NewzIntel.com

Category: Latin America

  • MIL-OSI China: Estudiantes, Palmeiras cruise in Libertadores

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

    Argentina’s Estudiantes scored three first-half goals en route to a 3-0 away victory over Universidad de Chile in their Copa Libertadores group stage clash on Wednesday.

    The visitors caught the home side napping when Thiago Palacios ran onto Guido Carrillo’s pass before drilling a left-footed shot into the bottom-right corner.

    Santiago Ascacibar doubled the lead just after the half hour with a towering header from 12 yards following a Gabriel Neves corner.

    Carrillo made it 3-0 by combining with Eric Meza and rounding goalkeeper Gabriel Castellon before slotting the ball into an empty net.

    Estudiantes now leads Group A with nine points from four games, two points clear of second-placed Universidad.

    Meanwhile, goals from Brazil international forwards Estevao and Vitor Roque fired Palmeiras to a 2-0 away win over Cerro Porteno.

    Teenager Estevao, who will join Chelsea in July, struck with a 25-yard drive just before halftime, and former Barcelona player Roque put the result beyond doubt with a cool 94th-minute finish on the counterattack.

    The Sao Paulo outfit heads Group G with 12 points, eight ahead of second-placed Cerro Porteno.

    In other fixtures on Wednesday, Nacional won 3-1 at Bahia, LDU Quito prevailed 3-2 at Deportivo Tachira, and Central Cordoba was held to a 1-1 home draw by Flamengo.

    MIL OSI China News –

  • MIL-OSI China: Cruzeiro still winless after Diaz stunner salvages draw

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

    A spectacular second-half strike from Lautaro Diaz earned Brazil’s Cruzeiro a 1-1 away draw with Ecuadorian side Mushuc Runa in the Copa Sudamericana group stage on Wednesday.

    Carlos Orejuela capitalized on chaotic defending as he poked home a shot from eight yards, before Diaz sent a brilliant volley from the edge of the 18-yard box past goalkeeper Cassio.

    Mushuc Runa now leads Group E with 10 points, one ahead of second-placed Palestino. Cruzeiro is last with just one point from four outings so far.

    In Venezuela, Junior Paredes scored twice as Puerto Cabello routed Brazil’s Vasco da Gama 4-1. Gerardo Padron and Raudy Guerrero were also on target for the hosts, while Joao Victor struck for the Rio de Janeiro outfit.

    In other fixtures on Wednesday, Atletico Grau was held to a goalless home draw by Gremio, Palestino won 2-1 at Union Santa Fe, and Universidad Catolica prevailed 3-1 at Cerro Largo.

    MIL OSI China News –

  • MIL-OSI: Aegon publishes agenda for 2025 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    The Hague, May 8, 2025 – Aegon has today published the agenda for its Annual General Meeting of Shareholders (AGM), scheduled for Thursday, June 12, 2025. The related meeting materials, including the agenda, are now available on our website.

    At the AGM, the Board of Directors will present the 2024 Annual Accounts and propose a final dividend of EUR 0.19 per common share. This brings the total dividend for 2024 to EUR 0.35 per common share. The agenda further includes several proposals concerning the composition of Aegon Ltd.’s Board of Directors, as announced on March 31, 2025. 

    The AGM will take place in Bermuda, in a hybrid manner. Shareholders can attend in person and virtually. The meeting will provide opportunities to ask questions in person, via live chat or video connection. Those not attending in person or virtually, can vote in advance.

    Aegon’s policy on hybrid shareholder meetings will apply. Full details on how to attend, participate, and vote are available here.

    Contacts


    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Civil unrest, (geo-) political tensions, military action or other instability in a countries or geographic regions that affect our operations or that affect global markets;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where Aegon operates.
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • The effects of global inflation, or inflation in the markets where Aegon operates;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
    • Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon;
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • The rapidly changing landscape for ESG responsibilities, leading to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management;
    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws; and
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

    Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    Attachment

    The MIL Network –

  • MIL-OSI USA: May 7th, 2025 Heinrich Demands Answers on DOGE Staffer’s Unchecked Authority Over Department of the Interior

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, sent a letter to the U.S. Department of the Interior (DOI) Secretary Doug Burgum slamming DOI’s decision to elevate Department of Government Efficiency” (DOGE) staffer Tyler Hassen’s role in the agency. The letter comes after a March request from Heinrich urging Burgum to revoke his delegation of authority to Mr. Hassen, who never received a Senate hearing or confirmation, despite wielding significant power over the agency.

    In his letter, Heinrich demands a number of records related to Mr. Hassen’s authority, including a legal justification under the Vacancies Reform Act — of which Hassen’s role appears in direct violation — employment classifications and service history, all DOI staffing changes (past, current, and planned), an analysis of how layoffs affect the DOI’s mission, communications with DOGE and the Office of Management and Budget (OMB) about layoffs, as well as a list of all contracts and grants DOGE has targeted for termination or renegotiation.

    “On March 26, 2025, I wrote to you to express serious concern over your decision to appoint Tyler Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget in an acting capacity. I outlined the delegation ran afoul of the Vacancies Reform Act. Troublingly, instead of revoking Mr. Hassen’s delegation, you have further empowered him,” Heinrich began.

    Heinrich continued, “On April 17, 2025, you signed a Secretarial Order giving Mr. Hassen extensive authority over Departmental functions. Under the Order, Mr. Hassen, who joined the Department of the Interior (“DOI” or “Department”) as a member of Elon Musk’s Department of Government Efficiency (DOGE), is now responsible for a broad portfolio, including human resources, contracting, federal financial assistance, and information technology. The Order appears to give Mr. Hassen free reign over key Departmental restructuring and decision-making for an indefinite period of time without a set expiration date.”

    In the last several months, DOI has fired thousands of hardworking public servants and additional reductions in force (RIF) are reportedly looming. The Department has also pushed employees to voluntarily resign or take early retirement through buyout offers. According to reports, in February, DOI fired more than 2,000 employees, which has been the subject of litigation. In April, the Department reportedly fired the agency’s Chief Information Officer, Chief Information Security Officer, and others in the solicitor’s office after they objected to DOGE gaining access to major payroll and personnel systems that processes the salaries of approximately 276,000 employees.

    Heinrich emphasized these drastic changes, slamming the Secretary’s decision to further empower Mr. Hassen at DOI, “Your latest action to further empower Mr. Hassen underscores your willingness to freely hand over the keys to the Department to a DOGE representative. The Department plays a vital role in managing public lands, safeguarding cultural resources, and engaging in responsible energy development. Delegating sweeping authorities and responsibilities to a non-Senate confirmed person in violation of the Vacancies Reform Act is baffling and extremely troubling.”

    Read the full letter here and below.

    Dear Mr. Secretary:

    On March 26, 2025, I wrote to you to express serious concern over your decision to appoint Tyler Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget in an acting capacity. I outlined the delegation ran afoul of the Vacancies Reform Act. Troublingly, instead of revoking Mr. Hassen’s delegation, you have further empowered him.

    On April 17, 2025, you signed a Secretarial Order giving Mr. Hassen extensive authority over Departmental functions. Under the Order, Mr. Hassen, who joined the Department of the Interior (“DOI” or “Department”) as a member of Elon Musk’s Department of Government Efficiency (DOGE), is now responsible for a broad portfolio, including human resources, contracting, federal financial assistance, and information technology. The Order appears to give Mr. Hassen free reign over key Departmental restructuring and decision-making for an indefinite period of time without a set expiration date.

    Indeed, it appears that Mr. Hassen has wielded significant power since arriving at DOI. Mr. Hassen—appearing with Mr. Musk in a Fox News interview—touted reviewing “every single contract, every single grant” at DOI. In the same interview, Mr. Hassen boasted about access to you, stating, “[w]hen things come to my attention that don’t make sense, I’m bringing them to Secretary Burgum. He’s been fantastic. He’s a businessman, he’s very supportive of DOGE.”  In recent months, the Department has undergone drastic changes. DOI has fired thousands of hardworking public servants and additional reductions in force (RIF) are reportedly looming. The Department has also pushed employees to voluntarily resign or take early retirement through buyout offers. According to reports, in February, DOI fired more than 2,000 employees, which has been the subject of litigation. In April, the Department reportedly fired the agency’s Chief Information Officer, Chief Information Security Officer, and others in the solicitor’s office after they objected to DOGE gaining access to a major payroll and personnel systems that processes the salaries of approximately 276,000 employees.

    Your latest action to further empower Mr. Hassen underscores your willingness to freely hand over the keys to the Department to a DOGE representative. The Department plays a vital role in managing public lands, safeguarding cultural resources, and engaging in responsible energy development. Delegating sweeping authorities and responsibilities to a non-Senate confirmed person in violation of the Vacancies Reform Act is baffling and extremely troubling.

     To better understand the basis of your delegation of authorities to Mr. Hassen, as well as the breadth of workforce reductions at the Department, please provide the following information by May 21, 2025:

    Appointment

    1. Prior to your appointment of Mr. Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget, did the Department assess whether the delegation of authority complied with the Vacancies Reform Act? If so, please provide a copy of the Department’s analysis.
    1. The Vacancies Reform Act permits only three categories of Government officials to perform the functions of a vacant office in an acting capacity. Please indicate if Mr. Hassen meets any of these three categories.
    1. What is Mr. Hassen’s current employment classification (e.g., Schedule C employee or another classification)? In responding to this question, please also provide all other employment classifications Mr. Hassen has served under at the Department and the dates of service for each classification.

    Terminations and Workforce Reductions

    1. Please provide the current and planned staffing levels at the Department. In responding to this question, please provide the following information:
      1. A detailed breakdown and the reason for the staff changes at the Department (e.g., retirement, termination, participation in a Deferred Resignation Program, or other action) and corresponding figures for each category listed.
    1. For each bureau and program office, please provide the following information:
      1. The number of employees in each bureau and program office on January 20, 2025, and the current number of employees in that bureau and program office.
      1. A detailed description of planned changes to workforce in each bureau and program office, including target employment numbers for each bureau and program office.
    1. Prior to making workforce reductions at the Department or offering the Deferred Resignation Program option to employees, did the Department conduct a comprehensive analysis to understand if such reductions compromised the Department’s ability to meet its statutory mission? If so, please provide the Committee with a copy of that analysis.
    1. Does DOI plan to eliminate, merge, or reduce the function of any bureau or program office? If so, please explain.
    1. Please provide all documents and communications between Mr. Hassen and agents or representatives of DOGE referring or relating to terminations and workforce reductions at DOI.
    1. Please provide all documents and communications between Mr. Hassen and OMB referring or relating to terminations and workforce reductions at DOI.

    Grants and Contract Terminations and Renegotiations

    1. Please provide a list of all Department grants or contracts DOGE has identified for termination or renegotiation. In responding to this question, please provide the following information:
      1. A description of each grant or contract DOGE has identified for termination or renegotiation and the current status.
      1. DOGE’s justification for terminating or renegotiating the grant or contract.
    1. Since January 20, 2025, has the Department terminated or recompeted any contract? If so, please provide the following information for each contract terminated or recompeted:
      1. A description of the contract terminated or recompeted.
      1. b. The reason the Department terminated or recompeted the contract.
    1. Since January 20, 2025, has the Department entered into any new contracts? If so, please provide detailed information.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Joins Newsmax to Discuss No Taxes on Overtime and President Trump’s Ongoing Trade Negotiations

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) joined Bob Brooks with Newsmax last night to discuss his new legislation to codify one of President Donald Trump’s key campaign promises – the Overtime Wages Tax Relief Act – as well as ongoing tariffs and trade negotiations with foreign powers. 
    You may click HERE to watch Senator Marshall’s full Newsmax interview.
    On the introduction of the Overtime Wages Tax Relief Act:
    “You know, this One Big Beautiful Bill will be President Trump’s legacy. And he wants to make sure that this bill prioritizes those hard-working Americans, those hourly wage employees you’re talking about. And that’s exactly what we do with this. We’re going to let that first $10,000 of overtime wages that you make – we’re going to make sure the government doesn’t take home any of, that’s $20,000 for a couple. That means you could keep up to $4,000 more of your hard-earned money. And you’re just absolutely right – if you weren’t a Republican before you saw that first overtime check and all the government took out of it, you were after.”
    On experiencing overtime wage taxes at a young age:
    “My first job off the farm, I wasn’t quite 16 yet. The minimum wage was… $2.30 an hour, believe it or not. And to your point, I was working at a sale barn, sorting heifers and steers, shoveling manure, those types of things. My brother and I often would work 18, 20, 24 hours at a time. And after eight hours, it was overtime, so you sat there thinking, my goodness, this is going to be a huge check. I’m saving up money to buy a car someday. And you open up that check and there you say, oh my gosh, I thought I worked all these extra hours, time and a half, and you saw the government take so much of it and across America, again, hardworking Americans, that’s exactly what they’re experiencing today.
    “So, President Trump, promises made, promises kept. He’s going to let you keep more of your hard-earned money and fulfill one more of his campaign promises.”
    On future trade deals with foreign nations:
    “Even just moments ago, President Trump announced, the White House announced that they’re going to sit down with the Chinese and work on a trade deal with them. I think they’re very close on a deal with Mexico and Canada, probably Japan as well.
    “But remember what President Trump’s goals are. His goals are to bring more manufacturing jobs, more jobs back to America, and to negotiate free and reciprocal trade agreements, trade agreements that will last and take care of our children and our children’s children, not just fix the moment.
    “I am reminded of President Eisenhower, who did so many things that it took decades to come to fruition, for people to recognize his success. So yes, we’re enduring a little bit of pain right now, but already across the state of Kansas, small manufacturing companies are having spikes in sales. Because why? Because people want to invest in American-made products and not have to deal with the potential tariffs of something coming from abroad. So, it’s already working. Things are, things are just, just starting to shine here right now, better days are ahead of us. For America, I’m not tired of winning yet.”

    MIL OSI USA News –

  • MIL-Evening Report: ‘These violations should never have occurred’: the troubled history of intercountry adoption

    Source: The Conversation (Au and NZ) – By Samara Kim, PhD Candidate & Researcher, Southern Cross University

    Korean adoptees worldwide are grappling with a devastating possibility: they were not truly orphans, but may have been made into orphans.

    For decades, adoptees were told they were “abandoned”, “rescued” or “unwanted”. Many were told their Korean families were too “poor” or “incapable” to raise them – and they should only ever feel grateful for being adopted.

    But these long-held stories are now under scrutiny.

    Our recent research interrogates the narratives that have obscured the darker realities of intercountry adoption. Rather than viewing adoption solely through the lens of “rescue”, our work examines the broader power structures that facilitated the mass migration of Korean children to western countries, including Australia.

    South Korea’s reckoning with its adoption history

    In March, South Korea’s Truth and Reconciliation Commission released its preliminary findings after collecting records and testimony from a coalition of overseas Korean adoptee-led organisations (including the Australia–US Korean Rights Group).

    The preliminary report revealed a disturbing pattern of human rights violations in the country’s adoption industry, including:

    • forced relinquishments
    • falsified records
    • babies switched at adoption
    • inadequate screening processes, and
    • deep-rooted institutional corruption.

    The commission’s chair described finding

    serious violations of the rights of adoptees, their biological parents – particularly Korean single mothers – and others involved. These violations should never have occurred.

    The commission is expected to release its final report soon, but due to the upcoming presidential election and political uncertainty in South Korea, the timeline remains unclear.

    Chilling cases

    This is not the first time intercountry adoption has made headlines for irregularities, human rights abuses, or illicit and illegal practices.

    While Australia was expanding the number of children for intercountry adoption from South Korea in the 1980s, Park In-keun – director of South Korea’s infamous Brothers Home, an illegal detention facility that sent children overseas for adoption – was arrested for embezzlement and illegal confinement.

    He was ultimately acquitted of the most serious charges in South Korea before escaping to Australia. He was then charged again in 2014 for embezzlement, including government subsidies and wages of inmates forced into slave labour in South Korea. He died two years later.

    Other allegations of human rights violations and abuses came to light around the same time with the arrest of Julie Chu.

    She was accused of facilitating a “baby export” syndicate. Children were believed to have been kidnapped from Taiwan to send to Western countries, including Australia, in the 1970s and 80s. She was convicted of forgery, but denied being involved in trafficking.

    Since then, other cases have continued to emerge involving countries such as Chile, Sri Lanka, India, Ethiopia and Guatemala.

    What is the adoption industrial complex?

    Intercountry adoption is not just a social practice. It’s also an economic and political system sometimes known as the transnational adoption industrial complex.

    This network of organisations, institutions, government policies and financial systems created a globalised adoption economy worth billions of dollars. According to numerous investigations, Western nations, as “receiving” countries, drove the demand for the continuous sourcing of children.

    As Park Geon-Tae, a senior investigator with South Korea’s Truth and Reconciliation Commission, said:

    To put it simply, there was supply because there was demand.

    Australia received an estimated 3,600 Korean children from the 1970s to the present, as part of more than 10,000 intercountry adoptions.

    Prospective parents typically paid between US$4,500 and $5,000 to facilitate acquiring a child in Australia in the 1980s, equivalent to A$21,000 today.

    Since colonisation, Australia has had a long and painful history of child removal. From the Stolen Generations involving First Nations children to the forced adoption of children born to unwed mothers, child separation has been deeply embedded in the nation’s social policy.

    While national apologies have acknowledged the irreparable harms caused by these policies, the same ideologies and structures were repurposed as the blueprint for intercountry adoption.

    In recent years, other western nations, such as Denmark, Norway, the Netherlands, Sweden and Switzerland, have begun to investigate their own roles in the intercountry adoption industry. These nations have either suspended their adoption programs, issued formal apologies or launched formal investigations.

    Thus far, Australia and the United States have not.

    Challenging the ‘rescue’ myth

    Intercountry adoption has long been framed as a humanitarian act. The central idea was that children needed “rescuing” and any life in a Western country would be “better” than one with their families in their home country.

    Many adoptees and their original families were expected to just move on or be grateful for being “saved”.

    However, research shows this gratitude narrative disregards the deep trauma caused by forced separation.

    Studies have reported that adoptees experience lifelong ruptures due to cultural, familial and ancestral displacement. Forced assimilation makes reconnection with family and culture complex or nearly impossible.

    Many intercountry adoptees have also voiced concerns about abuse, violence and mistreatment in adoptive homes.

    Questioning the ‘orphan crisis’ myth

    The myth of a global orphan crisis has also been a powerful driver of intercountry adoption.

    Adoption groups often reference outdated UNICEF estimates that there are 150 million orphans globally. However, this figure obscures the fact most of the children classified as “orphans” are children of single parents, or children currently living in homes with extended family or other caregivers.

    This was the case in South Korea. Most children sent for adoption were not true orphans, but children who had at least one parent or extended family they could have stayed with if they were adequately supported.

    The belief that millions of children of single parents were “orphans” in need of “rescue” was used to justify calls for faster, less regulated adoptions.

    Labelling these children as “orphans” also helped attract millions of dollars in philanthropic donations. However, donors were rarely interested in supporting children to stay with their families and communities in their home countries.

    Instead, the focus was often on removing and migrating them for the purpose of intercountry adoption.

    The question then emerges: was this about finding families for babies or finding babies for Western families?

    Samara Kim is a founding member of KADS Connect, an advocacy organisation for South Korean adoptees.

    Kathomi Gatwiri and Lynne McPherson do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘These violations should never have occurred’: the troubled history of intercountry adoption – https://theconversation.com/these-violations-should-never-have-occurred-the-troubled-history-of-intercountry-adoption-254200

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Quan faces growing challenge head on

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

    Taller, heavier and tougher — China’s diving sensation Quan Hongchan is embracing new challenges brought by her growing pains, with the three-time Olympic champion poised to regain her competitive edge.

    Quan Hongchan remains upbeat, despite missing out on gold at the World Cup season finale. XINHUA

    Dubbed as the master of the “splash-disappearing technique”, Quan has twice redefined the benchmark of elite diving by winning back-to-back 10m platform golds at Tokyo 2020 and Paris 2024, leaving the judges stunned, commentators speechless and fans in awe with full-mark dives defining her early career.

    As almost invincible as she appeared in the buildup to Paris, Quan has recently been dealt a tricky challenge from within — the rapid growth of her body frame — as the 18-year-old now measures at least 15 centimeters taller and 10 kilograms heavier than the diminutive prodigy who made some of the world’s most difficult dives look effortless at her breakout Games debut in Tokyo.

    The pull of gravity, now, feels much stronger, while the control of her spins, velocity and entry angle takes more training and greater strength to perfect, Quan admitted. Errors on dives she never messed up before now happen more frequently, she added.

    “I’ve lost the feeling that I was used to when performing my dives,” Quan confessed last week during the World Aquatics Diving World Cup Super Final in Beijing.

    It’s nothing new for teen talent in sports such as diving, gymnastics and artistic swimming. It’s just the resilience to accept it, embrace it and beat it that sets consistent, true winners apart from the short-term bloomers.

    Quan has braced herself for perhaps the biggest challenge of her career with a positive mindset.

    “I’ve grown a lot physically. The way my body moves has changed, so, naturally, I cannot re-adapt as quickly as I need to,” Quan said after finishing runner-up, beaten by her teammate Chen Yuxi, on the 10m platform at the Beijing super final.

    “I am OK with that, and I think I’ve done a pretty good job today.

    “I will work harder and add more fitness and strength training to my daily routine in order to help myself get used to my changing size. And, from there, I will try to perfect my dives again.”

    The silver finish at the Cup series’ season finale at the Water Cube on Saturday was Quan’s third consecutive loss to her close friend Chen, who is also her synchro event partner, since she outscored Chen by a small margin of merely 4.9 points from five rounds to retain her Olympic gold in Paris.

    In fact, since her international debut in 2021, Quan had never finished runner-up three times in a row across all the meets she’s ever contested in the Cup, world championships and Olympics.

    The flaw that cost Quan a career-first Super Final gold in Beijing remained the same 207C routine — a dive involving three-and-a-half backward flips — that has forced her to misjudge her entry angle twice before at the earlier Mexico and Canada legs of Cup series.

    Her coach Chen Ruolin, though, wasn’t so concerned about Quan’s ability to readjust.

    “It’s the natural process of puberty development that every teen athlete has to experience. She’s so talented, so demanding on herself, and always works harder.

    “I have full confidence in her ability to navigate through it,” said the coach, herself a legendary five-time Olympic champion, who overcame the same challenge.

    The healthy competition with her biggest rival and bestie outside the pool is helpful as well.

    Whatever happens in an individual competition, Quan said she feels free to always seek advice and comfort from Chen Yuxi whenever she has a bad day.

    And Chen Yuxi, who is two years Quan’s senior, feels likewise.

    “We are close to each other and talk about everything all the time. We always have each other’s back and support each other, no matter what,” said Chen Yuxi, who claimed three titles in a row on the Cup series to be named the “Best Female Diver of 2025”.

    Youth surge celebrated

    Boasting a strong roster of multiple Olympic and world champions, the host contingent completed a clean sweep of all nine gold medals up for grabs at the Super Final in Beijing, with the rise of some next-generation divers stealing the show at the iconic Olympic arena.

    In women’s 3m springboard, 20-year-old Chen Jia continued her winning streak from two earlier Cup legs, and clinched the title in Beijing with 382.05 points, edging her Olympic champion teammate Chen Yiwen into second place. Maddison Keeney of Australia and Chiara Pellacani of Italy followed as the third and fourth finishers.

    As a rookie to the Cup series, Chen Jia wrapped up her fruitful campaign with a huge confidence boost.

    “I am really happy with the gold, but I still need to learn a lot from others. I should say I was a slow learner to the new format of head-to-head competition. I found my familiar pace only during the final,” said the Sichuan province native, who was only selected into the national team at the end of last year.

    Young men’s 10m platform combo Zhu Zifeng and Cheng Zilong have emerged as surprising crowd pleasers, as they both scored perfect 10s in their attempts in the men’s individual final.

    Zhu earned five 10s from seven judges on his opening dive, and collected five 90-plus scores in six dives to win his first Super Final title and the Best Male Diver award.

    “I didn’t expect to win this gold medal, because I finished second at the two previous legs, but I also learned from that. I told myself to concentrate on my own techniques,” said the 22-year-old Zhu, who also bagged the synchronized gold with partner Cheng.

    MIL OSI China News –

  • MIL-OSI Submissions: Haiti – MSF trauma hospital in Port-au-Prince nears its limits as fighting intensifies in Haiti’s capital

    Source: Médecins Sans Frontières/Doctors Without Borders (MSF)

    Port-au-Prince, May 6, 2025 – Port-au-Prince is undergoing extremely high level of violence as armed groups are coordinating attacks on several areas of the city that were previously beyond their control.

    Plagued by years of political instability and an alarming humanitarian situation, Haiti has been experiencing a new upsurge in violence since mid-February as armed groups, united in a single coalition, attempt to increase their control of Port-au-Prince. Fighting is intensifying and the front lines are shifting, squeezing the last remaining districts of the capital.

    Médecins Sans Frontières/Doctors Without Borders (MSF) is warning that its Tabarre trauma hospital – one of the last in the capital is nearing the limits of its capacity. This would create an even more desperate situation for the city’s residents, whose access to surgical care would be considerably reduced.

    MSF’s Tabarre hospital is under great pressure, having already increased its capacity by half. The hospital is strained by the growing number of seriously injured people requiring treatment. Although the number of trauma beds is officially 50, the hospital regularly has over 70 trauma patients. Beyond the 75-patient limit, it will be virtually impossible to accept new cases.

    “The number of seriously injured patients has risen steadily over the past four weeks. Nearly 40% of them are women and children,” said Dr Seybou Diarra, coordinator of MSF’s Tabarre hospital. “We’re already overloaded, and we can’t push the walls. We are now creating hospital rooms in the meeting rooms. The medical teams are exhausted, and the intensification of violence around the hospital complicates the conduct of our activities, as we are located next to areas that are regularly under attack, with a high risk of stray bullets.”

    In this unprecedented context, where over 60% of health facilities in Port-au-Prince are closed or non-functional according to the UN Office for the Coordination of Humanitarian Affairs, those that remain open are facing severe shortages of human resources, equipment and specialized services. In just one month, the number of hospitals able to treat trauma cases has fallen from four to two.The Mirebalais University Hospital, one of the last hospitals capable of providing trauma care, suspended its activities on April 23 due to insecurity in the area, as it is located on a road now controlled by armed groups. MSF had to suspend its activities at its trauma center in Carrefour, following a security incident in March, while the Hôpital Universitaire de la Paix, which remains open, is overloaded.

    “It’s becoming increasingly difficult for Haitians to access health facilities, and nearly impossible for those requiring trauma care,” explains Dr Diarra. “If the situation doesn’t calm down, I fear that many of the wounded will die for lack of available treatment.”

    MSF calls for the protection of civilians and respect for health facilities in combat zones.

    For over 30 years, MSF has been responding to the urgent medical needs of vulnerable populations in Haiti. In 2024, our teams carried out more than 72,000 consultations, treated 31,500 emergencies,performed 7,400 surgical procedures and assisted 1,300 births. Located in the most vulnerable areas of Port-au-Prince and beyond, we provide essential care, particularly in trauma, maternal health, sexual and reproductive health, and support for survivors of sexual violence.

    MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

    MIL OSI – Submitted News –

  • MIL-OSI China: Ex-Brazil midfielder Dudu joins Atletico Mineiro

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

    Former Brazil international midfielder Dudu joined Atletico Mineiro on a free transfer on Tuesday, less than a week after parting ways with local rival Cruzeiro.

    The 33-year-old agreed to a deal that ties him to Atletico Mineiro until December 2027, the Brazilian Serie A side said in a statement on its official website.

    “It’s never too late to find the path to happiness. Welcome, Dudu,” the statement said.

    The attacking playmaker is expected to begin training with Atletico immediately but can only make his debut for the Belo Horizonte club when Brazil’s winter transfer window opens on June 2.

    Dudu made just 17 appearances across all competitions for Cruzeiro and scored two goals after returning to his boyhood club from Palmeiras last December.

    Local media said his departure followed a breakdown in relations with Cruzeiro manager Leonardo Jardim.

    MIL OSI China News –

  • MIL-OSI Video: Yemen, Sudan, Occupied Palestinian Territory & other topics – Daily Press Briefing (7 May 2025)

    Source: United Nations (Video News)

    Noon briefing by Stephanie Tremblay, Associate Spokesperson for the Secretary-General.

    Highlights:
    Secretary-General’s Travel
    Yemen
    Sudan
    Occupied Palestinian Territory
    Ukraine
    Haiti
    Security Council
    Science, Technology and Innovation Forum

    SECRETARY-GENERAL’S TRAVEL
    The Secretary-General is Denmark today, where tomorrow he will chair the meeting of the Chief Executives Board of the United Nations which brings together the heads of the UN system. 
    Earlier today, the Secretary-General met with Ms. Mette Frederiksen, Prime Minister of Denmark. The Secretary-General expressed appreciation for Denmark’s steadfast cooperation with and support for the United Nations, including for its role as host of UN agencies as well as its constructive role as a non-permanent member of the Security Council.
    The Secretary-General expressed appreciation for Denmark’s steadfast cooperation, as well as its constructive role as a non-permanent member of the Security Council. 
    Prior to meeting the Prime Minister, the Secretary-General toured UN City, the compound in Copenhagen that houses United Nations offices in the Danish capital. During a townhall meeting, the Secretary-General congratulated the staff for the work they are doing. 
    This evening, the Secretary-General and the heads of the United Nations system are attending a welcome diner hosted by the King and Queen of Denmark.

    YEMEN
    The UN welcomes the announcement made by the Sultanate of Oman regarding an agreement between the United States and the Houthis in Yemen on 6 May, and commend Oman for its efforts in this regard.
    The UN had consistently called for restraint and de-escalation in and around Yemen and the wider region. We also have called for an immediate cessation of Houthi attacks against merchant and commercial vessels in line with relevant Security Council resolutions. We reaffirm the need for all to respect the rights and obligations relating to maritime navigation in accordance with international law. We remain committed to supporting the Yemeni parties to reach a negotiated political settlement to end the conflict.
    The UN encourages all parties to engage constructively with UN Special Envoy Hans Grundberg to this end.

    SUDAN
    Moving to Sudan, the Under-Secretary-General for Humanitarian Affairs, Tom Fletcher, expressed deep concern over the ongoing drone strikes in Port Sudan, which is a hub for our humanitarian operations and key entry point for aid.
    Mr. Fletcher stressed that international humanitarian law must be respected and that constant care must be taken to spare civilians and civilian infrastructure.
    Flights of the UN Humanitarian Air Services – or UNHAS – to and from Port Sudan have been suspended since May 4th. The World Food Programme, which manages UNHAS, says it will resume air operations as soon as conditions allow.
    These disruptions are impacting the movement of humanitarian personnel into Sudan and onward to other parts of the country, further straining the delivery of urgently needed assistance. Meanwhile, OCHA reports that drone attacks have also affected the states of Kassala and River Nile. Earlier this week in Kassala, strikes near the airport displaced about 2,900 people and led to the temporary suspension or relocation of some aid activities.
    Meanwhile, River Nile State is still facing a power blackout following a drone strike on the transformer station in Atbara on April 25th. The outage is contributing to growing fuel and bread shortages and long queues at petrol stations and bakeries.

    OCCUPIED PALESTINIAN TERRITORY
    Turning to the situation in Gaza, our colleagues from the Office for the Coordination of Humanitarian Affairs warn that the situation there is growing worse by the day. Yet we and our partners are committed to staying and delivering to help alleviate the suffering of the people exhausted by many months of fighting.
    Attacks on schools sheltering displaced people continue to be reported, leading to casualties. Yesterday in Deir al Balah, an UNRWA school in Al Bureij camp was hit twice in several hours, with dozens of people reportedly killed, including women and children. Another school in Gaza city sheltering displaced people was also struck yesterday, with reports that 20 people were killed.
    Across Gaza, community kitchens serving hot meals continue to shut down, as they use up their last remaining supplies. As of yesterday, one in every three community kitchens supported by the UN and our partners in Gaza has closed.

    Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=07%20May%202025

    https://www.youtube.com/watch?v=N4A1_sSsDPg

    MIL OSI Video –

  • MIL-OSI Europe: Written question – Political pressure put on EMA over vaccine testing – E-001696/2025

    Source: European Parliament

    Question for written answer  E-001696/2025
    to the Commission
    Rule 144
    Gerald Hauser (PfE)

    The Commission is reported to have deliberately quashed important COVID-19 vaccine safety audits in 2020. The European Medicines Agency (EMA) waived mandatory inspections of test centres, saying it was because of the risk of infection and political pressure. EMA Director Emer Cooke decided to cancel missions to carry out inspections, in particular to AstraZeneca’s test sites in Brazil, for example. The decision, however, was not officially documented. Later it came out that the vaccines had many serious side effects, such as brain thrombosis. Reports of adverse reactions for the BioNTech/Pfizer vaccines were also ignored. Critics complain that the EMA relied to a large extent on manufacturer’s claims when granting authorisation. The agency has to date defended its actions.[1]

    • 1.Why was political pressure put on the EMA to suspend mandatory safety testing when approving vaccines?
    • 2.Who put political pressure on the EMA to suspend suspend mandatory safety testing when approving vaccines, and when?
    • 3.What consequences will ensue following these revelations?

    Submitted: 28.4.2025

    • [1] https://apollo-news.net/eu-kommission-unterdrckte-bewusst-sicherheitsprfungen-von-covid-impfstoffen/
    Last updated: 7 May 2025

    MIL OSI Europe News –

  • MIL-OSI Economics: DG Okonjo-Iweala: Broad agreement on WTO reform as “central priority” for MC14

    Source: WTO

    Headline: DG Okonjo-Iweala: Broad agreement on WTO reform as “central priority” for MC14

    “We are now in the midst of one of the largest disruptions in world trade in history,” the Director-General told members.  “But we are also now less than a year away from MC14, and we must think of what we need to do to maximize our chances for success there, including tackling some of the issues thrown up by this trade crisis.”
    Against this backdrop, DG Okonjo-Iweala said, she has spent the past few weeks engaging with members to discuss what might constitute a credible roadmap to MC14, which will begin on 26 March 2026 in Yaoundé, Cameroon.
    The Director-General said members stressed the importance of MC14 sending a clear political message reaffirming the WTO’s relevance and resilience amidst ongoing global uncertainty.  There was also strong support for prioritizing WTO repositioning and reform at MC14, she noted.
    In regard to substance, many members have proposed forward-looking corrective actions to inadequacies in the WTO’s existing rulebook, together with reforms across core functions, including monitoring and transparency, negotiations, and dispute settlement, she said.
    “The present disruption is seen as a vital opportunity to address the system’s weaknesses and reposition the WTO for the future,” the Director-General said.  “We must not waste a crisis.”
    As part of this, workstreams could be established on issues such as dispute settlement reform, how to ensure the current WTO agreements remain dynamic and relevant, and looking at future trade rules so that the WTO remains responsive to evolving needs, the Director-General said. 
    She proposed a phased approach, consisting of a facilitator-led scoping exercise prior to MC14, ministerial guidance at MC14 on actionable steps for moving forward, and post-MC14 implementation within the workstreams, with the view to presenting concrete outcomes for endorsement at the 15th Ministerial Conference or earlier.
    “We must seize this reform opportunity with seriousness and urgency,” the Director-General declared. Members “need to consider not what the organization can do for us, but what we are willing to give up to reform the organization so it can survive and thrive.”
    The Director-General noted other priority areas identified for MC14, including agriculture, the “second wave” of fisheries subsidies negotiations, the e-commerce work programme and moratorium, the incorporation of the Investment Facilitation for Development Agreement and the joint initiative e-commerce agreement into the WTO framework, and development issues.
    On all these issues, a stocktaking of the progress made will take place in July, and by December members “will need to make a clear decision on which negotiating issues are mature enough to be carried forward to MC14, and which are not,” the Director-General said.  “The overarching goal in all this is to enable productive and meaningful ministerial engagement in Yaoundé.”
    Reports from negotiating chairs
    Members received updates from the chairs of the ongoing WTO negotiations on agriculture, fisheries subsidies, trade and development, the establishment of a multilateral system of notification and registration of geographical indications for wines and spirits, trade and environment, and services.
    Reporting in his capacity as Chair of the agriculture negotiations, Ambassador Ali Sarfraz Hussain (Pakistan) noted his consultations with members and the first negotiating group meeting since his appointment as Chair earlier this year.  He said there was “broad recognition” that delivering an outcome on agriculture is “critical for reinforcing the credibility of the WTO” but acknowledged that on substance, “the main positions have not shifted significantly.”
    On the way forward, the Chair said he would first give proponents space to intensify their engagement and then hold targeted meetings with both proponents and non-proponents to explore ways forward. This would be followed by open-ended meetings of the negotiating group, whenever needed, to ensure full transparency and inclusivity.  This could lead to a stocktaking event in late September or early October after which members will collectively assess the progress made and decide on the best path forward, including the nature of any possible outcomes at MC14.
    Reporting in his capacity as the Chair of the fisheries subsidies negotiations, Ambassador Einar Gunnarsson (Iceland) noted that he led a series of bilateral consultations in late March/early April to hear views on the next steps.  In light of this, the Chair said he would organize meetings over the coming weeks to exchange views on the “second wave” negotiations as well as the entry into force and implementation of the Agreement on Fisheries Subsidies, where 14 acceptances are still needed.
    In regard to the former, the Chair said four focused sessions would take place to give members the opportunity to bring a new thinking into the negotiations that could unlock the current stalemate.  Noting that an existing draft text exists which embodies “painstaking negotiation and numerous hard-fought compromises,” the Chair said: “We need not reinvent the wheel … with the right level of engagement and flexibility, meaningful progress remains within reach.”
    Reporting in her capacity as Chair of the negotiations on trade and development, Ambassador Kadra Hassan (Djibouti) noted that work is continuing through the facilitator-led processes in three areas of work: sanitary and phytosanitary measures and technical barriers to trade; technology transfer; and trade-related investment measures.  She also noted the mandate from ministers at MC13 to continue work on the application of special and differential treatment provisions under various WTO agreements.  With MC14 drawing closer, the Chair called for “further flexibility, creativity and pragmatism from all delegations” in order to achieve outcomes.
    Ambassador Alfredo Suescum (Panama), Chair of the negotiations on the multilateral register for wines and spirits, said that no new proposals have been submitted and that members’ underlying positions remain unchanged. Ambassador Eunice M. Tembo Luambia (Zambia), Chair of the negotiations on trade and environment, said that her consultations with members made clear that WTO members “have no appetite to engage in negotiations on this topic at this time.” 
    Ambassador Adamu Mohammed Abdulhamid (Nigeria), Chair of the services negotiations, said he was in the process of consulting with members on the way forward in view of the built-in mandate to improve schedules of commitments, as well as the call by ministers at MC13 to reinvigorate work. 
    General Council Chair report on informal consultations
    The Chair of the General Council, Saqer Abdullah Almoqbel (Saudi Arabia, Kingdom of), reported on his recent informal consultations with members to explore the nexus between the current economic climate and its impact on the multilateral trading system.
    The assessment is clear, the Chair said: “The situation is challenging, but our resolve must be stronger. There is a firm belief that the WTO and the rules-based multilateral trading system it embodies must remain a cornerstone of our collective response to the challenges. Indeed, many members see this as an opportunity for the WTO to reaffirm its relevance and proactively address the current situation.”
    The Chair said he was considering convening an informal information session at the level of heads of delegations. This would start with a factual presentation on the current situation by WTO economists followed by a forward-looking exchange among heads of delegations on steps the WTO could take to address these impacts, particularly for the most vulnerable economies.

    Share

    MIL OSI Economics –

  • MIL-OSI USA: Media Advisory: Representative Adriano Espaillat Leads CHC Press Conference on Deportations of U.S. Citizen Children

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    WASHINGTON, DC — Tomorrow, Rep. Adriano Espaillat (NY-13), Chair of the Congressional Hispanic Caucus (CHC) will hold a press conference at the U.S. Capitol to address the deportations of U.S. citizen children to Honduras, attacks on due process, and detainee abuse. 

    The Trump administration is doubling down its cruel attacks on immigrant families, forcing mothers into impossible choices about their children’s well-being. It’s a continuation of Trump’s 2018 family separations and this president’s zeal to exploit the suffering of families and children for political gain.

    WHAT: CHC Press Conference

    WHO: 
    ·    CHC Chair Rep. Adriano Espaillat (NY-13)
    ·    Whip Rep. Sylvia Garcia (TX-29)
    ·    Vice Chair of Communications Rep. Norma Torres (CA-35)
    ·    Vice Chair of Diversity and Inclusion Rep. Joaquin Castro (TX-20)
    ·    Rep. Juan Vargas (CA-52)
    ·    Rep. Nanette Barragán (CA-44)
    ·    ACLU Louisiana Legal Director Alanah Odoms
    ·    National Immigration Project Executive Director Sirine Shebaya

    WHEN: Wednesday, April 30th at 12:00 PM

    WHERE: House Triangle, United States Capitol, Washington, DC 20004

    WATCH: Livestream at https://x.com/RepEspaillat

    ###

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/. 

    Media inquiries: Candace Person at Candace.Person@mail.house.gov 

    MIL OSI USA News –

  • MIL-OSI USA: Marking 60 Years Since “La Revolución de Abril,” Rep. Adriano Espaillat to Reintroduce Historic Legislation Named in Spanish

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    NEW YORK, NY –  Representative Adriano Espaillat (NY-13) will reintroduce his bill later this month urging the creation of a commission to study interventions and occupations of the United States and develop proposals for the repair and reconciliation to the people of the Dominican Republic and other Latin American and Caribbean countries as these misguided interventions led to generations of turmoil and civil conflict.

    During the 20th century, the U.S. conducted a series of military interventions and operations in Latin America and the Caribbean, contributing to great harms in numerous countries, including coups, regime collapses, civil wars, and mass casualties. In the decades since these historical occupations occurred, the U.S. has gained a clearer picture of how these misguided military operations have negatively impacted the collective psyche of Caribbean and Latin American countries and spurred anti-U.S. sentiment amongst our neighbors. Studies also show these military operations have resulted in generational trauma and mass migration into the U.S. Fortunately, this new bill provides the U.S. with an important opportunity to formally apologize for these missteps in the region.

    The Commission on the United States Occupations in the Americas Act will establish a Commission responsible for studying and identifying the lasting effects of the United States’ 20th century military occupations in Latin America and the Caribbean. The Commission would also provide recommendations on whether a formal U.S. apology to each previously occupied nation is warranted, in addition to considering any potential remedies for wrongs and injuries caused by the U.S. during the following occupations:

    1. First Occupation of Nicaragua (1909 – 1925)
    2. First Occupation of Mexico (1914)
    3. Second Occupation of Mexico (1916 – 1917)
    4. First Occupation of the Dominican Republic (1916 – 1924)
    5. Second Occupation of Nicaragua (1927- 1933)
    6. Guatemala Air Occupation (1954)
    7. Second Occupation of the Dominican Republic (1965- 1966)
    8. Grenada Occupation (1983)
    9. Panama Occupation (1989)
    10. Any other unlawful occupations in the region identified by the Commission. 

    Only by directly confronting the United States’ difficult history in this region, and apologizing for our missteps, can our nation work towards repairing our relationship with the many Latin American and Caribbean nations we have harmed and pursue future policy solutions that uplift our region and make up for our historical wrongdoings.

    ###

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/. 

    Media inquiries: Candace Person at Candace.Person@mail.house.gov 

    MIL OSI USA News –

  • MIL-OSI USA: Representatives Espaillat, Ocasio-Cortez Statement on ICE Abduction of Bronx Resident Merwil Gutiérrez

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    BRONX, NY – Today, Representatives Adriano Espaillat (NY-13) and Alexandria Ocasio-Cortez (NY-14) released a joint statement on Immigration and Customs Enforcement’s (ICE) abduction of Bronx resident Merwil Gutiérrez.

    On February 24, ICE detained 19-year-old Merwil Gutiérrez at the doorstep in front of his shared Bronx apartment. He had no criminal record or tattoos linking him to the Tren de Aragua gang. He was denied due process.

    “We are horrified by ICE’s abduction of Merwil Gutiérrez, who was violently taken from his doorstop in the Bronx and deported to El Salvador. Like many others sent to CECOT, a mega-prison infamous for human rights abuses, Merwil was torn away from his father and our community, without due process, without any criminal charges, and without an order of deportation from a judge. His family is heartbroken and thinks he was deported by mistake. Whether Kilmar Abrego García or Merwil Gutiérrez, ICE’s attacks on due process are threats to all of our fundamental rights. Our offices have been in touch with the family to support and we will not rest until Merwil is back where he belongs: at home in the Bronx.”

    ###

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.

    Media inquiries: Candace Person at Candace.Person@mail.house.gov 

    MIL OSI USA News –

  • MIL-OSI USA: ICE Yuma case results in Mexican national charged with possession of child pornography while attempting to enter the US

    Source: US Immigration and Customs Enforcement

    YUMA, Ariz. – Alan Xavier Cabrera, 27, of Mexico, was arrested April 25, and charged by criminal complaint for possession of child pornography. U.S. Immigration and Customs Enforcement is investigating this case.

    According to the complaint, on April 25, Cabrera applied for entry into the United States at the port of entry in San Luis, Arizona with a B1/B2 travel visa. Based on Cabrera’s behavior, Customs and Border Protection – Office of Field Operations examined his cell phone and identified numerous suspected images of child pornography, also known as Child Sexual Abuse Material. Homeland Security Investigations special agents were subsequently contacted for response and further action.

    A conviction for possession of child pornography carries a maximum penalty of up to 20 years in prison, a $250,000 fine, or both, and a term of supervised release up to life.

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

    The United States Attorney’s Office, District of Arizona, Phoenix, is handling the prosecution.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Coast Guard Barque Eagle to visit Puerto Vallarta, Mexico

    Source: United States Coast Guard

    U.S. Coast Guard sent this bulletin at 05/07/2025 07:15 PM EDT

     

    05/07/2025 06:54 PM EDT

    U.S. Coast Guard Barque Eagle (WIX 327) will be in Puerto Vallarta, Mexico from Friday, May 9 until Monday, May 12. Eagle will be moored at the cruise ship terminal at Pier 2.

    MIL Security OSI –

  • MIL-OSI: FSI ANNOUNCES TEN CENT SPECIAL DIVIDEND

    Source: GlobeNewswire (MIL-OSI)

    TABER, ALBERTA, May 07, 2025 (GLOBE NEWSWIRE) — FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: FSI), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. In addition, FSI is increasing its presense in the food and nutrition supplement manufacturing markets. Today the Company announces a ten-cent special dividend.

    The dividend will be paid May 28th to shareholders of record on May 19th

    Mr. Dan O’Brien, CEO, states, “We are pleased that our current financial condition and expectations of continued profitability allows us to dividend profits to shareholders at this time. However, this is a special dividend; not a regular dividend.” Mr. O’Brien continues, “The FSI Board and management will continue to monitor retained earnings and capital needs in order to execute the goals of growing the Company and declaring dividends when appropriate.”

    About Flexible Solutions International
    Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company’s NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. Along with TPA, this division started producing other crop enhancement products as well. In 2022, the Company entered the food and nutrition markets by obtaining FDA and SQF food grade approval for the Peru IL plant. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world

    Safe Harbor Provision
    The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.

    Flexible Solutions International
    6001 54thAve, Taber, Alberta, CANADA T1G 1X4

    Company Contacts
    Jason Bloom
    Toll Free: 800.661.3560
    Fax: 403.223.2905
    Email: info@flexiblesolutions.com

    To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com

    If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com

    The MIL Network –

  • MIL-OSI New Zealand: World must meet 1.5°C goal or risk “unprecedented” exposure

    Source: Save The Children

    Ahead of the 10th anniversary of the Paris Agreement, research released by Save the Children and Vrije Universiteit Brussel (VUB) found that under current climate commitments – which will likely see a global temperature rise of 2.7°C above pre-industrial levels – about 100 million of the estimated 120 million children born in 2020, or 83%, will face “unprecedented” lifetime exposure to extreme heat. 
    However, if the world limits warming to the 1.5°C Paris Agreement target, this would reduce the number of five-year-olds impacted to 62 million – a difference of 38 million – highlighting the urgency to protect children through rapidly phasing out the use and subsidy of fossil fuels. Dangerous heat is deadly for children, taking an immense toll on their physical and mental health, disrupting access to food and clean water and forcing schools to close . 
    Researchers defined an “unprecedented” life as an exposure to climate extremes that someone would have less than a 1 in 10,000 chance of experiencing during their life in a world without human-induced climate change. The research, published in the report Born into the Climate Crisis 2. An Unprecedented Life: Protecting Children’s Rights in a Changing Climate also found that meeting the 1.5°C target would protect millions of children born in 2020 from the severest impacts of other climate related disasters such as crop failures, floods, tropical cyclones, droughts and wildfires.
    The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

    About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves;
    About 8 million would avoid unprecedented lifetime exposure to crop failures;
    About 5 million would be spared from unprecedented lifetime exposure to river floods;
    About 5 million would avoid unprecedented lifetime exposure to tropical cyclones;
    About 2 million would avoid unprecedented lifetime exposure to droughts;
    About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

    Climate extremes – which are becoming more frequent and severe due to climate change – are increasingly harming children, forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty and food shortages.

    Denise-, 16, and her family were forced from their home in Brazil when the country’s worst floods in 80 years devastated their community last year. Their home, including Denise’s bedroom, was severely damaged, and she was out of school for nearly two months. 
    She said: “It really affected me mentally, and academically too. Catching up on all my grades to pass secondary school was really tough, especially at a state school. It massively impacted my schoolwork. My grades dropped significantly after the floods.” 
    Children impacted by inequality and discrimination and those in lower-and middle-income countries, are often worst affected . Meanwhile they have fewer resources to cope with climate shocks and are already at far greater risk from vector and waterborne diseases, hunger, and malnutrition, and their homes are often more vulnerable to increased risks from floods, cyclones and other extreme weather events.  
    Haruka, 16, whose poem is featured in the report, is from Vanuatu, which recently experienced three of the most severe types of cyclone in just a year.  
    She said: “Cyclones are scary. For me, they continue to destroy my home, every year – we don’t even bother trying to fix the ceiling anymore. “The past few years, I’ve seen ceaseless destruction and constant rebuilding. This seemingly never-ending cycle has become our reality, and most people aren’t even aware that it’s not just nature doing its thing, but it’s us bearing the brunt of a crisis that we did not cause.”  
    As well as comparing conditions under 1.5°C and 2.7°C scenarios, the report also examines a scenario in which global temperatures rise to 3.5°C by 2100, which will lead to about 92% of children born in 2020 – about 111 million children [5] – living with unprecedented heatwave exposure over their lifetime. While we need a rapid phase-out of the use and subsidy of fossil fuels to stick to the 1.5°C target, we must not lose sight of solutions, Save the Children said. 
    The report highlights initiatives like increased climate finance, child-centred and locally led adaptation and increasing the participation of children in shaping climate action. 
    Inger Ashing, CEO of Save the Children International, said: “Across the world, children are forced to bear the brunt of a crisis they are not responsible for. Dangerous heat that puts their health and learning at risk; cyclones that batter their homes and schools; creeping droughts that shrivel up crops and shrink what’s on their plates. “Amid this daily drumbeat of disasters, children plead with us not to switch off. This new research shows there is still hope, but only if we act urgently and ambitiously to rapidly limit warming temperatures to 1.5°C , and truly put children front and centre of our response to climate change at every level.”  
    As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate across everything we do. 
    Save the Children supports children and their communities globally in preventing, preparing for, adapting to, and recovering from climate disasters and gradual climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters. We also work to influence governments and other key stakeholders on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard. 
    READ FULL REPORT HERE.

    MIL OSI New Zealand News –

  • MIL-OSI USA: AG Brown co-leads states suing to stop illegal termination of federal electric vehicle infrastructure funding

    Source: Washington State News

    SEATTLE — Washington is co-leading a lawsuit to stop the Trump administration from illegally terminating billions in congressionally approved funding for electric vehicle infrastructure – including a combined $1 billion in the plaintiff states, Attorney General Nick Brown announced today. Unless the courts check the president’s overreach, Washington stands to lose over $71 million in electric vehicle infrastructure funding.

    “The president’s illegal claw-backs aren’t spending reductions – they’re cash grabs that rob taxpayers, steamroll Congress, and stifle critical economic development,” Brown said. “Washingtonians are switching to electric vehicles at one of the highest rates in the nation. They deserve safe, reliable infrastructure to get their families from Point A to B.”

    The 2021 Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, passed by Congress appropriated $5 billion for the National Electric Vehicle Infrastructure Formula Program, or the NEVI program, to fund states’ nationwide deployment of electric vehicle charging infrastructure to improve reliability and accessibility for the public.

    On Jan. 20, President Trump mandated federal agencies pause disbursement of all funds appropriated under the IIJA and the Inflation Reduction Act, including NEVI program funding. Despite being mandated by Congress to fund the NEVI program, the Federal Highway Administration notified states in February the agency was unlawfully revoking previous state plan approvals and withholding or withdrawing NEVI program funds from the states.

    Washington is a national leader in electric vehicle use, remaining in the top five states for electric vehicle adoption for more than a decade. The electric vehicle transition is critical to the success of Washington’s plans to cut transportation-related pollution.

    Transportation is the largest source of carbon pollution in Washington. Vehicle pollution causes health problems, such as cancer and asthma, and contributes to climate change. To combat climate change and protect the health of its residents, Washington has adopted zero-emission vehicle standards that require a percentage of the vehicles sold in Washington to be zero emission, starting with the 2025 model year.

    The state also has vehicle emissions standards that require all new passenger cars, light-duty trucks, and medium-duty vehicles sold in Washington be zero emission by 2035. The state has proactively invested in EV charging infrastructure for many years, but Washington’s ability to make this transition and meet its own statutory requirements is significantly hampered by the FHWA’s indefinite withholding of the NEVI program funds Congress directed to the state.

    The lawsuit filed today by Brown and 16 other attorneys general seeks a court order against FHWA’s unlawful actions, and a restoration of the electric vehicle infrastructure funding for the states.

    Brown is co-leading this lawsuit with California and Colorado. They are joined by the attorneys general of Arizona, Delaware, the District of Columbia, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Wisconsin.

    A copy of the complaint is available here and a copy of the motion for a preliminary injunction is here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties.

    Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Four in the Southern District of California

    Source: Office of United States Attorneys

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

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

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

    “Protecting our community means identifying, arresting and holding accountable anyone who would prey on children,” said U.S. Attorney Adam Gordon. “I’m grateful for the coordinated efforts of law enforcement in this district and across the nation, and our office will continue to prioritize these prosecutions to obtain justice for these vulnerable victims.”

    “Each arrest is a powerful testament to the tireless efforts of the FBI and our dedicated law enforcement partners to protect the most vulnerable among us,” said FBI San Diego Acting Special Agent in Charge Houtan Moshrefi. “It reaffirms our unwavering commitment to pursuing justice for victims and holding predators accountable.”

    In the Southern District of California, four individuals were arrested and charged with federal crimes, including:

    • Seth Wheeler, who was indicted for distribution of images of minors engaged in sexually explicit conduct and possession of images of minors engaged in sexually explicit conduct. Wheeler is alleged to have distributed child pornography on two different occasions in September 2024, and in possession of child pornography in October 2024.  He was previously arrested by the state and remained in state custody until he was indicted on federal charges.
    • Adam Harrison Bryant, a convicted sex offender who was charged with possession of child pornography. The investigation of Bryan began when it was suspected that he had attempted to purchase child pornography from a website using cryptocurrency.  A search warrant was executed on May 1, 2025, and Bryant was arrested when he was found in possession of an electronic device that contained child pornography. He was previously convicted in 2008 of travel with intent to engage in illicit sexual conduct and enticing a child and was sentenced to 40 months and 24 months, concurrent, followed by ten years of supervised release.
    • Kristho Angel Valdez, whowas charged with receipt of images of minors engaged in sexually explicit conduct. Law enforcement officials were notified that two minor victims were exchanging sexually explicit content, including images and videos, through Snapchat with an unknown individual. Valdez was identified as the potential user of the Snapchat account and a search warrant for the account revealed thousands of sexually explicit images and videos of minors. On March 12, 2025, a search warrant was executed at Valdez’s residence. Valdez admitted to receiving sexually explicit videos from the minor victims.
    • Christopher David Miller, who was charged with attempted receipt and possession of images of minors engaged in sexually explicit conduct. Agents began investigating Miller when they determined that IP addresses linked to his current and former residences attempted to obtain child pornography using Freenet, a peer-to-peer file sharing platform. A search warrant was executed at Miller’s residence on April 9, 2025, and Miller was found to be in possession of electronic devices containing child pornography.

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

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

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

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

    Other online resources:

    Violent Crimes Against Children

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

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

    MIL Security OSI –

  • MIL-OSI USA: Vasquez: DEA Drug Bust Underscores Urgent Need to Resource Border, Fight Cartels

    Source: US Representative Gabe Vasquez’s (NM-02)

    WASHINGTON, D.C. — Following a major federal operation that dismantled a Sinaloa Cartel-linked drug trafficking ring in New Mexico, U.S. Representative Gabe Vasquez (NM-02) is renewing his call for a fully resourced border and bipartisan action to combat fentanyl and transnational criminal networks. 

    “The takedown of a cartel-linked drug ring in southeastern New Mexico is a major win in the fight to keep fentanyl and organized crime off our streets,” said Vasquez. “These are the targeted operations that save lives and protect our communities. But to stay ahead, we need a fully resourced border with proper staffing, cutting-edge technology, and modern infrastructure at our ports of entry. This bust proves that when we work together, we can disrupt the cartels and defend our neighborhoods. I’ll keep pushing for real, bipartisan solutions that stop the flow of deadly drugs and keep New Mexico families safe.”

    The bust, which resulted in dozens of arrests and the seizure of dangerous narcotics, highlights the ongoing threat cartels pose to New Mexico communities and the need for smart, coordinated enforcement strategies.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: New Alberta voice in Washington

    For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

    Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

    To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

    Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

    “Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

    Danielle Smith, Premier

    “I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

    Nathan Cooper, Alberta’s senior representative to the United States

    “Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

    Nate Horner, Minister of Finance

    “As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

    Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

    “Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

    Robin Vos, Speaker of the Wisconsin state assembly

    “As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

    Bob Dhillon, president and CEO, Mainstreet Equity Corp.

    “Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

    Shannon Phillips, former NDP Minister of Environment and Protected Areas

    Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

    Biography for Nathan Cooper

    The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

    On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

    Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:

    • As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
    • Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
    • Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.

    Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

    Quick facts

    • James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
    • The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
    • Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.

    Related information

    • Alberta’s international offices

    MIL OSI Canada News –

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Special Meeting of Stockholders to be Held on June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., May 07, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has filed preliminary proxy materials (“Proxy Materials”) with the U.S. Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 17, 2025, for its stockholders to consider and vote on proposals necessary to approve the Fund’s conversion from its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The Fund’s Board of Directors (“Board”) has fixed May 5, 2025, as the record date for determination of the Fund’s stockholders entitle to notice of and to vote at the Fund’s special meeting.

    The Fund’s special meeting will be held at the Fund’s offices at 119 Washington Avenue, Suite 504, Miami Beach, Florida 33139, on June 17, 2025, at 10:00 a.m., Eastern Time.

    There are three proposals to be considered by the Fund’s stockholders at the special meeting:

    • Proposal 1 seeks approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2 seeks approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3 seeks approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The Investment Company Act of 1940, as amended (the “1940 Act”), requires any change to a fundamental policy and the entering into of the new investment management agreement be approved by “a majority of the outstanding voting securities” of the Fund (as defined under the 1940 Act).

    The Proposals referred to above are discussed in detail in the Proxy Materials filed today with the SEC.

    Additional Information about the Special Meeting

    The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A). The Fund’s definitive Proxy Statement currently is anticipated to be filed with the SEC late in May 2025 (Filing Type: DEF 14A). Stockholders can obtain these documents (when available) free of charge from the SEC’s website at www.sec.gov. The definitive Proxy Statement for the Fund also will be posted (when available) on the Fund’s website at www.herzfeld.com/cuba. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863.

    This press release is for informational purposes and is not intended to, and does not, solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the proposed changes is only be made by a definitive Proxy Statement.

    This press release references a preliminary Proxy Materials filed by the Fund. The definitive Proxy Statement has yet to be filed with the Securities and Exchange Commission (the “SEC”). After the definitive Proxy Statement is filed with the SEC, it may be amended or withdrawn.

    The Fund and its directors, officers and employees, and the Adviser, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the proposed fundamental policy changes and the proposed approval of the investment advisory agreement. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s directors, officers and employees, and Adviser and its stockholders, officers and employees and other persons by reading the definitive Proxy Statement when it is filed with the SEC.    INVESTORS AND SECURITY HOLDERS OF THE FUND ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY. THE DEFINITIVE PROXY STATEMENT WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES OF THE FUND.

    The definitive Proxy Statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted. Security holders may obtain free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Six in North Carolina

    Source: Office of United States Attorneys

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

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

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

    The FBI’s Charlotte Field Office arrested six people as part of this operation across North Carolina.

    • John Matthew Miller, of Wilmington, 35, is charged with sex trafficking of a minor; enticing a minor to engage in illegal sexual conduct; and producing, distributing, receiving, and possessing child sexual abuse material. Miller was previously convicted of sexual battery and was a registered sex offender at the time of the offense. Miller faces at least 25 years and up to life in prison if convicted on all counts.
    • Jesse Lonzo Teal, of Bolivia, 72, also known as “Lonnie” and “Mark,” is charged with sex trafficking of a minor, enticing a minor to engage in illegal sexual conduct, producing child sexual abuse material, and using the internet to promote an illegal prostitution business enterprise. He faces at least ten years and up to life imprisonment if convicted on all counts.
    • William Justin Lewis, of Louisburg, 54, is charged with distributing child sexual abuse material and possessing child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count.
    • Donte Melvin Peek, of Durham, 34, is charged with attempted enticement of a minor, distribution of child sexual abuse material, receipt of child sexual abuse material, and possession of child sexual abuse material. He faces at least 10 years imprisonment and up to life imprisonment on the enticement charge and up to twenty years in federal prison on the possession count, if convicted.
    • Jonathan Robert Davlin, of Huntersville, 48, is charged with transportation of child sexual abuse material and possession and access with intent to view child sexual abuse material involving prepubescent minors. He faces at least five years and up to twenty years imprisonment on the transportation count and up to twenty years imprisonment on the possession count.
    • Terrell Shawn Anderson, previously of Charlotte, 30, is charged with distributing child sexual abuse material and possession child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count. He was arrested by FBI Atlanta.

    “These important cases reflect the unwavering commitment of our office and our justice system to protect the most vulnerable members of our community—our children. We will continue to work closely with the FBI and our other law enforcement partners to ensure that those who commit such heinous acts are held accountable,” said Acting U.S. Attorney Daniel P. Bubar for the Eastern District of North Carolina. “There is no place in our community for those who prey on children, and we will do everything we can to not only seek justice for the victims, but to prevent additional child exploitation crimes.”

    “Producing and exchanging child sexual abuse material (CSAM) is a sickening reality in our world and it’s not just happening on the dark web. Pedophiles use the same platforms your family and friends use. No matter where this crime is occurring the FBI will find you. The Violent Crimes Against Children (VCAC) program is uniquely positioned to work complex global and multijurisdictional crimes against children with the capacity to counter threats of abuse and exploitation of children,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina.

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims. 

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

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

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org. The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

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

     

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

    ###

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Alleged Child Sex Abuse Offenders Arrested in FBI-Led Five-Day Nationwide Crackdown

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

    Seven cases move forward in Western Washington during National Child Abuse Prevention month

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

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

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

    In the Western District of Washington, seven federal cases moved forward with criminal charges, pleas, and/or sentencings of those who target minors for sexual abuse.

    “There is no greater responsibility than protecting our children from those seeking to sexually abuse them, either online or in person,” said Acting U.S. Attorney Teal Luthy Miller. “The cases we prosecuted over the last month charging child sexual exploitation in person and over the internet, and child sex trafficking are examples of the difficult work we do every day with our law enforcement partners to try to keep children safe.”

    “FBI Seattle’s Violent Crimes Against Children squad and our partners are hard at work, not only during Child Abuse Prevention Month in April, but also throughout the year,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are arresting predators, recovering children, and assisting victims through the support of our victim specialists. Just this fiscal year in the Seattle division, we have arrested 122 subjects and identified or located 59 children.”

    These are the FBI-led child sex abuse cases prosecuted in the Western District of Washington in April 2025:

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

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

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

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

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

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

    The charges contained in the indictments or criminal complaints are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    These cases are being prosecuted by Assistant United States Attorneys Cecelia Gregson, Kate Crisham, and Special Assistant United States Attorney Laura Harmon. Ms. Harmon is a Senior Deputy Prosecutor with the King County Prosecutors Office, specially designated to prosecute child exploitation cases in federal court.

    MIL Security OSI –

  • MIL-OSI: Ormat Technologies Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION

    HIGHLIGHTS

    • TOTAL REVENUES AND NET INCOME1 IMPROVED 2.5% AND 4.6%, RESPECTIVELY
    • RECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEAR
    • ENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASE
    • SIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGY
    • COMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK

    RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the first quarter ended March 31, 2025.

    KEY FINANCIAL RESULTS

      Q1 2025 Q1 2024 Change (%)
    GAAP Measures      
    Revenues ($ millions)      
                 Electricity 180.2   191.3   (5.8 %)
                 Product 31.8   24.8   27.9 %
                 Energy Storage 17.8   8.1   119.7 %
    Total Revenues 229.8   224.2   2.5 %
           
    Gross Profit 72.9   78.8   (7.5 %)
    Gross margin (%)      
    Electricity 33.5 % 39.0 %  
    Product 22.3 % 14.8 %  
    Energy Storage 30.6 % 7.5 %  
    Gross margin (%) 31.7 % 35.2 %  
    Operating income ($ millions) 50.9   52.6   (3.2 %)
    Net income attributable to the Company’s stockholders 40.4   38.6   4.6 %
    Diluted EPS ($) 0.66   0.64   3.1 %
    Non-GAAP Measures      
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6   4.8 %
    Adjusted Diluted EPS ($) 0.68   0.65   4.6 %
    Adjusted EBITDA2($ millions) 150.3   141.2   6.4 %

    1 Net Income attributable to the Company’s stockholder
    2 See reconciliation table below

    “Ormat had a strong start to 2025, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the Company’s stockholders, and a 6.4% increase in adjusted EBITDA. This growth was driven by improved performance in both our Product and Storage segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Our Storage segment benefited from new capacity added over the last 12 months and from higher merchant prices in the PJM market. We expect continued good performance throughout 2025 as we transition our Storage segment to a more predictable portfolio designed to maximize profitability.”

    “While our Electricity segment experienced a slight year-over-year decline in the quarter due to previously disclosed curtailments in California and Nevada, the balance of our geothermal operations delivered a consistent, solid performance. We have several projects under development that we anticipate will reach commercial operation by the end of 2025, which we expect will deliver solid generation growth and further strengthen our earnings trajectory. Additionally, we believe that the potential easing of project permitting timelines combined with increased focus on geothermal exploration will further support our growth in the segment, expand our revenues, and help us achieve our long-term targets.”

    “I am pleased to announce that Ormat signed an agreement to acquire the Blue Mountain geothermal power plant from Cyrq Energy for $88 million, subject to standard working capital adjustments. The 20 MW facility, located in Humboldt County, was built using Ormat technology, features an existing 51 MW interconnection capacity and a Power Purchase Agreement (PPA) with NV Energy (NVE) that expires at the end of 2029. Following the acquisition, Ormat plans to upgrade the power plant, increasing its capacity by 3.5 MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13 MW solar facility to support the plant’s auxiliaries. The acquisition is anticipated to close towards the end of the second quarter. This acquisition underscores Ormat’s capability to strategically expand and enhance assets in the U.S., leveraging our advanced technology and expertise to optimize performance and efficiency. The planned upgrades and solar addition demonstrate our commitment to innovation and maximizing renewable energy output, contributing to a sustainable future.”

    Blachar continued, “The demand for electricity, particularly from baseload renewable sources, remains strong, and we continue to observe high PPA pricing in the Electricity Segment, and increased Resource Adequacy (RA) pricing in the Storage Segment. Regarding the recent reciprocal tariffs, we anticipate a limited short-term impact on our Storage Segment as we have already procured batteries for all projects currently under construction. Additionally, our Electricity Segment operations and project development have limited exposure to China, mitigating potential adverse effects from the tariffs. Ormat remains committed to delivering reliable and sustainable energy solutions and enhancing shareholder value. We will continue navigating this fluid regulatory environment with a focus on maintaining our growth trajectory and supporting the transition to a cleaner energy future.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the first quarter was $40.4 million, an increase of 4.6% compared to last year. Diluted EPS for the first quarter was $0.66, an increase of 3.1%, compared to the prior year period. This increase is mainly driven by income tax benefits related to the storage facilities expected to commence commercial operation during 2025.
    • Adjusted net income attributable to the Company’s stockholders and Adjusted diluted EPS for the first quarter increased 4.8% and 4.6%, respectively.
    • Adjusted EBITDA for the first quarter was $150.3 million, an increase of 6.4% compared to 2024. The year-over-year increase in Adjusted EBITDA was driven by the Energy Storage segment, due to the contribution of new assets, higher merchant pricing in the East Coast markets, and a legal settlement with a battery supplier. In the Product segment, the increase was derived from a higher backlog and improved contract’ margins. The increase in the Storage and Product segments was partly offset by the reduction in Electricity segment EBITDA mainly due to curtailments in the U.S.
    • Electricity segment revenues decreased by 5.8% during the first quarter, compared to last year. The year-over-year decrease in the first quarter revenue was driven by the previously disclosed energy curtailments, mainly at our McGinness complex, maintenance on the transmission line by the local grid operator, and wildfires in California, which forced grid operators to curtail part of the supplied power.
    • Product segment revenues increased by 27.9% in the first quarter, driven largely by the timing of revenue recognition and our higher backlog. Gross margin increased from 14.8% in the first quarter 2024 to 22.3% in 2025, reflecting marked growth in revenue.
    • Product segment backlog stands at approximately $314 million as of May 7th, 2025, and includes the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand and the BOT project in Dominica.
    • Energy Storage segment revenues increased 119.7% for the first quarter compared to 2024. The improvement was driven by strong performance in the PJM merchant market, where a spike in cold weather along the East Coast contributed to elevated merchant pricing.

    BUSINESS HIGHLIGHTS:

    • In early May, the company signed an agreement to acquire the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million. Closing is expected by the end of the second quarter.
    • In February 2025, Ormat won a tender issued by the Israeli Electricity Authority and was awarded two 15-year tolling agreements for two energy storage facilities with a combined capacity of approximately 300MW/1200MWh. Ormat will retain a 50% equity interest.
    • Ormat commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia in February 2025, holding a 49% equity interest.
    • In January 2025, Ormat signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms. This PPA will replace the current lower-priced PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • We currently do not expect material impact from the new import tariffs on our 2025 and 2026 financial results. All batteries required for our projects arrived or were in transit to the U.S. before significant increased tariffs were imposed.

    2025 GUIDANCE

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues of between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $21 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended March 31, 2025. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On May 7, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on June 4, 2025, to stockholders of record as of the close of business on May 21, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, May 8, 2025, at 9:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the Three Months Ended March 31, 2025, and 2024
     
      Three Months Ended March 31,
      2025   2024  
    Revenues: (Thousands, except per share data)
    Electricity         180,241   191,253  
    Product         31,769   24,832  
    Energy storage          17,752   8,081  
    Total revenues         229,762   224,166  
    Cost of revenues:    
    Electricity         119,833   116,730  
    Product         24,684   21,154  
    Energy storage          12,318   7,472  
    Total cost of revenues         156,835   145,356  
    Gross profit         72,927   78,810  
    Operating expenses:    
    Research and development expenses         2,542   1,564  
    Selling and marketing expenses         4,172   5,126  
    General and administrative expenses         17,909   19,537  
    Other operating income         (3,125 ) —  
    Write-off of unsuccessful exploration and storage activities         516   —  
    Operating income         50,913   52,583  
    Other income (expense):    
    Interest income         1,313   1,839  
    Interest expense, net         (34,473 ) (30,968 )
    Derivatives and foreign currency transaction gains (losses)         2,060   (1,582 )
    Income attributable to sale of tax benefits         17,571   17,476  
    Other non-operating income, net         222   26  
    Income from operations before income tax and equity in earnings of investees         37,606   39,374  
    Income tax (provision) benefit         3,795   147  
    Equity in earnings (losses) of investees         (367 ) 829  
    Net income         41,034   40,350  
    Net income attributable to noncontrolling interest         (672 ) (1,763 )
    Net income attributable to the Company’s stockholders         40,362   38,587  
    Earnings per share attributable to the Company’s stockholders:    
    Basic: 0.67   0.64  
    Diluted: 0.66   0.64  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:    
    Basic         60,559   60,386  
    Diluted         60,840   60,536  
         
    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Period Ended March 31, 2025, and the Period Ended December 31, 2024
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS                                       (In thousands)
    Current assets:      
    Cash and cash equivalents          112,704     94,395  
    Restricted cash and cash equivalents (primarily related to VIEs)         112,001     111,377  
    Receivables:      
         Trade less allowance for credit losses of $249 and $163 respectively (primarily related to VIEs)         173,590     164,050  
         Other         45,489     50,792  
    Inventories         42,107     38,092  
    Costs and estimated earnings in excess of billings on uncompleted contracts 20,940     29,243  
    Prepaid expenses and other         94,023     59,173  
              Total current assets         600,854     547,122  
    Investment in unconsolidated companies          158,618     144,585  
    Deposits and other         89,021     75,383  
    Deferred income taxes         165,983     153,936  
    Property, plant and equipment, net ($3,261,700 and $3,271,248 related to VIEs, respectively) 3,497,915     3,501,886  
    Construction-in-process ($370,762 and $251,442 related to VIEs, respectively) 844,873     755,589  
    Operating leases right of use ($13,725 and $13,989 related to VIEs, respectively)         32,232     32,114  
    Finance leases right of use (none related to VIEs)         2,935     2,841  
    Intangible assets, net         295,225     301,745  
    Goodwill         151,291     151,023  
              Total assets         5,838,947     5,666,224  
           
    LIABILITIES AND EQUITY          
    Current liabilities:      
    Accounts payable and accrued expenses         201,354     234,334  
    Commercial paper (less deferred financing costs of $22 and $23, respectively)         99,978     99,977  
    Billings in excess of costs and estimated earnings on uncompleted contracts 52,198     23,091  
    Current portion of long-term debt:      
         Limited and non-recourse (primarily related to VIEs) 70,453     70,262  
         Full recourse         184,227     161,313  
         Financing Liability         5,905     4,093  
         Operating lease liabilities         3,657     3,633  
         Finance lease liabilities         1,451     1,375  
              Total current liabilities         619,223     598,078  
    Long-term debt, net of current portion:      
    Limited and non-recourse: (primarily related to VIEs and less deferred financing costs of $8,216 and $8,849, respectively) 560,824     578,204  
    Full recourse: (less deferred financing costs of $4,782 and $4,671, respectively) 957,027     822,828  
    Convertible senior notes (less deferred financing costs of $6,138 and $6,820, respectively) 470,299     469,617  
    Financing Liability         213,810     216,476  
    Operating lease liabilities         22,722     22,523  
    Finance lease liabilities         1,544     1,529  
    Liability associated with sale of tax benefits         144,081     152,292  
    Deferred income taxes         71,479     68,616  
    Liability for unrecognized tax benefits         6,481     6,272  
    Liabilities for severance pay         11,147     10,488  
    Asset retirement obligation         131,431     129,651  
    Other long-term liabilities         33,533     29,270  
         Total liabilities         3,243,601     3,105,844  
           
    Redeemable noncontrolling interest         9,573     9,448  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,662,626 and 60,500,580 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively         61     61  
    Additional paid-in capital         1,640,910     1,635,245  
    Treasury stock, at cost (258,667 shares held as of March 31, 2025, and December 31, 2024, respectively)         (17,964 )   (17,964 )
    Retained earnings         847,607     814,518  
    Accumulated other comprehensive income (loss)         (9,410 )   (6,731 )
    Total stockholders’ equity attributable to Company’s stockholders         2,461,204     2,425,129  
    Noncontrolling interest         124,569     125,803  
    Total equity         2,585,773     2,550,932  
    Total liabilities, redeemable noncontrolling interest and equity         5,838,947     5,666,224  


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the Three Months Ended March 31, 2025, and 2024

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024:

      Three Months Ended March 31,  
      2025    2024   
      (Dollars in thousands)  
    Net income 41,034     40,350    
    Adjusted for:        
    Interest expense, net (including amortization of deferred financing costs) 33,160     29,129    
    Income tax provision (benefit) (3,795 )   (147 )  
    Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 3,421     3,352    
    Depreciation, amortization and accretion 69,157     61,676    
    EBITDA 142,977     134,360    
    Mark-to-market (gains) or losses of derivative instruments 939     813    
    Stock-based compensation 4,911     4,769    
    Allowance for bad debts 26     —    
    Merger and acquisition transaction costs —     1,299    
    Settlement agreement 900     —    
    Write-off of unsuccessful exploration and storage activities 516     —    
    Adjusted EBITDA 150,269     141,241    


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three Months Ended March 31, 2025, and 2024

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three months ended March 31, 2025, and 2024.

      Three Months Ended March 31,  
      2025   2024  
      (Dollars in millions, except per share data)  
    GAAP Net income attributable to the Company’s stockholders 40.4   38.6  
    Write-off of unsuccessful exploration and storage activities 0.41   –  
    Merger and acquisition transaction costs –   1.0  
    Allowance for bad debts 0.02   –  
    Settlement agreement 0.71   –  
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6  
    GAAP diluted EPS 0.66   0.64  
    Write-off of unsuccessful exploration and storage activities 0.01   –  
    Merger and acquisition transaction costs –   0.02  
    Allowance for bad debts 0.00   –  
    Settlement agreement 0.01   –  
    Adjusted Diluted EPS ($) 0.68   0.65  
    Ormat Technologies Contact:
    Smadar Lavi
    VP Head of IR and ESG Planning & Reporting
    775-356-9029 (ext. 65726)
    slavi@ormat.com     		 Investor Relations Agency Contact:
    Joseph Caminiti or Josh Carroll
    Alpha IR Group
    312-445-2870
    ORA@alpha-ir.com 

    The MIL Network –

  • MIL-OSI USA: Attorney General Bonta: Trump Administration Must Make a U-Turn on Illegal Withholding of Billions in Funding for EV Charging Infrastructure

    Source: US State of California

    BURLINGAME – California Attorney General Rob Bonta, California Governor Gavin Newsom, California Department of Transportation, and the California Energy Commission, today co-led a coalition of 17 attorneys general in filing a lawsuit against the Trump Administration for unlawfully withholding billions of dollars in funding approved by bipartisan majorities in Congress for electric vehicle (EV) charging infrastructure that would reduce planet-warming pollution, expand access to clean vehicles, and create thousands of green jobs. Under the direction of the President, the Federal Highway Administration (FHWA) issued a directive to thwart Congress’s $5 billion program, the National Electric Vehicle Infrastructure (NEVI) formula program, which would expand EV charging infrastructure nationwide. This directive purports to revoke the approval of all prior state EV infrastructure plans and withholds the distribution of federal funds to states. Specifically, in California, FHWA’s unlawful actions would cost the state more than $300 million, eliminate thousands of good-paying jobs, and dismantle a critical, emerging tech industry. 

    “The President continues his unconstitutional attempts to withhold funding that Congress appropriated to programs he dislikes. This time he’s illegally stripping away billions of dollars for electric vehicle charging infrastructure, all to line the pockets of his Big Oil friends,” said Attorney General Rob Bonta. “The facts don’t lie: The demand for clean transportation continues to rise, and California will be at the forefront of this transition to a more sustainable, low-emissions future. California will not back down, not from Big Oil, and not from federal overreach.”

    “When America retreats, China wins. President Trump’s illegal action withholding funds for electric vehicle infrastructure is yet another Trump gift to China – ceding American innovation and killing thousands of jobs,” said Governor Gavin Newsom. “Instead of hawking Teslas on the White House lawn, President Trump could actually help Elon – and the nation – by following the law and releasing this bipartisan funding.” 

    “California remains fully committed to developing a robust, reliable and accessible EV charging network which will help improve air quality and enhance the EV driving experience for all,” said California Energy Commission Chair David Hochschild.

    “Withholding funding now would be wasteful, illegal, performative, and only serve to delay the progress we’ve made in building a cleaner, more sustainable transportation future,” said California Transportation Secretary Toks Omishakin. “We will continue to stand up for Californians and the nation because the future of the planet depends on it.”

    In 2022, Congress passed the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law. One provision of the IIJA appropriated $5 billion for NEVI to facilitate a national network of electric vehicle charging infrastructure across the states, making clean cars accessible and convenient for more consumers and markets. On Day One, President Trump issued an executive order directing federal agencies to immediately stop releasing certain funds appropriated through the IIJA, including $5 billion that Congress appropriated for electric vehicle charging stations under NEVI. Following that directive, FHWA effectively halted the NEVI program by, among other things, withholding billions in funds that Congress had directed to the States for building EV infrastructure.

    California continues to lead the nation in the adoption of zero-emission vehicles (ZEVs) and the development of supporting infrastructure to rapidly deploy funds to develop and ensure a reliable and easy-to-use charging network. To date, over 2 million ZEVs have been sold in California, representing more than 30% of all ZEVs sold in the United States. 

    The California Energy Commission anticipates that California will need several hundred thousand more EV charging ports to support light-duty cars and trucks and incrementally more charging ports for medium- and heavy-duty trucks and buses to meet climate goals. California’s State Electric Vehicle Infrastructure Deployment Plan, approved by the federal government, would leverage public funding and private investment to build out a statewide charging infrastructure, including $384 million from the NEVI program.

    The complaint filed today alleges that the NEVI directive was arbitrary and capricious and not in accordance with law under the federal Administrative Procedure Act, and in violation of the U.S. Constitution. The NEVI program was created by statute, and, as it is a formula program, the amounts due to states are allocated by Congress, not the President. The complaint asks the court to declare that the NEVI directive is unlawful and to permanently stop the administration from withholding the funds. The states also seek a preliminary injunction to halt the illegal withholding of NEVI funds to the states.

    In filing the lawsuit Attorney General Bonta was joined by the attorneys general of Washington, Colorado, Arizona, Delaware, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Wisconsin, Vermont, and the District of Columbia. 

    A copy of the complaint will be made available here.

    MIL OSI USA News –

  • MIL-OSI: Silvaco Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Achieved gross bookings of $13.7 million and revenue of $14.1 million in the first quarter 2025

    Signed 9 new customers in the first quarter 2025 and expanded relationship with existing customers across key markets including AI, Photonics, and IoT

    Expanded Product Portfolio with the Acquisition of Tech-X Corporation

    SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its first quarter 2025 results.

    “We are pleased to have completed our first acquisition since our IPO in the first quarter of 2025, and have since announced our second acquisition of 2025, advancing our inorganic growth strategy and expanding our product portfolio,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We believe our solid fundamentals and focus on innovation position us to sustain strong customer momentum and drive continued growth in our EDA and TCAD product lines through 2025. We are committed to defending shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong—and we’re taking clear, measurable steps to align our market presence with the long-term strength of our business.”

    Commenting on the financial results and outlook, Keith Tainsky, Silvaco’s Interim Chief Financial Officer, added, “Given the current economic uncertainty, we have provided a broad guidance range for the second quarter of 2025. The company remains well positioned to deliver solid growth, supported by strong customer demand. We also updated our full-year guidance and remain confident in our ability to achieve our strategic and financial objectives.”

    First Quarter 2025 and Recent Business Highlights

    • Acquired 9 new customers across key markets including AI infrastructure (Power, Memory, Foundry) Photonics, and IoT markets, which represented approximately 23% of gross bookings for the quarter. We also expanded opportunities with existing customers, which accounted for 38% of gross bookings.
    • Gained momentum with Power, Photonics, and Advanced CMOS customers as they expand adoption of the FTCO platform for their next-generation product development. We announced that Excelliance MOS adopted Silvaco DTCO Flow for next generation silicon carbide devices and our partnership with Korean Kyung Hee University’s Professor Jin Jang on FTCO for next generation display technologies.
    • Expanded SAM by an estimated $600 million with the acquisitions of Cadence’s PPC product line and Tech-X Corporation.
    • Faraday Technology selected Silvaco FlexCAN IP for advanced automotive ASIC design.
    • ProMOS adopted our Victory TCAD solution for the development of next generation silicon photonics devices.
    • On April 29, 2025, Silvaco closed the acquisition of Tech-X Corporation, expanding our product offerings into wafer-level and photonics digital twin modeling.
    • Beginning with this quarter, we will be providing a new performance metric called Annual Contract Value, or ACV. We use ACV internally as a supplemental measure to evaluate the performance of our customer agreements and the underlying momentum of the business. While not a measure calculated in accordance with GAAP, we believe ACV provides additional insight into the scale and timing of customer commitments, which may not be fully reflected in recognized revenue due to the timing of revenue recognition under ASC 606.

    First Quarter 2025 Financial Results

    GAAP Financial Results

    • Revenue of $14.1 million, down 11% year-over-year and down 21% quarter-over-quarter.
      • TCAD revenue of $7.9 million, down 26% year-over-year, primarily due to earlier renewals last year.
      • EDA revenue of $5.1 million, up 8% year-over-year, including the addition of PPC product revenue of $1.9 million.
      • SIP revenue of $1.1 million, up 89% year-over-year, primarily driven by new bookings in automotive and IoT customers.
    • GAAP gross profit and GAAP gross margin were $11.1 million and 79%, respectively, which includes the impact of $0.2 million in stock-based compensation expense, and $0.2 million in amortization of acquired intangible assets, down from $13.9 million and 88% in Q1 2024.
    • GAAP net loss of $19.3 million, compared to a GAAP net income of $1.4 million in Q1 2024.
    • GAAP basic net loss per share of $(0.67), compared to GAAP basic and diluted net income per share of $0.07 in Q1 2024.
    • As of March 31, 2025, cash and cash equivalents and marketable securities totaled $74.5 million.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $13.7 million, down 15% year-over-year.
    • As of March 31, 2025, the remaining performance obligation balance of $33.7 million, 45% of which is expected to be recognized as revenue in the next 12 months.
    • Non-GAAP gross profit and non-GAAP gross margin were $11.5 million and 82%, respectively, down from $13.9 million and 88% in Q1 2024.
    • Non-GAAP net loss of $1.9 million, compared to non-GAAP net income of $2.4 million in Q1 2024.
    • Non-GAAP diluted net loss per share of $(0.07), compared to non-GAAP diluted net income per share of $0.12 in Q1 2024.
    • On a trailing-twelve-month (TTM) basis ACV was $52.3 million for the first quarter, up 21% year-over-year. This increase was driven by the amount of growth in organic growth of term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core annual recurring revenue from new bookings has shown consistent annual growth.

    For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures and Other Key Business Metrics” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

    Supplementary materials to this press release, including first quarter 2025 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

    Second Quarter and Full Year 2025 Financial Outlook

    As of May 7, 2025, Silvaco is providing updated guidance for its second quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin and GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses and IPO preparation costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Based on current business trends and conditions, the Company expects for second quarter 2025 the following:

    • Gross bookings in the range of $14.0 million to $18.0 million, which would compare to $19.5 million in the second quarter of 2024.
    • Revenue in the range of $12.0 million to $16.0 million, which would compare to $15.0 million in the second quarter of 2024.
    • Non-GAAP gross margin in the range of 80% to 83%, which would compare to 86% in the second quarter of 2024.
    • Non-GAAP operating loss in the range of ($4.0) million to ($2.0) million, compared to non-GAAP operating income of $1.7 million in the second quarter of 2024.
    • Non-GAAP diluted net loss per share in the range of ($0.10) to ($0.03), compared to net income per share of $0.07 in the second quarter of 2024.

    Based on current business trends and conditions, the Company expects for full year 2025, the following:

    • Gross bookings in the range of $67.0 million to $74.0 million, which would represent a 2% to 13% increase from $65.8 million in 2024.
    • Revenue in the range of $64.0 million to $70.0 million, which would represent a 7% to 17% increase from $59.7 million in 2024.
    • Non-GAAP gross margin in the range of 83% to 86%, which would compare to 86% in 2024.
    • Non-GAAP operating (loss) income in the range of ($2.0) million loss to $1.0 million income, which would compare to $5.5 million income in 2024.
    • Non-GAAP diluted net (loss) income per share in the range of ($0.07) net loss per share to $0.03 net income per share, compared to $0.25 net income per share in 2024.

    Q1 2025 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Wednesday, May 7, 2025
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our ability to successfully integrate recent acquisitions; (u) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (v) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (w) our status as a controlled company; and (x) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures and Other Key Business Metrics

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and acquisition-related professional fees and retention bonuses. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Annual Contract Value (“ACV”) is a key performance metric for Silvaco and is useful to investors in assessing the strength and trajectory of the business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue, as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV.

    ACV is composed of the following: (i) the annualized value of term based software licenses with start dates or anniversary dates during the period, plus; (ii) the value of perpetual license contracts with start dates during the period, plus; (iii) the annualized value of maintenance & support as well as any fixed-term services contracts with start dates or anniversary dates during the period, plus; (iv) the value of fixed-deliverable services contracts. Silvaco and the Silvaco logo are registered trademarks of Silvaco Group, Inc. All other trademarks and service marks are the property of their respective owners.

    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands except share and par value amounts)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 29,489     $ 19,606  
    Current marketable securities   45,048       63,071  
    Accounts receivable, net   5,783       9,211  
    Contract assets, net   15,102       11,932  
    Prepaid expenses and other current assets   4,500       3,460  
    Total current assets   99,922       107,280  
    Non-current assets:      
    Non-current marketable securities   —       4,785  
    Property and equipment, net   890       865  
    Operating lease right-of-use assets, net   1,534       1,711  
    Intangible assets, net   9,997       4,369  
    Goodwill   14,337       9,026  
    Non-current portion of contract assets   9,860       12,611  
    Other assets   1,595       1,698  
    Total non-current assets   38,213       35,065  
    Total assets $ 138,135     $ 142,345  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,137     $ 3,316  
    Accrued expenses and other current liabilities   32,426       19,801  
    Accrued income taxes   1,728       1,668  
    Deferred revenue, current   8,618       7,497  
    Operating lease liabilities, current   644       744  
    Vendor financing obligation, current   1,191       1,462  
    Total current liabilities   46,744       34,488  
    Non-current liabilities:      
    Deferred revenue, non-current   3,604       3,593  
    Operating lease liabilities, non-current   866       946  
    Vendor financing obligation, non-current   2,995       2,928  
    Other non-current liabilities   333       307  
    Total liabilities   54,542       42,262  
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 , respectively   —       —  
    Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,805,280 and 28,526,615 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   3       3  
    Additional paid-in capital   132,937       130,360  
    Accumulated deficit   (47,285 )     (28,012 )
    Accumulated other comprehensive loss   (2,062 )     (2,268 )
    Total stockholders’ equity   83,593       100,083  
    Total liabilities and stockholders’ equity $ 138,135     $ 142,345  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (Unaudited, in thousands except share and par value amounts)
           
      Three Months Ended March 31,
        2025       2024  
    Revenue:      
    Software license revenue $ 10,009     $ 12,258  
    Maintenance and service   4,083       3,631  
    Total revenue   14,092       15,889  
    Cost of revenue   3,016       1,973  
    Gross profit   11,076       13,916  
    Operating expenses:      
    Research and development   4,800       3,616  
    Selling and marketing   4,719       3,312  
    General and administrative   8,120       4,600  
    Estimated litigation claim   13,069       —  
    Total operating expenses   30,708       11,528  
    Operating (loss) income   (19,632 )     2,388  
    Interest income   863       —  
    Interest and other expense, net   (291 )     (205 )
    (Loss) income before income tax provision   (19,060 )     2,183  
    Income tax provision   213       805  
    Net (loss) income $ (19,273 )   $ 1,378  
    Net (loss) income per share:      
    Basic and diluted $ (0.67 )   $ 0.07  
    Weighted average shares used in computing per share amounts:      
    Basic and diluted   28,694,295       20,000,000  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net (loss) income $ (19,273 )   $ 1,378  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
    Depreciation and amortization   438       120  
    Stock-based compensation expense   2,277       —  
    Provision for credit losses   10       222  
    Estimated litigation claim   13,069       —  
    Accretion of discount on marketable securities, net   (261 )     —  
    Change in fair value of contingent consideration   35       (8 )
    Changes in operating assets and liabilities:      
    Accounts receivable   3,520       (1,844 )
    Contract assets   440       (3,679 )
    Prepaid expenses and other current assets   (1,026 )     788  
    Other assets   119       (274 )
    Accounts payable   (1,183 )     877  
    Accrued expenses and other current liabilities   55       (729 )
    Accrued income taxes   58       574  
    Deferred revenue   567       (21 )
    Other non-current liabilities   20       24  
    Net cash used in operating activities   (1,135 )     (2,572 )
    Cash flows from investing activities:      
    Maturities of marketable securities   23,000       —  
    Acquisition of Process Proximity Compensation   (11,500 )     —  
    Purchases of property and equipment   (96 )     (10 )
    Net cash provided by (used in) investing activities   11,404       (10 )
    Cash flows from financing activities:      
    Proceeds from loan facility   —       4,250  
    Deferred transaction costs   —       (364 )
    Payroll taxes related to shares withheld from employees   (252 )     —  
    Contingent consideration   (46 )     (13 )
    Payments of vendor financing obligation   (205 )     —  
    Net cash (used in) provided by financing activities   (503 )     3,873  
    Effect of exchange rate fluctuations on cash and cash equivalents   117       27  
    Net increase in cash and cash equivalents   9,883       1,318  
    Cash and cash equivalents, beginning of period   19,606       4,421  
    Cash and cash equivalents, end of period $ 29,489     $ 5,739  
           
    SILVACO GROUP, INC.
    REVENUE
    (Unaudited)
        2024   2025
        Q1 Q2 Q3 Q4 Year   Q1
    Revenue by Region:                
    Americas   27 % 51 % 31 % 40 % 38 %   20 %
    APAC   62 % 41 % 58 % 52 % 53 %   66 %
    EMEA   11 % 8 % 11 % 8 % 9 %   14 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Product Line:                
    TCAD   66 % 69 % 59 % 71 % 68 %   56 %
    EDA   30 % 20 % 24 % 24 % 24 %   36 %
    SIP   4 % 11 % 17 % 5 % 8 %   8 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue Item Category:                
    Software license revenue   77 % 74 % 62 % 78 % 74 %   71 %
    Maintenance and service   23 % 26 % 38 % 22 % 26 %   29 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Country:                
    United States   26 % 50 % 30 % 39 % 37 %   20 %
    China   11 % 17 % 25 % 23 % 18 %   14 %
    Other   63 % 33 % 45 % 38 % 45 %   66 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    SILVACO GROUP, INC.
    GAAP to Non-GAAP Reconciliation
    (Unaudited, in thousands except per share amounts)
     
      Three Months Ended
      3/31/2025   3/31/2024
           
    GAAP Cost of revenue $ 3,016     $ 1,973  
    Less: Stock-based compensation expense   (199 )     —  
    Less: Amortization of acquired intangible assets   (249 )     —  
    Less: Acquisition-related professional fees and retention bonus   (8 )     —  
    Non-GAAP Cost of revenue $ 2,560     $ 1,973  
    GAAP Gross profit $ 11,076     $ 13,916  
    Add: Stock-based compensation expense   199       —  
    Add: Amortization of acquired intangible assets   249       —  
    Add: Acquisition-related professional fees and retention bonus   8       —  
    Non-GAAP Gross profit $ 11,532     $ 13,916  
    GAAP Research and development $ 4,800     $ 3,616  
    Less: Stock-based compensation expense   (244 )     —  
    Less: Acquisition-related professional fees and retention bonus   (18 )     —  
    Less: Amortization of acquired intangible assets   (51 )     (70 ) 
    Non-GAAP Research and development $ 4,487     $ 3,546  
    GAAP Selling and marketing $ 4,719     $ 3,312  
    Less: Stock-based compensation expense   (323 )      —  
    Less: IPO preparation costs   —       -127  
    Non-GAAP Selling and marketing $ 4,396     $ 3,185  
    GAAP General and administrative $ 8,120     $ 4,600  
    Less: Stock-based compensation expense   (1,511 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (726 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (677 )     —  
    Less: Amortization of acquired intangible assets   (62 )     —  
    Less: IPO preparation costs   —       (139 )
    Non-GAAP General and administrative $ 5,144     $ 3,867  
    GAAP Estimated litigation claim $ 13,069     $ —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,069 )     —  
    Non-GAAP Estimated litigation claim $ —     $ —  
    GAAP Operating expenses $ 30,708     $ 11,528  
    Less: Stock-based compensation expense   (2,078 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,795 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (695 )     —  
    Less: IPO preparation costs   —       (266 )
    Less: Amortization of acquired intangible assets   (113 )     (70 )
    Non-GAAP Operating expenses $ 14,027     $ 10,598  
    GAAP Operating (loss) income $ (19,632 )   $ 2,388  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Non-GAAP Operating (loss) income $ (2,495 )   $ 3,318  
    GAAP Net (loss) income $ (19,273 )   $ 1,378  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Add (Less): Change in fair value of contingent consideration   35       (8 )
    Add (Less): Foreign exchange (gain) loss   205       130  
    Add (Less): Income tax effect of non-GAAP adjustment   (5 )     (33 )
    Non-GAAP Net (loss) income $ (1,901 )   $ 2,397  
    GAAP Net income (loss) per share:      
    Basic and diluted: $ (0.67 )   $ 0.07  
    Non-GAAP Net income (loss) per share:      
    Basic and diluted $ (0.07 )   $ 0.12  
    Weighted average shares used in GAAP and non-GAAP net income (loss) per share:      
    Basic and diluted   28,694,295       20,000,000  
           

    Investor Contact:
    Greg McNiff
    investors@silvaco.com 

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network –

  • MIL-OSI USA: Rep. Zinke and Vasquez Launch Bipartisan Public Lands Caucus to Champion Conservation and Access

    Source: US Congressman Ryan Zinke (Western Montana)

    WASHINGTON, D.C. – Today, U.S. Representatives Ryan Zinke (R-MT-01) and Gabe Vasquez (D-N.M.-02) announced the launch of the bipartisan Public Lands Caucus, a bipartisan congressional coalition focused on conserving America’s public lands and expanding access for all Americans. The caucus will build upon the trusted working relationship between Vasquez and Zinke, forged over the past two years partnering on conservation legislation, along with the momentum of a new Congress and a new generation of Western lawmakers to bring a new voice to the conversation around public lands.

    The Public Lands Caucus is founded on the belief that public lands are “for the benefit and enjoyment of the people.” It will bring lawmakers from both sides of the aisle to advance practical, consensus-driven public lands policy that conserves natural resources while supporting recreation, local economies, and public access. Caucus members are committed to bridging ideological divides and advancing pragmatic solutions to protect and manage public lands.

     

    “I follow the Theodore Roosevelt motto that public lands are ‘for the benefit and enjoyment of the people,’ and that means making sure we both conserve and manage those lands to ensure public access for the next generation,” said Rep. Ryan Zinke. “Public lands aren’t red or blue issues, it’s red white and blue. The bipartisan Public Lands Caucus brings together lawmakers who don’t agree on much, but we agree on and are ready to work together to promote policies that advance conservation and public access. I look forward to working with Co-Chair Vasquez, the vice chairs, and all the members of this caucus so future generations can enjoy the same opportunities to hunt, hike, fish, make a living and enjoy our uniquely American heritage.”

    “Public lands are where I learned to fish, hunt, and connect with my family and culture—and those experiences shaped who I am,” said Vasquez. “These lands don’t belong to one party or one group of people; they belong to all of us. The Public Lands Caucus is about protecting that birthright—bringing Democrats and Republicans together to preserve access, defend conservation, and invest in the outdoor economy that powers rural communities like mine in southern New Mexico. This is personal for me, and I’m proud to lead this bipartisan effort to keep our public lands in public hands.” 

    “We should be focusing on expanding public access to federal lands, not auctioning them off,” said Rep Dingell. “And we should be investing in our National Parks System and National Wildlife Refuges, not making it harder for Americans to visit these special places. I’m proud to be Vice-Chair of the bipartisan Public Lands Caucus because conservation has historically been, and should continue to be, a priority regardless of party. I look forward to working with my colleagues on both sides of the aisle to protect our precious natural resources, federal lands, and beloved species.” 

    “Idahoans live in Idaho because we love our public lands,” said Rep. Simpson. “This trend is common across the West, where public lands are a part of our daily lives. As a lifelong Idahoan and Chairman of the House Interior and Environment Appropriations Subcommittee, I remain committed to preserving access to our public lands and defending our way of life. Being named Vice Chair of the Public Lands Caucus is an honor, and I look forward to working with my colleagues to ensure future generations can enjoy the same benefits that we do today. I’m thankful to Rep. Zinke for his leadership here.”

    “As someone born and raised in the Coachella Valley, I know how sacred our public lands are. Places like Joshua Tree and the new Chuckwalla National Monument are more than landscapes—they’re part of our identity, history, and culture,” said Rep. Raul Ruiz (D-CA-25) Conserving public lands means protecting cultural heritage, preserving critical ecosystems, and expanding access to nature’s healing power, especially for underserved communities. I’ll continue fighting to ensure every family—no matter where they live—can experience the beauty, health, and enjoyment that public lands offer.”

    “Public land access is integral to Montana,” said Congressman Troy Downing (MT-02). “Montanans rely on the Treasure State’s more than 30 million acres of public lands to hunt, fish, recreate, graze their livestock, and so much more. I applaud Co-Chairs Zinke and Vasquez for their efforts and look forward to working with my colleagues to find common sense solutions that preserve my constituents’ access to this fundamentally American resource.”

    “As a representative of Coastal Virginia, I know how vital our public lands and waters are to our economy, our culture, and our quality of life – from supporting tourism and outdoor recreation to sustaining jobs and protecting natural habitats,” said Congresswoman Kiggans. “I’m proud to join the bipartisan Public Lands Caucus to bring a balanced, commonsense approach to protecting these resources. From our shorelines to our forests, we must ensure that future generations can enjoy and benefit from healthy and accessible public lands across the country for years to come.”

     “Having served as Chairman of the Congressional Western Caucus for four years, I understand firsthand the importance of common-sense conservation policies that protect our precious lands while guaranteeing public access,” said Congressman Newhouse. “The bipartisan Public Lands Caucus will elevate practical land management policies that support our shared commitment to unlocking our natural resources, boosting surrounding local economies, and supporting safe recreation for all to enjoy. I thank Reps. Zinke and Vasquez for their leadership, and I look forward to working closely with the caucus this Congress.”

     

    Caucus Leadership

    Co-Chairs

    • Rep. Gabe Vasquez (D-NM-02)
    • Rep. Ryan Zinke (R-MT-01) 

    Vice Chairs

    • Rep. Debbie Dingell (D-MI-06)
    • Rep. Mike Simpson (R-ID-02)

    Members Include

    • Rep. Raul Ruiz (D-CA-25)
    • Rep. Chuck Edwards (R-NC-11)
    • Rep. Joe Neguse (D-CO-02)
    • Rep. Jen Kiggan (R-VA-02)
    • Rep. Emily Randall (D-WA-06)
    • Rep. Troy Downing (R-MT-01)
    • Rep. Steven Horsford (D-NV-04)
    • Rep. Dan Newhouse (R-WA-04)
    • Rep. Susie Lee (D-NV-03)
    • Rep. Juan Ciscomani (R-AZ-06)

     

    Organizational Support

    “Public lands are the backyard of the little guy, demonstrating our commitment to leaving the world a better place for our children than the one we inherited from our parents,” said Chris Wood, President and CEO of Trout Unlimited. “On behalf of Trout Unlimited members across the nation, I thank Congressmen Zinke and Vasquez and the members of the newly minted bipartisan Public Lands Caucus for their leadership upholding our legacy of public lands. Preventing large-scale transfer or sale of federal public lands helps to maintain access to some of the best places to fish and hunt on the planet. We look forward to working with the caucus to keep it that way.” 

    “On both sides of the aisle, Americans cherish our public lands,” said Joel Pedersen, president and CEO of the Theodore Roosevelt Conservation Partnership. “From the Northern Rockies of Montana to the Gila Mountains of New Mexico, these lands and waters provide invaluable opportunities to millions of hunters and anglers. We join our nation’s sportsmen and women in thanking Representatives Zinke and Vasquez for their leadership in forming the bipartisan Public Lands Caucus which will continue to advance America’s outdoor legacy.”

    Whitney Potter Schwartz, Senior Vice President, Outdoor Recreation Roundtable: “The creation of the Public Lands Caucus is a significant and welcome step forward in protecting and expanding access to our public lands and waters that power America’s $1.2 trillion outdoor recreation economy and enrich the lives of millions of Americans. Keeping public lands public is a business imperative. There couldn’t be a more important time to stand up for America’s best return on investment and keep public land selloff out of reconciliation. ORR thanks Representatives Gabe Vasquez and Ryan Zinke for their leadership and all the bipartisan members of the Caucus who have come together to champion public lands access, stewardship, and infrastructure investments. We look forward to working with the Caucus to ensure that public lands remain public and continue to be a foundation for outdoor experiences, local economies, and healthy communities for generations to come.” 

    “Public lands are essential to the emotional and economic well-being of our nation,” said Phil Ingrassia, President of the national RV Dealers Association. “RVDA applauds the creation of the Public Lands Caucus and its commitment to enhancing access and expanding the infrastructure that supports millions of Americans who enjoy these shared spaces.” 

    “America Outdoors applauds Representatives Vasquez and Zinke for their leadership in launching the bipartisan Public Lands Caucus,” said Caryn Short, America Outdoors. “Continued access to our public lands is vital to the health of the outfitting industry, rural economies, and the millions of Americans who rely on these landscapes for connection, livelihood, and adventure.” 

    Public lands are part of the shared national identify of Americans,” said Rachel Franchina, Executive Director, Society of Outdoor Recreation Professionals. “They are treasured places – both close to home and in iconic protected areas – for people to spend time with family and friends, recharge themselves and reconnect with nature. The Society of Outdoor Recreation Professionals supports Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM)’s Bipartisan Public Lands Caucus. High-quality experiences on public lands are something the vast majority of American value and their commitment to ensuring access to our shared heritage is more important now than ever.” 

    “Public lands make hunting, fishing, and other outdoor recreation activities accessible for millions of Americans,” said Kellis Moss, Managing Director of Federal Affairs for Ducks Unlimited. “Some of our most critical conservation programs, such as NAWCA, invest in habitat on public lands. We’re glad to see Congress prioritize conserving America’s natural places for the next generation of outdoorsmen and women, and we’re happy to support the Public Lands Caucus in this effort.”

    “The NWTF extends deep gratitude to Congressmen Vasquez and Zinke for their leadership in founding the bipartisan Public Lands Caucus,” said Jason Burckhalter, Co-CEO, National Wild Turkey Federation. “This crucial effort bolsters the unique American public trust, ensuring our public lands—vital habitats for wildlife, cornerstones of our hunting heritage, and cherished spaces for outdoor recreation—remain a shared resource, held in trust for all citizens, preserving their accessibility and stewardship for future generations.”

    “America’s upland hunters and grassland advocates applaud today’s launch of the bipartisan Public Lands Caucus,” said Ariel Wiegard, Vice President of Government Affairs, Pheasants Forever and Quail Forever. “We stand ready to work with Reps. Vasquez, Zinke, and the other Caucus members to advance public land conservation policies, increase and improve habitat and access, and energize and engage the upland conservation community. America’s grassland and sagebrush shrub-steppe ecosystems are among the most at-risk environments in the world. We are confident this Caucus will help ensure our treasured public lands deliver the promise of more wildlife and more hunters, alongside other natural resource and quality of life benefits, to the American people.”

    “Backcountry Hunters & Anglers strongly supports the creation of the Public Lands Caucus and thanks Representatives Vasquez and Zinke for bringing together a bipartisan force to defend against ongoing threats to sell or transfer our wild public lands,” said Devin O’Dea, Western Policy & Conservation Manager, Backcountry Hunters & Anglers. “Our public lands define who we are as Americans — places where anyone, regardless of background, can hunt, fish, camp or explore. The Public Lands Caucus is a crucial step in ensuring our wild public lands, waters, and wildlife endure.”

    “According to the American Horse Council’s latest economic impact study, 39 million U.S. households include a horse enthusiast, with recreational trail riders representing the largest segment of the equine industry — underscoring the critical need for access to public lands,” said Julie M. Broadway, President, American Horse Council & American Horse Council Foundation. “Conserving public lands, supporting local economies, and ensuring access for all Americans is essential to the equine community, and we strongly applaud the creation of this congressional caucus as a step toward protecting these shared resources.”

    “The Western Landowners Alliance applauds the formation of the bipartisan Public Lands Caucus to protect our public lands and thanks Representatives Vasquez and Zinke for their leadership on this issue,” said Lesli Allison, Chief Executive Officer, Western Landowners Alliance. “Care for our public lands is a priority across party lines and fence lines in the West. Western Landowners Alliance members steward tens of millions of acres of private and public land, and recognize the challenges facing federal land management and budgets. We are also acutely aware of the nation’s real housing deficit. But disposal of federal land is not a practical solution to either problem.”

    “Public lands are the source of clean drinking water for millions of Americans,” said Tom Kiernan, CEO, American Rivers. “The rivers that flow across our national parks, forests, and rangelands provide recreation and awesome scenic beauty to our country. We are excited to continue working with Congress to support the protection of these lands and rivers on behalf of all Americans. Thank you to Representatives Vasquez and Zinke for launching this caucus.”

    Watch the full launch event here.

    Access photos from the event here.

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    MIL OSI USA News –