booth. Guests will be able to capture their thrilling moment as a DJ at a ‘concert/live event’. Galaxy Studio is more than just a space to see the Galaxy S25 Series in action; it’s an immersive world that highlights how AI can reshape everything from how we capture memories to how we stay connected. Whether you’re snapping photos, organising your day, or learning how Galaxy AI simplifies your life, this is an experience you won’t want to miss.
     
    Dates: 23 January – 9 February 2025Location: Galaxy Studio, Sandton City, JohannesburgAdmission: Free
     
    For more information and updates, follow Samsung South Africa on social media – @SamsungmobileSA (X, Instagram), Samsung South Africa (Facebook) or visit www.samsung.com/za.

    MIL OSI Economics –

    January 30, 2025

  • MIL-OSI United Kingdom: New army accommodation completed at Sandhurst

    Source: United Kingdom – Executive Government & Departments

    New accommodation for service personnel at Royal Military Academy Sandhurst (RMAS) has been completed under a major investment programme.

    Family of the first Welsh Guardsman to be Academy Sergeant Major at RMAS Sandhurst, WO1 Horace Phillips, attend opening of the block named in his honour with representatives of DIO, the army, and contractor Reds10. MOD Crown Copyright.

    The new Single Living Accommodation (SLA) block provides 53 ensuite single bedspaces for senior ranks, with utilities, drying rooms, a kitchen and furnished communal space. A second block providing 66 bedspaces for junior ranks is due to be completed in March 2025.

    The c.£13 million project was funded under the army’s SLA Programme and delivered by the Defence Infrastructure Organisation (DIO), contracting to off-site construction specialists Reds10. 

    The modular, sustainable SLA includes solar energy harvesting, air source heat pumps and a SMART building management system, which learns how the building is used through sensor data to ensure it runs as efficiently as possible.

    At the formal opening of the senior ranks block on 23 January, Major General Richard Clements CBE, Director of Basing and Infrastructure, said:

    Modern methods of construction are enabling us to build more quickly, provide a better standard of accommodation for our people and improve the sustainability of our estate. This new energy-efficient building has been designed using feedback from soldiers to ensure it meets their needs, and demonstrates the impressive standard of accommodation being delivered under our long-term investment programme.

    Warren Webster, DIO MPP Army Programme Director said:

    This a significant milestone in our work to provide quality, sustainable infrastructure for the army. The senior ranks will benefit from this new accommodation, which will shortly be followed by a second block for junior ranks. Both are designed to be as sustainable and energy efficient as possible, learning from previous projects to improve their environmental credentials and the lived experience while also being better value for money than using traditional construction methods.

    The new senior ranks’ SLA building has been named ‘Phillips Block’ after Warrant Officer Class One (WO1), Academy Sergeant Major Horace Cyril Phillips, MVO, MBE, Welsh Guards. WO1 Phillips was the first Welsh Guardsman to hold the prestigious post of Academy Sergeant Major at RMAS. Members of Mr Phillips’ family attended the formal opening of the building and unveiled a plaque in his honour.

    WO1 Daniel Cope, Academy Sergeant Major, RMAS Group, who is also a Welsh Guardsman, said:

    It is fantastic to see the result of significant investment in new accommodation to benefit personnel here at Royal Military Academy Sandhurst. The building has been delivered to an impressive standard and the sustainable features will contribute to local efforts to reduce our carbon footprint. This was also a fitting opportunity to commemorate my predecessor and fellow Welsh Guardsman, former Academy Sergeant Major Horace Phillips, for his service to RMAS.

    Phil Cook, Defence Director, Reds10, said:

    We are delighted to hand over this new accommodation to the Army, showcasing the benefits of modern, sustainable construction methods. Our team has worked closely with DIO and army stakeholders to ensure this project not only meets the highest standards but also supports the wellbeing of personnel.

    The integration of energy-efficient technologies and SMART building systems reflects our commitment to delivering long-term value for the armed forces and reducing the environmental impact. It’s an honour to contribute to the transformation of the lived experience at RMAS.

    Overall, the Army SLA Programme is investing £1.4 billion over 10 years to enhance living conditions for service personnel. More than 1,000 new bedspaces are currently in construction across the estate, with 6 blocks due to be completed in 2025.

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    Published 29 January 2025

    MIL OSI United Kingdom –

    January 30, 2025

  • MIL-OSI Russia: Sobyanin: The project for planning the territory under the KRT program in Cheryomushki has been approved

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The planning project for an inefficiently used area in the Cheryomushki district has been approved. This was reported in on your telegram channel Sergei Sobyanin reported. The 6.6-hectare site is located on Nauchny Proezd, near property 11a.

    “The project is being implemented within the framework of the integrated territorial development program. It will create over 330 jobs,” the Moscow Mayor wrote.

    Source: Sergei Sobyanin’s Telegram channel @Mos_Sobyanin

    A modern residential quarter will be built in the area for the purposes of the renovation program and other city needs. The total development area will be 173.9 thousand square meters. In addition to housing construction, work is planned here to develop the street and road network, including the creation of new driveways and the reconstruction of sections of Nauchny Proezd.

    The area inside the block will be landscaped and greened. There will be a park, sports and children’s playgrounds, and car parks. One distribution and four transformer substations will be built to provide engineering support for the residential block.

    Sobyanin: KRT may become a tool for expanding the renovation program in Moscow

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv.mos.ru/mayor/tkhemes/12327050/

    MIL OSI Russia News –

    January 30, 2025

  • MIL-OSI USA: IAM District 8 Donates To Illinois Firefighters Toy Drive

    Source: US GOIAM Union

    The Aurora, Ill.,, Fire Department had help from the IAM this year, delivering toys to deserving children around Aurora, Il. As part of its annual toy drive, firefighters collect toys around the holidays and deliver them to homes, surprising many deserving children.

    Every year, firefighters receive donated toys from several individuals and organizations, including the Aurora-based IAM Local 1202 and IAM District 8. In the days before Christmas, Santa makes his deliveries with firefighters in a firetruck.

    “This is what the holiday season is all about,” said IAM Midwest Territory General Vice President Sam Cicinelli. “The true spirit of the holidays is in giving back, and it’s incredible to see so many people come together to make a difference for local families.”

    “We’re proud to partner with Local 1202 in Aurora for our annual toy drive,” said IAM District 8 Directing Business Representative Ryan Kelly. “This year, we gathered thousands of dollars worth of toys from 17 of our District 8-affiliated locals across the state, bringing joy to many local families. My sincere thanks go out to all the volunteers, as well as District 8 staff for their help in making this the huge success it was.”

    “I’m extremely proud of the efforts of our membership,” said IAM Local 1202 President Dave Dady. “I’m also proud of the efforts of our brothers and sisters from across the IAM Locals in District 8 whose efforts ensured our success.” 

    This year, IAM Local 1202 was also featured on the front page of Labor News for their efforts.

    Share and Follow:

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI Security: St. John’s — Update: RCMP NL confirms valid RNC Association telephone fundraiser

    Source: Royal Canadian Mounted Police

    Following the release of a post advising the public of a telephone scam involving a fundraising initiative of the RCMP for victims of sexual assault, RCMP NL has since learned that a legitimate fundraiser is currently taking place involving the Royal Newfoundland Constabulary Association (RNCA).

    Information originally received, which initiated a public advisory, stated that the caller identified themselves as a Constable with the RCMP. The RCMP is not currently involved in any fundraising. The Royal Newfoundland Constabulary Association is participating in its Annual Community Guide Telephone Appeal. Funds raised help publish their 35th Annual Crime Prevention Guide with this years’ focus on “Child Abuse Awareness.”

    For further information about the Royal Newfoundland Constabulary Association Annual Community Guide Telephone Appeal, please call the Royal Newfoundland Constabulary Association at 709-739-5946 or the Community Guide Office at 1-800-215-8987.

    Backgound: https://www.rcmp-grc.gc.ca/en/news/2025/public-advisory-telephone-scam-claims-rcmp-fundraising-victims-sexual-assault

    MIL Security OSI –

    January 30, 2025

  • MIL-OSI: Safe Harbor Financial Commences CEO Succession and Strategic Planning Initiative

    Source: GlobeNewswire (MIL-OSI)

    Sundie Seefried to Immediately Become Co-CEO and Retire in 30 Days; Will Remain on Board of Directors Post-Transition

    Business Transformation Expert, Terry Mendez, Appointed Co-CEO; Will Become CEO Upon Retirement of Seefried

    GOLDEN, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that its current CEO, Sundie Seefried, plans to retire in 30 days. Karl A. Racine, chair of the Safe Harbor’s Nominating and Governance Committee, has been overseeing due diligence activities and advising the executive team and the Governance Committee to evaluate both internal and external candidates as part of the process. This strategic approach and review are part of the Company’s long-term growth strategy, ensuring that Safe Harbor continues to maximize shareholder value and executes its strategic vision.

    Sundie Seefried will serve as co-CEO throughout this transition period. The Company signed a three-year executive employment agreement with Terry Mendez to serve as co-CEO and will be appointed CEO upon Seefried’s retirement. Post-transition, Seefried will remain on the Board of Directors.

    During the transition, Mendez will work closely with Safe Harbor’s leadership team and Board of Directors to capture opportunities for innovation and growth, while Seefried will focus on achieving operational continuity. Seefried and Mendez will be the key decision-makers, ensuring that all strategic recommendations are evaluated and presented to the Board, as needed, for approval.

    “We remain committed to thoughtful succession planning and long-term strategic growth, with the goal of capitalizing on optimizing our market position,” said Sundie Seefried, co-CEO of Safe Harbor Financial. “Terry’s experience in business expansion, transformation and strategic advisory will provide a valuable perspective as we explore ways to enhance our operations and maximize shareholder value. I look forward to working closely with him.”

    “At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer, providing essential banking and financial services to the sector for the past decade. We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” said Terry Mendez, co-CEO of Safe Harbor Financial. “I look forward to diving into the business, learning from Sundie and partnering with my fellow operators to deliver value for our shareholders.”

    Terry Mendez brings extensive experience in strategic planning and operational transformation within the information technology and cannabis industries. In his role as founder of Amos Advisory Solutions, Mr. Mendez served as the CEO of both single-state and multi-state cannabis operators successfully leading turnaround efforts. Terry began his career in public accounting with Arthur Andersen and Deloitte & Touche. Previously, he served as the vice president of Finance and global chief accounting officer for Hitachi Vantara, a subsidiary of Hitachi, overseeing 52 countries.

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Safe Harbor Investor Relations
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: KraneShares Confirms New Caps of 20% and 40% For KWEB Buffer Strategies KPRO & KBUF, Respectively

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Today, Krane Funds Advisors, LLC (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs) announced new Caps, Buffer periods, and name changes for the KPRO and KBUF 100% and 90% Buffer ETFs. KPRO is now the KraneShares 100% KWEB Defined Outcome January 2027 ETF (Ticker: KPRO), formerly Defined Outcome January 2026, and KBUF is now the KraneShares 90% KWEB Defined Outcome January 2027 ETF (Ticker: KBUF), also formerly Defined Outcome January 2026.

    These ETFs are designed to provide investors with the opportunity over a limited period (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the KraneShares CSI China Internet ETF (Ticker: KWEB) with a defined level of protection (the “Buffer”). The current Outcome Period for the Funds is from January 27, 2025 to January 22, 2027.

    The new performance Cap for KPRO over the Outcome Period will be 20.01% and the new Cap for KBUF will be 40.01%. The new Caps stem from a decision earlier this month to extend the Outcome Period for both Funds due to strong China Internet momentum.

    The Funds will retain the same buffers of 100% and 90%, respectively, based on KWEB’s price on January 25, 2025.

    “KWEB has exceeded performance expectations since KPRO and KBUF were launched in February 2024,” said Jonathan Shelon, KraneShares COO. “We believe that resetting the downside protection and increasing the upside potential by extending the outcome period, is a benefit to existing and new investors. We are extremely pleased with the results of these strategies and are excited to introduce these enhancements.”

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. The caps and buffers mentioned above do not reflect the effect of fees and assume the Funds are held from launch to the end of the outcome period (2 years). For more information regarding whether an investment in the Funds is right for you, please read each Fund’s prospectus, including “Investor Suitability Considerations.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Uncorrelated Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kweb, www.kraneshares.com/kpro and www.kraneshares.com/kbuf. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that any of the Funds will achieve their stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Funds’ share prices and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Funds. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China’s exports and the Funds. China’s regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Funds and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect on domestic currency values.

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in any of the Funds may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor may not match those that the Funds seek to provide. The Funds may not fully protect against KWEB losses if their share prices drop during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease.

    A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in each Fund’s prospectus. The Funds aim to provide returns subject to a Cap, but there is no guarantee of success. If any Fund’s gains exceed the Cap, that Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Funds may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing investors to potential losses. Selling shares before the Outcome Period ends may result in underperformance.

    The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Funds are subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Funds to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. KPRO and KBUF will use FLEX options from the Options Clearing Corporation (OCC). There’s a risk of the OCC failing to meet its obligations. The Funds may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. If the unlikely event the OCC becomes insolvent, the Funds could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless. The value of these options is associated with KWEB and influenced by factors such as market fluctuations and time until expiration.

    KPRO and KBUF are new and do not yet have a significant number of shares outstanding. If the Funds do not grow in size, they will be at greater risk than larger funds of wider bid-ask spreads for their shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Funds’ assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KWEB, KPRO and KBUF are non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Thea Energy Announces Peer-Reviewed Publications Outlining the Planar Coil Stellarator Approach for Commercial Fusion Energy

    Source: GlobeNewswire (MIL-OSI)

    KEARNY, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Thea Energy, Inc., a fusion technology company advancing the stellarator for the commercialization of a carbon-free and abundant source of energy, today announced four peer-reviewed publications in the journal Nuclear Fusion. These papers together support the planar coil stellarator as a scalable, maintainable, and simpler approach to commercial fusion energy, with an additional real-world use case as a neutron source. The articles are accessible on the Company’s website under “Presentations & Publications” and via Nuclear Fusion.

    These papers detail the practical advantages of the planar coil stellarator as well as the methods used to design the planar (i.e. flat) magnetic coils, allowing for a commercial maintenance scheme. Thea Energy also shares new results in the papers on the simulated and optimized performance of Eos, the Company’s first integrated fusion system that will be constructed and operated later this decade. Thea Energy is designing Eos, based on the same planar coil stellarator architecture, to produce tritium, a vital fusion fuel isotope. The papers also discuss the ability of the Eos stellarator magnetic field to confine energetic plasma particles, heating the plasma and sustaining fusion.

    “Complex, 3D magnet coils have limited prior generations of stellarators, making them extremely difficult to build and maintain,” said David Gates, Ph.D., co-founder and chief technology officer of Thea Energy. “These results are a part of a new era for stellarator systems. Eos will serve as an important technology test bed that will also breed tritium for commercial use. Eos will leverage simpler coils as well as a software control layer, allowing future fusion power plants to be built and deployed on-the-grid at scale. As the team starts to construct Eos, we look forward to further expanding these findings, while at the same time increasing the fidelity of our models.”

    Brian Berzin, co-founder and chief executive officer of Thea Energy, added, “Thea Energy is advancing a system architecture that from the beginning focused on real-world use and practicality, further outlined in these papers. The team’s hard work to complete this cohort of publications is a major milestone, motivated by the opportunity to share details with the broader scientific community on what makes the planar coil stellarator such a transformative approach. Peer-reviewed research is fundamental to the rapidly advancing fusion industry, and it is our intention to continue to publish our results.”

    Key takeaways from “Stellarator fusion systems enabled by arrays of planar coils”:

    • Planar coil stellarators can use systems of simpler coils to produce the magnetic fields required to confine plasmas while leveraging key advantages in terms of manufacturability, controllability, and maintainability. These benefits are crucial to a commercial fusion power plant architecture.
    • Thea Energy will build and utilize the first planar coil stellarator system as a neutron source, named Eos. The Company will scale and deploy a subsequent planar coil stellarator system as a fusion pilot plant, named Helios. Helios is approximately twice the linear dimension of the Eos neutron source stellarator and is being designed to generate net electric power in steady state.

    Key takeaways from “Coil optimization methods for a planar coil stellarator”:

    • The planar coil stellarator architecture uses two types of coils, encircling coils and shaping coils. These simpler coils can produce a specific stellarator magnetic field with sufficient precision to confine a fusion plasma in the same way as a set of more complex, 3D stellarator coils for an equivalent equilibrium, subject to realistic engineering constraints.
    • The planar coil stellarator approach enables large system sectors designed for removal between the encircling coils, providing a sector maintenance capability.

    Key takeaways from “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator”:

    • The Thea Energy team utilized coupled plasma physics models to downselect an optimal design for Eos to a medium-sized facility with required electric power of less than 40 MW.
    • Eos will have the ability to produce tritium at a rate in line with current commercial methods of production, approximately 0.2 grams/day or 70 grams/year.

    Key takeaways from “Fast ion confinement in quasi-axisymmetric stellarator equilibria”:

    • The Company’s electromagnetic coils are designed to confine energetic plasma particles. High-fidelity supercomputer simulation verifies that the intended Eos magnetic field is efficient at this confinement, and that the Eos system will be capable of producing tritium using deuterium-deuterium fusion.
    • The analysis also validates that the Helios design will confine enough fusion products to produce net energy, and the simulation work points to future analysis for further improving this confinement, increasing the efficiency of the power plant.

    The simulations presented in “Coil optimization methods for a planar coil stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” were performed on computational resources managed and supported by Princeton Research Computing, a consortium of groups including the Princeton Institute for Computational Science and Engineering (“PICSciE”) and the Office of Information Technology’s High Performance Computing Center and Visualization Laboratory at Princeton University.

    Work highlighted in “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” was partially funded by an INFUSE award given in round 2022b and carried out in collaboration with researchers at the U.S. Department of Energy’s Princeton Plasma Physics Laboratory, which is managed by Princeton University.

    About Thea Energy, Inc.
    Thea Energy, Inc. is building an economical and scalable fusion energy system utilizing arrays of mass-manufacturable magnets and dynamic software controls. Commercial fusion energy can uniquely provide an abundant source of zero-emission power for a sustainable future. Thea Energy is leveraging recent breakthroughs in computation and controls to reinvent the stellarator, a scientifically mature form of magnetic fusion technology. Thea Energy was founded in 2022 as a spin-out of the Princeton Plasma Physics Laboratory and Princeton University, where the stellarator was originally invented. Thea Energy is currently designing its first integrated fusion system, Eos, based on its planar coil stellarator architecture which will produce fusion neutrons at scale and in steady state. To learn more about Thea Energy’s mission to create a limitless source of zero-emission energy for a sustainable future, visit https://thea.energy/ and follow us on X and LinkedIn. 

    Investor Contact
    Robin Brown
    robin@thea.energy

    Media Contact
    Madeline Joanis
    maddy@thea.energy

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Acquia Brings AI Search Experiences to its Digital Experience Platform with New Solution Powered by SearchStax

    Source: GlobeNewswire (MIL-OSI)

    BOSTON and EL SEGUNDO, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Acquia, the leader in open digital experience software, today announced a strategic partnership with SearchStax, the Search Experience Company, to elevate the search experience of Drupal-based websites with advanced AI-driven search capabilities. The partnership will replace Acquia’s existing Solr site search service with a comprehensive new solution, Acquia Search powered by SearchStax, that significantly improves website engagement, user satisfaction, and conversions.

    “Search has evolved into critical infrastructure that provides website visitors with an intuitive, accurate, and contextually relevant experience that drives customer satisfaction and boosts conversions,” said Jim Shaw, Chief Product Officer at Acquia. “Likewise, marketing teams want to be able to configure and manage intelligent search experiences without developer involvement. Our partnership with SearchStax allows us to provide easy-to-use tools that enable marketers to configure sophisticated search features without complex coding, so they can ensure the right content is easy to find and can be served faster to their website visitors.”

    Acquia Search powered by SearchStax gives marketers the agility they need to optimize search outcomes with key features and benefits including:

    • Surface Content Quickly Across Sites: define facets and filters based on categories, tags, and other fields that follow your site’s content structure, while multi-site search breaks down silos to help visitors discover the exact information they need, regardless of where your content lives.
    • Drive Content Discoverability: go beyond basic search with AI-driven features that provide automatic search improvements including intelligent search suggestions and auto-completion, related keywords based on search history, and natural language processing to eliminate ‘no result’ searches.
    • No-code Analytics and Actionable Insights: robust analytics tools provide full visibility into search behavior and trends. A customizable dashboard provides a quick view of KPIs, and users can dive deep into the details to analyze site engagement, uncover content gaps, and identify specific areas of improvement.
    • Make Frictionless Adjustments: optimize content with tools that give marketers the ability to promote key content, boost fields to improve relevance and conversions, include/exclude content, and customize the search experience to different personas with just a few clicks.
    • Enterprise Availability and Security: protect your data with built-in compliance for HIPAA, SOC2, ISO 27001, WCAG, and GDPR industry standards, and confidently scale to handle large volumes of data, complex search queries, and demanding performance expectations so visitors can perform fast, reliable searches even during traffic spikes.

    “Integrating Acquia Search powered by SearchStax into our Acquia-hosted website was a seamless process, and we’re excited to implement the latest features,” said Barry Crowley, Web Content Lead Developer at Sensata Technologies, Inc. “We anticipate a substantial improvement in our site’s search functionality that will enable our visitors to find the information they need more quickly and effortlessly, boosting user engagement and driving higher conversions.”

    “Site search is key to boosting website conversions and elevating customer experiences. With SearchStax’s advanced search capabilities, Acquia’s customers can maximize their content’s value. This partnership empowers marketing teams to deliver highly relevant website search results, driving engagement and helping them achieve key business objectives,” said Sameer Maggon, CEO at SearchStax.

    Availability
    Acquia Search powered by SearchStax is generally available beginning in February 2025, with three tiered plans available. The Basic plan will be included at no cost in Acquia Cloud Platform and Site Factory subscriptions; paid Premier and Premier Plus plans will offer additional functionality AI search capabilities, advanced analytics, search management tools, and more. For more on Acquia Search powered by SearchStax, visit https://www.acquia.com/products/acquia-cloud-platform/acquia-search.

    About SearchStax:
    SearchStax, the Search Experience Company, enables marketers and developers to deliver fast, relevant website search experiences. SearchStax powers search for more than 700 customers worldwide, including leading brands in higher education, healthcare, government, manufacturing, and financial services such as Roche, University of Arkansas, KPMG, Banner Health, Canon, and Fidelity. Learn more at www.searchstax.com.

    About Acquia:
    Acquia empowers ambitious digital innovators to craft the most productive, frictionless digital experiences that make a difference to their customers, employees, and communities. We provide the world’s leading open digital experience platform (DXP), built on open source Drupal, as part of our commitment to shaping a digital future that is safe, accessible, and available to all. With Acquia Open DXP, you can unlock the potential of your customer data and content, accelerating time to market and increasing engagement, conversion, and revenue. Learn more at https://acquia.com.

    Media Contacts:

    For SearchStax
    Tom Humbarger
    Senior Marketing Programs Manager
    press@searchstax.com
    +1.844.973.2724

    For Acquia
    Matt Krebsbach
    SVP, Thought Leadership & Brand Awareness
    pr@acquia.com

    All logos, company, and product names are trademarks or registered trademarks of their respective owners.

    The MIL Network –

    January 30, 2025

  • MIL-OSI: TAB Bank Expands Lender Finance Portfolio with $12 Million Deal for Steel Capital Management

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Jan. 29, 2025 (GLOBE NEWSWIRE) — TAB Bank announces the addition of Steel Capital Management, a New York City-based finance company specializing in e-commerce solutions, to its portfolio of Lender Finance clients. TAB Bank has extended a $12 million credit facility to support Steel Capital Management as they provide capital solutions to accelerate growth for Direct-to-Consumer (DTC) companies.

    Steel Capital Management selected TAB Bank because of its expertise in lender finance, flexible financing structures, competitive cost of capital and scalability. The $12 million credit facility will provide Steel Capital Management with the working capital to continue scaling its business and supporting its clients.

    “TAB Bank is looking forward to helping Steel Capital Management continue driving growth and innovation in the e-commerce space by providing a flexible and scalable financing structure,” said Jerry Clinton, Managing Director of Corporate Underwriting at TAB Bank. “Our ability to tailor loans to fit a company’s market and unique needs demonstrates our mission—unlocking dreams with bold financial solutions that lift and empower.”

    Based in New York City, Steel Capital Management was born out of the necessity to help early to mid-stage consumer brands grow by providing alternative financing options. The firm understands recurring industry problems—seasonality, stale inventory, shipping and fulfillment backlogs, and marketing channels changing how they operate—and aims to tailor its investments to address them.

    “TAB Bank has been a pleasure to work with throughout the due diligence, documentation and closing process,” said Michael Hoffman, co-CEO of Steel Capital Management. “The TAB Bank team’s willingness to fit our flexible financing needs demonstrated their commitment to building a long and successful partnership with Steel Capital. We’re confident we’ve found the right partner to continue Steel’s growth.”

    TAB Bank is committed to empowering businesses with innovative financial solutions, including term loans, lines of credit and accounts receivable financing. By tailoring its offerings to fit each client’s specific needs, TAB Bank ensures consistent cash flow and growth opportunities for small and midsize businesses nationwide.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Progressive Reports December 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    MAYFIELD VILLAGE, OHIO, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2024:

      December Quarter
    (millions, except per share amounts and ratios; unaudited)   2024       2023   Change   2024       2023   Change
    Net premiums written $ 5,964     $ 4,876   22   % $ 18,105     $ 15,130   20   %
    Net premiums earned $ 6,717     $ 5,310   26   % $ 19,144     $ 15,773   21   %
    Net income $ 942     $ 901   5   % $ 2,356     $ 1,988   19   %
    Per share available to common shareholders $ 1.60     $ 1.53   5   % $ 4.01     $ 3.37   19   %
    Total pretax net realized gains (losses) on securities $ (140 )   $ 144   (197 ) % $ (53 )   $ 303   (117 ) %
    Combined ratio   84.1       83.4   0.7   pts.   87.9       88.7   (0.8 ) pts.
    Average diluted equivalent common shares   587.7       587.4   0   %   587.7       587.5   0   %
      December 31,
    (thousands; unaudited) 2024   2023   % Change
    Policies in Force          
    Personal Lines          
    Agency – auto 9,778   8,336   17
    Direct – auto 13,996   11,190   25
    Special lines 6,520   5,969   9
    Property 3,517   3,096   14
    Total Personal Lines 33,811   28,591   18
    Commercial Lines 1,141   1,099   4
    Companywide 34,952   29,690   18
               
               

    See Progressive’s complete monthly earnings release for additional information.

    About Progressive

    Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

    Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

    Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

    The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

    Company Contact:
    Douglas S. Constantine
    (440) 395-3707
    investor_relations@progressive.com

    The Progressive Corporation
    300 North Commons Blvd.
    Mayfield Village, Ohio  44143
    http://www.progressive.com

    Download PDF: Progressive December 2024 Complete Earnings Release

    The MIL Network –

    January 30, 2025

  • MIL-OSI: EXL Schedules Fourth Quarter and Full Year 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, will release financial results for the fourth quarter and year ended Dec. 31, 2024, on Tuesday, February 25, 2025, after the market closes. An earnings news release, investor fact sheet and presentation will be published on the company’s investor relations website offering an overview of the financial results.

    The company will host a conference call at 10:00 a.m. EST the following day, Wednesday, Feb. 26, 2024, with Chairman and Chief Executive Officer Rohit Kapoor and Executive Vice President and Chief Financial Officer Maurizio Nicolelli, who will provide insights into the company’s operational and financial results.

    To listen to video live webcast or to participate in the call, please register here. A replay of the webcast will be available for approximately one year.

    EXL [NASDAQ: EXLS] is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contact:
    John Kristoff
    Vice President, Head of Investor Relations
    +1 212 209 4613

    Source: ExlService Holdings, Inc.

    The MIL Network –

    January 30, 2025

  • MIL-OSI Economics: kersten-anlageberatung.de: BaFin warns consumers about website and renewed identity fraud

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The financial supervisory authority BaFin warns offers from the website kersten-anlageberatung.de. The website is almost identical to kersten-anlageberatung.com, which BaFin already warned against on 17 January 2025. BaFin expressly points out that the licensed securities institution Kersten Anlageberatung GmbH contrary to the information in the imprint does not operate the website kersten-anlageberatung.de either. This is yet another case of identity theft.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

    January 30, 2025
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