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Category: Machine Learning

  • MIL-OSI Europe: Other events – Visit to Washinton DC – 24-02-2025 – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    US Capitol in Washington, DC © Belga/AFP/K.Bleier © Belga/AFP/K.Bleier

    Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

    The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

    MIL OSI Europe News –

    January 30, 2025
  • MIL-OSI Asia-Pac: Government Approves Mutual Credit Guarantee Scheme to Strengthen MSME Manufacturing Sector, fulfilling the budget announcement of 2024-25

    Source: Government of India

    Government Approves Mutual Credit Guarantee Scheme to Strengthen MSME Manufacturing Sector, fulfilling the budget announcement of 2024-25

    Loans upto Rs. 100 crore for purchase of Plant and Machinery / Equipment are eligible for guarantee coverage giving a boost to manufacturing sector

    Scheme offers 60% guarantee coverage to Member Lending Institutions (MLIs*) for credit facility upto Rs.100 crore sanctioned to eligible MSMEs

    Posted On: 29 JAN 2025 8:35PM by PIB Delhi

    GoI has approved introduction of Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs*) for credit facility upto Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment / machinery.

    Salient Features of The Scheme

    • Borrower should be an MSME with valid Udyam Registration Number;
    • Loan amount guaranteed shall not exceed Rs.100 crore
    • Project Cost could be of higher amounts also
    • Minimum cost of equipment /machinery is 75% of project cost
    • Loan upto Rs.50 crore under the Scheme shall have repayment period of upto 8 years with upto 2 years moratorium period on principal instalments. For loans above Rs.50 crore, higher repayment schedule and moratorium period on principal instalments can be considered.
    • Upfront (initial) contribution of 5% of the loan amount shall be deposited at the time of application of guarantee cover
    • Annual Guarantee Fee on loan under the Scheme shall be Nil during the year of sanction. During the next 3 years, it shall be 1.5% p.a. of loan outstanding as on March 31 of previous year. Thereafter, Annual Guarantee Fee shall be 1% p.a. of loan outstanding as on March 31 of previous year

    The Scheme will be applicable to all loans sanctioned under MCGS-MSME during the period of 4 years from the date of issue of operational guidelines of the scheme or till cumulative guarantee of Rs. 7 lakh crore are issued, whichever is earlier.

    Major Impact

    Manufacturing sector currently comprises 17% of the nation’s GDP and over 27.3 million workers. Hon’ble Prime Minister’s has given a call for ‘Make in India, Make for the World’ and has signalled that India is ready and keen to increase the share of manufacturing to 25% of GDP. The Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is expected to facilitate the availability of credit for purchase of Plant and Machinery / Equipment by MSMEs and give a major boost to manufacturing and thereby to Make in India.

    Background

    Global supply chains are realigning. India is emerging as an alternative supply source given its raw materials, low labour costs, growing manufacturing knowhow, and entrepreneurial ability. One of the major costs involved in manufacturing is the fixed cost of Plant and Machinery (P&M)/ Equipment’s. With availability of credit to expand the installed capacity of manufacturing units, it can be expected that the manufacturing will grow at a faster pace. Also, the need for a credit guarantee scheme for the manufacturing units, particularly for the enterprises in the medium category has been raised by industry associations from time to time. So, to give a boost to manufacturing by facilitating the availability of credit for purchase of Plant and Machinery / Equipment, ‘Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is being introduced. The scheme will facilitate collateral free loans by banks and financial institutions to MSMEs who are in need of debt capital for their expansion and growth.

    *MLIs – All Scheduled Commercial Banks (SCBs), Non-Banking Financial Companies (NBFCs) and All India Financial institutions (AIFIs), who register with NCGTC under the Scheme.

    ******

    NB/AD

    (Release ID: 2097455) Visitor Counter : 101

    MIL OSI Asia Pacific News –

    January 30, 2025
  • MIL-OSI: Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSPORT, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

    Penns Woods Bancorp, Inc. achieved net income of $17.7 million for the twelve months ended December 31, 2024, resulting in basic and diluted earnings per share of $2.35.

    Highlights

    • Net income, as reported under generally accepted accounting principles (GAAP), for the three and twelve months ended December 31, 2024 was $3.7 million and $17.7 million, respectively, compared to $5.6 million and $16.6 million for the same periods of 2023. Results for the three and twelve months ended December 31, 2024 compared to 2023 were impacted by an increase in net interest income of $1.6 million and $3.9 million, respectively, as the cost of funds stabilized. The three and twelve month periods ended December 31, 2024 have been impacted by after-tax merger related expenses of $581,000 resulting from the announced acquisition of the company by Northwest Bancshares, Inc. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the twelve month period ended December 31, 2024.
    • The allowance for credit losses was impacted for the three and twelve months ended December 31, 2024 by a provision for credit losses of $420,000 and $121,000, respectively, compared to a negative provision for credit losses of $1.7 million and $1.5 million for the 2023 periods. The recognition of a negative provision for credit losses for the 2023 periods was due primarily to a recovery on a commercial loan which positively affected the historical loss rates, and the payoff of a nonperforming commercial loan.
    • Basic and diluted earnings per share for the three months ended December 31, 2024 were $0.50 and $0.49, respectively, while the twelve months ended December 31, 2024 basic and diluted was $2.35. This compares to basic and diluted earnings per share of $0.77 and $2.34, respectively, for the three and twelve month periods ended December 31, 2023.
    • Annualized return on average assets was 0.67% for the three months ended December 31, 2024, compared to 1.02% for the corresponding period of 2023. Return on average assets was 0.80% for the twelve months ended December 31, 2024, compared to 0.79% for the corresponding period of 2023.
    • Annualized return on average equity was 7.28% for the three months ended December 31, 2024, compared to 12.60% for the corresponding period of 2023. Return on average equity was 9.14% for the twelve months ended December 31, 2024, compared to 9.84% for the corresponding period of 2023.

    Net Income

    Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.4 million and $18.4 million, respectively, for the three and twelve months ended December 31, 2024 compared to $5.6 million and $16.7 million for the same periods of 2023. Core earnings per share (non-GAAP) for the three months ended December 31, 2024 were basic $0.58 and diluted $0.57 while basic and diluted for the twelve months ended December 31, 2024 were $2.44. Basic and diluted core earnings per share for the three and twelve month periods of 2023 were $0.77 and $2.36, respectively. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.78% and 8.48%, respectively, for the three months ended December 31, 2024, compared to 1.02% and 12.63% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.83% and 9.46%, respectively, for the twelve months ended December 31, 2024, compared to 0.79% and 9.93% for the corresponding period of 2023. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, core earnings per share and tangible book value per share to the comparable GAAP financial measures is included at the end of this press release.

    Net Interest Margin

    The net interest margin for the three and twelve months ended December 31, 2024 was 2.98% and 2.83% respectively, compared to 2.73% and 2.80% for the corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate collected on interest-earning assets of 34 basis points (“bps”), while the decrease in the net interest margin for the twelve month period was driven by a 74 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest-bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $47.4 million and $106.9 million, respectively, for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 31 bps and 61 bps, resulting in an increase in taxable equivalent interest income of $2.0 million and $16.5 million, for the periods. The three and twelve month periods ended December 31, 2024 were impacted by an increase of 57 bps and 66 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $285,000 and $1.5 million, respectively. Short-term borrowings decreased leading to a decrease of $1.8 million and $3.9 million, respectively, in expense for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 37 bps and 96 bps, respectively, or $2.1 million and $13.8 million in expense, for the three and twelve month periods ended December 31, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 increased 29 bps and 87 bps, respectively, or $1.7 million and $9.9 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five to twenty-four months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

    Assets

    Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023.  Net loans increased $36.9 million to $1.9 billion at December 31, 2024 compared to December 31, 2023, as continued emphasis was placed on commercial loan growth and indirect auto lending. The investment portfolio decreased $10.7 million from December 31, 2023 to December 31, 2024.

    Non-performing Loans

    The ratio of non-performing loans to total loans ratio increased to 0.47% at December 31, 2024 from 0.17% at December 31, 2023, as non-performing loans increased to $8.9 million at December 31, 2024 from $3.1 million at December 31, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $228,000 and $540,000 for the three and twelve months ended December 31, 2024, respectively, impacted the allowance for credit losses, which was 0.63% of total loans at December 31, 2024 compared to 0.62% at December 31, 2023. Exposure to non-owner occupied office space is minimal at $14.1 million at December 31, 2024 with none of these loans being delinquent.

    Deposits

    Deposits increased $116.6 million to $1.7 billion at December 31, 2024 compared to December 31, 2023. Noninterest-bearing deposits decreased $14.2 million to $456.9 million at December 31, 2024 compared to December 31, 2023.  Core deposits declined $17.8 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $130.8 million from December 31, 2023 to December 31, 2024 due to growth in the time deposit portfolio of $80.8 million as customers sought a higher rate of interest. Brokered deposit balances increased $53.6 million to $178.3 million at December 31, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

    Shareholders’ Equity

    Shareholders’ equity increased $13.7 million to $205.2 million at December 31, 2024 compared to December 31, 2023.  During the three and twelve months ended December 31, 2024 there were no shares issued under the previously disclosed registered at-the-market offering. A total 31,066 shares for net proceeds of $632,000 were issued as part of the Dividend Reinvestment Plan during the twelve months ended December 31, 2024. Accumulated other comprehensive loss of $5.3 million at December 31, 2024 decreased from a loss of $9.2 million at December 31, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $4.6 million at December 31, 2024 from a net unrealized loss of $6.4 million at December 31, 2023, coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $27.16 at December 31, 2024 compared to $25.51 at December 31, 2023, and an equity to asset ratio of 9.19% at December 31, 2024 and 8.69% at December 31, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.97 at December 31, 2024 compared to $23.29 at December 31, 2023. Dividends declared for the three and twelve months ended December 31, 2024 and 2023 were $0.32 and $1.28 per share.

    Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

    NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies; or (vii) any potential adverse events or developments resulting from the merger agreement, dated December 16, 2024, between Penns Woods Bancorp, Inc. and Northwest Bancshares, Inc., including, without limitation, any event, change, or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement or the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or to successfully integrate the business and operations of Jersey Shore State Bank and Luzerne Bank with those of Northwest Savings Bank after closing.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

    You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

    Contact: Richard A. Grafmyre, Chief Executive Officer
      110 Reynolds Street
      Williamsport, PA 17702
      570-322-1111 e-mail: pwod@pwod.com
     
    PENNS WOODS BANCORP, INC.
    CONSOLIDATED BALANCE SHEET
    (UNAUDITED)
     
        December 31,
    (In Thousands, Except Share and Per Share Data)     2024       2023     % Change
    ASSETS:                
    Noninterest-bearing cash           $         19,989     $         28,969             (31.00 ) %
    Interest-bearing balances in other financial institutions                     8,983               8,493             5.77   %
    Total cash and cash equivalents                     28,972               37,462             (22.66 ) %
                     
    Investment debt securities, available for sale, at fair value                     184,542               190,945             (3.35 ) %
    Investment equity securities, at fair value                     1,111               1,122             (0.98 ) %
    Restricted investment in bank stock                     20,032               24,323             (17.64 ) %
    Loans held for sale                     3,266               3,993             (18.21 ) %
    Loans                     1,877,078               1,839,764             2.03   %
    Allowance for credit losses                     (11,848 )             (11,446 )           3.51   %
    Loans, net                     1,865,230               1,828,318             2.02   %
    Premises and equipment, net                     27,789               30,250             (8.14 ) %
    Accrued interest receivable                     11,114               11,044             0.63   %
    Bank-owned life insurance                     45,681               33,867             34.88   %
    Investment in limited partnerships                     6,691               7,815             (14.38 ) %
    Goodwill                     16,450               16,450             —   %
    Intangibles                     107               210             (49.05 ) %
    Operating lease right of use asset             2,811               2,512             11.90   %
    Deferred tax asset                     3,493               4,655             (24.96 ) %
    Other assets                     15,049               11,843             27.07   %
    TOTAL ASSETS           $         2,232,338     $         2,204,809             1.25   %
                     
    LIABILITIES:                
    Interest-bearing deposits           $         1,249,145     $         1,118,320             11.70   %
    Noninterest-bearing deposits                     456,936               471,173             (3.02 ) %
    Total deposits                     1,706,081               1,589,493             7.33   %
                    %
    Short-term borrowings                     42,200               145,926             (71.08 ) %
    Long-term borrowings                     254,588               252,598             0.79   %
    Accrued interest payable                     4,664               3,814             22.29   %
    Operating lease liability                     2,889               2,570             12.41   %
    Other liabilities                     16,685               18,852             (11.49 ) %
    TOTAL LIABILITIES                     2,027,107               2,013,253             0.69   %
                     
    SHAREHOLDERS’ EQUITY:                
    Preferred stock, no par value, 3,000,000 shares authorized; no shares issued                     —               —     n/a
    Common stock, par value $5.55, 22,500,000 shares authorized; 8,066,968 and 8,019,219 shares issued; 7,556,743 and 7,508,994 shares outstanding                     44,815               44,550             0.59   %
    Additional paid-in capital                     63,193               61,733             2.37   %
    Retained earnings                     115,331               107,238             7.55   %
    Accumulated other comprehensive loss:                
    Net unrealized loss on available for sale securities                     (4,567 )             (6,396 )           28.60   %
    Defined benefit plan                     (726 )             (2,754 )           73.64   %
    Treasury stock at cost, 510,225 shares                     (12,815 )             (12,815 )           —   %
    TOTAL SHAREHOLDERS’ EQUITY                     205,231               191,556             7.14   %
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,232,338     $         2,204,809             1.25   %
     
    PENNS WOODS BANCORP, INC.
    CONSOLIDATED STATEMENT OF INCOME
    (UNAUDITED)
     
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (In Thousands, Except Share and Per Share Data)     2024       2023     % Change
        2024       2023     % Change
    INTEREST AND DIVIDEND INCOME:                                
    Loans including fees           $         25,759     $         23,720             8.60   %   $         99,780     $         83,291             19.80   %
    Investment securities:                                
    Taxable                     1,826               1,476             23.71   %             7,039               5,346             31.67   %
    Tax-exempt                     59               107             (44.86 ) %             292               517             (43.52 ) %
    Dividend and other interest income                     607               614             (1.14 ) %             2,587               2,441             5.98   %
    TOTAL INTEREST AND DIVIDEND INCOME                     28,251               25,917             9.01   %             109,698               91,595             19.76   %
                                     
    INTEREST EXPENSE:                                
    Deposits                     9,523               7,445             27.91   %             35,962               22,131             62.50   %
    Short-term borrowings                     479               2,317             (79.33 ) %             4,503               8,401             (46.40 ) %
    Long-term borrowings                     2,686               2,207             21.70   %             10,353               6,099             69.75   %
    TOTAL INTEREST EXPENSE                     12,688               11,969             6.01   %             50,818               36,631             38.73   %
                                     
    NET INTEREST INCOME                     15,563               13,948             11.58   %             58,880               54,964             7.12   %
                                     
    PROVISION (RECOVERY) FOR CREDIT LOSSES                      420               (1,742 )           124.11   %             121               (1,479 )           108.18   %
                                     
    NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES                     15,143               15,690             (3.49 ) %             58,759               56,443             4.10   %
                                     
    NON-INTEREST INCOME:                                
    Service charges                     516               533             (3.19 ) %             2,067               2,090             (1.10 ) %
    Net debt securities losses, available for sale                     (9 )             (68 )           86.76   %             (49 )             (193 )           74.61   %
    Net equity securities (losses) gains                     (35 )             50             (170.00 ) %             (11 )             15             (173.33 ) %
    Bank-owned life insurance                     303               171             77.19   %             1,159               1,063             9.03   %
    Gain on sale of loans                     463               314             47.45   % .           1,484               1,046             41.87   %
    Insurance commissions                     128               113             13.27   %             553               529             4.54   %
    Brokerage commissions                     163               127             28.35   %             684               575             18.96   %
    Loan broker income                     543               264             105.68   %             1,384               992             39.52   %
    Debit card income                     385               333             15.62   %             1,437               1,328             8.21   %
    Other                     253               384             (34.11 ) %             910               930             (2.15 ) %
    TOTAL NON-INTEREST INCOME                     2,710               2,221             22.02   %             9,618               8,375             14.84   %
                                     
    NON-INTEREST EXPENSE:                                
    Salaries and employee benefits                     7,032               6,284             11.90   %             26,256               25,062             4.76   %
    Occupancy                     758               746             1.61   %             3,152               3,168             (0.51 ) %
    Furniture and equipment                     1,233               889             38.70   %             3,669               3,392             8.17   %
    Software amortization                     339               250             35.60   %             996               843             18.15   %
    Pennsylvania shares tax                     351               275             27.64   %             1,373               1,082             26.89   %
    Professional fees                     523               640             (18.28 ) %             2,177               2,953             (26.28 ) %
    Federal Deposit Insurance Corporation deposit insurance                     385               456             (15.57 ) %             1,564               1,578             (0.89 ) %
    Marketing                     74               90             (17.78 ) %             283               684             (58.63 ) %
    Intangible amortization                     25               25             —   %             102               117             (12.82 ) %
    Merger expense                     735               —     n/a             735               —     n/a
    Other                     1,525               1,342             13.64   %             6,177               5,617             9.97   %
    TOTAL NON-INTEREST EXPENSE                     12,980               10,997             18.03   %             46,484               44,496             4.47   %
    INCOME BEFORE INCOME TAX PROVISION                     4,873               6,914             (29.52 ) %             21,893               20,322             7.73   %
    INCOME TAX PROVISION                     1,132               1,359             (16.70 ) %             4,154               3,714             11.85   %
    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS’   $         3,741     $         5,555             (32.66 ) %   $         17,739     $         16,608             6.81   %
    EARNINGS PER SHARE – BASIC            $         0.50     $         0.77             (35.06 ) %   $         2.35     $         2.34             0.43   %
    EARNINGS PER SHARE – DILUTED           $         0.49     $         0.77             (36.36 ) %   $         2.35     $         2.34             0.43   %
    WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC                     7,555,168               7,255,222             4.13   %             7,535,397               7,112,450             5.95   %
    WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED                     7,693,185               7,255,222             6.04   %             7,543,111               7,112,450             6.06   %
     
    PENNS WOODS BANCORP, INC.
    AVERAGE BALANCES AND INTEREST RATES 
    (UNAUDITED)
     
        Three Months Ended
        December 31, 2024   December 31, 2023
    (Dollars in Thousands)   Average 
    Balance (1)
      Interest   Average 
    Rate
      Average 
    Balance (1)
      Interest   Average 
    Rate
    ASSETS:                        
    Tax-exempt loans (3)           $         69,967     $         453             2.58   %   $         68,234     $         478             2.78   %
    All other loans                     1,806,212               25,401             5.59   %             1,760,509               23,342             5.26   %
    Total loans (2)                     1,876,179               25,854             5.48   %             1,828,743               23,820             5.17   %
                             
    Taxable securities                     199,868               2,277             4.63   %             193,744               1,932             4.04   %
    Tax-exempt securities (3)                     11,317               75             2.70   %             18,041               135             3.03   %
    Total securities                     211,185               2,352             4.53   %             211,785               2,067             3.96   %
                             
    Interest-bearing balances in other financial institutions                     13,136               156             4.72   %             11,795               158             5.31   %
                             
    Total interest-earning assets                     2,100,500               28,362             5.38   %             2,052,323               26,045             5.04   %
                             
    Other assets                     137,840                       130,421          
                             
    TOTAL ASSETS           $         2,238,340             $         2,182,744          
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
    Savings           $         209,300               266             0.51   %   $         222,740               229             0.41   %
    Super Now deposits                     220,792               1,070             1.93   %             227,113               1,129             1.97   %
    Money market deposits                     323,181               2,656             3.27   %             293,542               2,217             3.00   %
    Time deposits                     504,683               5,531             4.36   %             377,516               3,870             4.07   %
    Total interest-bearing deposits                     1,257,956               9,523             3.01   %             1,120,911               7,445             2.64   %
                             
    Short-term borrowings                     38,495               479             4.96   %             163,088               2,317             5.63   %
    Long-term borrowings                     256,521               2,686             4.17   %             235,998               2,207             3.71   %
    Total borrowings                     295,016               3,165             4.27   %             399,086               4,524             4.50   %
                             
    Total interest-bearing liabilities                     1,552,972               12,688             3.25   %             1,519,997               11,969             3.12   %
                             
    Demand deposits                     454,612                       457,546          
    Other liabilities                     25,218                       28,786          
    Shareholders’ equity                     205,538                       176,415          
                             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,238,340             $         2,182,744          
    Interest rate spread (3)                           2.13   %                   1.92   %
    Net interest income/margin (3)               $         15,674             2.98   %       $         14,076             2.73   %
    1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
    2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
    3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.
       
        Three Months Ended December 31,
          2024       2023  
    Total interest income           $         28,251     $         25,917  
    Total interest expense                     12,688               11,969  
    Net interest income (GAAP)                     15,563               13,948  
    Tax equivalent adjustment                     111               128  
    Net interest income (fully taxable equivalent) (non-GAAP)           $         15,674     $         14,076  
     
    PENNS WOODS BANCORP, INC.
    AVERAGE BALANCES AND INTEREST RATES 
    (UNAUDITED)
     
        Twelve Months Ended
        December 31, 2024   December 31, 2023
    (Dollars in Thousands)   Average 
    Balance (1)
      Interest   Average 
    Rate
      Average 
    Balance (1)
      Interest   Average 
    Rate
    ASSETS:                        
    Tax-exempt loans (3)           $         69,448     $         1,943             2.80   %   $         66,863     $         1,849             2.77   %
    All other loans                     1,796,096               98,245             5.47   %             1,691,742               81,830             4.84   %
    Total loans (2)                     1,865,544               100,188             5.37   %             1,758,605               83,679             4.76   %
                             
    Taxable securities                     202,934               9,072             4.47   %             189,804               7,263             3.83   %
    Tax-exempt securities (3)                     13,045               370             2.84   %             23,872               654             2.74   %
    Total securities                     215,979               9,442             4.37   %             213,676               7,917             3.71   %
                             
    Interest-bearing balances in other financial institutions                     11,074               554             5.00   %             10,916               524             4.80   %
                             
    Total interest-earning assets                     2,092,597               110,184             5.27   %             1,983,197               92,120             4.65   %
                             
    Other assets                     132,720                       131,704          
                             
    TOTAL ASSETS           $         2,225,317             $         2,114,901          
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
    Savings           $         215,107               1,077             0.50   %   $         231,000               685             0.30   %
    Super Now deposits                     218,932               4,373             2.00   %             276,868               4,155             1.50   %
    Money market deposits                     311,836               10,390             3.33   %             292,755               7,024             2.40   %
    Time deposits                     460,869               20,122             4.37   %             293,252               10,267             3.50   %
    Total interest-bearing deposits                     1,206,744               35,962             2.98   %             1,093,875               22,131             2.02   %
                             
    Short-term borrowings                     82,046               4,503             5.49   %             157,140               8,401             5.36   %
    Long-term borrowings                     256,850               10,353             4.03   %             186,094               6,099             3.28   %
    Total borrowings                     338,896               14,856             4.40   %             343,234               14,500             4.23   %
                             
    Total interest-bearing liabilities                     1,545,640               50,818             3.29   %             1,437,109               36,631             2.55   %
                             
    Demand deposits                     454,878                       477,828          
    Other liabilities                     30,680                       31,243          
    Shareholders’ equity                     194,119                       168,721          
                             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,225,317             $         2,114,901          
    Interest rate spread (3)                           1.98   %                   2.10   %
    Net interest income/margin (3)               $         59,366             2.83   %       $         55,489             2.80   %
    1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
    2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
    3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.
       
        Twelve months ended December 31,
          2024       2023  
    Total interest income           $         109,698     $         91,595  
    Total interest expense                     50,818               36,631  
    Net interest income (GAAP)                     58,880               54,964  
    Tax equivalent adjustment                     486               525  
    Net interest income (fully taxable equivalent) (non-GAAP)           $         59,366     $         55,489  
    (Dollars in Thousands, Except Per Share Data, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Operating Data                    
    Net income           $         3,741       $         4,801       $         5,390       $         3,808       $         5,555    
    Net interest income                     15,563                 15,056                 14,515                 13,746                 13,948    
    Provision (recovery) for credit losses                     420                 740                 (1,177 )               138                 (1,742 )  
    Net security (losses) gains                     (44 )               36                 (19 )               (33 )               (18 )  
    Non-interest income, excluding net security (losses) gains                     2,754                 2,385                 2,044                 2,495                 2,239    
    Non-interest expense                     12,980                 10,884                 10,996                 11,623                 10,997    
                         
    Performance Statistics                    
    Net interest margin                     2.98   %             2.88   %             2.83   %             2.69   %             2.73   %
    Annualized cost of total deposits                     2.22   %             2.27   %             2.14   %             2.01   %             1.89   %
    Annualized non-interest income to average assets                     0.48   %             0.43   %             0.37   %             0.45   %             0.41   %
    Annualized non-interest expense to average assets                     2.32   %             1.95   %             1.98   %             2.10   %             2.02   %
    Annualized return on average assets                     0.67   %             0.86   %             0.97   %             0.69   %             1.02   %
    Annualized return on average equity                     7.28   %             9.60   %             11.12   %             8.03   %             12.60   %
    Annualized net loan charge-offs (recoveries) to average loans     0.05   %     0.07   %     (0.09 ) %     0.08   %     (0.05 ) %
    Net charge-offs (recoveries)                      228                 328                 (396 )               380                 (209 )  
    Efficiency ratio                     70.73   %             62.26   %             66.25   %             71.41   %             67.78   %
                         
    Per Share Data                    
    Basic earnings per share           $         0.50       $         0.64       $         0.72       $         0.51       $         0.77    
    Diluted earnings per share                     0.49                 0.64                 0.72                 0.51                 0.77    
    Dividend declared per share                     0.32                 0.32                 0.32                 0.32                 0.32    
    Book value                     27.16                 26.96                 26.13                 25.72                 25.51    
    Tangible book value (Non-GAAP)                     24.97                 24.77                 23.93                 23.50                 23.29    
    Common stock price:                    
    High                     34.06                 23.98                 21.08                 22.64                 23.64    
    Low                     23.74                 19.29                 17.17                 18.44                 20.05    
    Close                     30.39                 23.79                 20.55                 19.41                 22.51    
    Weighted average common shares:                    
    Basic                     7,555                 7,544                 7,529                 7,513                 7,255    
    Fully Diluted                     7,693                 7,544                 7,529                 7,513                 7,255    
    End-of-period common shares:                    
    Issued                     8,067                 8,065                 8,052                 8,036                 8,019    
    Treasury                     (510 )               (510 )               (510 )               (510 )               (510 )  
    (Dollars in Thousands, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Financial Condition Data:                    
    General                    
    Total assets           $         2,232,338       $         2,259,250       $         2,234,617       $         2,210,116       $         2,204,809    
    Loans, net                     1,865,230                 1,863,586                 1,855,054                 1,843,805                 1,828,318    
    Goodwill                     16,450                 16,450                 16,450                 16,450                 16,450    
    Intangibles                     107                 133                 158                 184                 210    
    Total deposits                     1,706,081                 1,700,321                 1,648,093                 1,618,562                 1,589,493    
    Noninterest-bearing                     456,936                 452,922                 461,092                 471,451                 471,173    
    Savings                     208,340                 211,560                 218,354                 220,932                 219,287    
    NOW                     212,687                 218,279                 209,906                 208,073                 214,888    
    Money Market                     308,977                 321,614                 320,101                 299,916                 299,353    
    Time Deposits                     340,844                 328,294                 310,187                 292,372                 260,067    
    Brokered Deposits                     178,297                 167,652                 128,453                 125,818                 124,725    
    Total interest-bearing deposits                     1,249,145                 1,247,399                 1,187,001                 1,147,111                 1,118,320    
                         
    Core deposits*                     1,186,940                 1,204,375                 1,209,453                 1,200,372                 1,204,701    
    Shareholders’ equity                     205,231                 203,694                 197,087                 193,517                 191,556    
                         
    Asset Quality                    
    Non-performing loans           $         8,904       $         7,940       $         6,784       $         7,958       $         3,148    
    Non-performing loans to total assets                     0.40   %             0.35   %             0.30   %             0.36   %             0.14   %
    Allowance for credit losses on loans                     11,848                 11,588                 11,234                 11,542                 11,446    
    Allowance for credit losses on loans to total loans                     0.63   %             0.62   %             0.60   %             0.62   %             0.62   %
    Allowance for credit losses on loans to non-performing loans                     133.06   %             145.94   %             165.60   %             145.04   %             363.60   %
    Non-performing loans to total loans                     0.47   %             0.42   %             0.36   %             0.43   %             0.17   %
                         
    Capitalization                    
    Shareholders’ equity to total assets                     9.19   %             9.02   %             8.82   %             8.76   %             8.69   %
                                                       
    * Core deposits are defined as total deposits less time deposits and brokered deposits.
     
    Reconciliation of GAAP and Non-GAAP Financial Measures
    (UNAUDITED)
     
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (Dollars in Thousands, Except Per Share Data, Unaudited)    2024    2023    2024    2023
    GAAP net income           $         3,741       $         5,555       $         17,739       $         16,608    
    Net securities losses, net of tax                     35                 14                 47                 141    
    Merger expenses, net of tax                     581                 —                 581                 —    
    Non-GAAP core earnings           $         4,357       $         5,569       $         18,367       $         16,749    
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Return on average assets (ROA)                     0.67   %             1.02   %             0.80   %             0.79   %
    Net securities losses, net of tax                     0.01   %             —   %             —   %             —   %
    Merger expenses, net of tax                     0.10   %             —   %             0.03   %             —   %
    Non-GAAP core ROA                     0.78   %             1.02   %             0.83   %             0.79   %
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Return on average equity (ROE)                     7.28   %             12.60   %             9.14   %             9.84   %
    Net securities losses, net of tax                     0.07   %             0.03   %             0.02   %             0.09   %
    Merger expenses, net of tax                     1.13   %             —   %             0.30   %             —   %
    Non-GAAP core ROE                     8.48   %             12.63   %             9.46   %             9.93   %
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Basic earnings per share (EPS)           $         0.50       $         0.77       $         2.35       $         2.34    
    Net securities losses, net of tax                     —                 —                 0.01                 0.02    
    Merger expenses, net of tax                     0.08                 —                 0.08                 —    
    Non-GAAP basic core EPS           $         0.58       $         0.77       $         2.44       $         2.36    
             
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Diluted EPS           $         0.49       $         0.77       $         2.35       $         2.34    
    Net securities losses, net of tax                     —                 —                 0.01                 0.02    
    Merger expenses, net of tax                     0.08                 —                 0.08                 —    
    Non-GAAP diluted core EPS           $         0.57       $         0.77       $         2.44       $         2.36    
    (Dollars in Thousands, Except Share and Per Share Data, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Total shareholders’ equity           $         205,231     $         203,694     $         197,087     $         193,517     $         191,556  
    Goodwill                     (16,450 )             (16,450 )             (16,450 )             (16,450 )             (16,450 )
    Intangibles                     (107 )             (133 )             (158 )             (184 )             (210 )
    Tangible shareholders’ equity           $         188,674     $         187,111     $         180,479     $         176,883     $         174,896  
                         
    Shares outstanding                     7,556,743               7,554,488               7,541,474               7,525,372               7,508,994  
                         
    Book value per share           $         27.16     $         26.96     $         26.13     $         25.72     $         25.51  
    Tangible book value per share (Non-GAAP)           $         24.97     $         24.77     $         23.93     $         23.50     $         23.29  
                                             

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Plymouth Rock Assurance Corporation Names Ethan Tarby as President and Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Plymouth Rock Assurance has named Ethan Tarby as President and Chief Executive Officer of Plymouth Rock Assurance Corporation. Tarby had been serving as interim President and CEO since June 2024. He will lead Plymouth Rock’s Independent Agency Group, which manages more than $1.3 billion of personal auto, commercial auto, motorcycle and umbrella liability premium. Tarby will report to Andrew McElwee, President and Chief Operating Officer of The Plymouth Rock Company.

    Tarby joined Plymouth Rock in March 2021 as Chief Marketing Officer of the Independent Agency Group and has taken on increasing levels of responsibility within the organization over the past three-plus years. As CMO, Tarby was responsible for marketing and distribution in the independent agency channel across the six states in which Plymouth Rock operates.

    “We conducted a thorough executive search and believe that Ethan is the right person to lead Plymouth Rock’s Independent Agency Group,” said Jim Stone, Founder, Chairman and Chief Executive Officer of The Plymouth Rock Company. “His deep understanding of the business, coupled with his strategic vision and collaborative leadership, has earned the trust and respect of the entire organization.”

    “It’s a privilege to lead Plymouth Rock’s Independent Agency Group at this exciting moment in time,” said Tarby. “We have a talented team and our focus will remain on profitably growing our business as a strong personal lines carrier. We want to be preferred by our independent agent partners and trusted by our customers, and I am thrilled to continue in this role towards those goals.”

    Tarby is a seasoned insurance executive with more than 20 years of industry experience across diverse responsibilities, including distribution management and analytics in multiple channels, product management, corporate finance, operational excellence, and innovation and growth strategy. He holds degrees from Williams College and Duke University.

    This news closely follows the appointment of Greg Kalinsky as President and Chief Executive Officer of the Plymouth Rock Management Company of New Jersey. Kalinsky will oversee Plymouth Rock’s direct-to-consumer auto business as the leader of the company’s Direct Auto Group.

    About Plymouth Rock

    Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone or by contacting their Plymouth Rock agent. Customers can chat, text or email to get answers quickly and easily. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $2.3 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania. Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. You can learn more about us by visiting plymouthrock.com.

    Media Contact:
    V2 Communications on behalf of Plymouth Rock
    plymouthrock@v2comms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37f07d67-36a0-4a40-8f69-57b88ed12bfd

    The MIL Network –

    January 30, 2025
  • MIL-OSI USA: King to White House: Measured Approach to Implementation of Hiring Freeze Will Prevent Harmful Impacts on Maine’s Veterans

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — Today, U.S. Senator Angus King (I-ME), a member of the Senate Veterans Affairs Committee (SVAC), is highlighting the catastrophic consequences that could result from the immediate federal hiring freeze enacted by the new administration. In a letter to President Donald Trump, King specifically expresses his concerns about the impact this hiring freeze will have on access to healthcare and critical services for veterans in Maine.
    King wrote, “Our veterans deserve access to the best quality health care, the benefits they earned, and someone to answer the phone when they call for help. I worry that this hiring freeze will have harmful impacts on the VA and their ability to continue providing critical services to our veterans. As a former governor who implemented a hiring freeze for state employees, I encourage your administration to take a measured approach to implementation.”
    “As you know, the VA provides various services to millions of veterans—from health care to life-saving assistance from the Veterans Crisis Line. VA employees across the Department dedicate their careers to caring for our veterans,” King continued. “Without a broad exemption, I worry that any hiring freeze would hurt access to veterans’ benefits, including health care. For example, if support staff are not there to help schedule appointments or address IT issues, veterans will not be able to get care; if claims processors aren’t processing disability claims, veterans will not receive benefits; if there aren’t enough doctors and nurses, veterans will not have access to health care; if the National Cemetery Administration isn’t properly staffed, veterans will not have access to burial benefits.”
    “I appreciate new guidance from Acting VA Secretary Todd Hunter that clarifies that more than 300,000 health care positions at the VA will be considered essential to department operations, and therefore exempt from the hiring freeze. I urge you and the VA to ensure that all positions within the VA are considered as essential, so that we can continue to hire dedicated employees to serve and care for our veterans,” King concluded.
    Representing one of the states with the highest rates of veterans per capita, Senator King is a staunch advocate for America’s servicemembers and veterans. In the committee cabinet nomination hearing, King questioned nominee Doug Collins of his concerns over using artificial intelligence (AI) to determine the status of a veteran’s earned benefits. In the exchange, he pressed Collins for his commitment to ensure veterans’ access to benefits will not be adversely impacted by AI technologies. In 2024, Congress also passed Senator King’s bipartisan legislation to improve veterans’ access to health care and benefits.
    The full text of the letter can be found here and below.
    +++
    Dear President Trump:
    I write regarding the January 20, 2025, Presidential Memorandum instituting an immediate hiring freeze of civil service federal employees. While the intended goal of the hiring freeze is to allow the government time to evaluate the size of the current workforce, I have concerns about the impact this hiring freeze will have on our nation’s veterans, especially those in Maine. That is why I urge you to provide a full exemption to all Department of Veterans Affairs (VA) personnel to ensure continued services to our nation’s heroes.
    Our veterans deserve access to the best quality health care, the benefits they earned, and someone to answer the phone when they call for help. I worry that this hiring freeze will have harmful impacts on the VA and their ability to continue providing critical services to our veterans. As a former governor who implemented a hiring freeze for state employees, I encourage your administration to take a measured approach to implementation.
    As you know, the VA provides various services to millions of veterans—from health care to life-saving assistance from the Veterans Crisis Line. VA employees across the Department dedicate their careers to caring for our veterans. Without a broad exemption, I worry that any hiring freeze would hurt access to veterans’ benefits, including health care. For example, if support staff are not there to help schedule appointments or address IT issues, veterans will not be able to get care; if claims processors aren’t processing disability claims, veterans will not receive benefits; if there aren’t enough doctors and nurses, veterans will not have access to health care; if the National Cemetery Administration isn’t properly staffed, veterans will not have access to burial benefits.
    I appreciate new guidance from Acting VA Secretary Todd Hunter that clarifies that more than 300,000 health care positions at the VA will be considered essential to department operations, and therefore exempt from the hiring freeze. I urge you and the VA to ensure that all positions within the VA are considered as essential, so that we can continue to hire dedicated employees to serve and care for our veterans.
    Veterans deserve the best care and we must deliver on the promises made to them. I look forward to working with you on this important matter.
    Sincerely,

    MIL OSI USA News –

    January 30, 2025
  • MIL-OSI USA: Schatz Named Lead Democrat On Appropriations Subcommittee Responsible For Funding State Department, Key Programs That Provide Economic Support, Security Assistance, Live-Saving Aid

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz
    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) today was named Ranking Member of the Senate Appropriations Subcommittee on State and Foreign Operations. Schatz is also a member of the Senate Foreign Relations Committee.
    “This new role will put me in a better position to continue the hard work of strengthening U.S. diplomacy overseas. I’m committed to working with Chairman Graham and my committee colleagues to stand by our friends, partners, and allies around the world, honor our international commitments, and deliver much-needed humanitarian aid to those most in need,” said Ranking Member Schatz.
    The Senate Appropriations Subcommittee on State and Foreign Operations is responsible for appropriating billions of dollars in funding for the U.S. Department of State, U.S. Agency for International Development (USAID), and other critical agencies and programs that provide humanitarian aid, global health support, and economic and security assistance, among other things to those in need around the world.

    MIL OSI USA News –

    January 30, 2025
  • MIL-OSI: AirBoss Defense Group Awarded New Boot Contract Valued at up to $82.3 Million

    Source: GlobeNewswire (MIL-OSI)

    JESSUP, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — AirBoss Defense Group (ADG), the global leader in survivability for the assured mobility and chemical, biological, radiological, nuclear (CBRN) communities, is announcing that the U.S. government has selected the ADG Molded AirBoss Lightweight Overboot (MALO) for its CBRN overboot program contract. This is a three (3) year contract expected to be worth up to an aggregate amount of $82.3 million.

    ADG has supplied overboots to the United States for over 20 years. The company has held the current contract for this requirement for many years and is proud to have been again selected as the supplier of choice for this critical personal protective equipment (PPE) item for American warfighters. CBRN overboots are in continuous demand by the Department of Defense and the MALO was designed to provide superior protection against chemical and biological threats while providing optimal fit and comfort. The MALO is the solution of choice and is the incumbent program overboot in over sixty countries, with over 6.1 million pair sold to date.

    “Our company is pleased to continue providing unique protective and survivability solutions to support American warfighters,” said John Johns, President of ADG. “The MALO is a key component of CBRN protection systems procured by the Department of Defense and we look forward to providing this protective gear to ensure the safety of our warfighters in critical mission environments and challenging conditions.”

    ADG has supported the CBRN and PPE needs of the Federal Government for more than two decades and continues to actively assist the Department of Defense to build a stable, secure, and resilient supply chain for high-quality PPE.

    About AirBoss Defense Group (ADG)

    ADG is a growing survivability company that provides military, law enforcement, medical providers, industrial providers and first responders with a diverse portfolio of protective equipment that spans the entire survivability spectrum. AirBoss Defense, an ADG brand, is a recognized world leader in rapid deployment negative pressure isolation shelters, CBRNE protective equipment, medical protective equipment, and personal respiratory protective products. AirBoss Defense’s emergency response and personal protective equipment is utilized by the Department of Defense, U.S. Department of State, FEMA, CDC, other government agencies and private companies.

    For more information, please visit www.adg.com.

    FORWARD LOOKING INFORMATION DISCLAIMER

    Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or ADG’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

    Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. ADG cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause ADG’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; ADG’ ability to maintain existing customers or develop new customers in light of increased competition; ADG’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; ADG’ ability to successfully develop and execute effective business strategies; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs; current and future litigation; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of ADG’ forward-looking information.

    All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to ADG or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, ADG disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about ADG’ business are more fully discussed under the heading “Risk Factors” in AirBoss of America Corp.’s (“AirBoss”) recent Annual Information Form and are otherwise disclosed in AirBoss’ filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

    Contact: David Costello
    Tel: 617.875.2492
    Email: david@risingtidemhd.com

    The MIL Network –

    January 30, 2025
  • MIL-OSI: BTCS Inc. Enhances Infrastructure for Improved Performance and Cost Efficiency

    Source: GlobeNewswire (MIL-OSI)

    SILVER SPRING, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a provider of blockchain infrastructure and technology solutions, announced updates to its operations, including the migration of a significant portion of its infrastructure from AWS (Amazon Web Services) to bare metal servers, and the transition of its Builder+ platform from Go to the Rust programming language. These updates aim to improve operational efficiency, optimize system performance, and support developers utilizing BTCS’s technology.

    Migration to Bare Metal

    As part of BTCS’s ongoing commitment to operational efficiency, the transition to bare metal servers addresses one of the company’s largest non-compensation operating expenses. Better performing dedicated hardware eliminates the overhead costs associated with shared cloud services while providing enhanced reliability and performance. This move aligns with BTCS’s strategy to maximize value while delivering superior results to stakeholders.

    Adoption of Rust Programming Language

    In addition to the infrastructure upgrade, BTCS has migrated its Builder+ platform—an Ethereum-focused block construction tool—to Rust, a programming language known for its exceptional speed, memory efficiency, and reliability. The switch from Go to Rust has improved the speed and responsiveness of BTCS’s operations. This enhancement should help position Builder+ as a more competitive and innovative solution in the Ethereum ecosystem.

    “These advancements underscore BTCS’s commitment to continuous improvement and innovation,” said Benjamin Hunter, VP of Engineering at BTCS. “By reducing costs with bare metal servers and leveraging the speed and efficiency of Rust, we are enhancing our technology infrastructure to gain a competitive advantage.”

    The combination of enhanced hardware and a more powerful programming language reinforces BTCS’s position as a premier blockchain infrastructure provider, ensuring the scalability, and efficiency of its operations.

    About BTCS

    BTCS Inc. (Nasdaq: BTCS) is a U.S.-based blockchain infrastructure technology company currently focused on driving scalable revenue growth through its Ethereum blockchain infrastructure operations. BTCS has honed its expertise in Ethereum network operations, particularly in block building and validator node management. Its branded block-building operation, Builder+, leverages advanced algorithms to optimize block construction for on-chain validation, thus maximizing potential gas fee revenues. BTCS also supports other blockchain networks by operating validator nodes and staking its crypto assets across multiple proof-of-stake networks, allowing crypto holders to delegate assets to BTCS-managed nodes. In addition, the Company has developed ChainQ, an AI-powered blockchain data analytics platform, which enhances user access and engagement within the blockchain ecosystem. Committed to innovation and adaptability, BTCS is strategically positioned to expand its blockchain operations and infrastructure beyond Ethereum as the ecosystem evolves.

    Users can explore how BTCS is revolutionizing blockchain infrastructure in the public markets by visiting www.btcs.com.

    Forward-Looking Statements

    Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws, including statements regarding maximizing value while delivering superior results for stakeholders, expectations from the enhancement from the switch from Go to Rust. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues, unexpected issues with Builder+, unexpected issues with the transition to Rust, as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2023 which was filed on March 21, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Investor Relations:

    Charles Allen – CEO

    X (formerly Twitter): @Charles_BTCS

    Email: ir@btcs.com

    Contact

    CEO

    Charles Allen

    BTCS Inc.

    ir@btcs.com

    A photo accompanying this announcement is available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2932e395-ff3e-482b-ac02-08de96e1f9b7

    The MIL Network –

    January 30, 2025
  • MIL-OSI Europe: Commission launches plan to boost sustainable competitiveness

    Source: European Union 2

    A new framework to rekindle economic productivity and secure the EU’s competitive edge has been presented by the European Commission. The Competitiveness Compass builds on the recommendations set out in Mario Draghi’s report on the future of European competitiveness. It will steer the EU’s work on competitiveness over the next five years and translate the report’s recommendations into concrete actions for the EU’s future prosperity.  

    The EU enjoys a strong system of rights and values, a Single Market, top-notch infrastructure and a skilled workforce, but the Compass recognises that more must be done to ensure Europe keeps pace with other major economies in a challenging and increasingly competitive world. While all the time looking to secure the EU’s climate neutrality, it sets a path for Europe to become the place where future technologies and clean products are invented, manufactured, and put on the market. 

    The Compass identifies 3 core areas of action: 

    • Innovation – The EU must close the innovation gap by creating an environment where innovative start-ups, effective industrial leadership and the diffusion of technologies across businesses thrive. Concrete initiatives from the Commission include ‘Apply AI’ and ‘AI Gigafactories’ to drive industrial adoption of AI; action plans for advanced materials, quantum, biotech, robotics and space technologies; and an EU Start-up and Scale-up Strategy that will address the obstacles that are preventing new companies from emerging and scaling up. 
    • Decarbonisation and competitiveness – The EU will help bring down high and volatile energy prices through an Affordable Energy Action Plan. It will set out a competitiveness-driven approach to decarbonisation through its upcoming Clean Industrial Deal, while an Industrial Decarbonisation Accelerator Act will extend accelerated permitting to sectors in transition. It will also launch action plans for energy intensive sectors, such as steel, metals, and chemicals. 
    • Security and resilience – The EU will reduce dependencies and increase its resilience and security by continuing to build effective trade partnerships with economies around the world. Through a new range of Clean Trade and Investment Partnerships it will help secure a supply of raw materials, clean energy, sustainable transport fuels, and clean tech from across the world. It will also review public procurement rules to introduce a European preference in public procurement for critical sectors and technologies 

    Underpinning these actions will be five cross-cutting activities: 

    • Simplification by drastically reducing the regulatory and administrative burden on firms 
    • Lowering barriers to the Single Market through its Horizon Single Market Strategy 
    • Financing competitiveness by establishing a European Savings and Investment Union 
    • Promoting skills and quality jobs through a Union of Skills  
    • Better coordination of policies at EU and national level by introducing a Competitiveness Coordination Tool 

    The Competitiveness Compass is the first major initiative of the Commission in the 2024-2029 mandate. 

    For more information 

    Strengthening European competitiveness 

    Draghi report 

    Communication – A Competitiveness Compass for the EU 

    A factsheet on the Competitiveness Compass 

    Press release: An EU Compass to regain competitiveness and secure sustainable prosperity 

    MIL OSI Europe News –

    January 30, 2025
  • MIL-OSI: StuffThatWorks Survey Reveals High Patient Interest in Participating in Clinical Trials

    Source: GlobeNewswire (MIL-OSI)

    Data from the largest patient-reported real-world data exploration underlines new opportunities for medical research to accelerate drug development

    Over 93 percent of more than 6,000 respondents are interested in learning about clinical trials relevant to their condition, but unexpected barriers delay participation

    GAASH, Israel, Jan. 29, 2025 (GLOBE NEWSWIRE) — StuffThatWorks, the largest, most up-to-date crowd-sourced patient-centric real-world data optimized for the medical and research community, today released the results of a new custom survey, Barriers in Clinical Trials, which shows that patients are primed to participate in clinical research1. The survey taps the reactions of over 6,000 patients with chronic conditions and reveals that an overwhelming majority of respondents consider clinical trials a path to accessing new medical treatments, with more than 93 percent interested in learning about trials that are relevant to their condition. 

    In addition, nearly 57 percent of respondents report that they are severely impacted by their medical condition, with nearly 43 percent believing they have exhausted all other treatment options, highlighting an urgent need for additional treatment pathways. The survey’s findings also reinforce the need for more proactive engagement and education; nearly 96 percent of respondents reported they received little or no information from providers about clinical trials in the last six months.

    “The survey data reveal a desire among patients to access clinical trials as viable treatment options, underscoring the need for medical professionals to actively consider clinical research for addressing their patients’ needs,” said Yael Elish, Founder and CEO of StuffThatWorks and a WAZE founding team member. “This unique patient perspective and experience collected in structured form along with other organized health information provides valuable insights and underlines a new way for clinicians and researchers to engage with patients to better inform the development of study protocols to benefit patients and advance the science of medicine.”

    The survey was conducted among patients with chronic conditions through StuffThatWorks, the world’s first large scale patient-generated Real World Data platform. StuffThatWorks empowers patients to transform their experiences and health information into structured organized Real World Data optimized for patient centric Real World Data research. Research organizations receive near real time comprehensive access to organized aggregated, de-identified data and corresponding patients. 

    With over 3 million members across 1,250+ conditions and 1.3 billion data points in the U.S. and globally, StuffThatWorks is the largest and most up-to-date patient-generated crowd-sourced Real World Data optimized for generation of unique patient journey insights. From rare to common chronic conditions, patient insights covering various topics, including symptoms, treatments, and disease burden, can be generated in real-time and broken down by racial and ethnic demographics, geography, lifestyle, symptoms, and more. In addition to real-time access to the data set, on-demand custom surveys like this current Barriers to Clinical Trial initiative can be fielded to gain real-world insights from patients.

    Patients on StuffThatWorks share anonymized health information at scale on an ongoing basis.  Instead of exhausting patients by re-asking mundane questions, our approach allows us to benefit from the already collected patient data and to conduct follow-up surveys for the missing information only.  In addition, customers benefit from built in powerful analysis and insight generation tools that cross all conditions. 

    “Until now, researching the experience of people living with chronic conditions in the real world meant interviewing individual patients or running one-off limited surveys, which are time-consuming, costly, and, more importantly, limited in their ability to represent the diversity of patient populations and to provide insight beyond the limited number of questions possible,” added Elish. “Patient crowdsourcing at scale can reveal unmatched insights on any patient-centric topic, in this case – the insights needed to address barriers to patient participation in clinical trials.”

    The custom survey Barriers in Clinical Trials included 6,004 respondents with an average age of 61. Patients who participated in the survey suffered from a wide range of chronic conditions, including COPD, fibromyalgia, peripheral neuropathy, tinnitus, osteoarthritis, COVID-19, multiple sclerosis, migraine, high blood pressure, and clinical depression. 

    The study also revealed that:

    • Most respondents (98 percent) perceive clinical trials as a path through which they can significantly benefit by being included in the development of new medical options
    • Nearly one-third (29 percent) shared that their primary motivation for participating in clinical trials is to help advance science
    • Almost one-quarter (23 percent) want to participate in clinical research because they have no other treatment options available
    • For nearly one-quarter (23 percent), their physician recommended their participation in a trial, but the obstacles to involvement are travel costs and lost wages the patient would shoulder
    • One fifth (19 percent) of respondents shared that having their medical treatment and/or receiving an honorarium would motivate them to participate in a study
    • In addition, 41 percent shared being in a stressful or challenging financial situation, and more than 31 percent said their financials impact decision-making
    • Only 13 percent had a doctor explain why a clinical trial could be helpful for their condition, and an overwhelming majority (nearly 96 percent) revealed they did not receive information from doctors about clinical trials in the last six months
    • Participants indicated they are flexible regarding the possible format of clinical trials and would participate in in-person, virtual, or hybrid settings.

    “The survey’s data show that patients are not simply willing; they are eager to participate in clinical trials, provided they are informed and supported throughout the process,” said Chantal Beaudry, Senior Partner, Health Communications and Patient Recruitment at FINN Partners. “This dataset provides unique, real-world perspectives invaluable to organizations seeking to engage patients more effectively and optimize their clinical trials.” FINN Partners is working with StuffThatWorks to ensure these data are shared broadly to encourage greater participation in clinical trials and accelerate the delivery of new indications and therapies to patients.

    Additional data from the survey is being analyzed to provide information regarding insights and barriers in specific patient populations. This comprehensive database of patient-reported outcomes is now available for custom research and real-time data analysis. These custom surveys are a new offering and can be enriched with past and future data from the comprehensive StuffThatWorks database.

    For more information regarding StuffThatWorks, please visit www.stuffthatworks.health.

    About StuffThatWorks

    Created by Waze founding team members, StuffThatWorks uses crowdsourcing and AI to transform shared patient experiences and data into the first organized large scale, multidimensional, longitudinal, real-world data set facilitating a neutral representation of diverse populations and treatments, insights generation and direct engagement with patients throughout their journey.

    StuffThatWorks is the home to 3M members across 1,250 condition communities that have so far shared 1.3B data points. Already the largest organized Patient Level Real World Data platform, StuffThatWorks is differentiated by its powerful data collection, structuring and organization infrastructure. The unique, proprietary data set and unique AI and powerful Chat GPT like capabilities enable the efficient generation of insights for research, market access and drug development. 

    1. Data on file

    Contact:
    Glenn Silver, Media Relations
    FINN Partners
    +1 973 818 8198

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49b9fbd5-e984-4f2e-ba4e-22217f2c5ee6

    The MIL Network –

    January 30, 2025
  • MIL-OSI United Kingdom: First International AI Safety Report to inform discussions at AI Action Summit

    Source: United Kingdom – Executive Government & Departments

    First Independent International AI Safety Report to become the global handbook on AI safety, ahead of the France AI Action Summit.

    • First Independent International AI Safety Report to become the global handbook on AI safety, ahead of the France AI Action Summit
    • Inspired by the UN’s IPCC Report, the publication sets a new standard for scientific rigor in assessing AI safety
    • Brings together input from 100 world-leading AI experts put forward by 30 countries including France, China, the USA and UK, as well as the UN, EU, and OECD

    Ahead of the AI Action Summit hosted by France next month, the Independent International AI Safety Report published today sets out the first comprehensive, shared scientific understanding of advanced AI systems and their risks.  

    Spearheaded by Yoshua Bengio – a Turing Award-winning AI academic and the most cited computer scientist in the world – the report brings together insights from 100 independent international experts. Launched at the AI Safety Summit in November 2023, the report is mandated by more than 30 countries including France, China and the United States, with operational support provided by the Department for Science, Innovation, and Technology.  

    As policymakers worldwide grapple with rapid and unpredictable advancements in AI, today’s report contributes to bridging the gap by offering a scientific understanding of emerging risks to guide decision making.  

    The report also highlights how quickly the technology has evolved in recent years and months, including how AI systems are increasingly capable of acting as AI agents – autonomously planning and carrying out complex tasks.  

    Its publication looks to plug the gaps by building up a scientific basis of evidence to support policymakers in advancing AI safety, while the full implications of advanced AI systems are still being discovered. 

    Report’s Chair, Yoshua Bengio, Full Professor at Université de Montréal and Scientific Director of Mila – Quebec AI Institute, said:  

    The capabilities of general-purpose AI have increased rapidly in recent years and months. While this holds great potential for society, AI also presents significant risks that must be carefully managed by governments worldwide.  

    This report by independent experts aims to facilitate constructive and evidence-based discussion around these risks and serves as a common basis for policymakers around the world to understand general-purpose AI capabilities, risks and possible mitigations.

    Key areas identified for further research include how rapidly capabilities will advance, how general-purpose AI models work internally, and how they can be designed to behave reliably.  

    While there are still many challenges in mitigating the risks of general-purpose AI, the report highlights promising areas for future research and concludes that progress can be made. The report emphasises widespread agreement that improving our understanding of how AI works should be a top priority, as international governments and AI companies prepare to gather for the AI Action Summit. 

    Ultimately, the report emphasises that while AI capabilities could advance at varying speeds, their development and potential risks are not a foregone conclusion. The Report concludes by saying that the outcomes depend on the choices made by policymakers both today and in the future. 

    Secretary of State for Science, Innovation, and Technology, Peter Kyle said: 

    The transformative potential of AI is clear, which is why we have placed it at the heart of our government’s Plan for Change. It will help us kickstart economic growth, transform public services, and boost the living standards of working people across the country, but I remain clear eyed that safety must be baked in from the outset. 

    The UK is already at the forefront of building the global consensus needed on responsible AI, and this report will go a step further as we prepare for the AI Action Summit. It will support decision-makers with the scientific evidence they need to seize the opportunities of AI, which is a charge we are already leading by putting the technology to work to deliver more jobs, more money in people’s pockets, and transformed public services.

    French Minister Delegate for Artificial Intelligence and Digital Technologies, Clara Chappaz said: 

    Artificial intelligence is a central topic of our time, and its safety is a crucial foundation for building trust and fostering adoption. Scientific research must remain the fundamental pillar guiding these efforts. I salute the work of Yoshua Bengio and the international team who produced this report, work which must be perpetuated in the long term in the general interest. 

    This first comprehensive scientific assessment provides the evidence base needed for societies and governments to shape AI’s future direction responsibly. These insights will inform crucial discussions at the upcoming AI Action Summit in Paris. 

    Notes to editors

    The UK government will continue to provide the Secretariat for the report until a suitable long-term international home is agreed, and Professor Yoshua Bengio will continue acting as chair for 2025. This will be informed by ongoing global dialogues on AI governance, including those within the UN Global Digital Compact, the Network of AI Safety Institutes, and other forums, along with ongoing stakeholder consultations.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

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    Published 29 January 2025

    MIL OSI United Kingdom –

    January 30, 2025
  • MIL-OSI: Mark Cuban Foundation Partners with The National Museum of Nuclear Science & History to Bring AI Education to Albuquerque Area Teens

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., Jan. 29, 2025 (GLOBE NEWSWIRE) — The Mark Cuban Foundation is proud to announce a pioneering museum pilot program in partnership with The National Museum of Nuclear Science & History. The program will bring the highly acclaimed Artificial Intelligence (AI) Bootcamp to Albuquerque area high school students. This collaboration emphasizes the Foundation’s mission to reach students in underserved and previously unconnected regions, providing them with opportunities to engage with innovative technology.

    The program aims to provide students with a foundational understanding of artificial intelligence and its applications to future careers. Students can select from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness. Driven by the belief that fostering interest in AI at a young age is crucial for preparing the next generation for their future, the AI Bootcamps are introductory and accessible to students in 9-12 grade with an interest in technology. Students do not need any familiarity with computer science or programming to attend.

    This free AI Bootcamp is hosted for underserved high school students with a transparent focus on recruiting girls, students of color, first generation college students, and those from low to moderate income households. The AI Bootcamp Program provides students with lunch and a snack, transportation assistance, and technology equipment during bootcamp.

    “As AI continues to become an undeniable force in all of our lives, it’s crucial that we open the door to this knowledge, especially to young people who want to explore it,” said Mark Cuban, founder. “While technology expands and becomes more advanced, it becomes more critical that we ensure our students are prepared when they apply for schools or jobs in the future. Thanks to our work with The National Museum of Nuclear Science & History, the bootcamp will offer an avenue to explore this fascinating field of technology to any student, no matter their means.”

    This year’s bootcamp, taking place in Albuquerque March 17-19, is hosted and staffed by The National Museum of Nuclear Science & History, the only congressionally chartered museum dedicated to the history and science of nuclear technology.

    “We are thrilled to partner with the Mark Cuban Foundation to bring this innovative AI Bootcamp to Albuquerque high school students,” said Gabriel Nemiroff, Director of Education at The National Museum of Nuclear Science & History. “This program is a fantastic opportunity for students to explore the exciting world of artificial intelligence and its potential applications in their future careers. We believe that AI has the power to revolutionize many industries, and we want to ensure that all students have the chance to learn about this important technology.”

    Apply for the bootcamp at: markcubanai.org.

    Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.

    To learn more, visit markcubanai.org.

    This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp
    Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.

    About Mark Cuban Foundation’s AI Bootcamp Initiative
    The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays underserved 9th – 12th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.

    About The National Museum of Nuclear Science & History

    The National Museum of Nuclear Science & History was established in 1969 as an intriguing place to learn the story of the Atomic Age, from early research of nuclear development through today’s peaceful uses of nuclear technology. Visitors can explore how nuclear science continues to influence our world. Through permanent and changing exhibits and displays, the museum strives to present the diverse applications of nuclear science in the past, present, and future, along with the stories of the field’s pioneers. The National Museum of Nuclear Science & History is a Smithsonian Affiliate and is accredited through the American Alliance of Museums.

    The MIL Network –

    January 30, 2025
  • MIL-OSI Global: AI can affect anonymous surveys. Here are some ways for researchers to mitigate its impact

    Source: The Conversation – Canada – By Christopher Dietzel, Postdoctoral fellow, the DIGS Lab, Concordia University

    Anonymous surveys protect participants from becoming targets of anti-2SLGBTQIA+ hate. However, researchers need to be careful about the potential for bad actors to spoil survey data. (Shutterstock)

    As 2SLGBTQIA+ people are increasingly under threat in Canada, and facing escalating dangers from the Donald Trump administration in the United States, more research is urgently needed to understand how to address issues of gender and sexual diversity moving forward.

    Unfortunately, researchers who aim to explore emerging issues impacting 2SLGBTQIA+ communities and develop interventions to support them are facing a new problem: what if our research participants aren’t actually real?

    Anonymous online surveys are a great way for marginalized groups, including 2SLGBTQIA+ communities, to contribute to research without significant time commitments. Anonymous surveys also protect participants from becoming targets of anti-2SLGBTQIA+ hate. However, researchers need to be careful about the potential of disingenuous participants to spoil survey data.

    The anonymous nature of online research makes it easy for someone to infiltrate research studies and submit false responses. This issue is not new, as researchers have dealt with this concern for years. Ineligible participants may participate in surveys to access honorariums or sabotage research on topics they disagree with.

    As artificial intelligence (AI) becomes more advanced, this problem is magnified. And while AI detectors exist, they are not always accurate and cannot confront the issue of human respondents who are simply lying in their survey responses.

    Our team has conducted online research about digital hate targeting 2SLGBTQIA+ professionals and organizations in Canada through the Ontario Digital Literacy and Access Network. We encountered this problem with two surveys we administered in 2024. Researchers from the SHaG Lab at Dalhousie University and the DIGS Lab at Concordia University confronted similar issues when conducting online surveys about 2SLGBTQIA+ issues.

    This shared concern about participant authenticity and the potential infiltration of dishonest respondents — whether AI or not — has led us to identify issues that could have a negative impact on online research.

    Anonymous online surveys are a great way for marginalized groups, including 2SLGBTQIA+ communities, to contribute to research; however, ineligible participants and AI bots can undermine their accuracy.
    (Shutterstock)

    The challanges we encountered

    Location:
    Our most recent survey focused on Two Spirit, trans and non-binary professionals working at 2SLGBTQIA+ organizations in Canada. The narrow participant criteria made it easy to check IP addresses and spot ones that did not qualify. We could also identify and block IP addresses that submitted multiple responses.

    When reviewing the data, we found that many of the suspicious responses were linked to one IP address located in China. We also received a high volume of responses claiming to come from Prince Edward Island. This was suspect, not only because of contradictory IP addresses, but because the number of responses seemed disproportionately high for the population of the smallest Canadian province.

    Time:
    Our survey received 1,491 responses within three days, which was suspicious given the narrow eligibility criteria. Many responses were completed too quickly for a survey that included written responses. We also noticed that there were waves of responses, and those respondents completed the survey in roughly the same amount of time.

    Incentives:
    It is hard to know exactly why people complete surveys for which they are ineligible. Some people may may do it for the compensation on offer. Others many want to spoil the data. We noticed that false responses increased when some form of compensation was offered, whether it was cash or gift cards.




    Read more:
    Imposter participants challenge research integrity in the digital age


    Email addresses:
    Another pattern we noticed was the use of generic Outlook or Yahoo email addresses, which followed the formula of first name-last name-numbers. While many people might use this same format, this is also an easy and quick way to create email addresses en masse.

    Contradictions:
    When looking at the data, we found that many responses did not make sense for our target demographic group. There were a lot of “prefer not to answer” responses to prompts about pronouns, gender identity and sexual orientation.

    Many respondents also selected “yes” when asked if they were First Nations, Inuit or Métis, but then wrote “white” when asked about their race or ethnicity. Identities can be complex, and what appears to be a contradiction may in fact be an intersection that is poorly represented through demographic questionnaires. Flagging potentially fake responses based on how we assume respondents will identify themselves is a bad idea for research about 2SLGBTQIA+ people who inhabit non-normative gender and sexual identities.

    Some of these responses were also flagged because of other issues, including IP address and completion rate. However, there were others that were less suspicious, leaving us unsure about their validity.

    These responses may have been created by AI bots or by people using AI to generate responses and manually enter them. It could have been someone actively trying to misrepresent themselves or someone who earnestly wants to contribute but does not feel confident in their English-language skills or writing ability. For this reason, it is important to consider multiple factors when reviewing survey responses to determine whether data is usable.

    AI presents new opportunities and challenges for online research.
    (Shutterstock)

    Moving forward

    Technology like AI chatbots presents new opportunities and new challenges for online research that require specific interventions. The concerns we’ve outlined are potential red flags that can help alert researchers to suspicious data.

    Some solutions we found for these issues include IP tracking, requiring a password to access the survey, asking the same question twice to verify that the responses match, and having “attention check” or “trap” questions where respondents are asked to select a specific response.

    Researchers can also flag “speeder” respondents who take less than one-third of the median response time, and average respondents who select the same responses across the survey, like always choosing the first option. Some researchers may already be aware of these and other solutions, and we encourage anyone doing online research to be prepared to address dishonest participants and protect the integrity of their data.

    While these solutions may require additional time, labour and resources, it is important not to abandon online research. In-person methods are not always viable or accessible, particularly to reach 2SLGBTQIA+ people and other marginalized populations.

    Research in this area is vital. We encourage other researchers to share their experiences and solutions to these problems to raise awareness.

    Christopher Dietzel receives funding from Le Fonds de recherche du Québec – Société et culture (FRQSC) and is the community research advisor of the Ontario Digital Literacy and Access Network (ODLAN).

    Evan Vipond is a research officer at the Ontario Digital Literacy and Access Network (ODLAN).

    Hannah Maitland is the co-founder and administrative coordinator of the Ontario Digital Literacy and Access Network (ODLAN).

    – ref. AI can affect anonymous surveys. Here are some ways for researchers to mitigate its impact – https://theconversation.com/ai-can-affect-anonymous-surveys-here-are-some-ways-for-researchers-to-mitigate-its-impact-247758

    MIL OSI – Global Reports –

    January 30, 2025
  • MIL-OSI Global: AI is bad for the environment, and the problem is bigger than energy consumption

    Source: The Conversation – Canada – By Hamish van der Ven, Assistant Professor of Sustainable Business Management of Natural Resources, University of British Columbia

    The growing use of artificial intelligence has led to larger and more powerful data centres, with increased demands on the environment. (Shutterstock)

    Artificial intelligence technologies, like chatbots, are attracting growing scrutiny for their voracious energy demands. However, energy consumption is only one part of their broader environmental impact.

    Late last year, ChatGPT, the popular AI chatbot run by OpenAI, celebrated its second birthday. In its brief existence, the platform has amassed over 300 million weekly users who send roughly one billion messages to the chatbot per day.

    With US$6.6 billion raised in its last funding round, OpenAI has emerged as one of the most valuable private companies in the world.

    Soaring emissions

    Elsewhere in tech, other companies marked less savoury milestones. Alphabet — the parent company of Google — recently announced that its GHG emissions are up 48 per cent since 2019. At roughly the same time, Microsoft announced that its emissions are up 29 per cent since 2020.

    Both companies cite emissions associated with the need for more data centres to support AI workloads as a key factor in surging GHG emissions. AI is notoriously thirsty for energy — according to one researcher, one query to ChatGPT uses approximately as much electricity as one light bulb for 20 minutes.

    The collective energy demand of data centres in the United States is so high that Microsoft recently reached a deal to reopen Three Mile Island, the site of the worst nuclear accident in American history.

    The burgeoning AI industry needs so much electricity that plans to decommission several coal plants have been delayed. By some estimates, the collective demand of AI and other digital technologies will constitute 20 per cent of global electricity use by 2030.

    Insidious effects

    The energy use of AI is important, but it does not tell the whole story of AI’s environmental impacts. The social and political mediums through which AI affects the planet are far more insidious and, arguably, more consequential for the future of humanity.

    In the Business, Sustainability and Technology Lab at the University of British Columbia, we specialize in evaluating the social and political ways in which digital technologies affect the environment.

    In our recently published paper, “Does artificial intelligence bias perceptions of environmental challenges?,” my students and I argue that AI changes how humans perceive environmental challenges in ways that obscure the accountability of powerful entities, ignore marginalized communities and promote cautious and incremental solutions that are drastically out of sync with the timeline required to avert environmental crises.

    We asked four chatbots the same series of questions about the issues, causes, consequences and solutions to nine environmental challenges. We found evidence of systematic biases in their responses. Most notably, chatbots avoid mentioning radical solutions to environmental challenges. They are far more likely to propose combinations of soft economic, social or political changes, like greater deployment of sustainable technologies and broader public awareness and education.

    Chatbots by OpenAI and Anthropic exhibited a reluctance to discuss the broader social, cultural and economic issues that are entangled in environmental challenges. For example, the term “environmental justice” is absent from nearly all chatbot responses. Chatbots also avoided references to dismantling colonialism or rethinking infinite economic growth as solutions to these challenges.

    Chatbots may be programmed to avoid raising the broader social, cultural and economic issues that are entangled in environmental challenges.
    (Shutterstock)

    AI bias

    Biases also exist in who chatbots see as responsible or vulnerable to environmental challenges. The chatbots we studied were far more likely to blame governments for environmental challenges than businesses or financial organizations. Similarly, while the vulnerability of Indigenous groups to climate change and biodiversity loss was mentioned frequently, the susceptibility of Black people and women to these same challenges received scant attention.

    All of this is particularly worrisome given the increasingly widespread use of AI chatbots by educators, students, policymakers and business leaders to understand and respond to environmental challenges. Chatbots present information in an oracular way, usually as a single text box written in an authoritative manner and understood as a synthesis of all digitalized knowledge.

    If AI users treat this text uncritically, they risk arriving at conclusions that propagate biased conceptions of environmental challenges and reinforce ineffective efforts to avert ecological crises.

    In the near future, the problem of bias in AI looks to get even worse, as OpenAI and other AI companies consider incorporating advertising to generate the revenue needed to train newer and more complex large language models.

    While it remains unclear what advertising will look like when integrated into ChatGPT, it is not difficult to see a world in which a description of climate change and its attendant solutions will be brought to you by the good folks at ExxonMobil or Shell.

    Hamish van der Ven receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. AI is bad for the environment, and the problem is bigger than energy consumption – https://theconversation.com/ai-is-bad-for-the-environment-and-the-problem-is-bigger-than-energy-consumption-247842

    MIL OSI – Global Reports –

    January 30, 2025
  • MIL-OSI United Kingdom: AI world premiere helps to bang drum on air quality

    Source: City of Liverpool

    Liverpool has turned its famous musical talent to AI for a world premiere influenced by….air pollution!

    Liverpool City Council, the University of Liverpool and The Royal Liverpool Philharmonic Orchestra have combined to create a piece of AI-written music to promote clean air policies in cities.

    Dr Jonny Higham from the University of Liverpool, in partnership with Liverpool City Council, has led the development of one of the UK’s largest city-wide air quality monitoring networks.

    This pioneering work has generated a unique dataset, transformed into a musical composition using cutting-edge AI technology.

    In a celebration of innovation and creativity, the Liverpool Philharmonic String Quartet has brought this data to life in an incredible performance, merging science and art in a truly unique way.

    The strong collaborations developed were showcased for Clean Air Night in a live performance of the piece by students from the University of Liverpool’s Music Department at the waterfront, where the buildings were lit up in blue to mark the occasion.

    Across the city region, air quality varies significantly throughout the year, with multiple breaches of the stringent 5 µg/m³ daily average recommended by the WHO, as is common in large urban areas. The musical composition is crafted to reflect this.

    The instruments come together harmoniously in some sections and transition to atonality to symbolise periods of increased pollution. The piece contains 365 notes, each representing a single day of 2024, capturing the region’s air quality journey over the year.

    The strong collaboration across the city was showcased in the Clean Air Night celebration, creating a powerful conversation piece that highlights Liverpool’s united efforts to lead the way in air quality research.

    The City of Liverpool is positioning itself as a leader in urban environmental action. 

    Liverpool City Council is committed to creating a cleaner, healthier, more sustainable city through a range of initiatives.

    This includes implementing 65 School Streets to reduce traffic near schools, supported by camera enforcement, and transitioning the Council’s vehicle fleet from diesel to electric, boosting both air quality and progress toward net-zero emissions.

    A comprehensive Clean Air Plan is also underway, outlining clear actions to reduce roadside nitrogen dioxide levels.

    Furthermore, the Council’s Active Travel Plan will enhance walking and cycling infrastructure across the city, with new routes, improved wayfinding, and additional bike parking, ensuring residents benefit from safer and more sustainable travel options.

    And residents across Liverpool will benefit from the Council’s Active Travel plan, which will support the introduction of more walking and cycling routes, wayfinding and an increase of parking for bikes.

    The full video of the performance can be watched here.

    Councillor Liam Robinson, Leader of Liverpool City Council, said: “The creation of music from air quality data is a really creative way of highlighting where we are in our plans to improve air quality throughout Liverpool.

    “The impact on residents’ health, particularly children, is important to remember. That’s why I’m proud of the work we are already doing as a council to reduce the pollutants in our atmosphere. These are projects that will benefit everyone in the city and ensure we have a city that is healthy and thriving.”

    Prof Ian Sinha, Consultant Respiratory Paediatrician at Alder Hey Hospital, said: “Air quality is the factor which affects children the most. In fact, the poorest children the hardest hit. So they will suffer the effects of the pollution that they breathe in as children – potentially for the rest of their life.”

    Dr Jonny Higham, from the University of Liverpool, said: “For the last five or six years I’ve been working to build an air quality network in collaboration with Liverpool City Council and Alder Hey Children’s Hospital.

    “Across the whole of the city so we’ve now got 55 air quality sensors and we analyse the air quality across the whole of the city.

    “Clean Air Night is to get us thinking a little bit about what we can do to reduce our pollution. Music that we’ve created from our data by converting it using artificial intelligence has been performed live and also we’ve had the Philharmonic string quartet perform it too.

    “It’s been brilliant project helping to communicate the importance of air quality.”

    MIL OSI United Kingdom –

    January 30, 2025
  • MIL-OSI: New AI Tool Enhances Due Diligence for Early-Stage Investors, Saving Time and Reducing Risk

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Conducting thorough due diligence is one of the most effective ways for investors to mitigate risk when evaluating early-stage companies. Keiretsu Forum Mid-Atlantic, South-East, and Texas (K4-MST) has launched the K4-MST AI FastTrak Due Diligence Engine, an AI-driven platform that accelerates the due diligence process, giving investors more time to focus on critical decision-making.

    For early-stage investors, venture capitalists, and family office managers, due diligence is the foundation of sound investment strategy. Historically, K4-MST’s due diligence teams have dedicated 80–120 hours to each report, supporting over $150 million in investments across 300 companies on the East Coast alone. The introduction of AI-driven automation marks a shift toward greater efficiency without sacrificing rigor.

    “The due diligence report may be the most critical marketing tool a company issues; it must excite and attract investors,” said Howard Lubert, Area President of Keiretsu Forum MST. “By automating data extraction, the K4-MST AI FastTrak Due Diligence Engine allows investors to spend less time on repetitive tasks and more time on deep analysis, leading to stronger investment decisions.”

    Why It Matters for Investors

    A 2024 study from The Wharton School, Due Diligence and the Allocation of Venture Capital, underscores the link between thorough due diligence and investment success. Venture capitalists report spending an average of 118 hours per investment on diligence, with more comprehensive analysis leading to better capital allocation and reduced volatility in returns. Conversely, insufficient diligence increases investment risk.

    K4-MST’s AI-powered platform enhances this process by:

    • Reducing time spent on data extraction – Drafts of key report sections, such as Human Resources and Intellectual Property, are completed in as little as 3.5 and 6 hours, respectively, instead of days or weeks.
    • Improving efficiency without cutting corners – Investors can analyze more opportunities with the same level of scrutiny, potentially increasing deal flow and reducing opportunity costs.
    • Focusing expertise on high-value insights – Rather than spending hours compiling information, investor teams can direct their attention to evaluating risks and identifying high-potential ventures.

    The K4-MST AI FastTrak Due Diligence Engine integrates company data from Keiretsu Forum’s Dealum platform, generating editable first drafts that allow due diligence teams to move faster without compromising depth.

    Private Demonstration for Investors

    To maintain confidentiality, K4-MST will host an exclusive demonstration of the AI FastTrak Due Diligence Engine on Wednesday, February 5, open to Keiretsu Forum members, sponsors, and partners. Investors interested in learning more can contact info@keiretsuforum.net.

    About Keiretsu Forum

    Keiretsu Forum is the world’s largest accredited investor network, with over 2,000 members across 54 chapters on four continents. Since 2000, Keiretsu Forum members have invested over $1 billion in 1,400+ companies spanning industries such as technology, healthcare, and consumer products.

    Media Contact

    Cindi Sutera
    K4-MST Communications
    CindiS@AMSCommunications.net
    610-613-2773

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Gallabox raises $3.5M to fuel its mission to democratize AI-driven conversational commerce for SMBs

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Jan. 29, 2025 (GLOBE NEWSWIRE) — Traditional customer communication channels are breaking down, with businesses losing millions in potential revenue through ineffective email, SMS and phone outreach. Gallabox, founded by veterans from India’s leading services marketplace, announced $3.5 million in funding to transform how businesses leverage WhatsApp for marketing and sales.

    The seed round was led by FUSE, with participation from existing investors Prime Venture Partners and Neon Fund. This latest round brings the total raised by Gallabox to $5 million since its inception in 2021.

    Karthik Jagannathan, CEO and co-founder of Gallabox.

    Businesses worldwide, especially in regions where WhatsApp dominates communication, are eager to integrate this high-ROI channel into their growth strategies. While large enterprises could afford to build custom WhatsApp automation solutions to nurture conversations and convert them to closed deals, small and mid-sized  businesses were left managing conversations manually, leading to significant revenue leakages and lost opportunities.

    Unlike traditional communication tools that offer fragmented solutions, Gallabox provides an end-to-end platform for WhatsApp automation. The platform’s no-code approach enables businesses to create AI chatbots for lead qualification, deploy drip marketing campaigns, and manage team collaboration through shared inboxes. From broadcast messaging and automated appointment booking to personalized service recommendations, Gallabox helps businesses automate every stage of their customer interaction funnel.

    Gallabox enables businesses to use WhatsApp for a wide range of purposes

    Founded by Karthik Jagannathan, Yogesh Narayanan, and Yathin Panchanathan, Gallabox emerged from their firsthand experience of working with thousands of SMBs struggling with customer communication and scaling growth—despite investing heavily in lead-generating resources, which have largely been manual. 

    “The shift to B2C messaging is undeniable, but most businesses lack the tools to capitalize on it,” said Karthik Jagannathan, CEO and co-founder of Gallabox. “Typically, SMBs spend enormous amounts of time and effort in building pipelines, which are often disjointed and not scalable. Our platform enables any business, regardless of their technical expertise or budget, to deploy sophisticated AI agents on WhatsApp, helping them convert every conversation into a business opportunity… within minutes.”

    The company’s trajectory validates its approach. Starting in Chennai, India’s unofficial SaaS capital, Gallabox acquired its first 100 customers outside their network within 100 days of launch. So far, the platform has served over 10,000 businesses across 45 countries, with strong traction in service-oriented sectors including education, healthcare/wellness, real estate, and travel. 

    Through Gallabox, businesses can offer a chatbot to support their customers.

    “The world is standardizing on WhatsApp as the modern communication and engagement platform. Gallabox enables companies to meet their customers exactly where they are — with a holistic marketing, sales, and commerce suite on top of WhatsApp. Thrilled to partner with Karthik, Yogesh, Yathindhar, and the entire Gallabox team as they shape the future of business-to-customer communication,” said Kellan Carter, Founding Partner at FUSE. 

    The company has established dedicated teams in the Middle East, Latin America and the US to support its rapid international expansion in markets where WhatsApp is the dominant channel for business communication.

    “Karthik, Yogesh, and Yathin have proven to be an exceptional team throughout the two years we have worked together. Their relentless focus on execution and great product made it an easy decision for us to double down on our commitment,” said Sanjay Swamy, Managing Partner, Prime Venture Partners. “Gallabox’s outstanding product allows SMBs to effortlessly create and deploy AI agents and workflows that automate customer engagement, enabling business owners to concentrate on their core operations.”

    The platform’s impact is evident across sectors. Educational institutions use Gallabox to automate their entire admission process, healthcare providers streamline appointment management, and real estate agencies automate property inquiries and viewing schedules. The platform’s AI agents handle routine interactions while enabling human teams to focus on high-value conversations.

    Looking ahead, Gallabox is evolving beyond pure WhatsApp automation to become a comprehensive AI Sales and Marketing agent platform for SMBs on multiple messaging channels. The company is developing advanced capabilities that will enable businesses to train AI agents through natural language instructions, handling complex tasks from lead qualification to prospect engagement to service delivery.

    Gallabox plans to use the funding to strengthen its product capabilities and expand its geographic footprint. The company’s vision is to redefine how businesses engage with customers, making enterprise-grade AI automation accessible to companies of all sizes.

    Ends

    Media images can be found here.
      
    About Gallabox
    Gallabox is a no-code conversational platform on a mission to democratize AI for small and medium-sized businesses worldwide. With offices in California, Dubai, and India, Gallabox is transforming the sales and marketing playbooks of thousands of companies, helping them achieve faster growth than ever before. 

    About FUSE
    FUSE is an early-stage software focused venture capital firm, currently investing out of their second fund of $255M.

    About Prime Venture Partners
    Prime Venture Partners is one of India’s leading early-stage venture capital firms (primevp.in) based in Bangalore, led by Sanjay Swamy, Shripati Acharya, and Amit Somani. Founded in 2012 with the goal of bringing Silicon Valley-style professionalism to venture investing and building world-class companies from India, PrimeVP is often the first institutional investor in category-defining tech startups. Its major investments span sectors including FinTech, Enterprise SaaS, Consumer Internet, EdTech, Healthcare, Logistics, IoT, and EVs, among others.

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Baltic Horizon Fund announces plans to divest assets in the amount of approximately EUR 55 million as part of its strategic effort to bring down LTV

    Source: GlobeNewswire (MIL-OSI)

    Having recently received expressions of interest from several investors, the management team has engaged local advisors Newsec Advisers UAB and Redgate Capital AS to assist Baltic Horizon Fund (the Fund) in a structured divestment process.

    In February of 2024, Baltic Horizon Fund‘s management team introduced its strategic objectives to stabilize the Fund and build a solid foundation for the future. The past year, the focus has been on signing new leases in order to increase the net operating income and managing the cash position of the Fund.

    Building on the progress that has been made to repay the outstanding bonds and increase the occupancy of the portfolio, the management team sees recovery in the transaction market and has therefore initiated a structured process with the intention to dispose certain of its real estate assets, where the Fund does not see significant short-term opportunities for further value optimization.

    The ambition is to sell up to three assets, in the approximate amount of EUR 55 million including Postimaja and CC Plaza complex in Tallinn, Estonia. The management team has achieved 100% occupancy and prepared the complex for the next life cycle. The site holds potential for further real estate development, which, however, is not the core focus of the Fund going forward.

    The intended disposals are expected to result in a significant reduction in the LTV, considerable improvement of the DSCR and, if executed as planned, repayment of the outstanding bond, bringing the Fund’s LTV below the strategic target of 50%.

    “The intended divestment process is part of the strategic direction for Baltic Horizon Fund, it is expected to markedly improve the net cash flow generation of the Fund and provide a stable platform for the future growth,” says Fund Manager Tarmo Karotam.

    The goal is to enter into agreement with potential buyers during the first half of 2025. There is no certainty that any transaction will transpire. Further announcements will be made as and when appropriate.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

    January 30, 2025
  • MIL-OSI USA News: Press Briefing by Press Secretary Karoline Leavitt

    Source: The White House

    1:06 P.M. EST

         MS. LEAVITT:  Good afternoon, everybody. 

    Q    Good afternoon.

    MS. LEAVITT:  How are we?  Good to see all of you.  It’s an honor to be here with all of you.  A lot of familiar faces in the room, a lot of new faces.

    And President Trump is back, and the golden age of America has most definitely begun. 

    The Senate has already confirmed five of President Trump’s exceptional Cabinet nominees: Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, CIA Director John Ratcliffe, Homeland Security Secretary Kristi Noem, and Treasury Secretary Scott Bessent.  It is imperative that the Senate continues to confirm the remainder of the president’s well-qualified nominees as quickly as possible.

    As you have seen during the past week, President Trump is hard at work fulfilling the promises that he made to the American people on the campaign trail.  Since taking the oath of office, President Trump has taken more than 300 executive actions; secured nearly $1 trillion in U.S. investments; deported illegal alien rapists, gang members, and suspected terrorists from our homeland; and restored common sense to the federal government.

    I want to take a moment to go through some of these extraordinary actions. 

    On day one, President Trump declared a national emergency at our southern border to end the four-year-long invasion of illegal aliens under the previous administration.  Additionally, President Trump signed an executive order to end catch and release and finish construction of his effective border wall.  By using every lever of his federal power, President Trump has sent a loud and clear message to the entire world: America will no longer tolerate illegal immigration. 

    And this president expects that every nation on this planet will cooperate with the repatriation of their citizens, as proven by this weekend, when President Trump swiftly directed his team to issue harsh and effective sanctions and tariffs on the Colombian government upon hearing they were denied a U.S. military aircraft full of their own citizens who were deported by this administration.  Within hours, the Colombian government agreed to all of President Trump’s demands, proving America is once again respected on the world stage.

    So, to foreign nationals who are thinking about trying to illegally enter the United States, think again.  Under this president, you will be detained, and you will be deported. 

         Every day, Americans are safer because of the violent criminals that President Trump’s administration is removing from our communities.

    On January 23rd, ICE New York arrested a Turkish national for entry without inspection who is a known or suspected terrorist.  On January 23rd, ICE San Francisco arrested a citizen of Mexico unlawfully present in the United States who has been convicted of continuous sexual abuse of a child aged 14 years or younger.  ICE Saint Paul has arrested a citizen of Honduras who was convicted of fourth-degree criminal sexual conduct with a minor.  ICE Buffalo arrested a citizen of Ecuador who has been convicted of rape. 

    ICE Boston arrested a citizen of the Dominican Republic who has a criminal conviction for second-degree murder.  This criminal was convicted of murder for beating his pregnant wife to death in front of her five-year-old son. 

         And ICE Saint Paul also arrested a citizen of Mexico who was convicted of possessing pornographic material of a minor on a work computer.

    These are the heinous individuals that this administration is removing from American communities every single day.  And to the brave state and local law enforcement officers, CBP, and ICE agents who are helping in the facilitation of this deportation operation, President Trump has your back and he is grateful for your hard work.

    On the economic front, President Trump took immediate action to lower costs for families who are suffering from four long years of the Biden administration’s destructive and inflationary policies.  President Trump ordered the heads of all executive departments and agencies to help deliver emergency price relief to the American people, untangle our economy from Biden’s regulatory constraints, and end the reckless war on American energy.

    President Trump also signed sweeping executive orders to end the weaponization of government and restore common sense to the federal bureaucracy.  He directed all federal agencies to terminate illegal diversity, equity, and inclusion programs to help return America to a merit-based society.

    President Trump also signed an executive order declaring it is now the policy of the federal government that there are only two sexes: male and female.  Sanity has been restored.

    Before I take your questions, I would like to point out to — all of you once again have access to the most transparent and accessible president in American history.  There has never been a president who communicates with the American people and the American press corps as openly and authentically as the 45th and now 47th president of the United States. 

    This past week, President Trump has held multiple news conferences, gaggled on Air Force One multiple times, and sat down for a two-part interview on Fox News, which aired last week.  As Politico summed it up best, “Trump is everywhere again,” and that’s because President Trump has a great story to tell about the legendary American revival that is well underway.

    And in keeping with this revolutionary media approach that President Trump deployed during the campaign, the Trump White House will speak to all media outlets and personalities, not just the legacy media who are seated in this room, because apporting — according to recent polling from Gallup, Americans’ trust in mass media has fallen to a record low.  Millions of Americans, especially young people, have turned from traditional television outlets and newspapers to consume their news from podcasts, blogs, social media, and other independent outlets.

    It’s essential to our team that we share President Trump’s message everywhere and adapt this White House to the new media landscape in 2025.  To do this, I am excited to announce the following changes will be made to this historic James S. Brady Briefing Room, where Mr. Brady’s legacy will endure.

    This White House believes strongly in the First Amendment, so it’s why our team will work diligently to restore the press passes of the 440 journalists whose passes were wrongly revoked by the previous administration. 

    We’re also opening up this briefing room to new media voices who produce news-related content and whose outlet is not already represented by one of the seats in this room.  We welcome independent journalists, podcasters, social media influencers, and content creators to apply for credentials to cover this White House.  And you can apply now on our new website, WhiteHouse.gov/NewMedia. 

    Starting today, this seat in the front of the room, which is usually occupied by the press secretary staff, will be called the “new media” seat.  My team will review the applications and give credentials to new media applicants who meet our criteria and pass United States Secret Service requirements to enter the White House complex.

    So, in light of these announcements, our first questions for today’s briefing will go to these new media members whose outlets, despite being some of the most viewed news websites in the country, have not been given seats in this room. 

    And before I turn to questions, I do have news directly from the president of the United States that was just shared with me in the Oval Office from President Trump directly — an update on the New Jersey drones: After research and study, the drones that were flying over New Jersey in large numbers were authorized to be flown by the FAA for research and various other reasons. 

    Many of these drones were also hobbyists — recreational and private individuals that enjoy flying drones.  In meanti- — in the — in time, it got worse, due to curiosity.  This was not the enemy.  A — a statement from the president of the United States to start this briefing with some news.

    And with that, I will turn it over to questions, and we will begin with our new media members: Mike Allen from Axios, Matt Boyle from Breitbart. 

         Mike, why don’t you go ahead.

    Q    Thank you very much.  Karoline, does the president see anything fishy about DeepSeek, either its origins or its cost?  And could China’s ability to make these models quicker, cheaper affect our thinking about expanding generation data centers, chip manufacturing?

    MS. LEAVITT:  Sure.  The president was asked about DeepSeek last night on Air Force One when he gaggled for, I think, the third or fourth time throughout the weekend with members of the traveling press corps.  The president said that he believes that this is a wake-up call to the American AI industry.  The last administration sat on their hands and allowed China to rapidly develop this AI program.

    And so, President Trump believes in restoring American AI dominance, and that’s why he took very strong executive action this past week to sign executive orders to roll back some of the onerous regulations on the AI industry.  And President Trump has also proudly appointed the first AI and crypto czar at this White House, David Sacks, whom I spoke with yesterday — very knowledgeable on this subject.  And his team is here working every single day to ensure American AI dominance.

    As for the national security implications, I spoke with NSC this morning.  They are looking into what those may be, and when I have an update, I will share it with you, Mike.

    Q    And, Karoline, you say “restore” U.S. dominance.  Is there fear that the U.S. either is falling or has fallen behind?  And how would the president make sure the U.S. stays ahead?

    MS. LEAVITT:  No.  The president is confident that we will restore American dominance in AI. 

    Matt.

    Q    Yeah.  So, Karoline, first off, thank you to you and President Trump for actually giving voices to new media outlets that represent millions and millions of Americans.  The thing I would add — the — I’ve got a two-part question for you.  The first is just: Can you expand upon what steps the White House is going to take to bring more voices, not less — which is what our founder, Andrew Breitbart, believed in — into this room, where they rightly belong?

    MS. LEAVITT:  Yeah, absolutely.  And as I said in my opening statement, Matt, it is a priority of this White House to honor the First Amendment.  And it is a fact that Americans are consuming their news media from various different platforms, especially young people.  And as the youngest press secretary in history, thanks to President Trump, I take great pride in opening up this room to new media voices to share the president’s message with as many Americans as possible.

    In doing so, number one, we will ensure that outlets like yours — Axios and Breitbart, which are widely respected and viewed outlets — have an actual seat in this room every day.  We also, again, encourage anybody in this country — whether you are a TikTok content creator, a blogger, a podcaster — if you are producing legitimate news content, no matter the medium, you will be allowed to apply for press credentials to this White House. 

    And as I said earlier, our new media website is WhiteHouse.gov/NewMedia, and so we encourage people to apply.  Again, as long as you are creating news-related content of the day and you’re a legitimate independent journalist, you’re welcome to cover this White House. 

    Q    And secondly, Karoline, you sa- — you laid out several of the actions that President Trump has taken.  Obviously, it’s a stark contrast to the previous administration and a breakneck speed from President Trump.  Can we expect that pace to continue as the hun- — the — you know, the first 100 days moves along here and beyond that?

    MS. LEAVITT:  Absolutely.  There is no doubt President Trump has always been the hardest working man in politics.  I think that’s been proven over the past week.  This president has, again, signed more than 300 executive orders.  He’s taken historic action. 

    I gaggled aboard Air Force One to mark the first 100 days of this administration — 4:00 p.m. last Friday — first 100 hours, rather.  And this president did more in the first 100 hours than the previous president did in the first 100 days. 

    So, President Trump, I think you can all expect to — for him to continue to work at this breakneck speed.  So, I hope you’re all ready to work very hard.  I know that we are.

    Zeke Miller.

    Q    Thanks, Karoline.  A question that we’ve asked your predecessors of both parties in this job.  When you’re up here in this briefing room speaking to the American public, do you view yourself and your role as speaking on — advocating on behalf of the president, or providing the unvarnished truth that is, you know, not to lie, not to obfuscate to the American people?

    MS. LEAVITT:  I commit to telling the truth from this podium every single day.  I commit to speaking on behalf of the president of the United States.  That is my job. 

    And I will say it’s very easy to speak truth from this podium when you have a president who is implementing policies that are wildly popular with the American people, and that’s exactly what this administration is doing.  It’s correcting the lies and the wrongs of the past four years, many of the lies that have been told to your faces in this very briefing room.  I will not do that.

    But since you brought up truth, Zeke, I would like to point out, while I vow to provide the truth from this podium, we ask that all of you in this room hold yourselves to that same standard.  We know for a fact there have been lies that have been pushed by many legacy media outlets in this country about this president, about his family, and we will not accept that.  We will call you out when we feel that your reporting is wrong or there is misinformation about this White House. 

    So, yes, I will hold myself to the truth, and I expect everyone in this room to do the same. 

    Q    And, Karoline, just on a substantive question.  Yesterday, the White House Office of Management and Budget directed an across-the-board freeze with — with some exceptions for individual assistance.  We understand just federal grants.

    MS. LEAVITT:  Right.

    Q    It’s caused a lot of confusion around the country among Head Start providers, among providers — from services to homeless veterans, provid- — you know, Medicaid providers, states saying they’re having trouble accessing the portal.  Could you put — help us clear up some confusion —

    MS. LEAVITT:  Yes.

    Q    — give some certainty to folks?  And then also, is that uncertainty — how does that uncertainty service the president’s voters?

    MS. LEAVITT:  Well, I think there’s only uncertainty in this room amongst the media.  There’s no uncertainty in this building. 

    So, let me provide the certainty and the clarity that all of you need.  This is not a blanket pause on federal assistance in grant programs from the Trump administration.  Individual assistance, that includes — I’m not naming everything that’s included, but just to give you a few examples — Social Security benefits, Medicare benefits, food stamps, welfare benefits — assistance that is going directly to individuals will not be impacted by this pause. 

    And I want to make that very clear to any Americans who are watching at home who may be a little bit confused about some of the media reporting: This administration — if you are receiving individual assistance from the federal government, you will still continue to receive that. 

    However, it is the responsibility of this president and this administration to be good stewards of taxpayer dollars.  That is something that President Trump campaigned on.  That’s why he has launched DOGE, the Department of Government Efficiency, who is working alongside OMB.  And that’s why OMB sent out this memo last night, because the president signed an executive order directing OMB to do just this.  And the reason for this is to ensure that every penny that is going out the door is not conflicting with the executive orders and actions that this president has taken. 

    So, what does this pause mean?  It means no more funding for illegal DEI programs.  It means no more funding for the Green New Scam that has ta- — cost American taxpayers tens of billions of dollars.  It means no more funding for transgenderism and wokeness across our federal bureaucracy and agencies.  No more funding for Green New Deal social engineering policies.  Again, people who are receiving individual asintan- — assistance, you will continue to receive that.

    And President Trump is looking out for you by issuing this pause because he is being good steward of your taxpayer dollars.

    Q    Thanks, Karoline. 

    MS. LEAVITT:  Sure.

    Q    How long is this pause going to last?  And how is the Trump administration recommending that organizations that rely on federal funding make payroll, pay their rent in the meantime?

    MS. LEAVITT:  It is a temporary pause, and the Office of Management and Budget is reviewing the federal funding that has been going out the door, again, not for individual assistance, but for all of these other programs that I mentioned.

    I also spoke with the incoming director of OMB this morning, and he told me to tell all of you that the line to his office is open for other federal government agencies across the board, and if they feel that programs are necessary and in line with the president’s agenda, then the Office of Management and Budget will review those policies. 

    I think this is a very responsible measure.  Again, the past four years, we’ve seen the Biden administration spend money like drunken sailors.  It’s a big reason we’ve had an inflation crisis in this country, and it’s incumbent upon this administration to make sure, again, that every penny is being accounted for honestly.

    Q    Why impose this pause with so little notice?  Why not give organizations more time to plan for the fact that they are about to lose, in some cases, really crucial federal funding —

    MS. LEAVITT:  There was —

    Q    — at least for a — for a period of time?

    MS. LEAVITT:  There was notice.  It was the executive order that the president signed. 

    There’s also a freeze on hiring, as you know; a regulatory freeze; and there’s also a freeze on foreign aid.  And this is a — again, incredibly important to ensure that this administration is taking into consideration how hard the American people are working.  And their tax dollars actually matter to this administration. 

    You know, just during this pause, DOGE and OMB have actually found that there was $37 million that was about to go out the door to the World Health Organization, which is an organization, as you all know, that President Trump, with the swipe of his pen in that executive order, is — no longer wants the United States to be a part of.  So, that wouldn’t be in line with the president’s agenda. 

    DOGE and OMB also found that there was about to be 50 million taxpayer dollars that went out the door to fund condoms in Gaza.  That is a preposterous waste of taxpayer money. 

    So, that’s what this pause is focused on: being good stewards of tax dollars. 

    Q    And so, this doesn’t affect —

    MS. LEAVITT:  Jennifer.

    Q    — Meals on Wheels or Head Start or disaster aid?

    MS. LEAVITT:  Again, it does not affect individual assistance that’s going to Americans.

    Q    To follow up on Nancy, do you think there will be a list of who is affected and how much money is affected?  How — how will these contractors and organizations know if they are actually being — having their funding frozen?

    And then, secondly, if you’re willing, can you just clarify, is the end goal of this to essentially challenge Congress or to — to prove that the president can withhold federal funding?  Is — in other words, is this an attempt to pick a fight to prove that he can do this?

    MS. LEAVITT:  No, absolutely not.  As it says right here in the memo, which I have — and I’d encourage all of you to read it — it says, “The American people elected President Trump to be the president of the United States and gave him a mandate to increase the impact of every federal dollar.”  “This memo requires federal agencies to identify and review all Federal financial assistance programs and supporting activities consistent with the president’s policies and requirements.” 

    The American people gave President Trump an overwhelming mandate on November 5th, and he’s just trying to ensure that the tax money going out the door in this very bankrupt city actually aligns with the will and the priorities of the American people. 

    (Cross-talk.)

    Brian Glenn.

    Q    Yes.  Welcome. 

    MS. LEAVITT:  Thank you.

    Q    You look great.  You’re doing a great job. 

    MS. LEAVITT:  Thank you.

    Q    You talked about transparency.  And some of us in this room know how just transparent President Trump has been the last five or six years; I think you’ll do the same. 

    My question is, do you think this latest incident with the president of Colombia is indicative of the global, powerful respect they have for President Trump moving forward not only to engage in — in economic diplomacy with these countries but also world peace?

    MS. LEAVITT:  Absolutely.  I’ll echo the answer that the president gave on Air Force One last night when he was asked a very similar question by one of your colleagues in the media: This signifies peace through strength is back, and this president will not tolerate illegal immigration into America’s interior. 

    And he expects every nation on this planet, again, to cooperate with the repatriation of their citizens who illegally entered into our country and broke America’s laws.  Won’t be tolerated. 

    And as you saw, the Colombian government quickly folded and agreed to all of President Trump’s demands.  Flights are underway once again.

    (Cross-talk.)

    Diana.

    Q    Two questions on deportations, if I may.  President Trump had said on the campaign trail that he would deport pro-Hamas students who are here on visas, and on his first day in office, he signed an executive order that said, quote, “The U.S. must ensure that admitted aliens and aliens otherwise already present in the U.S. do not bear hostile attitudes toward its citizens, culture, government, institutions, or founding principles.”  So, should we take this executive order as Trump saying he would be open to de- — deporting those students who are here on visas, but, you know, hold pro-Hamas sympathies?

    MS. LEAVITT:  The president is open to deporting individuals who have broken our nation’s immigrations laws.  So, if they are here illegally, then certainly he is open to deporting them, and that’s what this administration is hard at work at doing. 

    We receive data from DHS and from ICE every single day.  From what we hear on the ground, ICE agents are feeling incredibly empowered right now because they actually have a leader in this building who is supporting them in doing their jobs that they were hired to do, which is to detain, arrest, and deport illegal criminals who have invaded our nation’s borders over the past four years.  That’s what the president is committed to seeing. 

    Q    One more. 

    MS. LEAVITT:  Peter.
        
         Q    Just following up on that, Karoline —

    Q    Karoline, if I could ask you very quickly, just following up on the question on immigration.  First, President Trump, during the course of the campaign in 2024, said the following about illegal im- — immigration.  He said, “They’re going back home where they belong, and we start with the criminals.  There are many, many criminals.”  NBC News has learned that ICE arrested 1,179 undocumented immigrants on Sunday, but nearly half of them — 566 of the migrants — appear to have no prior criminal record besides entering the country illegally. 

    MS. LEAVITT:  (Laughs.)

    Q    Is the president still focused exclusiv- — which is a civil crime, not a — not a — it’s not criminal —

    MS. LEAVITT:  It’s a federal crime. 

    Q    It’s a fed- — so, I’m asking though, he said he was going to focus on those violent offenders first.  So, is violent offenders no longer the predicate for these people to be deported?

    MS. LEAVITT:  The president has said countless times on the campaign trail — I’ve been with him at the rallies; I know you’ve been there covering them too, Peter — that he is focused on launching the largest mass deportation operation in American history of illegal criminals. 

    And if you are an individual, a foreign national, who illegally enters the United States of America, you are, by definition, a criminal.  And so, therefore —

    Q    So, to be clear, it’s not exclusively —

    MS. LEAVITT:  — you are subject deportation. 

    Q    I apologize for interrupting.  So, to be clear, it’s not — violent criminals do not receive precedence in terms of the deportations taking place?

    MS. LEAVITT:  The president has also said — two things can be true at the same time.  We want to deport illegal criminals, illegal immigrants from this country.  But the president has said that, of course, the illegal dr- — criminal drug dealers, the rapists, the murderers, the individuals who have committed heinous acts on the interior of our country and who have terrorized law-abiding American citizens, absolutely, those should be the priority of ICE.  But that doesn’t mean that the other illegal criminals who entered our nation’s borders are off the table. 

    Q    Understood.  Then let me ask you a separate question about the confusion that still exists across the country right now as it relates to the — the freeze — or the pause, as it’s described.  President Trump, of course, ran — one of the key policy items was that he was going to lower prices, lower the cost of everything from groceries, as he often said.  But in many of the cases, it would seem that some of these moves could raise prices for real Americans on everything from low-income heating — that program; childcare programs.  Will nothing that the president is doing here, in terms of the freeze in these programs, raise prices on ordinary Americans?

    MS. LEAVITT:  What particular actions are you referring to that would —

    Q    I’m referring to LHEAP right now.  That’s the low-income heating program, for example.  We can talk about — there’s no clarity, so I could refer to a lot of them.  We don’t know what they are specifically.  Can you tell us that LHEAP — that LIHEAP is not one of those affected?

    MS. LEAVITT:  So, you’re asking a hypoc- — -thetical based on programs that you can’t even identify?

    Q    No, I just identified — I —

    MS. LEAVITT:  What I can tell you is that the —

    Q    Well, just to be — just to be clear, since you guys haven’t identified, let’s do it together, just for Americans at home.  Medicaid, is that affected?

    MS. LEAVITT:  I gave you a list of examples — Social Security, Medicare, welfare benefits —

    Q    Medicaid too, correct?

    MS. LEAVITT:  — food stamps — that will not be impacted by this federal pause.  I can get you the full list after this briefing from the Office of Management and Budget.

    But I do want to address the cost cutting, because that’s certainly very important, and — and cutting the cost of living in this country.  President Trump has taken historic action over the past week to do that.  He actually signed a memorandum to deliver emergency price relief for American families, which took a number of actions.  I can walk you through those. 

    He also repealed many onerous Biden administration regulations.  We know, over the past four years, American households has been essentially taxed $55,000 in regulations from the previous administration.  President Trump, with the swipe of his pen, rescinded those, which will ultimately put more money back in the pockets of the American people.  So, deregulation is a big deal. 

    And then, when it comes to energy, I mean, the president signed an executive order to declare a national energy emergency here at home, which is going to make America energy dominant.  We know that energy is one of the number-one drivers of inflation, and so that’s why the president wants to increase our energy supply: to bring down costs for Americans.  The Trump energy boom is incoming, and Americans can expect that.

    Q    Please share that memo.  Thank you.

    MS. LEAVITT:  I will.

    (Cross-talk.)

    Q    Karoline, I think — some of the confusion, I think, may be here with this pause on federal funding.  You’ve made it clear you’re not stopping funds that go directly to individuals, but there certainly are lots of organizations that receive funding and then may pass along a benefit — Meals on Wheels, for one.  They provide meals for over 2.2 million seniors. 

    What is the president’s message to Americans out there, many of whom supported him and voted for him, who are concerned that this is going to impact them directly, even if, as you said, the funding isn’t coming directly to their wallet?

    MS. LEAVITT:  I have now been asked and answered this question four times.  To individuals at home who receive direct assistance from the federal government, you will not be impacted by this federal freeze.  In fact, OMB just sent out a memo to Capitol Hill with Q and A to — to clarify some of the questions and the answers that all of you are a- — are asking me right now. 

    Again, direct assistance will not be impacted.  I’ve been asked and answered about this OMB memo.  There’s many other topics of the day. 

    Jacqui Heinrich. 

    Q    But on indirect assistance, Karoline —

    Q    Thank you, Karoline.

    Q    — if it’s going to another organization and then trickling down?

    MS. LEAVITT:  Direct assistance that is in the hands of the American people will not be impacted. 

    Again, as I said to Peter, we will continue to provide that list as it comes to fruition.  But OMB right now is focused on analyzing the federal government’s spending, which is exactly what the American people elected President Trump to do. 

    (Cross-talk.)

    Q    Thank you, Karoline.

    Q    And one question on immigration, Karoline.  On immigration. 

    Q    Thank you, Karo- —

    Q    Of the 3,500 arrests ICE has made so far since President Trump came back into office, can you just tell us the numbers?  How many have a criminal record versus those who are just in the country illegally.

    MS. LEAVITT:  All of them, because they illegally broke our nation’s laws, and, therefore, they are criminals, as far as this administration goes.  I know the last administration didn’t see it that way, so it’s a big culture shift in our nation to view someone who breaks our immigration laws as a criminal.  But that’s exactly what they are. 

    Jacqui.

    (Cross-talk.)

    Q    Karoline, on tariffs.

    Q    But you made a point of going with the worst first. 

    Q    On tariffs.

    Q    They all have a criminal record?

    Q    And welcome to the briefing room.

    MS. LEAVITT:  If they broke our nation’s laws, yes, they are a criminal. 

    Yes.

    Q    Thank you.  On stripping security details for figures like John Bolton, Pompeo, Brian Hook.  Senator Tom Cotton said that he’s seen the intelligence and the threat from Iran is real for anyone who played a role in the Soleimani strike.  He voiced concern it wouldn’t just impact those individuals but potentially their family, innocent bystanders, friends — anyone who is near them when they’re out in public.  Is the president open to reconsidering his decision?

    MS. LEAVITT:  The president was asked and answered this yesterday, and he was firm in his decision, despite some of the comments that you had referenced.  And he’s made it very clear that he does not believe American taxpayers should fund security details for individuals who have served in the government for the rest of their lives.  And there’s nothing stopping these individuals that you mentioned from obtaining private security. 

    That’s where the president stands on it.  I have no updates on that. 

    Q    Is there any concern that this decision might jeopardize the administration’s ability to hire the best advisers for these kinds of positions in the future?

    MS. LEAVITT:  No.  In fact, I’ve talked to the Presidential Personnel Office who has told me directly that there is such an influx of resumes for this administration that it’s incredibly overwhelming.  There is no lack of talent for the Trump administration. 

    Reagan Ree- —

    Q    And would he — would he take any responsibility —

    Q    Thanks, Karoline.

    Q    — if anything happened to these people?  Would he feel at all that his decision was a factor in that?

    MS. LEAVITT:  The president was asked and answered this yesterday.  I’d defer you to his comments.

    Q    Thanks, Karoline.

    Q    Karoline —

    MS. LEAVITT:  Reagan, since you’re in the back row, I hear y- — the back row hasn’t gotten much attention in the last four years —

    Q    Yes, thank you.

    MS. LEAVITT:  — so I’m happy to answer your question. 

    Q    And I can project.  (Laughter.)

    Does the president intend to permanently cut off funding to NGOs that are bringing illegal foreign nationals to the country, such as Catholic Charities?

         MS. LEAVITT:  I am actually quite certain that the president signed an executive order that did just that, and I can point you to that.

         Q    One more, Karoline.

    MS. LEAVITT:  Yeah.

    Q    President Trump issued an executive order on increased vetting for refugees in visa applications. 

    MS. LEAVITT:  That’s right.

    Q    Part of that order was considering an outright ban for countries that have deficient screening processes.  Has the president considered yet which countries might fall into this category?  Are countries like Afghanistan or Syria under consideration for a full ban?

    MS. LEAVITT:  Yeah.  So, the president signed an executive order to streamline the vetting for visa applicants and for illegal immigrants in this country who are coming, of course, from other nations. 

    It also directed the secretary of State to review the process and make sure that other countries around the world are being completely transparent with our nation and the individuals that they are sending here.  And so, the secretary of State has been directed to report back to the president.  I haven’t seen that report yet.  We’ve only been here for a few days.

    (Cross-talk.)

    Q    Karoline, two questions for you.  One on the freeze in federal funding.  Who advised the president on the legality of telling government agencies that they don’t have to spend money that was already appropriated by Congress?

    MS. LEAVITT:  Well, as the OMB memo states, this is certainly within the confines of the law. 

    So, White House Counsel’s Office believes that this is within the pe- — president’s power to do it, and therefore, he’s doing it.

    Q    Okay.  So, they disagree with lawmakers who say that they don’t have the power to — to freeze this funding?

    MS. LEAVITT:  Again, I would point you to the language in the memo that clearly states this is within the law.

    Q    And on what happened on Friday night.  The — the administration fired several inspectors general without giving Congress the 30-day legally required notification that they were being fired.  I think only two were left at DO- — DHS and the DOJ.  And then, yesterday, we saw several prosecutors — I believe 12 — fired from the Justice Department who worked on the investigations into the president.  As you know, they are career prosecutors; therefore, they are afforded civil service protections.  How is the administration deciding which laws to follow and which ones to ignore?

    MS. LEAVITT:  So, it is the belief of this White House and the White House Counsel’s Office that the president was within his exe- — executive authority to do that.  He is the executive of the executive branch, and, therefore, he has the power to fire anyone within the executive branch that he wishes to. 

    There’s also a case that went before the Supreme Court in 2020: Scaila [Seila] Law LLC, v. the Customs — the [Consumer Financial Protection] Bureau Protection.  I would advise you to look at that case, and that’s the legality that this White House has rested on. 

    Q    So, you’re confident that if they bring lawsuits against you — those prosecutors who were fired — that — that they will succeed?

    MS. LEAVITT:  We will win in court, yes.

    Q    And did he personally direct this, given they worked on the classified documents investigation and the election interference investigation?

    MS. LEAVITT:  This was a memo that went out by the Presidential Personnel Office, and the president is the leader of this White House.  So, yes.

    Q    So, it did come from him?

    MS. LEAVITT:  Yes, it came from this White House.

    (Cross-talk.)

    Q    Karoline.

    MS. LEAVITT:  Sir.

    Q    Thank you.  Congrats on your first day behind the podium.

    MS. LEAVITT:  Thank you.

    Q    President Trump ended funding for UNRWA and also designated the Houthis a foreign terrorist organization.

    MS. LEAVITT:  That’s right.

    Q    Both were decisions that the previous administration had reversed.  So, here’s my question: Will there be an investigation into who gave the previous administration this terrible advice?

    MS. LEAVITT:  Well, that’s a very good point.  I haven’t heard discussions about such an ins- — investigation, but it wouldn’t be a bad idea, considering that the Houthis cer- — certainly are terrorists.  They have launched attacks on U.S. naval ships across this world, and so I think it was a very wise move by this administration to redesignate them as a terrorist group, because they are.  And I think it was a foolish decision by the previous administration to do so. 

    As for an investigation, I’m not sure about that, but it’s not a bad idea.

    (Cross-talk.)

    Josh.

    Q    Thank you for the question.  I appreciate it.  Can you give us an update on the president’s plan for his tariff agenda?  He spoke a lot about this yesterday, and there’s a couple of dates coming up that —

    MS. LEAVITT:  Sure.

    Q    — he’s spoken to.  Number one, February 1st.  He’s alluded to both the potential for tariffs for Canada and Mexico but also China to take effect on those days.  Where is — what’s he thinking about that?

    MS. LEAVITT:  Yeah.

    Q    Should those countries expect that on the 1st?

    MS. LEAVITT:  Again, he was asked and answered this question this past weekend when he took a lot of questions from the press, and he said that the February 1st date for Canada and Mexico still holds.

    Q    And what about the China 10 percent tariff that he also had mused about last Tuesday going into effect on the same date?

    MS. LEAVITT:  Yeah, the president has said that he is very much still considering that for February 1st.

    Q    And then, separately, yesterday, he talked also about sectoral tariffs on, for instance, pharmaceuticals, as well as semiconductor computer chips.  He talked about steel, aluminum, and copper.  What’s the timeline on those?  Is that a similar sort of “coming days” thing or —

    MS. LEAVITT:  Yeah, so when the president talked about that in his speech yesterday, that actually wasn’t a new announcement.  That was within a presidential memorandum that he signed in one of the first days here in the White House on his America First trade agenda.  So, there’s more details on those tariffs in there.

    As far as a date, I don’t have a specific date to read out to you, but the president is committed to implementing tariffs effectively, just like he did in his first term.

    Q    And then — and then, finally, he also was asked on the plane when he gaggled about the potential for a universal tariff.  He was asked maybe about two and a half percent.

    MS. LEAVITT:  Yeah.

    Q    There was a report about that.  He said he wanted “much bigger than that.”  Should we understand that these tariffs would add up?  You know, in other words, you might have country-specific tariffs like Canada, Mexico, China.  You might have sectoral tariffs, like on pharmaceuticals, as well as a potential universal tariff on top of that.  Do these stack on one or the other, or would one sort of take precedence over another?

    MS. LEAVITT:  All I can point you to is what the president has said on this front: the February 1st date for Canada and Mexico and also the China tariff that he has discussed.

    He rejected the 2.5 percent tariff.  He said that was a little bit too low.  He wants it to be higher. 

    I’ll leave it to him to make any decisions on that front.

    Q    Do you have any comment on what the —

    (Cross-talk.)

    Q    — what the Mexicans and Canadians —

    MS. LEAVITT:  Phil.

    Q    — have done so far?  Do you have any comment on whether that has met the bar of what he wants to see on fentanyl?  Thank you.

    MS. LEAVITT:   I — I won’t get ahead of the president, again, on advocating to foreign nations on what they should or shouldn’t do to get away from these tariffs.  The president has made it very clear, again, that he expects every nation around this world to cooperate with the repatriation of their citizens.  And the president has also put out specific statements in terms of Canada and Mexico when it comes to what he expects in terms of border security.

    We have seen a historic level of cooperation from Mexico.  But, again, as far as I’m still tracking — and that was last night talking to the president directly — February 1st is still on the books.

    Q    Thank you.

    MS. LEAVITT:  Phil.

    Q    Thank you, Karoline.  Quick programming note, and then a question on taxes.

    MS. LEAVITT:  A programming note.

    Q    Well, in terms of programming, should —

    MS. LEAVITT:  That sounds fun. 

    Q    — we expect to see you here every day?  How frequently will these —

    Q    That’s a good question.

    Q    — press briefings be?

    MS. LEAVITT:  It is a good question, April.

    So, look, the president, as you know, is incredibly accessible.  First day here, he wanted all of you in the Oval Office.  You got a 60-minute press conference with the leader of the free world — while he was simultaneously signing executive orders, I may add.  That’s pretty impressive.  I don’t think the previous office holder would be able to pull such a thing off. 

    So, look, the president is the best spokesperson that this White House has, and I can assure you that you will be hearing from both him and me as much as possible.

    Q    And then a question about tax cuts.  You know, the president has promised to extend the tax cuts from the previous term.  I’m curious, you know, does the president support corresponding spending cuts, as some Republicans have called for in Congress?  And will the new Treasury secretary be leading those negotiations with the Hill, as Mnuchin did during the first administration?

    MS. LEAVITT:  The president is committed to both tax cuts and spending cuts.

    And he has a great team negotiating on his behalf, but there’s no better negotiator than Donald Trump, and I’m sure he’ll be involved in this reconciliation process as it moves forward.

    (Cross-talk.)

    Q    Karoline, in the announcement that you made last night on the Iron Dome, it said the president had directed that the United States will build this Iron Dome.

    MS. LEAVITT:  Yeah.

    Q    When you read into the executive order, it seemed short of that.  It asked for a series of studies —

    MS. LEAVITT:  Yeah.

    Q    — and reports back on — can you tell us whether the president has directed this and, if he is this concerned on this issue, why the suspensions that we saw listed by OMB included so many different nuclear programs, nonproliferation programs, programs to blend down nuclear weapons, and s- — and so forth?

    MS. LEAVITT:  First of all, when it comes to the Iron Dome, the executive order directed the implementation of the — of an Iron Dome.  It also, as you said, kind of directed research and studies to see if — or — or how the United States can go about doing this, particularly the Department of Defense.

    When it comes to the other question that you asked about those specific programs, again, I would say, this is not a — a ban; this is a temporary pause and a freeze to ensure that all of the money going out from Washington, D.C., is in align with the president’s agenda.

    And as the Office of Management and Budget has updates on what will be kick-started, once again, I will provide those to you. 

    Q    Can you clarify for a sec what you were saying before on Medicaid?  It wasn’t clear to me whether you were saying that no Medicaid would be cut off.  Obviously, a lot of this goes to states before it goes to individuals and so forth.  So, are you guaranteeing here that no individual now on Medicaid would see a cutoff because of the pause?

    MS. LEAVITT:  I’ll check back on that and get back to you. 

    Jon.

    Q    Thanks a lot, Karoline.  As you know, in the first week that the president was in office, signed an executive order as it relates to birthright citizenship — trying to eliminate that.  Now, 22 state attorney generals have said that this is unconstitutional.  A federal judge has just agreed with their argument.  What’s the administration’s argument for doing away with birthright citizenship?

    MS. LEAVITT:  The folks that you mentioned have a right to have that legal opinion, but it is in disagreement with the legal opinion of this administration. 

    This administration believes that birthright citizenship is unconstitutional, and that is why President Trump signed that executive order.  Illegal immigrants who come to this country and have a child are not subject to the laws of this jurisdiction.  That’s the opinion of this administration. 

    We have already appealed the rul- — the lawsuit that was filed against this administration, and we are prepared to fight this all the way to the Supreme Court if we have to, because President Trump believes that this is a necessary step to secure our nation’s borders and protect our homeland. 

    Monica.

    Q    And then on foreign policy — on foreign policy, Karoline —

    Q    Thank you, Karoline.  It’s great to see you, and you’re doing a great —

    Q    — on foreign policy, if I may.  The president’s commitment to the NATO defense Alliance, is it as strong as the prior administration?  Is it the same as when he served as president in his first term in office?

    MS. LEAVITT:  As long as NATO pays their fair share.

    And President Trump has called on NATO Allies to increase their defense spending to 5 percent.  You actually saw the head of NATO at Davos last week on Bloomberg Television saying that President Trump is right and if Europe wants to keep itself safe, they should increase their defense spending. 

    I would just add that there was no greater ally to our European allies than President Trump in his first term.  The world, for all nations in Europe, and, of course, here at home was much safer because of Presidents Tru- — Trump’s peace through strength diplomatic approach. 

    Monica.

    Q    Karoline —

    Q    Thank you.  Thank you, Karoline.  And it’s great to finally be called on as well in the briefing room.  I appreciate that. 

    MS. LEAVITT:  You’re welcome. 

    Q    Of course, we know President Trump just got back from North Carolina and California meeting with victims of natural disasters.  There’s the two-year anniversary of the East Palestine, Ohio, toxic train derailment.  Does the president have any plans to go visit the victims of that toxic spill or just visit in general?

    MS. LEAVITT:  Not — no plans that I can read out for you here.  If that changes, I will certainly keep you posted. 

    What I can tell you is that President Trump still talks about his visit to East Palestine, Ohio.  That was one of the turning points, I would say, in the previous election campaign, where Americans were reminded that President Trump is a man of the people.  And he, as a candidate, visited that town that was just derailed by the train derailment — no pun intended — and he offered support and hope, just like I saw the president do this past week. 

    It was a purposeful decision by this president, on his first domestic trip, to go to North Carolina and to California to visit with Americans who were impacted by Hurricane Helene and also by the deadly fires — a red state and a blue state, both of which feel forgotten by the previous administration and the federal government.  That has now — that has now ended under President Trump. 

    He will continue to put Americans first, whether they’re in East Palestine, in Pacific Palisades, or in North Carolina.

    (Cross-talk.)

    Sure.

    Q    Thank you, Karoline.  On California, could you please clarify what the military did with the water last night, as referenced in the president’s Truth Social post?

    MS. LEAVITT:  The water has been turned back on in California, and this comes just days after President Trump visited Pacific Palisades and, as you all saw, applied tremendous pressure on state and local officials in Pacific Palisades, including Los Angeles Mayor Karen Bass, to turn on the water and to direct that water to places in the south and in the middle of the state that have been incredibly dry, which has led to the expansion — the rapid expansion of these fires.

    Q    So, could you clarify what the military’s role was, where the water came from, and how it got there?

    MS. LEAVITT:  Again, the Army Corps of Engineers has been on the ground in California to respond to the devastation from these wildfires.  And I would point out that just days after President Trump visited the devastation from these fires, the water was turned on.  That is because of the pressure campaign he put on state and local officials there, who clearly lack all common sense. 

    And I will never forget being at that round table with the president last week and hearing the frustration in the voices of Pacific Palisades residents who feel as though their government has just gone insane.  Before President Trump showed up on the scene, Karen Bass was telling private property owners that they would have to wait 18 months to access their private property.

    So, this administration, the president and his team that’s on the ground in California — Ric Grenell, who he has designated to oversee this great crisis — ha- — will continue to put pressure on Karen Bass and state and local officials to allow residents to access their properties. 

    This is a huge part of it.  These residents want to take part in their own clearing out of their properties.  They should be able to do that.  It’s the United States of America.  What happened to our freedom?  Clearly, it’s gone in California, but not anymore under President Trump.

    Q    Karoline —

    MS. LEAVITT:  April.

    Q    Karoline, welcome to the briefing room.

    MS. LEAVITT:  Thank you.

    Q    Several questions.  One on the pause.  Will minority-serving institutions, preferably colleges and universities, have those monies held back temporarily at this moment?

    MS. LEAVITT:  Again, I have not seen the entire list, because this memo was just sent out.  So, I will provide you all with updates as we receive them.  Okay?

    Q    Karoline —

    Q    And secondly — als- —

    Q    Karoline.

    Q    Also, secondly, when it comes to immigration, there is this southern border focus.  What happens to those who have overstayed their visas?  That is part of the broken immigration system.  In 2023, there was a report by the Biden administration, the Homeland Security Department, that said overstays of visas were three times more than usual.  Will there be a focus on the overstays for visas as well?

    MS. LEAVITT:  If an individual is overstaying their visa, they are therefore an illegal immigrant residing in this country, and they are subject to deportation.  

    Q    And also, lastly —

    MS. LEAVITT:  Yes.

    Q    Lastly, as we’re dealing with anti-DEI, anti-woke efforts, we understand this administration could — is thinking about celebrating Black History Month.  Have you got any word on that?  Anything that you can offer to us?

    MS. LEAVITT:  As far as I know, this White House certainly still intends to celebrate, and we will continue to celebrate American history and the contributions that all Americans, regardless of race, religion, or creed, have made to our great country.  And America is back.

    Christian Datoc.

    Q    Thanks, Karoline.  Just real quick.  You mentioned the inflation executive order the president signed, but egg prices have skyrocketed since President Trump took office.  So, what specifically is he doing to lower those costs for Americans?

    MS. LEAVITT:  Really glad you brought this up, because there is a lot of reporting out there that is putting the onus on this White House for the increased cost of eggs.  I would like to point out to each and every one of you that, in 2024, when Joe Biden was in the Oval Office — or upstairs in the residence sleeping; I’m not so sure — egg prices increased 65 percent in this country.  We also have seen the cost of everything, not just eggs — bacon, groceries, gasoline — have increased because of the inflationary policies of the last administration.

    As far as the egg shortage, what’s also contributing to that is that the Biden administration and the Department of Agriculture directed the mass killing of more than 100 million chickens, which has led to a lack of chicken supply in this country, therefore a lack of egg supply, which is leading to the shortage.

    So, I will leave you with this point.  This is an example of why it’s so incredibly important that the Senate moves swiftly to confirm all of President Trump’s nominees, including his nominee for the United States Department of Agriculture, Brooke Rollins, who is already speaking with Kevin Hassett, who is leading the economic team here at the White House, on how we can address the egg shortage in this country.

    As for cots, I laid out — costs — I laid out the plethora of ways that President Trump has addressed saving costs for the American people over the past week.  He looks forward to continuing to doing that —

    Q    Karoline, what —

    MS. LEAVITT:  — in the days ahead.

    (Cross-talk.)

    Thank you, guys, so much.  I’ll see you soon.

    END                1:52 P.M. EST

    MIL OSI USA News –

    January 30, 2025
  • MIL-OSI USA: Biology Associate Professor Awarded Nation’s Highest Honor for Early-Career Researchers

    Source: US State of Connecticut

    On Jan. 14, UConn ecology and evolutionary biology associate professor Jill Wegrzyn was among nearly 400 individuals honored by President Biden with the Presidential Early Career Award for Scientists and Engineers (PECASE). This is the highest honor bestowed by the U.S. government on outstanding scientists and engineers who are in the early phases of their careers. UConn engineering professor Arash Zaghi also received this award. 

    Established by President Clinton in 1996, PECASE recognizes scientists and engineers who show exceptional potential for leadership early in their research careers. The award celebrates innovative and far-reaching developments in science and technology. 

    “This award recognizes Professor Wegrzyn’s exceptional contributions to computational and evolutionary biology, and I am immensely proud of her achievement,” says Ofer Harel, dean of the College of Liberal Arts and Sciences. “Her innovative research pushes the boundaries of genome science and has significant implications for biodiversity conservation.” 

    A computational biologist, Wegrzyn develops computational applications for analyzing both single genomes and entire populations, aiming to understand how organisms adapt to their environment. 

    “I have always aspired to integrate computer programming and genetics within the broader context of the natural world,” Wegrzyn says.  

    This curiosity led to a precocious start to her research career: as an undergraduate at the University of California, Davis, she started to develop some of the university’s first courses in bioinformatics, the study of biological sequence data (like genetic codes). 

    Now at UConn, where she leads the Plant Computational Genomics lab, Wegrzyn has worked to develop reference genomes for various “non-model” plant species. In contrast to model organisms, whose genomes have been sequenced and studied extensively, non-model plant species are still genetic mysteries – and many of them are of conservation concern. What’s more, since some of their genomes can be nearly ten times as long as the human genome, effectively sequencing them is no easy task.  

    I’m very interested in finding ways to assemble genomes better, faster, and more efficiently, especially when they’re large and complex.

    Wegrzyn describes them as the “species that are a little bit harder to work on, and present new computational challenges” — the underdogs of the plant kingdom. 

    The lab also works to develop software that can help genomic researchers perform crucial tasks like assembling, analyzing, and annotating genomic data. 

    “A lot of the software currently available to tackle those issues has traditionally been very focused on human genetics or model species,” Wegrzyn says. “I’m very interested in finding ways to assemble genomes better, faster, and more efficiently, especially when they’re large and complex. How do we identify genes more efficiently? And how can we scale from working with a single genome to studying entire populations on the landscape, to understand how they’re adapting to a changing climate?” 

    This research is assisting conservation efforts for many tree species across the country, which are important for protecting biodiversity and ecosystem health, timber production, and even the nation’s annual Christmas tree crop. 

    For example, Wegrzyn says, her lab has identified regions of the genome (genes) that confer resistance to invasive pests or pathogens. Managers can then select for this resistance and plant hardier trees. In the world of forests, where generations are measured not in annual growing cycles but in decades, this could potentially save countless years. 

    “Trees can have generation times of 12 to 15 years or more before you can even determine how they’re going to respond to their current (or future) environment,” Wegrzyn says. “So the sooner we can predict how they’re going to perform in a particular environment, the more we can do.” 

    The lab is also responsible for creating and maintaining the international CartograPlant database and application, which empowers scientists of all backgrounds to explore how genetics, phenotypes (traits), and environmental factors combine to shape plant population responses. 

    Wegrzyn is one of the lead PIs of the NSF-funded Evolving Meta-Ecosystems (EVOME) institute, which seeks to understand how Arctic species (including birds, plants, fish, and insects) will respond, along with their ecosystems, to rapid climate change. 

    In addition to her teaching duties and lab research, Wegrzyn is also the Lead Bioinformatician in the Computational Biology Core within the Institute for Systems Genomics. She’s also a PI on UConn’s NSF-funded Research and Mentoring for Postbaccalaureates (RaMP) initiative. RaMP is geared toward recent college graduates who did not have the opportunity to pursue dedicated research as undergraduates, providing them with hands-on lab experience that can culminate in new graduate study or professional opportunities. 

    Most recently, RaMP scholars helped generate the first chromosome-level genome of the desert hairy scorpion; this year’s cohort is aiming to do the same with the threatened Everglades mink. 

    Wegrzyn became eligible for the PECASE after receiving the NSF’s prestigious CAREER Award in 2020. This award helped fund the development of her EASEL (Efficient, Accurate, Scalable Eukaryotic modeLs) software: an open-source genome annotation tool that leverages machine learning, RNA folding, and functional annotations to enhance gene prediction accuracy. 

    “Our software has been applied to everything from deep sea corals to desert invertebrates to high elevation conifers, which represent an incredible range of complexity,” Wegrzyn says. “Through our software, we aim to facilitate fundamental questions in evolution while also providing actionable targets for conservation and restoration programs. Receiving this prestigious award in the midst of climate change elevates the importance of this work and also inspires the students and trainees who contribute to its success.” 

     

    MIL OSI USA News –

    January 30, 2025
  • MIL-OSI: WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Source: GlobeNewswire (MIL-OSI)

    FOR IMMEDIATE RELEASE

    WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Geneva, Switzerland January 29, 2025: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, AI, Blockchain, and IoT operating as a holding company, today announced that its WISe.Art subsidiary is offering collectors and art enthusiasts an array of diverse projects during ArtGeneve, the iconic annual contemporary art fair to be held from January 30 to February 2, 2025. In this vibrant atmosphere, the various projects will give art aficionados a glimpse into Yan’s unique Neo-Pop vision, blending fine art, digital storytelling, and pop culture nostalgia, a true insight on augmented reality with artists selected by Espace L as well as a world première which will revolutionise the music industry using AI to the advantage of human musicians.

    Anvil Wonderland: As the whimsical and the bold ooze with creativity, Anvil Wonderland invites audiences into a dynamic and colourful world where classical animation meets contemporary art. Inspired by the iconic cartoon trope of falling anvils, the piece transforms this playful chaos into a modern-day tribute to resilience.

    The 60 x 80 cm acrylic on canvas piece features striking colours of pure blue, red, yellow, black, and white showcasing Yonel, the mischievous central figure of Yan’s artistic universe, captured mid-leap in a vibrant and daring composition. Accompanying the physical piece is an exclusive NFT animation: a 9-second loop that brings Yonel to life, diving into the unknown with his signature energy and spirit. The package will be released for sale to the public simultaneously live at the WISeKEY’s headquarters and online via the WISe.ART platform.

    This unique combination of physical and digital artistry provides collectors with a phygital experience that seamlessly bridges the worlds of traditional fine art and cutting-edge innovation.

    About Yan Balestra: Yan Balestra is a contemporary artist celebrated for his Neo-Pop aesthetic and ability to combine extreme sports culture, retro-futuristic elements, and bold storytelling. Through Yonel, his artistic alter-ego, Yan invites audiences to reconnect with their inner child and embrace the joy of exploration and imagination. His work serves as a bridge between playful nostalgia and the forward momentum of contemporary art.
    https://www.instagram.com/yanbalestra/?hl=en
    https://platform.wise.art/author/yan/

    About SpinDreams: Hydroelectric transmutations in the Swiss landscape by River Oracle, Lea Sblandano, Nacoca Ko, Paulo Wirz, Ricardo Meli, Paul Fritz, Antoine Félix Bürcher, Hugo Landlade and Jan Steenman. The project was initiated in 2022 to bridge the fluidity of analog and digital reality questioning dreamlike realities and newer technologies, nature’s resources feeding human energies. The art pieces act as semiotic talismans, focal points that draw awareness to the ceaseless metamorphic interplay between the tangible and the virtual.

    About Espace_L: Inaugurated in 2011, Espace_L is rapidly becoming the reference in Geneva for contemporary art. The gallery interacts in distinct sectors by presenting internationally recognized artists and by orchestrating art meetings, to raise awareness and question current art movements questioning technology and the philosophy of art.

    About “20 Song” by Soren Sorenson aka Dorian Gray: Dorian Gray’s approach is, above all, exploratory, a way to understand how AI can enrich the creative process and open new avenues of expression. “20-version song” is a manifesto for augmented musical creation, where artificial intelligence becomes an ally, not a substitute for humans. The project does not stop there: it invites the public to participate in the experience, navigate this sound labyrinth, discover the 20 interpretations, and choose their favorite by voting directly on the site, a democratic approach that gives a playful and participatory dimension to this unique musical exploration.

    About The Good Token Society: In the dynamic landscape of Web3, the need for support, federation, promotion and representation has never been more pressing. The Good Token Society is a hub for sustainable, global technology development, a base for initiatives focusing on the confluence of impact, technology, and finance. A collective of innovators, entrepreneurs, and thought leaders passionate about the intersection of technologies and impact. We must shift from reactive to proactive and being prepared for the future. Despite facing challenges, blockchain players persist in enhancing capabilities. We are transitioning from theoretical experimentation to tangible business solutions.

    The Event: Yan Balestra’s opening exhibition will take place at WISeKEY headquarters, 58 Avenue Louis Casaï in Geneva, Switzerland on January 29, from 4 to 9 pm, by appointment offering an intimate opportunity for collectors, curators, and art enthusiasts to explore Yan Balestra’s latest creation. While the event is not officially affiliated with ArtGeneve, it takes advantage of the vibrant energy surrounding the city’s most prestigious art week, providing a compelling space for attendees to discover Yan’s unique artistic narrative.

    SpinDream will be on show at the Espace_L booth at ArtGeneve and 20 Song will go live on the air simultaneously.

    Sales Details: The NFTs attached to all these various projects will be available for purchase with Crypto Currencies or Credit Card payment on WISe.ART, WISeKEY’s innovative platform for fine art and digital NFTs. This unique phygital piece offers collectors a rare opportunity to own a one-of-a-kind work of art that bridges the worlds of nostalgia, creativity, and cutting-edge digital innovation.

    About WISe.ART: WISe.ART, powered by WISeKEY, combines blockchain technology with the fine art world to create a secure and innovative space for artists and collectors. It is a cutting-edge platform designed to bring physical and digital art into a new era of authenticity and accessibility.

    About WISeKEY:

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com 
    WISeKey Investor Relations (US)
    Contact: The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com
    WISe.ART
    Contact: Sixtine Crutchfield
    Art Director
    Tel: +41764406563
    scrutchfield@wisekey.com

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Haivision Unveils a Streamlined User Interface for the Haivision Pro Video Transmitter, Simplifying Ease-of-Use and Interoperability

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Jan. 29, 2025 (GLOBE NEWSWIRE) — Haivision (TSX:HAI), a leading global provider of mission-critical, real-time video networking and visual collaboration solutions, today announced the availability of the latest software version for Haivision Pro, the versatile video transmitter for low latency live video contribution over cellular networks.

    The new version of Haivision Pro features a completely redesigned and streamlined user interface, leveraging the same award-winning user interface design as the world renowned Makito X4 video encoder. The groundbreaking Haivision Pro is ideally suited for transmitting live video over both public and private 5G networks, and now, with the new interface, provides enhanced usability, ensuring users of any level of technical proficiency can manage and monitor live broadcast video transmissions easily.

    The UI redesign was driven by a commitment to improving ease-of-use for all types of video professionals, including camera operators, field talent, and broadcast engineers. The new browser-based interface aligns with Haivision’s next-generation design framework and pushes the boundaries of the user experience to meet the evolving needs of customers. Both highly functional and visually compelling, the new Haivision Pro user interface simplifies configuration and enables any user to remotely manage live video transmissions with ease and efficiency, even in the high-pressure environments typically associated with major live broadcast events such as tier-one sports or national elections.

    As a world leader in live video contribution over any network, Haivision provides a complete ecosystem of broadcast products that make it possible to get live video feeds from any event to the broadcast production environment, whether on-premises or in the cloud. The Haivision Pro video transmitter is a core component of this broadcast contribution ecosystem, and with this release, now leverages the same user interface framework as other ecosystem products including the Makito X4 video encoder and decoder, Haivision Hub 360 cloud master-control, and the MojoPro mobile camera application. This cross-product consistency fosters greater ease-of-use, reduces training requirements, and enables users to more efficiently manage complex broadcast contribution workflows involving both wired (SRT) and wireless (SST) video streaming.

    Jean-Marc Racine, Chief Product Officer at Haivision, explained the importance of the latest version of the Haivision Pro transmitter:

    “User interface design is at the core of how Haivision develops products. The new Haivision Pro UI is part of our initiative to provide a consistent and enhanced user experience across our ecosystem of broadcast products. With this release, we aim to make it easier to get new users up and running quickly, help all customers increase their operational efficiency, and allow customers with multiple Haivision products to benefit from a more seamless experience across their suite of solutions.”

    In all, the newly designed Haivision Pro user interface, accessible from a web browser, provides numerous benefits, including:

    • Reorganized Navigation: UI elements were reorganized, based on extensive user research, to highlight the most commonly-used functions and streamline workflows.
    • Familiar Experience: Based on a common UI framework, users of Haivision products including the Makito X4 video encoder, will be able to jump into and start using Haivision Pro with minimal training.
    • Confidence Monitoring and At-A-Glance Status: The new dashboard consolidates all critical status information, including preview thumbnails for live video feeds and stream metrics with real-time graphs, into a single, easy-to-access view, allowing users to maintain full control and troubleshoot issues more easily.
    • Versatile Design: The interface adapts seamlessly to any browser and screen, from desktop computer to mobile device, offering a consistent and reliable experience in the facility or on the go.
    • One-Tap Filtering: Quickly locate, access and manage networks based on active, inactive, and other statuses.
    • For Haivision Pro, Air & Rack: In addition, the new user interface is included in all versions of the Haivision Pro series of video transmitters, as well as for the Haivision Air video transmitters and the Haivision Rack video encoders.

    Haivision has always brought a spirit of continuous innovation and customer-centric focus to our development process, which is perfectly exemplified by the redesigned user interface. Whether for live sports, breaking news, or other live events, the new release of the Haivision Pro video transmitter enables users to enhance their video contribution workflows to cover more live events, more easily. For more information on Haivision Pro or to explore the full range of Haivision products, visit www.haivision.com.

    About Haivision
    Haivision is a leading global provider of mission-critical, real-time video networking and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. To learn more, visit Haivision at haivision.com.

    Jennifer Gazin
    514.334.5445 ext 8309
    jgazin@haivision.com

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Triller Steals Social Media Spotlight with $50 Million Fundraise

    Source: GlobeNewswire (MIL-OSI)

    Triller Group Inc. (Nasdaq: ILLR) secures its place as a fierce competitor to TikTok, YouTube Shorts, and Instagram Reels with bold innovations, star power, and continued momentum

    Los Angeles, CA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Triller Group Inc. (“Triller” or “the Company”) is making waves in the technology and investor sectors, announcing a $50 million equity funding round secured through a private placement with institutional investors. This investment fuels Triller’s rapid ascent as the next powerhouse in short-form video platforms, further challenging TikTok’s dominance to become the superior platform for creators, users, and collaborators. 

    Backed by global icons like Conor McGregor, The Weeknd, Marshmello, Lil Wayne, and many more, Triller surged into the top five in the “Photo and Video” category of app stores, solidifying its status as a rising star in digital entertainment.

    Supercharging the Creator Revolution

    In addition to enhancing the platform for users, the fundraise enables Triller to accelerate its mission of empowering creators. Triller will unveil cutting-edge AI-driven tools, enhanced live-streaming capabilities, and a revamped video editing suite, providing creators with unmatched opportunities to engage audiences and monetize their content.

    “At Triller, we’re not just building a platform—we’re leading a movement,” said Wing Fai Ng, CEO of Triller Group Inc. “Whether TikTok is banned or not has no bearing on our trajectory. With powerhouses like Conor McGregor and other global icons who champion our vision, we’ve created a platform that is designed to outlast TikTok and any other competitor. We’re not building our business around the failure of others; this seismic shift in social media is only the beginning of what’s to come.”

    Triller: The New Home for Viral Content

    As TikTok faces ongoing challenges and uncertainty, Triller has emerged as the ultimate refuge and frontrunner for displaced influencers and content creators. Triller’s savemytiktoks.com campaign has ushered in waves of creators seeking a U.S.-owned platform free from political and regulatory roadblocks.

    Under the new leadership of former TikTok Executive Sean Kim, Triller is redefining the user experience and what it means to create, distribute and monetize content.

    BKFC & TrillerTV: Entertainment Frontiers Redefined

    Triller isn’t stopping at short-form videos; the Bare-Knuckle Fighting Championship (BKFC) brand reaches over 250 million fans across 60 countries, while TrillerTV is celebrating a decade of streaming success. Upcoming events like Wrestle Kingdom 19 from Tokyo Dome draw millions of viewers and further positions Triller as a multimedia powerhouse.

    Triller’s Future: Poised for Dominance in 2025

    With the fund raise and these developments underway, Triller is poised to become the premier social media hub in 2025, attracting top talent and ensuring long-term growth and success through its transparent and innovative environment.

    Following President Donald Trump’s reelection, Triller Group made a sizeable contribution to the Trump Inaugural Fund, underscoring its dedication to supporting initiatives that resonate with its business values and long-term vision.      

    Navigating the Ship: Investment and Changes to Triller’s Leadership

    Triller Group has also appointed Dr. Roger Kennedy as an non-executive director following a designation by KCP Holdings Limited, the lead investor in this funding round. He will join the board’s audit, remuneration, and nomination committees.

    The private placement consisted of common stock and warrants, with the Company’s shares priced at $2.20 each. This funding round is the first new capital infusion following the AGBA-Triller merger, with an additional fundraise expected later this year.

    This fundraise is a powerful catalyst for Triller Group’s commitment to innovation and growth. With strong backing from our investors and the star power of icons like Conor McGregor, Triller is gearing up to disrupt the digital content landscape like never before. Together with its team, partners, and creators, Triller is creating a platform where ownership, growth, and meaningful monetization are finally within reach.

    For more details, please refer to the Company’s report on Form 8-K filed with the Securities and Exchange Commission on January 29, 2025.

    About Triller Group Inc.         

    Nasdaq: ILLR. Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

    Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit www.trillercorp.com

    Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit www.agba.com.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    Investor & Media Relations:

    Bethany Lai
    ir@triller.co

    Breanne Fritcher
    triller@wachsman.com

    # # #

    The MIL Network –

    January 30, 2025
  • MIL-OSI: VelocityEHS Launches the Industry’s First Fully Integrated EHS Platform to Revolutionize Workplace Safety and Risk Management

    Source: GlobeNewswire (MIL-OSI)

    Velocity’s new enhancements of the Accelerate Platform transform the way companies identify and mitigate the threats that put people and businesses in danger.

    CHICAGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — VelocityEHS, the global leader in EHS & ESG software solutions, is thrilled to announce significant enhancements to its cutting-edge Accelerate Platform, bringing together four industry-leading solutions into one unified experience. Developed by the industry’s largest team of certified EHS professionals, the Platform combines decades of expertise and innovation to help companies proactively manage risk, protect lives, cut administrative tasks, drive collaboration and accountability, and deliver actionable insights for peak performance.

    The Accelerate launch is a landmark moment for both VelocityEHS and the industry. More importantly, it’s a game-changer for EHS professionals dedicated to protecting frontline workers and ensuring their safe return home each day, and for senior leaders focused on business continuity and effective risk management across all operations.

    “EHS software can be a matter of life and death. With Accelerate, Velocity provides capabilities that no other single provider can match,” says VelocityEHS CEO Matt Airhart. “Accelerate empowers our customers to streamline safety, chemical management, industrial ergonomics, and operational risk processes into one unified platform.”

    The Platform was built to address the VelocityEHS customers’ need for seamless integration and greater efficiency. It lets organizations protect their workforce, reduce risks, and achieve operational performance like never before.

    “These new enhancements elevate the user experience from great to exceptional. The ability to create reports and integrate data from multiple solutions is revolutionary, putting actionable insights at our customers’ fingertips so they can focus on protecting lives rather than administrative tasks,” concluded Airhart.

    Key Enhancements of the Accelerate Platform

    • Unified Platform: Access a collection of best-in-class EHS solutions with one secure login, featuring a centralized platform for seamless management of hierarchies, locations, and roles.
    • Customizable Dashboards: Tailor dashboards to the individual or organization’s needs, delivering critical, real-time data when and where it is needed.
    • Advanced Reporting: Generate actionable insights through Business Intelligence (BI)-based, pre-built and custom reports that integrate data from all solutions on the platform.
    • User-Friendly Design: Intuitive features accelerate adoption, reduce learning time, and simplify complex tasks for teams at all levels.
    • Scalability: Seamlessly expands initiatives across multiple locations and regions, ensuring consistent performance and compliance globally while maintaining optimal efficiency.

    These enhancements redefine what is possible in EHS management by delivering scalable and highly adaptable solutions and tools to meet the needs of organizations across all sizes and industries.

    “At VelocityEHS, our commitment to innovation in EHS is unwavering,” says Jason Weiss, Chief Technology Officer, VelocityEHS. “Through extensive focus groups with our customers, combined with the rigorous research of our certified experts and machine learning scientists, we ensure the solutions within Accelerate deliver insights you can trust.”

    First launched in 2022, the Accelerate Platform leverages advanced machine learning and AI to drive continuous improvement through prediction, intervention, and measurable outcomes. As one of the first complete EHS platforms on the market, it remains one of the industry’s most comprehensive.

    For more information about the VelocityEHS Accelerate Platform and to learn how it can drive your EHS and operational excellence, visit www.EHS.com.

    About VelocityEHS

    Relied on by more than 10 million users worldwide to drive operational excellence and achieve outstanding outcomes, VelocityEHS is the global leader in true SaaS enterprise EHS & ESG technology. The VelocityEHS Accelerate® Platform is the definitive gold standard, delivering best-in-class software solutions for managing Safety, Ergonomics, Chemical Management, and Operational Risk. In addition, Velocity offers world-class applications for Contractor Safety & Permit to Work, Environmental Compliance, and ESG.

    The VelocityEHS team includes unparalleled industry expertise, with more certified experts in health, safety, industrial hygiene, ergonomics, sustainability, the environment, AI, and machine learning than any other EHS software provider. Recognized by the EHS industry’s top independent analysts as a Leader in the Verdantix 2025 Green Quadrant Analysis, VelocityEHS is committed to industry thought leadership and to accelerating the pace of innovation through its software solutions and vision. Its privacy and security protocols, which include SOC2 Type II attestation, are among the most stringent in the industry.

    VelocityEHS is headquartered in Chicago, Illinois, with locations in Ann Arbor, Michigan; Tampa, Florida; Oakville, Ontario; London, England; Perth, Western Australia; and Cork, Ireland. For more information, visit www.EHS.com. 

    Media Contact
    Jennifer Sinkwitts
    734.277.9366
    jsinkwitts@ehs.com

    The MIL Network –

    January 30, 2025
  • MIL-OSI Global: Why building big AIs costs billions – and how Chinese startup DeepSeek dramatically changed the calculus

    Source: The Conversation – USA – By Ambuj Tewari, Professor of Statistics, University of Michigan

    DeepSeek burst on the scene – and may be bursting some bubbles. AP Photo/Andy Wong

    State-of-the-art artificial intelligence systems like OpenAI’s ChatGPT, Google’s Gemini and Anthropic’s Claude have captured the public imagination by producing fluent text in multiple languages in response to user prompts. Those companies have also captured headlines with the huge sums they’ve invested to build ever more powerful models.

    An AI startup from China, DeepSeek, has upset expectations about how much money is needed to build the latest and greatest AIs. In the process, they’ve cast doubt on the billions of dollars of investment by the big AI players.

    I study machine learning. DeepSeek’s disruptive debut comes down not to any stunning technological breakthrough but to a time-honored practice: finding efficiencies. In a field that consumes vast computing resources, that has proved to be significant.

    Where the costs are

    Developing such powerful AI systems begins with building a large language model. A large language model predicts the next word given previous words. For example, if the beginning of a sentence is “The theory of relativity was discovered by Albert,” a large language model might predict that the next word is “Einstein.” Large language models are trained to become good at such predictions in a process called pretraining.

    Pretraining requires a lot of data and computing power. The companies collect data by crawling the web and scanning books. Computing is usually powered by graphics processing units, or GPUs. Why graphics? It turns out that both computer graphics and the artificial neural networks that underlie large language models rely on the same area of mathematics known as linear algebra. Large language models internally store hundreds of billions of numbers called parameters or weights. It is these weights that are modified during pretraining.

    Large language models consume huge amounts of computing resources, which in turn means lots of energy.

    Pretraining is, however, not enough to yield a consumer product like ChatGPT. A pretrained large language model is usually not good at following human instructions. It might also not be aligned with human preferences. For example, it might output harmful or abusive language, both of which are present in text on the web.

    The pretrained model therefore usually goes through additional stages of training. One such stage is instruction tuning where the model is shown examples of human instructions and expected responses. After instruction tuning comes a stage called reinforcement learning from human feedback. In this stage, human annotators are shown multiple large language model responses to the same prompt. The annotators are then asked to point out which response they prefer.

    It is easy to see how costs add up when building an AI model: hiring top-quality AI talent, building a data center with thousands of GPUs, collecting data for pretraining, and running pretraining on GPUs. Additionally, there are costs involved in data collection and computation in the instruction tuning and reinforcement learning from human feedback stages.

    All included, costs for building a cutting edge AI model can soar up to US$100 million. GPU training is a significant component of the total cost.

    The expenditure does not stop when the model is ready. When the model is deployed and responds to user prompts, it uses more computation known as test time or inference time compute. Test time compute also needs GPUs. In December 2024, OpenAI announced a new phenomenon they saw with their latest model o1: as test time compute increased, the model got better at logical reasoning tasks such as math olympiad and competitive coding problems.

    Slimming down resource consumption

    Thus it seemed that the path to building the best AI models in the world was to invest in more computation during both training and inference. But then DeepSeek entered the fray and bucked this trend.

    DeepSeek sent shockwaves through the tech financial ecosystem.

    Their V-series models, culminating in the V3 model, used a series of optimizations to make training cutting edge AI models significantly more economical. Their technical report states that it took them less than $6 million dollars to train V3. They admit that this cost does not include costs of hiring the team, doing the research, trying out various ideas and data collection. But $6 million is still an impressively small figure for training a model that rivals leading AI models developed with much higher costs.

    The reduction in costs was not due to a single magic bullet. It was a combination of many smart engineering choices including using fewer bits to represent model weights, innovation in the neural network architecture, and reducing communication overhead as data is passed around between GPUs.

    It is interesting to note that due to U.S. export restrictions on China, the DeepSeek team did not have access to high performance GPUs like the Nvidia H100. Instead they used Nvidia H800 GPUs, which Nvidia designed to be lower performance so that they comply with U.S. export restrictions. Working with this limitation seems to have unleashed even more ingenuity from the DeepSeek team.

    DeepSeek also innovated to make inference cheaper, reducing the cost of running the model. Moreover, they released a model called R1 that is comparable to OpenAI’s o1 model on reasoning tasks.

    They released all the model weights for V3 and R1 publicly. Anyone can download and further improve or customize their models. Furthermore, DeepSeek released their models under the permissive MIT license, which allows others to use the models for personal, academic or commercial purposes with minimal restrictions.

    Resetting expectations

    DeepSeek has fundamentally altered the landscape of large AI models. An open weights model trained economically is now on par with more expensive and closed models that require paid subscription plans.

    The research community and the stock market will need some time to adjust to this new reality.

    Ambuj Tewari receives funding from NSF and NIH.

    – ref. Why building big AIs costs billions – and how Chinese startup DeepSeek dramatically changed the calculus – https://theconversation.com/why-building-big-ais-costs-billions-and-how-chinese-startup-deepseek-dramatically-changed-the-calculus-248431

    MIL OSI – Global Reports –

    January 30, 2025
  • MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

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

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

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

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

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

    Fourth Quarter 2024 Financial Results

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

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

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

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

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

    December 31, 2024 Financial Condition

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Tenable Plans to Acquire Vulcan Cyber, Accelerate Leadership in Exposure Management

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    A Unified Vision for Exposure Management

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

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

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

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

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

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

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

    Contact information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    The MIL Network –

    January 30, 2025
  • MIL-OSI: LPL Financial Welcomes Salient Wealth Planning Group

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Related

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

    About LPL Financial

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

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

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

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

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

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

    Tracking #685921

    The MIL Network –

    January 30, 2025
  • MIL-OSI: CBE Customer Solutions Welcomes Rachel Rybicki as Chief Client Success Officer, Bringing Fresh Expertise to Client Success Strategy

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About CBE Customer Solutions 

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

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

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

    The MIL Network –

    January 30, 2025
  • MIL-OSI: Fusion Fuel Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    About Fusion Fuel Green plc

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

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

    Forward-Looking Statements

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

    Investor Relations Contact

    ir@fusion-fuel.eu

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

    The MIL Network –

    January 30, 2025
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