Category: Machine Learning

  • MIL-OSI Asia-Pac: MoUs signed between NIEPVD Dehradun and Six Institutions for the welfare of Divyangjan

    Source: Government of India (2)

    Posted On: 23 OCT 2024 8:20PM by PIB Delhi

    The National Institute for Empowerment of Persons with Visual Disabilities (NIEPVD), Dehradun (under D/o Empowerment of Persons with Disabilities – DEPwD, M/o Social Justice and Empowerment), signed important Memoranda of Understanding (MoUs) with six institutions, including non-governmental organizations (NGOs) dedicated to the empowerment of Divyangjan.

     

    On this occasion, Secretary (DEPwD) Shri Rajesh Aggarwal said, “Today marks a significant milestone, and we are confident that the positive impact of these collaborations will be evident in the lives of Divyangjan in the near future.” This partnership is a crucial step towards enhancing the capabilities and welfare of Divyangjan by ensuring access to essential resources and support.

    The MoUs, with institutions including Uttarakhand Open University (Haldwani), National Institute of Electronics & Information Technology (NIELIT) Haridwar, Max Hospital Dehradun, NGOs Pratham (Mumbai), National Association for the Blind (NAB) Delhi and Torchit Pvt. Ltd. (Ahmedabad), aim to promote the welfare and upliftment of Divyangjan.

    The partnership would focus on areas such as modern technology, artificial intelligence, psychological support, protection against online fraud, ease of access to technology, utilization of modern teaching-learning materials, and technical training for teachers working in special education.

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  • MIL-OSI Asia-Pac: English translation of Opening Remarks by Prime Minister during bilateral meeting with President of the People’s Republic of China on the sidelines of the 16th BRICS Summit

    Source: Government of India

    Posted On: 23 OCT 2024 7:35PM by PIB Delhi

    Excellency,

    I am pleased to meet you. And like you have said, we are meeting formally after 5 years.

    We believe that the importance of India-China relations is not just for our people.

    Our relations are also important for global peace, stability and progress.

    Excellency,

    Mutual Trust, Mutual Respect, and Mutual Sensitivity should continue to be the basis of our relations.

    Today we have got an opportunity to discuss all these issues.

    I am confident that we will talk with an open mind, and our discussion will be constructive.

    Thank you .

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Integration between Public and Private sectors is crucial to future growth, says Dr. Jitendra Singh

    Source: Government of India (2)

    Integration between Public and Private sectors is crucial to future growth, says Dr. Jitendra Singh

    AI and BharatGen: Paving the Way for Inclusive Digital Transformation in India

    National Learning Week Session Emphasizes Collaborative Approach to Transform India’s Technological Landscape

    Posted On: 23 OCT 2024 7:01PM by PIB Delhi

    Integration between Public and Private sectors is crucial to future growth, emphasized Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, in a pivotal session during the National Learning Week, jointly organized for all level of employees of all the Science Ministries and Departments.

     

    The Union Minister highlighted how the convergence of public sector requirements, private sector innovations, and government efforts is shaping the next phase of technological advancement in the country. Referring to BharatGen, India’s indigenously developed large language model (LLM), and the growing role of AI in governance, Dr.Jitendra Singh stressed that such collaborative efforts are vital to drive innovation, improve public service delivery, and ensure India remains competitive in the global AI landscape. The Minister noted that harnessing private sector expertise, combined with government initiatives like BharatGen and AI applications, will pave the way for scalable, inclusive, and efficient solutions for the nation’s diverse needs.

    Dr. Jitendra Singh further highlighted that the government’s role in this integration is to create an enabling environment that fosters innovation, supports startups, and ensures that technological advancements align with national priorities. “When public demands meet private sector creativity, and government policies facilitate growth, we can achieve scalable and sustainable solutions that benefit the entire country,” the Minister stated. He praised the ongoing collaboration between the public sector and private enterprises in areas like AI and LLMs, which are vital for India’s competitive edge in the global tech landscape.

    The session also saw participation from Secretary, Ministry of Science and Technology, Abhay Karandikar, Secretary Biotechnology Dr Rajesh Gokhale and Secretary, Ministry of Earth Sciences, Dr.M.Ravindran, who echoed Dr.Jitendra Singh’s views on the need for a united approach to ensure sustainable growth and innovation across sectors.

    BharatGen, an indigenously developed large language model (LLM) tailored for Indian languages, was the focal point of a session organized for employees of the Science Ministries as part of the National Learning Week. The session delved into the practical applications of BharatGen across various sectors, emphasizing its potential to revolutionize public service delivery and enhance citizen engagement. By using India-centric data, BharatGen can generate high-quality text and speech outputs in multiple Indian languages, making it a key tool for promoting digital inclusion in the country.

    Experts highlighted how BharatGen can be applied to sectors such as governance, healthcare, and education, helping bridge linguistic gaps and making digital services accessible to a larger segment of India’s population. The model’s ability to understand and respond in regional languages ensures that AI technology is not limited to English speakers, providing a more personalized experience for users. BharatGen’s applications can range from AI-driven customer support for government services to real-time translations and speech-to-text functionalities.

    One of the key takeaways from the session was BharatGen’s role in promoting India’s technological independence. Unlike global AI models, BharatGen prioritizes Indian languages and cultural contexts, addressing the unique challenges faced by the country. This AI model aligns with the vision of Atmanirbhar Bharat, ensuring that India retains control over its digital resources while empowering startups, industries, and public institutions to build on the BharatGen framework for various innovations.

     

    In a dedicated session on Artificial Intelligence (AI) during National Learning Week, employees from the Science Ministries were introduced to the transformative potential of AI in governance and public service delivery. The session highlighted how AI could be used to improve decision-making processes, streamline administrative tasks, and enhance citizen-centric services. By leveraging AI technologies, government departments can increase efficiency, reduce human error, and create more responsive systems to meet the evolving needs of the public.

    The session emphasized the ethical and responsible use of AI, particularly in safeguarding data privacy and maintaining transparency in government functions. Experts outlined the importance of developing AI frameworks that ensure fairness and accountability, particularly when dealing with sensitive data in sectors such as healthcare and governance. Participants were encouraged to explore AI applications in areas like predictive analysis for policy-making and automating routine tasks to focus on more strategic issues.

    A key highlight of the session was the importance of building AI models suited to India’s unique requirements. By focusing on regional languages and culturally relevant contexts, AI can better serve India’s diverse population. The participants were urged to continuously upgrade their AI skills, ensuring that India remains competitive globally while fostering innovation and inclusivity in public services.

    Concluding the session, Dr. Jitendra Singh reiterated the government’s commitment to strengthening partnerships between the public and private sectors, emphasizing that such collaborations are not just beneficial but necessary for India’s long-term growth. He expressed confidence that with sustained efforts and a shared vision, India will continue to lead in technological advancements that are both inclusive and forward-looking.

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  • MIL-OSI Asia-Pac: AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Source: Government of India (2)

    AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Potential economic impact of AI is immense; AI adoption can generate Rs 33.8 Cr of economic value in country by 2030: Hardeep Puri

    Shri Puri highlights role of AI in Transformation of Energy Sector

    Posted On: 23 OCT 2024 6:09PM by PIB Delhi

    Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme “AI for Energy,” the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. He emphasized that AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.

     

    The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realizing the  Prime Minister’s vision of a “Viksit Bharat” by 2047.

    Focusing on the oil and gas sector, Shri Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

    Shri Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

    In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he said, AI-based prediction of drilling complications and real-time optimization of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs.

    Shri Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

    As an example, he pointed to the modernization of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs. 7,500 crore, enables instant access to seismic and production data, he noted.

    Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

    Shri Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India’s economy by 2030, he said.

    He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.

    The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like “ENRich Labs” for innovation and co-creation with the industry.

    Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and transforming markets.

    Stressing on the oil and gas sector, Shri Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote innovation and growth in the sector.

    The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector. The application period for Avinya’25 opened on 30thSeptember 2024, with a submission deadline of 2ndDecember 2024. Shri Puri urged everyone to actively participate and contribute to the event’s success

    Shri Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals.

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  • MIL-OSI Asia-Pac: Ministry of Social Justice and Empowerment to host a mega cultural event – ‘Aradhana’ – Celebrating Graceful Ageing and the Richness of Indian Traditions

    Source: Government of India

    Ministry of Social Justice and Empowerment to host a mega cultural event – ‘Aradhana’ – Celebrating Graceful Ageing and the Richness of Indian Traditions

    The event to honour and celebrate senior citizens through a series of captivating cultural performances by artists aged over 60 years

    Posted On: 23 OCT 2024 5:23PM by PIB Delhi

    The Ministry of Social Justice and Empowerment (MoSJE) is set to host the mega cultural event ‘Aradhana’, with the theme, ‘Celebrating Graceful Ageing – Life Begins at 60’, on 24th October 2024, at Dr. Ambedkar International Centre (DAIC), New Delhi. Union Minister of State for Social Justice and Empowerment, Shri B. L. Verma would preside over the event as the Chief Guest. Other dignitaries in attendance would include Dr. Aabha Chaudhary, Chairperson, NGO Anugraha and senior officials of the Ministry.

    The event would be focusing on the Ministry’s commitment to the well-being of senior citizens and the promotion of active ageing in India. It would highlight the role that elders play in preserving and passing down the country’s rich artistic heritage. The event would honour and celebrate senior citizens through a series of captivating cultural performances by artists aged 60 years and above.

    Event Highlights:

    • A mesmerizing Odissi dance performance by Guru Ranjana Gauhar, an iconic figure in Indian classical dance.
    • A vocal recital by Pt. Sajan Mishra, one of India’s most respected classical vocalists, known for his soulful renditions.
    • An ensemble of folk-dance performances, showcasing the vibrant and diverse cultural traditions of India.

    ‘Aradhana’ would emphasize the traditional Indian values of the Guru Shishya Parampara, inter-generational solidarity, and the respect and care that senior citizens receive in Indian society. Through this celebration, the Ministry aims to foster a greater understanding of the cultural significance of ageing gracefully and the vital contributions that older adults make in preserving the traditions of art and culture.

    The event would serve as a platform to highlight the critical importance of inter-generational relationships, with a strong emphasis on preserving India’s cultural legacy. Through the performances, the event will promote respect, care, and appreciation for senior citizens as they continue to contribute to society in meaningful ways.

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  • MIL-OSI Asia-Pac: English Translation of Prime Minister’s Remarks at the Open Plenary of the 16th BRICS Summit

    Source: Government of India

    Posted On: 23 OCT 2024 5:22PM by PIB Delhi

    Your Highness,
    Excellencies,

    Ladies and Gentlemen,

    Congratulations to President Putin for the excellent organisation of the 16th BRICS Summit.

    And, once again, a warm welcome to all the new friends who have joined BRICS. In its new avatar, BRICS accounts for 40 per cent of the world’s humanity and about 30 per cent of the global economy.

    In the last nearly two decades, BRICS has achieved many milestones.I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges.

    I would also like to convey warm greetings to Her Excellency Dilma Rousseff, President of the New Development Bank.

    Friends,

    In the last ten years, this bank has emerged as an important option for the development needs of the countries of the Global South.The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. And, development projects worth about USD 35 billion have been sanctioned. NDB should continue to work on the basis of the demand driven principle. And, while expanding the bank, ensuring long-term financial sustainability, healthy credit rating and market access should remain a priority.

    Friends,

    In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars.The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.

    This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.

    I am pleased that the BRICS Startup Forum proposed during India’s presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled work force for Industry 4.0 is quite significant.

    The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India’s successful experience in Digital Health with BRICS partners.

    Friends,

    Climate Change has been a subject of our common priority.

    The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition. Indeed, India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam or a Tree in the name of mother.

    Last year, during COP-28, we started an important initiative called Green Credit.I invite BRICS partners to join these initiatives.

    Special emphasis is being laid on the construction of infrastructure in all BRICS countries.

    We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs.

    We will be happy to share our experiences with all of you.

    Friends,

    We welcome efforts to increase financial integration among BRICS countries.

    Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries.

    Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.

    Friends,

    India is fully committed to increasing cooperation under BRICS.

    Our strong belief in our diversity and multipolarity is our strength. This strength of ours, and our shared belief in humanity, will help in giving a meaningful shape to a prosperous and a bright future for the generations to come.

    I thank everyone for today’s very important and valuable discussions.

    As the next President of BRICS, I extend my heartfelt best wishes to President Lula. India will give its full support for the success of your BRICS presidency.

    Once again, many thanks to President Putin and all the leaders.

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

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  • MIL-OSI Asia-Pac: INDIAN ARMY TO HOST THE SECOND EDITION OF CHANAKYA DEFENCE DIALOGUE: A GLOBAL PLATFORM FOR STRATEGIC INSIGHTS

    Source: Government of India (2)

    Posted On: 23 OCT 2024 5:19PM by PIB Delhi

    The Indian Army is set to host the second edition of its flagship international seminar, the Chanakya Defence Dialogue, on October 24 and 25,, 2024  at the Manekshaw Centre, New Delhi. Themed “Drivers in Nation Building: Fuelling Growth Through Comprehensive Security,” this high-profile event will facilitate vital discussions on integrating security dynamics within national and international policymaking, and aims to craft visionary strategies for sustainable and inclusive growth.

    The two-day event will bring together an exceptional group of policymakers, strategic thinkers, academics, defence personnel, veterans, scientists, and SMEs from India and abroad, with prominent speakers from the United States, Russia, Israel, and Sri Lanka. The dialogue will explore India’s strategic pathways towards Viksit Bharat @2047, focusing on the role of comprehensive security in national development.

    Hon’ble Raksha Mantri Shri Rajnath Singh will inaugurate the event as the Chief Guest, where he will also launch the Indian Army’s Green Initiative 1.0 and Digitisation of IA 1.0. He will deliver a keynote address on ‘India’s Vision for Development and Security,’ underscoring the importance of comprehensive security in achieving Viksit Bharat @2047. General Upendra Dwivedi, Chief of the Army Staff, will also address the audience, highlighting the Indian Army’s significant contributions to nation-building, including initiatives aligned with Atmanirbhar Bharat.

    The Chanakya Defence Dialogue will consist of six expert-led sessions, each focusing on critical aspects of comprehensive security:

    Session 1. Geopolitical Dynamics: Navigating the International Coliseum

    This session will delve into the shifting geopolitical landscape and how nations navigate strategic partnerships while balancing national interests and global objectives. The panel will explore the impact of evolving global power structures on India’s strategic positioning, highlighting the growing importance of alliances and multilateral cooperation in an increasingly polarized world.

    Moderator: Ms Palki Sharma (Network 18)

    Panellists:

    • Ms. Lisa Curtis (Centre for a New American Security)
    • Ms. Carice Witte (SIGNAL Group, Israel)
    • Ambassador Kanwal Sibal (Former Foreign Secretary, Government of India)

    The panel will provide insights into geopolitical shifts, focusing on India’s role in the Indo-Pacific, its relations with key global powers, and the opportunities and challenges these present for India’s national security and development goals.

    Session 2. Economic Development Strategies & National Security Imperatives

    This session will examine how economic development and national security are interconnected, exploring the importance of a resilient economy for maintaining a strong defence posture. Panellists will discuss strategies for integrating economic policies with national security imperatives, and how India can leverage its growing economic strength to enhance its global influence.

    Moderator: Ms. Gaurie Dwivedi (NDTV)

    Panellists:

    • Mr. Asanga Abeyagoonasekera (IMF Technical Advisor)
    • Dr. G S Reddy (Former Scientific Advisor to the Prime Minister)
    • Dr. Sanjeev Sanyal (Member, PM’s Economic Advisory Council)

    Key themes will include leveraging economic reforms, boosting domestic industrial capacities, and aligning economic growth with defence production under the Atmanirbhar Bharat initiative. The session will also explore how economic resilience can act as a deterrent against external threats.

    Session 3. Environmental Sustainability: Balancing Growth with Ecological Concerns

    With growing global focus on climate change, this session will explore the need to balance economic growth with environmental sustainability. It will discuss how India can achieve development goals while ensuring that ecological concerns are addressed, particularly in the context of national security.

    Moderator: Dr. Tara Kartha (Director Research & Academics, CLAWS)

    Panellists:

    • Ms. Elizabeth Threlkeld (Stimson Center, US)
    • Mr. Rushikesh Chavan (Habitats Trust)
    • Lt Gen S A Hasnain (Retd)

    Panellists will discuss how sustainable development can contribute to long-term security by mitigating resource-driven conflicts, enhancing disaster preparedness, and ensuring the well-being of future generations. The session will emphasize the role of the military in ecological preservation, particularly in high-altitude and environmentally sensitive regions.

    Session 4. Social Cohesion and Inclusive Growth: Pillars of a Secure Nation

    This session will focus on the importance of social unity and inclusive growth for national security. The panel will examine how internal security can be strengthened by fostering social cohesion, addressing economic disparities, and promoting inclusive development across all sections of society.

    Moderator: Mr. RR Swain (Former DGP J&K Police)

    Panellists:

    • Dr. Sudhanshu Trivedi (Member of Parliament)
    • Ms. Meenakshi Lekhi (Former MP and Lawyer)
    • Gen V K Singh (Retd) (Former COAS & ex-Minister of State for External Affairs)

    The discussion will highlight the role of law enforcement, legal frameworks, and policy initiatives in promoting internal security, with a focus on integrating marginalized communities into the national fabric. The panellists will offer strategies to merge social cohesion initiatives with internal security policies, fostering a shared national identity and promoting peace and stability.

    Session 5. Blurring Frontiers: The Convergence of Technology & Security

    This session will explore the integration of emerging technologies into national security frameworks. As new technologies such as artificial intelligence, cyber warfare, and unmanned systems revolutionize warfare, the session will discuss how India can stay ahead of the curve while ensuring that technological advancements are deployed ethically and responsibly.

    Moderator: Lt Gen Raj Shukla (Retd)

    Panellists:

    • Dr. Chintan Vaishnav (NITI Aayog)
    • Brig Gen Eran Ortal (SIGNAL Group, Israel)
    • Mr. Dmitry Stefanovich (IMEMO, Russia)

    Panellists will explore the advantages and challenges of integrating AI, robotics, and other emerging technologies into security operations. The session will also address ethical considerations such as privacy, responsible use, and societal alignment, ensuring that technological advances serve national security without compromising civil liberties.

    Session 6. Groundbreakers: Shaping Land Warfare, Reflections for the Indian Army

    This concluding session will focus on the future of land warfare and how the Indian Army can adopt advanced technologies to enhance battlefield readiness. Panellists will examine lessons from global military practices and how India can foster homegrown defence technologies under the Atmanirbhar Bharat initiative.

    Moderator: Vice Admiral A B Singh (Retd)

    Panellists:

    • Dr. Konstantin Bogdanov (IMEMO, Russia)
    • Prof. Amit Gupta (University of Illinois, US)
    • Dr. Patrick Bratton (US Army War College)

    The discussion will explore the evolving nature of land warfare, emphasizing the need for the Indian Army to develop indigenous technological capabilities while leveraging strategic partnerships with global military and industrial leaders. The panel will debate how to balance innovation with operational effectiveness, creating responsible and sustainable military solutions.

    On the second day, Chanakya Defence Dialogue will feature special addresses by Dr. S Somanath, Chairman of ISRO, on the critical significance of India’s expanding space sector, and Ms. Ruchira Kamboj, Former Permanent Representative of India to the UN, who will share insights on India’s evolving position in a multipolar world and the need for strong diplomatic measures to safeguard national interests.

    The dialogue will conclude with a closing address by Lt Gen N S Raja Subramani, Vice Chief of the Army Staff, who will summarize the key takeaways from the event, reaffirming the Indian Army’s commitment to ensuring a secure, prosperous, and Viksit Bharat @2047.

    Through its comprehensive and diverse discussions, the Chanakya Defence Dialogue 2024 will serve as a landmark platform, fostering collaboration among military leaders, policymakers, strategic thinkers, and security specialists from around the world. This event is set to influence India’s strategic direction on national security and development, helping shape a secure and thriving future for the nation.

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  • MIL-OSI Asia-Pac: 150 countries to celebrate ‘Ayurveda Day 2024’ on 29th October

    Source: Government of India (2)

    150 countries to celebrate ‘Ayurveda Day 2024’ on 29th October

    “Ayurveda Innovations for Global Health” gives new dimensions to the contribution of Ayurveda for Humanity: Shri Prataprao Jadhav, MoS(I/C) Ministry of Ayush

    Ayush Digital Initiatives transforming Industry: Secretary, Ministry of Ayush

    Posted On: 23 OCT 2024 4:57PM by PIB Delhi

    The Ministry of Ayush is all set to celebrate 9thAyurveda Day on 29.10.2024. This year more than 150 countries across the globe have geared up for Ayurveda Day that is being celebrated around the theme “Ayurveda Innovations for Global Health”. On this occasion, the ministry of Ayush is going to organize a grand event at the All India Institute of Ayurveda (AIIA), New Delhi .

    Shri Prataprao Jadhav, Union Minister of State, Ayush (I/C), Ministry of Ayush talked about the significance of Ayurveda Day and said, “Ayurveda Day has now become a global movement. We are proud to learn that as many as 150 countries are expected to join Ayurveda Day celebrations 2024. He also highlighted the focus of the Ministry while underlining the theme of Ayurveda Day 2024 and added “The theme of this year’s Ayurveda Day celebrations gives new dimensions to the contribution of Ayurveda to global health. Our aim is to promote Ayurveda globally as a robust system of medicine for the welfare of public. Under this, the All India Institute of Ayurveda has initiated a month-long programme across the country.”

    While highlighting the vision of Ministry, Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush said, “Through the Ayurveda Day celebrations, Ayush focuses on integrating Ayurveda with contemporary science to address critical health issues including non-communicable diseases, mental health, antimicrobial resistance, and geriatric care.”

    Talking about the latest initiatives of the Ministry, he further added, “Ayurveda knowledge is made conveniently accessible to public through digital platforms under the umbrella of Ayush Grid including major initiatives such as Ayurgyan Scheme, Ayush Research Portal, and Namaste Portal.” Currently, Ayurveda is recognized in as many as 24 countries across the globe, while Ayurveda products are exported to over 100 countries”.

    This year’s celebration will witness significant participation from startups and industry, positioning Ayurveda at the heart of global health innovation. Leading Ayurveda experts have expressed their thoughts and hopes for this important event. Ayush professionals are particularly enthusiastic about this year’s celebrations on the theme surrounding innovation in Ayurveda.

    Dr. Manoj Nesari, Advisor, Ministry of Ayush and Director, North Eastern Institute of Ayurveda and Homeopathy (NEIAH), Shillong, said, “The theme ‘Ayurveda Innovation for Global Health’ has been specifically chosen to highlight the huge research work done in Ayurveda to establish the scientific relevance of Ayurveda in promotion of health and treatment of various disease conditions. This also highlights the relevance of Ayurveda for the healthcare of the people across the globe irrespective of their religion, ethnicity, social status and geographical boundaries. The special focus in innovation would attract and inspire our youngsters to indulge in Ayurveda and establish startups. I also see lots of vibration and enthusiasm in the people of North East states and rising acceptance of Ayurveda in all North East states.”

    Dr. Mohan Singh, Director Ayush, Jammu & Kashmir, stated, “Given the theme of this year’s celebrations, we are all excited to be part of the Ayurveda Day 2024 activities. We anticipate an extraordinary confluence of professionals, researchers, and startups, all dedicated to creating a healthier, more sustainable world through the power of Ayurveda.”

    Dr. Sanjeev Sharma, Vice Chancellor of the National Institute of Ayurveda, added, “The commitment and passion of our students and scholars who are preparing for the Ayurveda Day 2024 celebrations is inspiring. This would be an opportunity to explore new dimensions of holistic health, where ancient wisdom combines with modern innovation for global health.”

    Dr. B.J. Patagiri, Director, Institute of Teaching and Research in Ayurveda (ITRA) mentioned, “The participation of students, scholars, and innovators in this year’s celebration is a testament to how tradition and innovation together can revolutionize global health.”

    Ministry of Ayush continues to work toward integrating Ayurveda into the mainstream of global health. Initiatives such as the WHO Global Traditional Medicine Centre (GTMC), Ayushman Bharat Yojana, and the Research Centre for Innovation in Ayurveda Biology are advancing Ayurveda’s role in the global health system. Additionally, the reactivated “I Support Ayurveda” Campaign aims to garner over 250 million votes in support of Ayurveda. Last year’s campaign was a tremendous success, with 160 million votes.

    As the world moves toward Ayurveda Day on 29thOctober 2024, the Ministry of Ayush, its partner institutions, professionals, and Ayurveda enthusiasts around the globe are excited for this unique celebration. Through innovation and collaboration, Ayurveda is poised to offer sustainable solutions for global health and well-being.

    It is to note that the celebration of Ayurveda Day takes place annually on the auspicious occasion of Dhanvantari Jayanti (Dhanteras). Since inception in 2016, Ayurveda Day has gained global significance. This year’s celebrations are filled with energy and enthusiasm, culminating in a closing ceremony on 29th October 2024. Throughout the month, various events and activities are being organised nationwide, highlighting the importance of Ayurveda in health promotion and disease prevention.

    ****

    MV/AKS

    (Release ID: 2067357) Visitor Counter : 85

    MIL OSI Asia Pacific News

  • MIL-OSI USA: North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration

    Source: US State of North Carolina

    Headline: North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration

    North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration
    jejohnson6

    The North Carolina Museum of History is excited to announce the 29th Annual American Indian Heritage Celebration, which will take place on Saturda     y, Nov. 23, from 11 a.m. to 4 p.m. This highly anticipated event brings together members of all eight state-recognized tribes for a vibrant day of performances, demonstrations, and presentations that showcase the artistic, historical, and cultural contributions of American Indians in North Carolina.

    This year’s festival will be held at the North Carolina Museum of Natural Sciences, a temporary venue change due to ongoing renovations at the Museum of History. The renovations will expand and enhance future visitor experiences.

    The festival invites visitors to immerse themselves in the rich and diverse Indigenous heritage of the state. From traditional dance performances and drumming to contemporary discussions on the contributions of American Indians to modern science, art, and culture, the event offers a unique opportunity to learn and celebrate.

    Event highlights include:

    • Virtual Education Day: Students, teachers, and lifelong learners are invited to join a free Virtual Education Day on Friday, Nov. 23, celebrating the richness and diversity of North Carolina’s American Indian community. Attendees can enjoy a variety of presentations, including a live dancing and drumming demonstration.
    • Grand Entry Procession: The celebration kicks off with a ceremonial Grand Entry, where members of the eight state-recognized tribes will process through Bicentennial Plaza. Dressed in traditional regalia, they will perform dances and songs accompanied by the powerful sound of drums and flutes.
    • Cultural Booths and Demonstrations: Throughout the museum, visitors can interact with artists, historians, and cultural practitioners. Demonstrations will range from beadwork and pottery to discussions on the impact of American Indian traditions on North Carolina’s past and present.
    • Hands-on Activities for All Ages: Families and children can engage in traditional games like corncob darts or participate in hands-on activities exploring American Indian crafts and customs.
    • Native-Owned Food Trucks: Savor the flavors of Indigenous cuisine with a visit to the Native-owned food trucks, serving delicious staples like fry bread and other traditional dishes.
    • Artisans and Vendors: Guests are encouraged to browse and purchase authentic, handmade items from Native artists and vendors, including jewelry, pottery, textiles, and more.

    The American Indian Heritage Celebration is a signature event for the museum, providing a space for people of all backgrounds to engage with the enduring legacy and culture of North Carolina’s Indigenous communities. Whether through learning, art, or food, there are endless ways to experience and appreciate the richness of American Indian heritage.

    For more information and to view the full schedule of events, please visit NC-AIHC.com.

    _____________________________________________________________________

    About the N.C. Museum of History

    The North Carolina Museum of History, a Smithsonian Affiliate, fosters a passion for North Carolina history. This museum collects and preserves artifacts of state history and educates the public on the history of the state and the nation through exhibits and educational programs. Admission is free. In 2023, more than 355,000 people visited the museum to see some of the 150,000 artifacts in the museum collection. The Museum of History, within the Division of State History Museums, is part of the N.C. Department of Natural and Cultural Resources.

    About the Smithsonian Affiliations Network

    Since 2006, the North Carolina Museum of History has been a Smithsonian Affiliate, part of a select group of museums and cultural, educational and arts organizations that share Smithsonian resources with the nation. The Smithsonian Affiliations network is a national outreach program that develops long-term collaborative partnerships with museums and other educational and cultural organizations to enrich communities with Smithsonian resources. More information is available at affiliations.si.edu.

    About the North Carolina Department of Natural and Cultural Resources

    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the N.C. Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.

    Oct 23, 2024

    MIL OSI USA News

  • MIL-OSI Europe: Press release – EU budget for 2025 to focus on research, health, education, and climate action

    Source: European Parliament

    Parliament demands an EU budget for 2025 that focuses on improving people’s lives, boosting competitiveness, and addressing current challenges.

    MEPs set the overall level of commitment appropriations for the 2025 draft budget at almost €201 billion, €1.24 billion more than the Commission’s proposal from last June. Parliament wants to boost programmes vital in addressing health challenges, supporting young people, agriculture and rural areas, helping people suffering from natural disasters, boosting climate action, managing migration and security needs, and strengthening EU support for neighbouring regions experiencing geopolitical and humanitarian crises. MEPs restored €1.52  billion in funding cuts proposed by the Council, and set payment appropriations at €153.5 billion.

    Repayment costs for the European Recovery Instrument (EURI)

    The EURI repayment costs, which are twice the amount initially forecast for 2025, should not result in reduced funding for essential programmes, like Erasmus+ or R&D, according to Parliament. MEPs want to reverse cuts made by member states to appropriations dedicated to these areas and to use the new “EURI cascade mechanism” introduced by the revision of the EU’s long-term budget . This mechanism is designed to manage escalating Next Generation EU borrowing costs without affecting key initiatives, maintaining the budget’s flexibility and response capacity.

    Quotes

    Victor Negrescu (S&D, Romania), general rapporteur for the EU budget 2025 (for section III – Commission), said: “Today’s vote is a strong signal of support for a citizen-centred EU budget focused on investments in economic development and improving people’s lives. That is why we are asking for an increase of €110 million for actions in the area of health, an additional €70 million for Erasmus, €42 million to protect our citizens against the effects of natural disasters, an additional €96 million for agriculture, €120 million for humanitarian aid, and €110 million for the Eastern and Southern Neighbourhood.”

    Niclas Herbst (EPP, Germany), rapporteur for the other sections, said: “Cybersecurity is vital for EU institutions and has remained a pressing concern since 2023. Another key priority is ensuring that the institutions have enough staff to fulfil new tasks, like for the implementation of the Artificial Intelligence Act. Additionally, improving the security of European External Action Service buildings, particularly in delegations situated in remote and high-risk areas, is essential. To address this, an increase of €37 million is required.”

    Next steps

    The vote initiates three weeks of “conciliation” talks with the Council, with the aim of reaching a deal for next year’s budget, which then has to be voted on by Parliament and signed by its President.

    Background

    Over 90% of the EU budget funds activities in EU countries and beyond, benefiting citizens, regions, farmers, researchers, students, NGOs, and businesses. Unlike national budgets, the EU budget is primarily aimed at investment, to generate growth and opportunities across the European Union.

    The EU serves 27 countries with a total population of 450 million. With these figures in mind, the annual EU budget is actually relatively small – on average €160-180 billion annually in 2021-27. This is comparable to the national budget of Denmark, which serves 5.6 million people, and is about 30% smaller than the budget of Poland, which serves 38 million people. (Source: Commission)

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Generative AI and large language models (LLMs) – E-002109/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002109/2024
    to the Commission
    Rule 144
    Andreas Schwab (PPE)

    With the emergence of generative AI, which will transform how we live and work, large language models (LLMs) are becoming embedded in all devices, from smartphones to PCs. They enable the devices to speak our language and respond to our requests accordingly.

    • 1.How can we guarantee that EU users will be able to easily choose the LLM on their devices that best corresponds to their local, regional and national language, and that reflects their culture?
    • 2.How can we ensure that there is a level playing field for all LLMs on our devices?

    Submitted: 16.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI: TeraWulf Inc.’s Board of Directors Authorizes $200 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock through December 31, 2025.

    The share repurchase program reflects the Company’s confidence in its business strategy and financial health. TeraWulf intends to repurchase shares using excess cash, prioritizing this initiative after disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions.

    “We have taken decisive steps to strengthen our balance sheet, including fully retiring our debt earlier this year, while making substantial progress in executing our business strategy,” said Paul Prager, Chief Executive Officer of TeraWulf. “These achievements reinforce our confidence in TeraWulf’s long-term vision. With a stronger financial foundation, we are well-positioned to optimize our capital allocation. The Board’s approval of a $200 million share repurchase program over the next year highlights our commitment to creating value for stockholders and driving profitable growth, all while delivering strong returns.”

    When determining the amount of capital to be allocated to share repurchases, TeraWulf will consider various factors, including historical and projected business performance, cash flow, liquidity, and prevailing global economic and market conditions. The Company will also assess the market price of its common stock.

    The timing, method, price, and volume of any share repurchases will be at the Company’s discretion. Purchases may be made through open market transactions, privately negotiated transactions, or through investment banking structures, among other avenues, subject to applicable laws. The Company is not obligated to repurchase a specific number of shares and retains the right to modify, suspend, or discontinue the program at any time.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network

  • MIL-OSI: Goosehead Insurance, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

       Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period –

       Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period

    –   Net Income of $12.6 million versus Net Income of $11.3 million a year ago –

       Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period –

    WESTLAKE, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024
    • Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year period
    • Third quarter net income of $12.6 million improved from net income of $11.3 million a year ago
    • EPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year period
    • Net Income Margin for the third quarter was 16%
    • Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year period
    • Adjusted EBITDA Margin* increased versus the prior-year period to 34%
    • Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billion
    • Policies in Force increased 12% from the prior-year period to approximately 1,636,000
    • Corporate agent headcount of 458 was up 45% compared to the prior-year period
    • Total franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We delivered an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin was 16% and adjusted EBITDA margin expanded to 34%, up from 32% in the year ago quarter. This marked the first time we have generated over $1 billion of premium in a single quarter, with 28% growth over the prior year, a great milestone for the company. We are seeing strong momentum in a number of our key performance indicators that we expect will drive future growth, including franchise productivity, total producer headcount and policy in force growth rates. We have also stabilized our client retention levels in the quarter at 84%, despite continued market challenges. I’m extremely pleased with the tremendous accomplishments of the organization over the past 2 years driven by our exceptional people and industry leading technology. We are well positioned for a strong finish to 2024 and faster growth in 2025 and beyond as we progress to our goal of being the largest distributor of personal lines in the US.”

    Third Quarter 2024 Results
    For the third quarter of 2024, revenues were $78.0 million, an increase of 10% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $73.5 million, a 16% increase from $63.1 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity, increased corporate agent headcount, client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the third quarter.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses for the third quarter of 2024 were $51.9 million, up 7% from $48.6 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in corporate producers, partnership, technology, and service functions. General and administrative expenses, excluding impairment, increased to $15.2 million from $14.8 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $7.1 million for the period, compared to $6.5 million a year ago. Bad debt expense of $0.6 million decreased from $0.8 million a year ago.

    Net income in the third quarter of 2024 was $12.6 million versus net income of $11.3 million a year ago. Earnings per share and Net Income Margin for the third quarter of 2024 were $0.31 and 16%, respectively. Adjusted EPS for the third quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.50 per share. Total Adjusted EBITDA was $26.1 million for the third quarter of 2024 compared to $22.4 million in the prior-year period. Adjusted EBITDA Margin of 34% increased compared to the prior-year period.

    Liquidity and Capital Resources
    As of September 30, 2024, the Company had cash and cash equivalents of $47.5 million. We had an unused line of credit of $74.8 million as of September 30, 2024. Total outstanding term note payable balance was $95.6 million as of September 30, 2024. During the quarter ended September 30, 2024, the Company did not repurchase any shares of Class A common stock. As of September 30, 2024, $36.8 million remains available under the share repurchase authorization.

    2024 Outlook
    The Company is raising its guidance for full year 2024 as follows:

    • Total written premiums placed for 2024 are expected to be between $3.70 billion and $3.82 billion, representing growth of 25% on the low end of the range to 29% on the high end of the range.
    • Total revenues for 2024 are expected to be between $295 million and $310 million, representing growth of 13% on the low end of the range to 19% on the high end of the range.
    • Adjusted EBITDA Margin is expected to expand for the full year 2024.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com;

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Commissions and agency fees   $ 30,942     $ 31,980     $ 88,782     $ 88,637  
    Franchise revenues     46,862       38,729       131,076       108,490  
    Interest income     231       321       725       1,135  
    Total revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits     43,217       39,436       127,898       113,801  
    General and administrative expenses     15,201       14,831       49,236       48,019  
    Bad debts     565       797       2,345       3,352  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Total operating expenses     61,597       57,416       187,293       171,989  
    Income from operations     16,438       13,614       33,290       26,273  
    Other Income:                
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Other income (expense)     544             (5,742 )      
    Income before taxes     14,922       11,997       22,019       21,216  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Net income     12,607       11,273       25,291       18,272  
    Less: net income attributable to non-controlling interests     5,048       4,339       9,720       7,753  
    Net income attributable to Goosehead Insurance, Inc.   $ 7,559     $ 6,934     $ 15,571     $ 10,519  
    Earnings per share:                
    Basic   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Diluted   $ 0.29     $ 0.28     $ 0.58     $ 0.43  
    Weighted average shares of Class A common stock outstanding                
    Basic     24,293       24,124       24,689       23,674  
    Diluted     37,942       24,891       38,269       24,274  
                                     
     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)     38,070       30,040       103,951       80,344  
    New Business Commissions(1)     6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)     6,994       5,910       20,396       17,819  
    Agency Fees(1)     1,989       2,008       6,036       6,642  
    Total Core Revenue     73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,413       2,430       5,288       8,780  
    Interest Income     231       321       725       1,135  
    Total Cost Recovery Revenue     1,644       2,751       6,013       9,915  
    Ancillary Revenue:                
    Contingent Commissions(1)     2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)     385       349       1,440       1,547  
    Total Ancillary Revenue     2,875       5,160       8,808       12,248  
    Total Revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     36,124       32,977       106,816       94,850  
    General and administrative expenses, excluding impairment     15,201       14,831       48,889       44,391  
    Bad debts     565       797       2,345       3,352  
    Total     51,890       48,605       158,050       142,593  
    Adjusted EBITDA     26,145       22,425       62,533       55,669  
    Adjusted EBITDA Margin     34 %     32 %     28 %     28 %
                     
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Depreciation and amortization     (2,614 )     (2,352 )     (7,814 )     (6,817 )
    Tax benefit (expense)     (2,315 )     (724 )     3,272       (2,944 )
    Equity-based compensation     (7,093 )     (6,459 )     (21,082 )     (18,951 )
    Impairment expense                 (347 )     (3,628 )
    Other income (expense)     544             (5,742 )      
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Net Income Margin     16 %     16 %     11 %     9 %
                                     

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except per share amounts)
             
        September 30,   December 31,
        2024   2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 47,544     $ 41,956  
    Restricted cash     2,568       2,091  
    Commissions and agency fees receivable, net     9,679       12,903  
    Receivable from franchisees, net     11,261       9,720  
    Prepaid expenses     5,701       7,889  
    Total current assets     76,753       74,559  
    Receivable from franchisees, net of current portion     3,644       9,269  
    Property and equipment, net of accumulated depreciation     25,369       30,316  
    Right-of-use asset     34,134       38,406  
    Intangible assets, net of accumulated amortization     23,230       17,266  
    Deferred income taxes, net     190,368       181,209  
    Other assets     4,565       3,867  
    Total assets   $ 358,063     $ 354,892  
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 19,259     $ 16,398  
    Premiums payable     2,568       2,091  
    Lease liability     9,297       8,897  
    Contract liabilities     3,337       4,129  
    Note payable     10,063       9,375  
    Liabilities under tax receivable agreement     4,948        
    Total current liabilities     49,472       40,890  
    Lease liability, net of current portion     50,249       57,382  
    Note payable, net of current portion     84,639       67,562  
    Contract liabilities, net of current portion     15,710       22,970  
    Liabilities under tax receivable agreement, net of current portion     155,748       149,302  
    Total liabilities     355,818       338,106  
    Class A common stock, $0.01 par value per share – 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023     244       250  
    Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023     127       130  
    Additional paid in capital     89,005       103,228  
    Accumulated deficit     (31,029 )     (47,056 )
    Total stockholders’ equity     58,347       56,552  
    Non-controlling interests     (56,102 )     (39,766 )
    Total equity     2,245       16,786  
    Total liabilities and equity   $ 358,063     $ 354,892  
                     

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024
      2023
      2024
      2023
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                   
    Core Revenue:              
    Renewal Commissions(1) $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)   38,070       30,040       103,951       80,344  
    New Business Commissions(1)   6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)   6,994       5,910       20,396       17,819  
    Agency Fees(1)   1,989       2,008       6,036       6,642  
    Total Core Revenue   73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,413       2,430       5,288       8,780  
    Interest Income   231       321       725       1,135  
    Total Cost Recovery Revenue   1,644       2,751       6,013       9,915  
    Ancillary Revenue:              
    Contingent Commissions(1)   2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)   385       349       1,440       1,547  
    Total Ancillary Revenue   2,875       5,160       8,808       12,248  
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                                   

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Interest expense     2,060       1,617       5,529       5,057  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Equity-based compensation     7,093       6,459       21,082       18,951  
    Impairment expense                 347       3,628  
    Other (income) expense     (544 )           5,742        
    Adjusted EBITDA   $ 26,145     $ 22,425     $ 62,533     $ 55,669  
    Net Income Margin(1)     16 %     16 %     11 %     9 %
    Adjusted EBITDA Margin(2)     34 %     32 %     28 %     28 %
                                     

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024
      2023
      2024
      2023
    Earnings per share – basic (GAAP)   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Add: equity-based compensation(1)     0.19       0.17       0.56       0.50  
    Add: impairment expense(2)                 0.01       0.10  
    Adjusted EPS (non-GAAP)   $ 0.50     $ 0.46     $ 1.20     $ 1.04  
                                     

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

     
    Goosehead Insurance, Inc.
    Key Performance Indicators
                 
        September 30, 2024   December 31, 2023   September 30, 2023
    Corporate sales agents < 1 year tenured     277       135       132  
    Corporate sales agents > 1 year tenured     181       165       184  
    Operating franchises < 1 year tenured     93       183       254  
    Operating franchises > 1 year tenured     1,023       1,043       1,031  
    Total Franchise Producers     2,093       1,957       2,008  
    QTD Corporate Agent Productivity < 1 Year(1)   $ 15,570     $ 13,789     $ 16,266  
    QTD Corporate Agent Productivity > 1 Year(1)   $ 28,887     $ 25,738     $ 28,963  
    QTD Franchise Productivity < 1 Year(2)   $ 22,303     $ 10,975     $ 9,583  
    QTD Franchise Productivity > 1 Year(2)   $ 29,950     $ 21,103     $ 22,305  
    Policies in Force     1,636,000       1,486,000       1,456,000  
    Client Retention     84 %     86 %     87 %
    Premium Retention     99 %     101 %     102 %
    QTD Written Premium (in thousands)   $ 1,028,736     $ 756,082     $ 802,939  
    Net Promoter Score (“NPS”)     90       92       92  
                             

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network

  • MIL-OSI: NVE Corporation Reports Second-Quarter Results and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    EDEN PRAIRIE, Minn., Oct. 23, 2024 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended September 30, 2024.

    Total revenue for the second quarter of fiscal 2025 decreased 5% to $6.76 million from $7.13 million for the prior-year quarter. The decrease was due to a 14% decrease in product sales partially offset by a 3,950% increase in contract research and development revenue. Net income for the second quarter of fiscal 2025 decreased 15% to $4.03 million, or $0.83 per diluted share, compared to $4.72 million, or $0.98 per share, for the prior-year quarter.

    For the first six months of fiscal 2025, total revenue decreased 15% to $13.5 million from $16.0 million for the first six months of the prior year. The decrease was due to a 20% decrease in product sales partially offset by a 457% increase in contract research and development revenue. Net income decreased 11% to $8.12 million, or $1.68 per diluted share, from $9.13 million, or $1.89 per share, for the first half of fiscal 2024.

    The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 29, 2024, to shareholders of record as of November 4, 2024.

    “We are pleased to report solid earnings for the quarter despite a slow industry recovery,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

    NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

    Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

    ###

    NVE CORPORATION
    STATEMENTS OF INCOME
    QUARTERS ENDED SEPTEMBER 30, 2024 AND 2023
    (unaudited) 
      Quarter Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $    6,104,433       $   7,117,122  
    Contract research and development   654,257       16,154  
    Total revenue   6,758,690       7,133,276  
    Cost of sales   947,254       1,599,866  
    Gross profit   5,811,436       5,533,410  
    Expenses              
    Research and development   847,603       683,208  
    Selling, general, and administrative   568,241       433,785  
    Recovery of credit losses         (202,926 )
    Total expenses   1,415,844       914,067  
    Income from operations   4,395,592       4,619,343  
    Interest income   464,429       512,092  
    Income before taxes   4,860,021       5,131,435  
    Provision for income taxes   833,876       407,869  
    Net income $ 4,026,145     $ 4,723,566  
    Net income per share – basic $ 0.83     $ 0.98  
    Net income per share – diluted $ 0.83     $ 0.98  
    Cash dividends declared per common share $ 1.00     $ 1.00  
    Weighted average shares outstanding              
    Basic   4,833,855       4,833,401  
    Diluted   4,839,291       4,840,770  
    NVE CORPORATION
    STATEMENTS OF INCOME
    SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
     (unaudited)
      Six Months Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $ 12,720,292       $ 15,817,214  
    Contract research and development   821,642       147,476  
    Total revenue   13,541,934       15,964,690  
    Cost of sales   1,922,748       3,679,489  
    Gross profit   11,619,186       12,285,201  
    Expenses              
    Research and development   1,726,131       1,379,200  
    Selling, general, and administrative   1,108,645       908,900  
    Provision for credit losses         9,514  
    Total expenses   2,834,776       2,297,614  
    Income from operations   8,784,410       9,987,587  
    Interest income   958,388       948,618  
    Income before taxes   4,882,777       10,936,205  
    Provision for income taxes   1,619,066       1,808,909  
    Net income $ 8,123,732     $ 9,127,296  
    Net income per share – basic $ 1.68     $ 1.89  
    Net income per share – diluted $ 1.68     $ 1.89  
    Cash dividends declared per common share $ 2.00     $ 2.00  
    Weighted average shares outstanding              
    Basic   4,833,766       4,832,786  
    Diluted   4,839,145       4,840,688  
    NVE CORPORATION
    BALANCE SHEETS
    SEPTEMBER 30 AND MARCH 31, 2024
     
      Sept. 30, 2024   March 31, 2024
    ASSETS
    Current assets
    Cash and cash equivalents $ 3,096,179       $ 10,283,550  
    Marketable securities, short-term
    (amortized cost of $20,002,199 as of September 30, 2024, and $12,283,630 as of March 31, 2024)
      19,836,293       11,917,779  
    Accounts receivable, net of allowance for credit losses of $15,000   2,952,431       3,144,833  
    Inventories   7,417,611       7,158,585  
    Prepaid expenses and other assets   533,233       689,349  
    Total current assets   33,835,747       33,194,096  
    Fixed assets              
    Machinery and equipment    11,626,533       10,501,096  
    Leasehold improvements   1,956,309       1,956,309  
        13,582,842       12,457,405  
    Less accumulated depreciation and amortization    11,560,984       11,403,383  
    Net fixed assets   2,021,858       1,054,022  
    Deferred tax assets   1,518,646       1,453,704  
    Marketable securities, long-term
    (amortized cost of $28,203,595 as of September 30, 2024, and $31,417,890 as of March 31, 2024)
      28,281,803       30,788,301  
    Right-of-use asset – operating lease   219,747       289,910  
    Total assets $  65,877,801     $  66,780,033  
     
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Current liabilities
    Accounts payable $ 170,077     $ 127,154  
    Accrued payroll and other   580,274       729,215  
    Operating lease   181,159       179,372  
    Total current liabilities   931,510       1,035,741  
    Operating lease   88,651       175,775  
    Total liabilities   1,020,161       1,211,516  
                   
    Shareholders’ equity              
    Common stock   48,340       48,337  
    Additional paid-in capital   19,678,425       19,554,812  
    Accumulated other comprehensive income   (68,510 )     (777,637 )
    Retained earnings   45,199,385       46,743,005  
    Total shareholders’ equity   64,857,640       65,568,517  
    Total liabilities and shareholders’ equity $ 65,877,801     $ 66,780,033  

    The MIL Network

  • MIL-OSI: Logan Ridge Finance Corporation Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (Nasdaq: LRFC) (“LRFC,” “Logan Ridge” or the “Company”) to release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, after market close. The Company will host a conference call on Tuesday, November 12, 2024, at 11:00 a.m. ET to discuss these results.

    By Phone: To access the call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 1567736.

    A replay of this conference call will be available shortly after the live call through November 19, 2024.

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

    About Logan Ridge Finance Corporation

    Logan Ridge Finance Corporation (Nasdaq: LRFC) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Logan Ridge invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle market companies. Logan Ridge Finance Corporation is externally managed by Mount Logan Management, LLC, a wholly owned subsidiary of Mount Logan Capital Inc. Both Mount Logan Management, LLC and Mount Logan Capital Inc. are affiliates of BC Partners Advisors L.P.

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

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

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

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

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

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI Video: UN Chief & African Union Commission Chair – Joint Press Conference | United Nations [EN/FR]

    Source: United Nations (Video News)

    Joint press conference by António Guterres, Secretary-General of the United Nations, and Moussa Faki Mahamat, Chairperson of the African Union Commission.

    Secretary-General António Guterres today (21 Oct) in Addis Ababa said, “there is now a consensus from Member States that the Security Council must be reformed, and there is a consensus of all Member States that the key aspect of that reform is to have two African members as permanent members of the Security Council.”

    Guterres, who took part in the 8th African Union–United Nations annual conference said, “Africa faces enormous obstacles to its development” which are “deeply rooted in the colonial legacy.”

    Speaking at a joint press conference after meeting with the African Union Commission Chairperson Moussa Faki Mahamat, he said, “African countries gained independence with their economies and to a certain extent, their societies distorted by the interests of the colonial powers that organized their economies to the benefits of the colonists.”

    The Secretary-General announced that, “we just decided to create the common working group with the Economic Commission for Africa and the African Union Commission to do serious research, to allow to contribute to the creation of an African strategy to bridge the digital divide and the Artificial Intelligence divide, and to overcome all the enormous structural difficulties and impediments that exist today, and to be able to claim the resources that will be necessary for it to be possible.”

    The AU – UN high-level discussions, co-chaired by Faki and the Secretary-General, focused on progress in the implementation of cooperation frameworks between the two organizations, as well as the operationalization of Security Council resolution 2719, which establishes the framework for financing of African Union-led peace support operations through UN assessed contributions.

    Participants also discussed joint action, as well as challenges linked to peace, security, development, human rights and the impact of climate change on the African continent. Discussions also included the implementation of the Pact for the Future.

    The Secretary-General also participated in a ceremony for the inauguration of a renovated Africa Hall. This hall was built for the Organization of African Unity, now the African Union.

    https://www.youtube.com/watch?v=Vp3HafFKwIw

    MIL OSI Video

  • MIL-OSI Video: Reporters Without Borders What happened to the 4 journalists who disappeared after a Russian roundup in Melitopol?

    Source: Reporters Without Borders (RSF) (Video Release)

    #UKRAINE: Imprisonment, forced confessions, slavery…What happened to the 4 journalists who disappeared after a Russian roundup in Melitopol? We investigated and managed to find them

    20 August 2023 marked a turning point in the occupation of Melitopol. At the crack of dawn, at least four journalists and news content creators were escorted away by men in military uniform, as documented by RSF. Then, for weeks, silence…

    In October 2023, their arrest was confirmed by Russian propaganda videos in which the journalists were forced to make false confessions – yet no information on their fate or whereabouts has been released since. Russia is holding these media workers illegally, moving them from prison to prison in conditions that are much closer to enforced disappearance than legitimate detention.

    In this video, discover the way RSF retraced the paths of their imprisonment.

    #russiaukrainewar #russia #telegram #desinformation #propagande #russie #kremlin #poutine #media #journalisme #freespeech #freepress #journalists #journaliste #condemningabuses #reportersindanger #libertédelapresse #journalismisntacrime #fightfortruth #humanrights #freemedia #violence #justicenow #picoftheday #libertedelapresse #rsf

    https://www.youtube.com/watch?v=FslSNlIlfQ4

    MIL OSI Video

  • MIL-OSI USA: Administrator Samantha Power in Phnom Penh, Cambodia

    Source: USAID

    The below is attributable to Spokesperson Benjamin Suarato:

    Today, Administrator Samantha Power was in Phnom Penh for the second day of her visit to Cambodia. She met with Prime Minister Hun Manet at the Peace Palace, where they discussed the U.S. and Cambodia’s shared interest in fostering a deeper bilateral relationship. Noting that her visit marked the first time a USAID Administrator had traveled to Cambodia, Administrator Power recognized the significant progress achieved through collaboration between USAID and the Government of Cambodia in areas such as health, education, and environmental protection. 

    Administrator Power also recognized Cambodia’s achievements on reducing deaths from tuberculosis and malaria. Administrator Power and Prime Minister Manet discussed the importance of the U.S. and Cambodia working together to address the online scam industry, demining and the removal of unexploded ordnance, global health security, reducing lead exposure for children, and other issues of mutual concern. Administrator Power underscored the strong U.S. support around the world and in Cambodia for workers’ rights and civil society, as well as concerns about issues such as closing civic space and press freedoms. 

    Administrator Power met with Yeang Chheang, a medical entomologist who saved countless lives by distributing malaria medication during the deadly Khmer Rouge regime in the mid-1970s, and who subsequently helped rebuild Cambodia’s National Malaria Program. She congratulated Mr. Chheang for receiving the “Unsung Hero” award at the United Nations Climate Change Conference (COP28) in Dubai in December 2023 for his efforts to eliminate malaria and shared her appreciation for his valuable contributions to the U.S. President’s Malaria Initiative (PMI). With U.S. government support through PMI, by 2025 Cambodia is on track to become the first PMI bilateral country to reach malaria elimination.  

    Administrator Power participated in meetings to hear from Cambodians about how the U.S. can best support progress on rights, governance, and rule of law. These meetings included engagements with civil society leaders, as well as other individuals with perspectives on these issues.

    Administrator Power also visited the Mekong River, along with USAID partners, Cambodian government officials, researchers, students, conservationists, and fisherpeople. Traveling by boat down the Tonle Sap River to the confluence with the Mekong River, Administrator Power released endangered fish into the river waters to demonstrate USAID’s support for healthy and thriving inland waterways that promote livelihoods, economic independence, autonomy, and food security. She underscored the U.S. government’s support under the Mekong-U.S. Partnership for autonomy, protecting endangered aquatic marine life, and safeguarding the ecosystem of the Mekong watershed and other natural resources in Cambodia. USAID will continue to support Mekong conservation efforts in Cambodia and their expansion to the broader Mekong sub-region.

    Additionally, Administrator Power met with U.S. Embassy Phnom Penh and USAID/Cambodia staff to celebrate their efforts and achievements to advance the U.S.-Cambodia relationship. To close out her trip, Administrator Power held a press conference and announced more than $50 million in new USAID and U.S. government programs and initiatives to assist farmers, expand the Wonders of the Mekong, support civil society and media, and more.

    MIL OSI USA News

  • MIL-OSI USA: Administrator Samantha Power at a Press Conference in Phnom Penh

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you all. It is great to see everyone this evening. 

    It has been a great pleasure for me to be back in Cambodia for my fourth visit. In previous visits, of course, I have been awed by the majesty and rich culture of Angkor Wat, the incredible power and importance of the Tulsa Lang Genocide Museum, and, of course, the beauty of the Mekong River.

    Being back here and discussing the deepening engagement between our two countries has been very enlightening for me. The partnership of today builds on several decades of investment by USAID in support of the dignity and prosperity of the Cambodian people. 

    I feel, personally, very fortunate to be the first USAID Administrator to visit Cambodia while in this role, and I have taken many notes about the priorities of the Government officials, students, and civil society leaders that I’ve had the chance to engage with.

    Over the past few decades, the Cambodian people have made really remarkable strides to improve health, education, and economic growth. We, in the United States, again, have been able to support these efforts, including with a total of $3 billion in assistance over the past more-than-30 years. 

    We, in these years, supported the efforts of public health heroes like Mr. Yang Chiang, this country’s first entomologist, who I had the honor of meeting today. A man who has dedicated his life to trying to eliminate malaria here in Cambodia, and an individual who has been able to see with so many of you that Cambodia now has marked six straight years without a single death from malaria, and thus, again, is on the cusp of meeting this goal of eliminating malaria in this country.

    We also have supported Cambodia’s education system to get more kids into school. Since 2007, the number of children enrolled in preschool programs has more than doubled, and Cambodia is close, in fact, to achieving universal access to primary education. USAID programs have doubled reading scores among the children that we have worked with, and we are now seeing the Cambodian Government using these same approaches to help even more young people. 

    We worked as well to increase trade between our two countries, and today, the United States is Cambodia’s largest export market. Over the past five years, indeed, Cambodia’s exports to the United States have more than doubled. There is meaningful progress like this to celebrate, and on this trip, I am glad to announce over $50 million in new funding from across the U.S. government to try to build on some of this progress.

    With these funds, we will invest in helping Cambodian farmers connect with markets and adopt new technologies to keep producing plentiful and safe food, even as the climate changes. We will invest in keeping the Cambodian people safe by clearing landmines and other unexploded ordinances, building on decades of efforts to address the dangerous legacies of war. And importantly, we will invest in supporting civil society, labor, and independent media, investments that will not only support Cambodia’s democratic future but its economic future, as well. 

    On this visit, I have met with Cambodians from all walks of life – families fostering kids with disabilities, students and environmentalists, workers who care for some of this country’s most sacred sites, doctors, nurses and community health workers, labor activists, and brave individuals who seek to hold those with power accountable to the principles enshrined in this country’s constitution: democracy, human rights, transparency. 

    There is great potential for the relationship between the United States and Cambodia to grow stronger, and, as is the case in all of our important relationships, there are also concerns, including about unjustified arrests and threats to basic rights. We are following the case of journalist Mech Dara very closely, including some potential developments today. I had a chance to both meet with Dara’s family, and to raise this issue, along with other concerning cases, in my meeting with the Prime Minister today. 

    All of these cases are sensitive, but I will just underscore that we have emphasized our support for finding positive resolutions. More broadly, as I discussed with Prime Minister Hen Mannet earlier today, American and international companies see real opportunity here in Cambodia. But, in order to invest here, they want to see meaningful improvements in the business enabling environment, to tackle corruption, to improve respect for labor rights, and to address the cyber scam operations plaguing Cambodia’s international reputation. 

    Working toward greater transparency, accountability and protection of human rights can unlock extraordinary prosperity for the Cambodian people. That can be the promise of a new generation, and we, in the United States, will be eager partners in working together to achieve it. 

    Thank you so much, and I look forward to taking your questions.

    QUESTION: Thank you. Hi, I’m Prak Chan Thul from Kiripost. So, you said you announced $50 new million for Cambodia. What? What have you heard from the authorities of the Cambodian government that in return of this new aid and what have you – what will you promise in the case of Mech Dara, will he be released? Thank you.

    ADMINISTRATOR POWER: Thank you. I’m not going to comment further on Mech Dara’s case beyond to stress the importance of independent media, of checks and balances, and of the rule of law. 

    With regard to the new investments that have been announced. They range from an additional investment in the prevention of tuberculosis. I was able, yesterday in Siem Reap, to witness a very energetic effort to reach at least some of the Cambodians who have tuberculosis, but often do not know they have TB until it is not only too late for them, but too late for others, given how the disease spreads. So, USAID is partnering with community-based organizations that will reach citizens where they are, not expecting citizens to experience a symptom and then travel a long way to get a diagnosis, but an effort really to make the diagnostic technology more mobile and more readily available. And, this is with an eye to helping Cambodia and Cambodians reach the goal that the government has set to eliminate TB by 2030. So, this is a $4 million investment in a local organization that is driving some of this community based work to get rid of TB. 

    In addition, just to stay in the area of public health, we have announced an additional $1 million to invest in doing a survey for the Cambodian people of blood lead levels. There is significant lead poisoning among children in many developing countries, including Cambodia, but understanding exactly where those elevated levels of lead in the blood are clustered, understanding the sources of lead poisoning is absolutely critical to eliminating lead poisoning going forward. 

    And, this was something – both this and TB and, of course, all of the work we have done together on malaria, were each topics that I had a chance to discuss with the Prime Minister, and sensed a lot of enthusiasm to go forward again with the efforts to eliminate TB, and the effort now to get a handle on precisely what the sources of lead poisoning are so as to embark on a multi-faceted effort to regulate lead and to ensure that Cambodia’s children are no longer exposed to something that can be very harmful to educational attainment, and can ultimately even cause premature death. 

    We also are announcing an investment of an additional $5 million to support workers, civil society, and independent media. And here, let me just note, obviously these are investments in non-governmental actors. But, one of the topics that we discussed at length with the Prime Minister was his broad ambition to attract more foreign investment, to take steps that will ensure that the economy continues to grow and even grows more, and creates jobs for all of the young people who are looking for jobs every year. But, it is really, really important for investors to have confidence in the rule of law, for corruption to be tackled, so that, for example, American companies can feel confident that they can invest here without having to pay bribes or engage in kickbacks, which are illegal in the United States. 

    And so, these investments in civil society, in media, in the dignity of work and workers – all of these are investments as well in Cambodia’s economic development and that broad ambition that so many Cambodians have for their children to enjoy a more prosperous future than they themselves.

    QUESTION: Hi, my name is Danielle Keaton Olson. I’m a freelance journalist based in Phnom Penh, and I was wondering so, Cambodian-based labor rights organization called Central has gotten under fire for receiving foreign funding. The Cambodian government has criticized it for receiving foreign funding. And, of course, there’s been the arrest of our colleague and the U.S. recognized Trafficking-In-Persons report hero, Mech Dera. Are these raising alarms or concerns within USAID at this moment?

    ADMINISTRATOR POWER: Well, I have had the chance on this visit to sit down with individuals from Central and to hear firsthand about the experiences that they have been having, the level of the scrutiny of their operations, and the concerns that they have about being able to continue doing the work that has proven so important for workers rights here in Cambodia. I also had a chance in Siem Reap to meet with individuals who have helped organize, those who actually maintain these cherished tourist sites, and who themselves have organized in order to secure better wages, better working conditions, better hours, et cetera. 

    President Biden is laser-focused on labor rights at home and indeed has shown tremendous initiative and leadership on promoting global labor rights. And so, it was very important in having this visit for us to sit down and dig into just those issues. And, one of the arguments that I made today with the government, and it’s an argument again that U.S. officials are making all around the world, is that labor rights and workers abilities – a worker’s ability and workers’ abilities to advocate for themselves without fear of persecution, is absolutely critical to growing the economy in a manner that expands livelihoods and prosperity for all Cambodians. 

    So, this is not simply an issue of human rights, which it is, it is also absolutely critical that the freedom to organize, the freedom to associate, the freedom to express one’s concerns, be protected. And, I think that is the foundation to an economy that will not only grow but grow in an inclusive manner that benefits ordinary Cambodians and not merely those who have benefited from growth in prior generations.

    QUESTION: Sorry. Has it – just to clarify – Has it raised some concerns about USAID ability to support these values that, in terms of labor rights and independent media, that the U.S. government values?

    ADMINISTRATOR POWER: Well, as I indicated in announcing additional support, you know, when these rights are challenged, it becomes all the more important for USAID to be working in partnership with those who are bravely defending those rights. And so, I actually think it underscores the importance of these investments, and I think that is certainly the message that I heard from the labor organizers that I’ve spoken with over the last few days – is both the resources to support those who are organizing, but also what we call the development diplomacy, you know, raising these – raising with senior government officials, the importance of these rights being protected and respected. And, the United States is not alone in raising these concerns. Obviously, other democracies are intent as well in raising concerns about, again, some of what appear to be the growing pressures on workers and on unions and on labor organizers. 

    QUESTION: Good evening, madam. My name is Hul Reaksmey. I am reporter from Voice of America. My question is, what is your observation about Chinese growing in Cambodia, when you talk about Cambodia effort to improve democracy?

    ADMINISTRATOR POWER: Sorry, just a little bit hard to hear. Maybe just slow down, and I heard the first part, but just the last part of your question?

    QUESTION: Does the Chinese growing influence undermine efforts of Cambodia to improve democracy?

    ADMINISTRATOR POWER: Thank you. Well, one of the things that the United States stresses in the countries where it works around the world is the importance of transparency, a spirit of partnership, the importance of natural resources being protected and preserved. As we just discussed, the importance of civil society and non-governmental actors, holding government accountable, and maybe this is a point I would stress even the most strongly, the importance of the investments we make, strengthening a country’s path to independence, rather than any kind of dependence. And so, one of the things that really stands out for me in terms of the U.S. development model is that we provide our support by-and-large through grants. 

    It’s extremely important to us that when we invest in health programming or education programming or food security efforts, like the USDA program that I’ve announced on this visit; or demining, like the additional $12 million that I announced on this visit, that the Cambodian people understand that these resources are invested in a spirit of partnership. 

    We are listening to our Cambodian partners and trying to mobilize resources in support of their objectives. What we do not want is for Cambodia or the Cambodian people to be somehow indebted to us in a manner that actually impedes this country’s economic development. 

    So, just to give you one statistical example of this. The United States invests about nine dollars in grants for every dollar of loan that the United States provides. The PRC invests about nine dollars in loans for every dollar in grants. And, one of the challenges – and these numbers are lower, I think, than the actual number, but at least that is the ratio, at least – one of the challenges that can saddle future generations with the obligation to repay debt, often at high interest, debt that was incurred long before.

    Again, our goal is for Cambodia to move, once and for all, from aid to trade. We know the capability of the Cambodian people. We see it in the incredible economic growth that this country has enjoyed. We see it in the resilience of the people who have gone through so much over the generations. And, what we seek to do is to be catalytic and responsive to our partners objectives, but the ultimate objective is for a sovereign and independent Cambodia to make its own choices about how to deploy its own resources, including its tremendous human capital.

    QUESTION: Hello, good evening ma’am. And my name is Ko Ratha from the Cambodia-China Times, and we call in Khmer the CC-Times. And, I have some questions for you. I just would like to say, this is very busy trip to Cambodia. And my first question is, how do you think about the development in Cambodia? As you mentioned that this is your fourth trip to Cambodia. And the second one is, why Americans decided to support more aid to Cambodia? And the last one, what is your encouragement in order to use aid in the right way and now the U.S. purpose?

    ADMINISTRATOR POWER: Well, I have only been USAID Administrator now for more than three and a half years, let’s say, but one of the things that is wonderful about visiting Cambodia is to see the way in which previous investments by USAID and really from the American people, have produced such significant results here. 

    I gave the example of the elimination of malaria. The work done to eliminate malaria was done by Cambodians. It’s Cambodia that achieved, is on the verge, I should say, of achieving that very, very significant accomplishment. But USAID has been present over the last several decades in supporting that work. I mentioned in education that USAID has made investments in looking to see what forms of education are having the greatest impact with students. That’s a, you know, relatively small program, but that produced really valuable information, and now the Ministry of Education is using that information to inform its decisions about curriculum. 

    I think these are two really important examples of how this assistance can flow. It starts with respecting the judgment and the priorities of the Cambodian people. One of the things about USAID that is not well known, and even that I was not aware of before I came to USAID, is that three quarters of our staff in the countries in which we work are nationals of the countries in which we work. So, here, of course, that means that the vast majority of our staff here in Cambodia are Cambodians who live in their communities – who listen to their neighbors, who understand the importance of making health progress, and also understand the importance of fighting corruption, and ensuring that political reform and economic development go hand in hand. 

    So, I think that is our posture going forward – as we have been present in the country in some form since just after the Paris Peace Agreements, since 1993-1994 – we have learned a lot, and the people from whom we have learned the most are the Cambodian people. So, I think our presence here is not about, you know, geopolitical competition, it is about advancing the dignity, prosperity, and peace for Cambodians. 

    QUESTION: I wanted to follow up on the aid that was rescinded and then reinstated last year after the election, which the State Department called the Cambodian election last year, neither free nor fair, and then $18 million U.S. aid was withheld. Then that decision was reversed two months later. The U.S. Embassy told Cambodian news at the time that the aid was reinstated to, “encourage the new government to live up to its stated intentions to be more open and democratic.” So, a year later, I just wanted to follow up and ask, do you think it worked?

    ADMINISTRATOR POWER: Well, first, I think it’s important to discuss the aid itself, and I don’t need to repeat what we’ve already discussed here today, but when we invest $12 million in demining, that means fewer kids are going to run into unexploded ordinances. When we invest in moving diagnostic equipment that does X-rays of the lungs, that means fewer people are going to carry TB without knowing it. And, when we invest after COVID-19 and the horrible toll that that took here, not only on human health, but on the economy. When we invest in lab equipment and surveillance to prevent future global health security threats, that’s a really important investment in Cambodia’s health and stability, but also in America’s health. Every investment in global health security that we make internationally ultimately benefits us all, since we are connected. 

    So, I think that there absolutely is an effort to engage the government that has been now in office for 14 months, and to raise concerns about individuals who have, in some cases, exposed challenges in Cambodia that the Cambodian people benefit from seeing exposed like the scamming centers, like corruption, like human rights abuse by police or others. 

    We over this last or really over these last decades, but including with the new government, have made investments in labor organizing, in independent media, in these civil society organizations. At the same time, we have pressed these issues through our development diplomacy. 

    I don’t think that the United States, anywhere in the world, gives up on its efforts to promote human rights, to stress the linkage between economic progress and checks and balances, and again, the protection and promotion of human rights. And, of course, there are issues of concern, just as there were when the pause was put in place. 

    But, our programming resources do not go to the government. They go to non-governmental organizations. They go to the very organizations that, in many cases, are holding government accountable. In health, of course, goes to community based organizations that, yes, work alongside the Ministry of Health, but it is really important to take note that our assistance is to the people of this country, and that assistance, as we examine it, if it is advancing dignity, advancing checks and balances, it’s important to sustain those investments over time. 

    MIL OSI USA News

  • MIL-OSI USA: The United States Announces New Programs and more than $38 Million in Additional Funding for Cambodia

    Source: USAID

    Today in Phnom Penh, Administrator Samantha Power announced new investments and support for the Cambodian people through a range of new and expanded U.S. activities in food security, the environment, civil society, media, and labor. Cambodia remains an essential partner to the United States as we work to achieve a shared vision for a free and open, prosperous, and secure Indo-Pacific region. 

    As part of the U.S. government’s commitment to strengthening agriculture and food systems, Administrator Power highlighted a new Food for Progress award of more than $29 million from the U.S. Department of Agriculture. This funding will help Cambodia improve implementation and development of food safety regulations by improving post-harvest handling of soybean meal, increasing adoption of climate smart technologies, providing training on best food safety practices, and strengthening market linkages. Under the Mekong-US Partnership, USAID will also support new efforts to conserve the rich biodiversity of the lower Mekong River basin, which is home to more than 1,000 species of fish but increasingly threatened by the effects of climate change and infrastructure development. Underscoring the strong U.S. commitment to protecting biodiversity, USAID will extend and expand for the next five years its work with the government and local communities in Cambodia to conserve and sustain the wonders of the Mekong, as well as work with other countries of the lower Basin. 

    In a meeting with members of Cambodian civil society, Administrator Power also announced more than $6 million in new USAID funding for civil society, media, and labor in support of Cambodia’s constitutional commitments to democratic rule, respect for human rights, and support for civil society. Additionally, Administrator Power announced $3 million in funding from the U.S. Department of Labor to increase collaboration and partnerships between and among persons with disabilities. This funding will help address the prevalence of child labor, forced labor, and human trafficking among persons with disabilities and reduce barriers that impede their access to decent work. USAID will also continue to support Cambodian returnees from the United States as they reintegrate into Cambodian society and establish stable, constructive, and independent lives. 

    MIL OSI USA News

  • MIL-OSI: DT Cloud Acquisition Corporation Announces Entering into a Business Combination Agreement with Maius Pharmaceutical

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Oct. 23, 2024 (GLOBE NEWSWIRE) — DT Cloud Acquisition Corporation (Nasdaq: DYCQU, DYCQ, DYCQR) (“DT Cloud” or the “SPAC”), a publicly-traded special purpose acquisition company, and Maius Pharmaceutical Co., Ltd. (“Maius” or the “Company”), a biopharmaceutical R&D company, announced that they had entered into a definitive business combination agreement (the “Business Combination Agreement”) for the merger transactions (the “Business Combination,” and the transactions in connection with the Business Combination collectively, the “Transaction”). As contemplated in the Business Combination Agreement, upon closing of the Transaction, Maius will become a wholly-owned subsidiary of Maius Pharmaceutical Group Co., Ltd., a newly formed holding company (“Pubco”), the securities of which will be listed on The Nasdaq Stock Market LLC (“Nasdaq”).

    Maius is a biopharmaceutical R&D company focusing on innovative formulations and targeted small-molecule chemical drugs. The Company focuses on developing new drugs in three major areas: anticancer drugs, autoimmune medication and anti-infectives. Its core products include small-molecule chemical drug candidates and peptide drug candidates. It has independently established an integrated drug development platform, combining a chemical drug screening system with a drug delivery system.

    Transaction Overview

    Upon consummation of the Business Combination, the outstanding shares of DT Cloud and Maius will be converted into the ordinary shares of Pubco. The Business Combination Agreement provides for an equity value of $250 million for Maius at the time of the closing of the Business Combination.

    The Transaction has been unanimously approved by the boards of directors of both DT Cloud and Maius and is expected to be consummated in the first half of 2025, subject to regulatory approvals, the approvals by the shareholders of DT Cloud and Maius, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement (the “Registration Statement”), of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of Pubco. Upon the closing of the Business Combination, Pubco, the combined company, is expected to operate under the name of “Maius Pharmaceutical Group Co., Ltd.” and with a new trading symbol.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Business Combination Agreement. A more detailed description of the transaction terms and a copy of the definitive Business Combination Agreement will be included in a Current Report on Form 8-K to be filed by DT Cloud with the SEC and will be available on the SEC’s website at www.sec.gov.

    Advisors

    Wilson Sonsini Goodrich & Rosati, Professional Corporation, Ogier (Cayman) LLP and Han Kun Law Offices are serving as legal counsel to DT Cloud. Sichenzia Ross Ference Carmel LLP, Appleby (Cayman) Ltd. and Beijing Yingke Law Firm Shenzhen Office are serving as legal counsel to Maius.

    About Maius

    Maius is a biopharmaceutical R&D company focusing on the research and development of innovative formulations and targeted small-molecule chemical drug candidates. The Company focuses on developing new drugs in three major areas: anticancer drugs, autoimmune medication and anti-infectives. Its core products under development include small-molecule chemical drugs and peptide drugs. It has independently established an integrated drug development platform, combining a chemical drug screening system with a drug delivery system. 

    About DT Cloud Acquisition Corporation

    DT Cloud is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. While DT Cloud may pursue an initial business combination target in any business or industry, it intends to focus its search on industries that complement its management team’s background. DT Cloud is led by Shaoke Li, its Chief Executive Officer, and Guojian Chen, its Chief Financial Officer.

    Forward-looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of the Company, market size and growth opportunities, competitive position and technological and market trends, estimated implied pro forma enterprise value of the combined company following the Mergers (the “Combined Company”), the cash position of the Combined Company following the closing of the Transaction, SPAC and the Company’s ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “predict,” “potential,” “seek,” “future,” “propose,” “continue,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. All forward-looking statements are based upon current estimates and forecasts and reflect the views, assumptions, expectations, and opinions of SPAC and the Company as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to SPAC or the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against SPAC, the Company or others following the announcement of the Transaction, the Business Combination Agreement and other ancillary documents with respect thereto; (3) the amount of redemption requests made by SPAC public shareholders and the inability to complete the Transaction due to the failure to obtain approval of the shareholders of SPAC, to obtain financing to complete the business combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Mergers that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Mergers; (5) the ability to meet stock exchange listing standards following the consummation of the Transaction; (6) the risk that the Transaction disrupts current plans and operations of the Company as a result of the announcement and consummation of the Transaction; (7) the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the business combination; (9) risks associated with changes in applicable laws or regulations and the Company’s international operations; (10) the possibility that the Company or the Combined Company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company’s estimates of expenses and profitability; (12) the Company’s mission, goals and strategies; (13) the Company’s future business development, financial condition and results of operations; (14) expected growth of the global digital trading and investing services industry; (15) expected changes in the Company’s revenues, costs or expenditures; (16) the Company’s expectations regarding demand for and market acceptance of its products and service; (17) the Company’s expectations regarding its relationships with users, customers and third-party business partners; (18) competition in the Company’s industry; (19) relevant government policies and regulations relating to the Company’s industry; (20) general economic and business conditions globally and in jurisdictions where the Company operates; and (21) assumptions underlying or related to any of the foregoing. The foregoing list of factors is not exhaustive. You should carefully consider the risks and uncertainties described in the “Risk Factors” section in the annual report on Form 10-K for the year ended December 31, 2023 of SPAC, and the “Risk Factors” section of the Registration Statement relating to the Transaction which is expected to be filed with the SEC, and other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither SPAC nor the Company presently know or that SPAC or the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. SPAC and the Company assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Additional Information and Where to Find It

    In connection with the Transaction, SPAC and the Company intend to cause the Registration Statement to be filed with the SEC, which will include a proxy statement to be distributed to SPAC’s shareholders in connection with its solicitation for proxies for the vote by SPAC’s shareholders in connection with the Transaction. You are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC when they become available because, among other things, they will contain updates to the financial, industry and other information herein as well as important information about SPAC, the Company and the Transaction. Shareholders of SPAC will be able to obtain a free copy of the proxy statement when filed, as well as other filings containing information about SPAC, the Company and the Transaction, without charge, at the SEC’s website located at www.sec.gov. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination.

    INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

    Participants in the Solicitation

    SPAC, the Company and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from SPAC’s shareholders in connection with the Transaction. You can find information about SPAC’s directors and executive officers and their interest in SPAC can be found in its Annual Report on Form10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 28, 2024. A list of the names of the directors, executive officers, other members of management and employees of SPAC and the Company, as well as information regarding their interests in the Transaction, will be contained in the Registration Statement to be filed with the SEC by the Company. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of SPAC, the Company or the Combined Company, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Contact:

    For investors:

    DT Cloud Acquisition Corporation
    Shaoke Li
    Chief Executive Officer
    30 Orange Street
    London
    United Kingdom, WC2H 7HF
    Email: jack.li@dtcloudspac.com

    Maius Pharmaceutical Co., Ltd.
    Mingfeng Shi
    Chief Executive Officer
    Room 913, Building 1, No. 515 Huanke Road, Pudong New District, Shanghai, China
    Email: maius@maiuspharma.com

    The MIL Network

  • MIL-OSI: South Plains Financial, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income for the third quarter of 2024 was $11.2 million, compared to $11.1 million for the second quarter of 2024 and $13.5 million for the third quarter of 2023.
    • Diluted earnings per share for the third quarter of 2024 was $0.66, compared to $0.66 for the second quarter of 2024 and $0.78 for the third quarter of 2023.
    • Average cost of deposits for the third quarter of 2024 was 247 basis points, compared to 243 basis points for the second quarter of 2024 and 207 basis points for the third quarter of 2023.
    • Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the third quarter of 2023.
    • Nonperforming assets to total assets were 0.59% at September 30, 2024, compared to 0.57% at June 30, 2024 and 0.12% at September 30, 2023.
    • Return on average assets for the third quarter of 2024 was 1.05% annualized, compared to 1.07% annualized for the second quarter of 2024 and 1.27% annualized for the third quarter of 2023.
    • Tangible book value (non-GAAP) per share was $25.75 as of September 30, 2024, compared to $24.15 as of June 30, 2024 and $21.07 as of September 30, 2023.
    • The consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at September 30, 2024 were 17.61%, 13.25%, and 11.76%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I’m pleased with our third quarter results, which I believe demonstrate that the Bank is performing at a high level. We remain well capitalized and focused on managing our loan portfolio as the credit environment continues to normalize. Against this backdrop, we are maintaining our credit discipline and not stretching to chase loan growth. We are also building liquidity as we expect the Federal Reserve to continue reducing their market interest rate to stimulate economic growth looking to the year ahead. Importantly, we are seeing a level of optimism from our customers that we have not seen over the last seven to eight quarters and our new business production pipeline is the strongest that it has been in more than two years. Looking forward, we remain confident in the credit profile of our loan portfolio and are cautiously optimistic that we will see loan growth accelerate in the quarters ahead. Additionally, we are beginning to see deposit cost pressures ease, which we expect will be supportive of our net interest margin as well as continued deposit growth.”

    Results of Operations, Quarter Ended September 30, 2024

    Net Interest Income

    Net interest income was $37.3 million for the third quarter of 2024, compared to $35.9 million for the second quarter of 2024 and $35.7 million for the third quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the third quarter of 2023. The average yield on loans was 6.68% for the third quarter of 2024, compared to 6.60% for the second quarter of 2024 and 6.10% for the third quarter of 2023. The average cost of deposits was 247 basis points for the third quarter of 2024, which is 4 basis points higher than the second quarter of 2024 and 40 basis points higher than the third quarter of 2023.

    Interest income was $61.6 million for the third quarter of 2024, compared to $59.2 million for the second quarter of 2024 and $56.5 million for the third quarter of 2023. Interest income increased $2.4 million in the third quarter of 2024 from the second quarter of 2024, which was primarily comprised of an increase of $934 thousand in loan interest income and an increase of $1.5 million in interest income on other interest-earning assets. The growth in loan interest income was due to a rise of 8 basis points in the yield on loans, partially offset by a decrease in average loans of $12.7 million. The increase in interest income on other interest-earning assets was predominately a result of increased liquidity from growth in deposits and a net decrease in loans during the third quarter. Interest income increased $5.1 million in the third quarter of 2024 compared to the third quarter of 2023. This increase was primarily due to an increase of average loans of $64.2 million and higher market interest rates during the period, resulting in growth of $5.3 million in loan interest income.

    Interest expense was $24.3 million for the third quarter of 2024, compared to $23.3 million for the second quarter of 2024 and $20.8 million for the third quarter of 2023. Interest expense increased $1.0 million compared to the second quarter of 2024 and increased $3.5 million compared to the third quarter of 2023. The $1.0 million increase was primarily as a result of growth in average interest-bearing deposits of $64.4 million. The $3.5 million increase was primarily as a result of growth in average interest-bearing deposits of $111.2 million and a 43 basis point increase in the cost of interest-bearing liabilities.

    Noninterest Income and Noninterest Expense

    Noninterest income was $10.6 million for the third quarter of 2024, compared to $12.7 million for the second quarter of 2024 and $12.3 million for the third quarter of 2023. The decrease from the second quarter of 2024 was primarily due to a decrease of $1.5 million in mortgage banking revenues, mainly from a decrease of $1.4 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value declined in the third quarter of 2024. Additionally, there was a decrease of $750 thousand in bank card services and interchange revenue mainly as a result of incentives received during the second quarter of 2024 and a decrease of $315 thousand in income from investments in Small Business Investment Companies. The decrease in noninterest income for the third quarter of 2024 as compared to the third quarter of 2023 was primarily due to a decrease of $2.7 million in mortgage banking activities revenue mainly from a decline of $2.7 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value declined in the third quarter of 2024. Further, there was approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024, which affected other noninterest income in both period comparisons.

    Noninterest expense was $33.1 million for the third quarter of 2024, compared to $32.6 million for the second quarter of 2024 and $31.5 million for the third quarter of 2023. The $556 thousand increase from the second quarter of 2024 was largely the result of a rise of $226 thousand in net occupancy expenses, primarily from increased utilities, growth of $155 thousand in marketing and development expenses, and smaller increases in other noninterest expenses – including operational and fraud losses, losses on disposal of fixed assets, settlements, and charitable donations. These increases were partially offset by a decrease of $432 thousand in personnel costs as there was an additional $350 thousand in accrued expense in the second quarter related to incentive-based compensation. The increase in noninterest expense for the third quarter of 2024 as compared to the third quarter of 2023 was largely the result of an increase of $274 thousand in IT and data services related to the Company’s cloud project, an increase of $247 thousand in professional services mainly from legal expenses, and smaller increases in other noninterest expenses – including losses on disposal of fixed assets, settlements, and charitable donations.

    Loan Portfolio and Composition

    Loans held for investment were $3.04 billion as of September 30, 2024, compared to $3.09 billion as of June 30, 2024 and $2.99 billion as of September 30, 2023. The $56.9 million, or 1.8%, decrease during the third quarter of 2024 as compared to the second quarter of 2024 occurred primarily as a result of the expected payoff of a $16 million short-term bridge note that was originated in the second quarter of 2024, the early payoff of a $17 million residential land development loan, and an $18 million decrease in consumer auto loans. As of September 30, 2024, loans held for investment increased $43.8 million, or 1.5%, from September 30, 2023, primarily attributable to strong organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.

    Deposits and Borrowings

    Deposits totaled $3.72 billion as of September 30, 2024, compared to $3.62 billion as of June 30, 2024 and $3.62 billion as of September 30, 2023. Deposits increased by $94.8 million, or 2.6%, in the third quarter of 2024 from June 30, 2024. As of September 30, 2024, deposits increased $98.7 million, or 2.7%, from September 30, 2023. Noninterest-bearing deposits were $998.5 million as of September 30, 2024, compared to $951.6 million as of June 30, 2024 and $1.05 billion as of September 30, 2023. Noninterest-bearing deposits represented 26.9% of total deposits as of September 30, 2024. The quarterly change in total deposits was mainly due to organic growth in both noninterest-bearing and interest-bearing deposits. The year-over-year increase in total deposits was primarily the result of organic growth in interest-bearing deposits, given the overall focus in the banking industry on improving liquidity, partially offset by a decline in noninterest-bearing deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the third quarter of 2024 of $495 thousand, compared to $1.8 million in the second quarter of 2024 and a negative provision of $700 thousand in the third quarter of 2023. The provision during the third quarter of 2024 was largely attributable to net charge-off activity, partially offset by decreased loan balances.

    The ratio of allowance for credit losses to loans held for investment was 1.41% as of September 30, 2024, compared to 1.40% as of June 30, 2024 and 1.41% as of September 30, 2023.

    The ratio of nonperforming assets to total assets was 0.59% as of September 30, 2024, compared to 0.57% as of June 30, 2024 and 0.12% as of September 30, 2023. The previously disclosed $20.0 million multi-family property credit, which was placed on nonaccrual status in the second quarter of 2024 after the maturity date was accelerated, was subsequently modified during the third quarter. The modification included more stringent credit metrics. Although the loan remains in nonaccrual status, the loan continues to pay as agreed and is showing improving credit trends. Annualized net charge-offs were 0.11% for the third quarter of 2024, compared to 0.10% for the second quarter of 2024 and 0.05% for the third quarter of 2023.

    Capital

    Book value per share increased to $27.04 at September 30, 2024, compared to $25.45 at June 30, 2024. The change was primarily driven by $8.9 million of net income after dividends paid and an increase in accumulated other comprehensive income (“AOCI”) of $16.6 million. The increase in AOCI was attributed to the after-tax increase in fair value of our available for sale securities, net of fair value hedges, as a result of decreases in long-term market interest rates during the period. Tangible common equity to tangible assets (non-GAAP) increased 33 basis points to 9.77% in the third quarter of 2024.

    Conference Call

    South Plains will host a conference call to discuss its third quarter 2024 financial results today, October 23, 2024, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13749147. The replay will be available until November 6, 2024.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
      investors@city.bank
       

    Source: South Plains Financial, Inc.

     
    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)
     
      As of and for the quarter ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Selected Income Statement Data:                            
    Interest income $ 61,640     $ 59,208     $ 58,727     $ 57,236     $ 56,528  
    Interest expense   24,346       23,320       23,359       22,074       20,839  
    Net interest income   37,294       35,888       35,368       35,162       35,689  
    Provision for credit losses   495       1,775       830       600       (700 )
    Noninterest income   10,635       12,709       11,409       9,146       12,277  
    Noninterest expense   33,128       32,572       31,930       30,597       31,489  
    Income tax expense   3,094       3,116       3,143       2,787       3,683  
    Net income   11,212       11,134       10,874       10,324       13,494  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 0.68     $ 0.68     $ 0.66     $ 0.63     $ 0.80  
    Net earnings, diluted   0.66       0.66       0.64       0.61       0.78  
    Cash dividends declared and paid   0.14       0.14       0.13       0.13       0.13  
    Book value   27.04       25.45       24.87       24.80       22.39  
    Tangible book value (non-GAAP)   25.75       24.15       23.56       23.47       21.07  
    Weighted average shares outstanding, basic   16,386,079       16,425,360       16,429,919       16,443,908       16,842,594  
    Weighted average shares outstanding, dilutive   17,056,959       16,932,077       16,938,857       17,008,892       17,354,182  
    Shares outstanding at end of period   16,386,627       16,424,021       16,431,755       16,417,099       16,600,442  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 471,167     $ 298,006     $ 371,939     $ 330,158     $ 352,424  
    Investment securities   606,889       591,031       599,869       622,762       584,969  
    Total loans held for investment   3,037,375       3,094,273       3,011,799       3,014,153       2,993,563  
    Allowance for credit losses   42,886       43,173       42,174       42,356       42,075  
    Total assets   4,337,659       4,220,936       4,218,993       4,204,793       4,186,440  
    Interest-bearing deposits   2,720,880       2,672,948       2,664,397       2,651,952       2,574,361  
    Noninterest-bearing deposits   998,480       951,565       974,174       974,201       1,046,253  
    Total deposits   3,719,360       3,624,513       3,638,571       3,626,153       3,620,614  
    Borrowings   110,307       110,261       110,214       110,168       122,493  
    Total stockholders’ equity   443,122       417,985       408,712       407,114       371,716  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.05 %     1.07 %     1.04 %     0.99 %     1.27 %
    Return on average equity (annualized)   10.36 %     10.83 %     10.72 %     10.52 %     14.01 %
    Net interest margin (1)   3.65 %     3.63 %     3.56 %     3.52 %     3.52 %
    Yield on loans   6.68 %     6.60 %     6.53 %     6.29 %     6.10 %
    Cost of interest-bearing deposits   3.36 %     3.33 %     3.27 %     3.14 %     2.93 %
    Efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.34 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 24,693     $ 23,452     $ 3,380     $ 5,178     $ 4,783  
    Nonperforming loans to total loans held for investment   0.81 %     0.76 %     0.11 %     0.17 %     0.16 %
    Other real estate owned   973       755       862       912       242  
    Nonperforming assets to total assets   0.59 %     0.57 %     0.10 %     0.14 %     0.12 %
    Allowance for credit losses to total loans held for investment   1.41 %     1.40 %     1.40 %     1.41 %     1.41 %
    Net charge-offs to average loans outstanding (annualized)   0.11 %     0.10 %     0.13 %     0.08 %     0.05 %
                                           
      As of and for the quarter ended
      September 30
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.22 %     9.90 %     9.69 %     9.68 %     8.88 %
    Tangible common equity to tangible assets (non-GAAP)   9.77 %     9.44 %     9.22 %     9.21 %     8.40 %
    Common equity tier 1 to risk-weighted assets   13.25 %     12.61 %     12.67 %     12.41 %     12.19 %
    Tier 1 capital to average assets   11.76 %     11.81 %     11.51 %     11.33 %     11.13 %
    Total capital to risk-weighted assets   17.61 %     16.86 %     17.00 %     16.74 %     16.82 %

    (1)   Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Three Months Ended
      September 30, 2024   September 30, 2023
           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                  
    Loans $ 3,069,900   $ 51,513     6.68 %   $ 3,005,699   $ 46,250     6.10 %
    Debt securities – taxable   524,641     5,300     4.02 %     561,068     5,422     3.83 %
    Debt securities – nontaxable   154,806     1,016     2.61 %     159,577     1,054     2.62 %
    Other interest-bearing assets   336,887     4,032     4.76 %     325,201     4,031     4.92 %
                                       
    Total interest-earning assets   4,086,234     61,861     6.02 %     4,051,545     56,757     5.56 %
    Noninterest-earning assets   172,922                 177,216            
                                       
    Total assets $ 4,259,156               $ 4,228,761            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,247,299     18,143     3.21 %   $ 2,223,014     16,061     2.87 %
    Time deposits   431,307     4,510     4.16 %     344,395     2,904     3.35 %
    Short-term borrowings   3         0.00 %     3         0.00 %
    Notes payable & other long-term borrowings           0.00 %             0.00 %
    Subordinated debt   63,891     835     5.20 %     76,077     1,012     5.28 %
    Junior subordinated deferrable interest debentures   46,393     858     7.36 %     46,393     862     7.37 %
                                       
    Total interest-bearing liabilities   2,788,893     24,346     3.47 %     2,689,882     20,839     3.07 %
    Demand deposits   976,048                 1,071,175            
    Other liabilities   63,661                 85,713            
    Stockholders’ equity   430,554                 381,991            
                                       
    Total liabilities & stockholders’ equity $ 4,259,156               $ 4,228,761            
                                       
    Net interest income       $ 37,515               $ 35,918      
    Net interest margin (2)               3.65 %                 3.52 %
                                           

    (1)   Average loan balances include nonaccrual loans and loans held for sale.
    (2)   Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
                           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                  
    Loans $ 3,055,679   $ 151,031     6.60 %   $ 2,892,887   $ 128,724     5.95 %
    Debt securities – taxable   537,425     16,096     4.00 %     574,159     16,027     3.73 %
    Debt securities – nontaxable   155,489     3,062     2.63 %     194,492     3,870     2.66 %
    Other interest-bearing assets   287,192     10,052     4.68 %     212,384     7,010     4.41 %
                                       
    Total interest-earning assets   4,035,785     180,241     5.97 %     3,873,922     155,631     5.37 %
    Noninterest-earning assets   176,230                 183,149            
                                       
    Total assets $ 4,212,015               $ 4,057,071            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,251,569     53,792     3.19 %   $ 2,090,250     38,529     2.46 %
    Time deposits   399,646     12,153     4.06 %     309,250     6,239     2.70 %
    Short-term borrowings   3         0.00 %     111     5     6.02 %
    Notes payable & other long-term borrowings           0.00 %             0.00 %
    Subordinated debt   63,845     2,505     5.24 %     76,031     3,037     5.34 %
    Junior subordinated deferrable interest debentures   46,393     2,575     7.41 %     46,393     2,402     6.92 %
                                       
    Total interest-bearing liabilities   2,761,456     71,025     3.44 %     2,522,035     50,212     2.66 %
    Demand deposits   964,829                 1,085,345            
    Other liabilities   68,458                 74,865            
    Stockholders’ equity   417,272                 374,826            
                                       
    Total liabilities & stockholders’ equity $ 4,212,015               $ 4,057,071            
                                       
    Net interest income       $ 109,216               $ 105,419      
    Net interest margin (2)               3.61 %                 3.64 %
                                           

    (1)   Average loan balances include nonaccrual loans and loans held for sale.
    (2)   Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Assets          
    Cash and due from banks $ 60,863     $ 62,821  
    Interest-bearing deposits in banks   410,304       267,337  
    Securities available for sale   606,889       622,762  
    Loans held for sale   11,389       14,499  
    Loans held for investment   3,037,375       3,014,153  
    Less:  Allowance for credit losses   (42,886 )     (42,356 )
    Net loans held for investment   2,994,489       2,971,797  
    Premises and equipment, net   53,323       55,070  
    Goodwill   19,315       19,315  
    Intangible assets   1,882       2,429  
    Mortgage servicing rights   24,573       26,569  
    Other assets   154,632       162,194  
    Total assets $ 4,337,659     $ 4,204,793  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 998,480     $ 974,201  
    Interest-bearing deposits   2,720,880       2,651,952  
    Total deposits   3,719,360       3,626,153  
    Subordinated debt   63,914       63,775  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   64,870       61,358  
    Total liabilities   3,894,537       3,797,679  
    Stockholders’ Equity          
    Common stock   16,386       16,417  
    Additional paid-in capital   97,367       97,107  
    Retained earnings   371,782       345,264  
    Accumulated other comprehensive income (loss)   (42,413 )     (51,674 )
    Total stockholders’ equity   443,122       407,114  
    Total liabilities and stockholders’ equity $ 4,337,659     $ 4,204,793  
     
    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended   Nine Months Ended
      September 30,
    2024
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
                           
    Interest income:                      
    Loans, including fees $ 51,505   $ 46,242     $ 151,008   $ 128,703
    Other   10,135     10,286       28,567     26,094
    Total interest income   61,640     56,528       179,575     154,797
    Interest expense:                      
    Deposits   22,653     18,965       65,945     44,768
    Subordinated debt   835     1,012       2,505     3,037
    Junior subordinated deferrable interest debentures   858     862       2,575     2,402
    Other                 5
    Total interest expense   24,346     20,839       71,025     50,212
    Net interest income   37,294     35,689       108,550     104,585
    Provision for credit losses   495     (700 )     3,100     4,010
    Net interest income after provision for credit losses   36,799     36,389       105,450     100,575
    Noninterest income:                      
    Service charges on deposits   2,023     1,840       5,785     5,286
    Income from insurance activities   28     30       92     1,478
    Mortgage banking activities   1,890     4,602       9,232     12,146
    Bank card services and interchange fees   3,302     3,157       10,415     10,156
    Gain on sale of subsidiary       290           33,778
    Other   3,392     2,358       9,229     7,236
    Total noninterest income   10,635     12,277       34,753     70,080
    Noninterest expense:                      
    Salaries and employee benefits   18,767     18,709       56,954     61,400
    Net occupancy expense   4,255     4,111       12,204     12,246
    Professional services   1,807     1,560       5,028     4,924
    Marketing and development   1,015     853       2,629     2,573
    Other   7,284     6,256       20,815     23,206
    Total noninterest expense   33,128     31,489       97,630     104,349
    Income before income taxes   14,306     17,177       42,573     66,306
    Income tax expense   3,094     3,683       9,353     13,885
    Net income $ 11,212   $ 13,494     $ 33,220   $ 52,421
     
    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Loans:          
    Commercial Real Estate $ 1,120,448   $ 1,081,056
    Commercial – Specialized   406,255     372,376
    Commercial – General   526,448     517,361
    Consumer:          
    1-4 Family Residential   562,401     534,731
    Auto Loans   253,509     305,271
    Other Consumer   65,789     74,168
    Construction   102,525     129,190
    Total loans held for investment $ 3,037,375   $ 3,014,153
     
    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Deposits:          
    Noninterest-bearing deposits $ 998,480   $ 974,201
    NOW & other transaction accounts   496,176     562,066
    MMDA & other savings   1,780,337     1,722,170
    Time deposits   444,367     367,716
    Total deposits $ 3,719,360   $ 3,626,153
     
    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)
     
      For the quarter ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Pre-tax, pre-provision income                                    
    Net income $ 11,212     $ 11,134     $ 10,874     $ 10,324     $ 13,494  
    Income tax expense   3,094       3,116       3,143       2,787       3,683  
    Provision for credit losses   495       1,775       830       600       (700 )
    Pre-tax, pre-provision income $ 14,801     $ 16,025     $ 14,847     $ 13,711     $ 16,477  
    Efficiency Ratio                            
    Noninterest expense $ 33,128     $ 32,572     $ 31,930     $ 30,597     $ 31,489  
                                 
    Net interest income   37,294       35,888       35,368       35,162       35,689  
    Tax equivalent yield adjustment   221       223       223       225       229  
    Noninterest income   10,635       12,709       11,409       9,146       12,277  
    Total income   48,150       48,820       47,000       44,533       48,195  
                                 
    Efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.34 %
                                 
    Noninterest expense $ 33,128     $ 32,572     $ 31,930     $ 30,597     $ 31,489  
    Less: Subsidiary transaction and related expenses                            
    Less:  net loss on sale of securities                            
    Adjusted noninterest expense   33,128       32,572       31,930       30,597       31,489  
                                 
    Total income   48,150       48,820       47,000       44,533       48,195  
    Less:  gain on sale of subsidiary                           (290 )
    Adjusted total income   48,150       48,820       47,000       44,533       47,905  
                                 
    Adjusted efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.73 %
      As of
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Tangible common equity                            
    Total common stockholders’ equity $ 443,122     $ 417,985     $ 408,712     $ 407,114     $ 371,716  
    Less:  goodwill and other intangibles   (21,197 )     (21,379 )     (21,562 )     (21,744 )     (21,936 )
                                 
    Tangible common equity $ 421,925     $ 396,606     $ 387,150     $ 385,370     $ 349,780  
                                 
    Tangible assets                            
    Total assets $ 4,337,659     $ 4,220,936     $ 4,218,993     $ 4,204,793     $ 4,186,440  
    Less:  goodwill and other intangibles   (21,197 )     (21,379 )     (21,562 )     (21,744 )     (21,936 )
                                 
    Tangible assets $ 4,316,462     $ 4,199,557     $ 4,197,431     $ 4,183,049     $ 4,164,504  
                                 
    Shares outstanding   16,386,627       16,424,021       16,431,755       16,417,099       16,600,442  
                                 
    Total stockholders’ equity to total assets   10.22 %     9.90 %     9.69 %     9.68 %     8.88 %
    Tangible common equity to tangible assets   9.77 %     9.44 %     9.22 %     9.21 %     8.40 %
    Book value per share $ 27.04     $ 25.45     $ 24.87     $ 24.80     $ 22.39  
    Tangible book value per share $ 25.75     $ 24.15     $ 23.56     $ 23.47     $ 21.07  

    The MIL Network

  • MIL-OSI: Origin Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., Oct. 23, 2024 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin”), the holding company for Origin Bank, today announced that on October 23, 2024, its board of directors declared a quarterly cash dividend of $0.15 per share of its common stock. The cash dividend will be paid on November 29, 2024, to stockholders of record as of the close of business on November 15, 2024.

    About Origin Bancorp, Inc.

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 60 locations from Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Forward-Looking Statements

    When used in filings by Origin Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” or variations of such terms are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Factors that might cause such a difference include among other things: the expected payment date of its quarterly cash dividend; changes in economic conditions; other legislative changes generally; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; competition; and changes in management’s business strategies and other factors set forth in the Company’s filings with the SEC.

    The Company does not undertake and specifically declines any obligation – to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Contact Information
    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    The MIL Network

  • MIL-OSI China: New ‘Boonie Bears’ film takes fans to the future for Chinese New Year

    Source: China State Council Information Office 3

    “Boonie Bears,” an enduring animated franchise featuring the titular sibling bears, is set to return to the domestic film market next week with its 11th installment, “Boonie Bears: Future Reborn.”

    The creative team poses for a photo with the audience at the premiere of “Boonie Bears: Future Reborn” in Beijing on Jan. 22, 2025. [Photo courtesy of Fantawild Animation]

    The new film carries forward the franchise’s recent venture into sci-fi storytelling, exploring themes of time travel and dystopia. The story centers on Vick the logger, alongside Xiao Liang, a teenager thrust from the future into an unexpected adventure. Joined by the lovable bears Briar and Bramble, they find themselves a century in the future, where Earth is overrun by monstrous mutant spore plants. Together, they must find and defeat the villain threatening the plaet’s safety.

    Opening on Jan. 29, the first day of the Chinese New Year, this film serves as the finale for the franchise’s sci-fi subseries, which includes five installments. “We have explored themes of artificial intelligence, aerospace, and multiverse timelines. The decision to choose an apocalyptic theme for this new installment reflects our perspective on reality,” said Shang Linlin, the film’s chief producer and executive president of Fantawild Animation, during the premiere in Beijing on Jan. 22.

    Shang continued: “In recent years, many people have likely felt a sense of powerlessness and confusion, feeling as if we, as individuals, are insignificant. Despite this, I believe we all yearn for hope and light. By setting this story 100 years in the future during a time of disaster, we show that even in the face of great difficulties, hope endures. With the arrival of the Chinese New Year, we hope the film will bring joy and warmth to everyone and inspire us to embrace a beautiful life in the new year, encouraging us to forge an even better future.”

    Shang added that these sci-fi titles are designed to spark imagination and creativity in both children and adults, encouraging innovation and paving the way for the future.”

    Director Lin Yongchang explained that in an effort to transcend the usual monotonous and bleak depictions of dystopia, the creative team crafted a vivid and colorful world for the film, emphasizing their goal to make it a joyful experience for families. In portraying Vick the logger, they aim to showcase the character’s growth, demonstrating how an ordinary person can overcome difficulties and confront challenges.

    “He represents everyone around us, which aligns perfectly with our storyline, especially when he asks, ‘Can I be brave again?’” Lin said. “I hope his change of heart and newfound bravery can inspire courage and hope in those facing hardships.”

    Shang also underscored the film’s focus on environmental issues, highlighting the urgent message it conveys. “We are witnessing increasingly frequent extreme weather and an alarming rise in global temperatures. The Antarctic glaciers are melting. If we continue to ignore these signs, we cannot guarantee what the world will look like in 100 years. Every decision we make today, whether good or bad, will impact future generations,” she said.

    Lin further noted the incorporation of Chinese cultural elements throughout the film, emphasizing the importance of familial bonds. “Our ‘Boonie Bears’ films carry the responsibility of telling great Chinese stories and showcasing our culture to the world,” he said. The new installment will also be released internationally, although specific dates have not yet been announced.

    A poster for “Boonie Bears: Future Reborn.” [Image courtesy of Fantawild Animation]

    In just over a decade, the ambitious film franchise launched in 2013 has grown from a budding concept into a major player, shifting from child-focused animal animation to action-packed family entertainment.

    The first 10 theatrical releases have collectively grossed over 7.7 billion yuan ($1.06 billion), with last year’s “Boonie Bears: Time Twist” earning a remarkable 1.98 billion yuan, making it the highest-grossing installment to date. The franchise also includes 19 animated series, spanning about 2,000 episodes, which have been exported to more than 130 countries and broadcast on over 300 TV networks and platforms in multiple languages.

    MIL OSI China News

  • MIL-OSI Security: Multi-Domain Effects Cell Enhances I Corps Combat Power

    Source: United States INDO PACIFIC COMMAND

    The I Corps Multi-Domain Effects Cell (MDEC) has served as a critical force multiplier, integrating kinetic and non-kinetic capabilities across multiple domains to achieve the commander’s objectives during training for Large Scale Combat Operations.

    “The Multi-Domain Effects Cell represents a significant evolution in how we approach modern warfare,” said Col. Melan Salas, I Corps G39 Information Warfare Directorate. “By bringing together subject matter experts from kinetic and non-kinetic disciplines, I Corps created a sophisticated capability to synchronize effects across all domains. What makes this team unique is their ability to engage in detailed technical discussions that translate directly into actionable solutions for our Corps Commander.”

    During the recent Warfighter 25-02 exercise, the MDEC team comprised of representatives from the Joint Force, including the Air Force, Navy, 5th Battlefield Coordination Detachment, 3rd Multi-Domain Task Force, 1st Special Forces Group (Airborne), and ARCYBER’s 11th Cyber Warfare Battalion. Additional expertise comes from the 12th PSYOP Battalion, 56th Theater Information Operations Group, and organic Corps elements, including the I Corps’ Future Operations cell, the 17th Field Artillery Brigade, the 16th Combat Aviation Brigade, the 201st Expeditionary Military Intelligence Brigade and staff representatives from Space, Information Operations, Cyber and Electromagnetic Activities.

    “The MDEC is critical to the Corps’ synchronization of national-level, joint, multinational and organic capabilities during large scale combat operations,” said Brig. Gen. Bernard Harrington, Deputy Commanding General for I Corps. “The MDEC’s capacity to align opportunities within our areas of operations and interest with the commander’s intent demonstrated the agility required in today’s complex battlefield environment. By integrating capabilities from our joint task force partners, special operations forces, space, cyber, and information warfare units, we aim to deliver precise, coordinated effects at the time and place of our choosing.”

    The cell’s innovative approach goes beyond simply layering effects. By synchronizing Joint Task Force All Domain Combat Power Pulse windows with Corps Convergence windows, the MDEC ensured both kinetic and non-kinetic effects support the commander’s priorities. This methodology allowed for rapid adaptation to changing battlefield conditions while maintaining focus on corps-level objectives. This convergence methodology aligned closely with Air Defense Command and Control Plan 2 (ADCP2) objectives, providing complementary capabilities that enhanced overall force protection and battlefield awareness.

    During the recent I Corps Warfighter 25-02 Exercise, the MDEC analyzed enemy tactics, techniques, and procedures (TTPs) pertaining to Army command-and-control nodes, unmanned aerial vehicles integrated air defense threat networks, and lines of communications. Following this analysis, the MDEC rapidly developed cross-domain defeat mechanisms to counter these threats. Furthermore, the MDEC disseminated these TTPs to divisions and separate brigades for proliferation and transitioned solutions to the Corps Current Operations section for repeated application.

    The MDEC’s integration efforts extend to supporting logistics operations, particularly in conjunction with the U.S. Air Force’s Agile Combat Employment (ACE). Army logistics elements serve as a critical enabler for ACE operations, providing robust sustainment capabilities that complement the U.S. Air Force’s distributed operations concept. This mutually supporting relationship ensures sustained combat power across dispersed locations while maintaining operational flexibility for the joint force.

    Over the past year, I Corps experimented with the Multi-Domain Effects Cell concept while participating in U.S. Army Pacific’s Operation Pathways exercises. These exercises provided valuable opportunities to validate the cell’s effectiveness in coordinating multi-domain effects with multinational partners across the Indo-Pacific region. Through careful analysis and coordination, the MDEC continuously identifies opportunities and assesses risks within the I Corps’ area of operations and areas of interest. This comprehensive approach enables the team to provide agile, tailored solutions that maximize combat effectiveness across all domains.

    Moving forward, I Corps continues to strengthen interoperability and generate readiness through Operation Pathways exercises as part of the U.S. Army’s ongoing presence and unwavering commitment to allies and partners in the Indo-Pacific region.

    MIL Security OSI

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum ③ Galaxy AI: Redefining the Mobile Experience Paradigm

    Source: Samsung

    Samsung hosted the Galaxy Tech Forums on January 23 in San Jose, California. The panels provided an in-depth exploration of Samsung’s AI innovations and the challenges they address across four key areas — Sustainability, Health AI, Galaxy AI and Home AI. During the Galaxy AI session, experts examined the potential of AI agents and their role in shaping the future.
     
     
    Samsung Electronics unveiled the Galaxy S25 series at Galaxy Unpacked 2025, marking the beginning of the next era of mobile AI.
     
    To explore the latest flagship smartphones and the transformative potential of AI agents, Samsung Newsroom joined the third Galaxy Tech Forum session, titled “True AI Companion: Impact on Life and What’s Next.”
     
    ▲ (From left to right) Bob O’Donnell, Sameer Samat, Jay Kim, Christopher Patrick and Dr. Chris Brauer
     
     
    More Natural, Intuitive and User-Friendly Mobile AI
    The session kicked off with welcome remarks from Jay Kim, Executive Vice President and Head of Customer Experience Office, Mobile eXperience Business at Samsung Electronics.
     
    “Yesterday was a very exciting day for us as we launched the Galaxy S25. It’s another big step forward in the AI era,” Kim said. “We’re very excited to be here with our partners today, especially (excited) to talk about everything we did together to launch the Galaxy S25 series.”
     
    ▲ Jay Kim from Samsung Electronics
     
    Moderator Bob O’Donnell, President and Founder of TECHnalysis Research, posed questions to the panelists about the benefits the Galaxy S25 series will bring to users, as well as the barriers blocking certain consumers from using mobile AI.
     
    “AI should make users’ lives better. We study consumer habits, constantly trying to gain a better understanding of our customers,” Kim said. “Ultimately, what we’re trying to do is minimize how much effort it takes to input while maximizing the output. To do that, we look at what consumers do on their phones, define the potential use cases alongside our partners, and put it all together in our devices for the best possible consumer experience.”
     
    ▲The Galaxy Tech Forum discussion on Galaxy AI
     
    “Multimodality can help people become more efficient while AI agents can help people become more productive,” Kim continued. He also highlighted Samsung’s commitment to openly collaborating with its partners to drive progress forward and expressed his excitement for the possibilities AI innovations will bring as part of a new chapter in mobile technology.
     
     
    Expanding the Galaxy AI Ecosystem Through Open Collaboration
    During the session, Samsung offered an inside look at the work done in partnership with Google and Qualcomm to perfect the Galaxy S25 series’ AI innovations.
     
    “Even though the benefit value of mobile AI is really high, it’s of no use if you can’t access it. We had to look at what was already part of the consumer experience and contemplate how we could enhance those experiences in a way that would bring real benefits, but still be easy enough to access,” Kim explained. He noted that close collaboration was essential, particularly in integrating Google’s Gemini intelligence and Qualcomm’s on-device processing capabilities.
     
    ▲ Sameer Samat from Google
     
    “Truly helpful AI must fit naturally into our daily lives. AI is a tool and not an end in itself, and what matters to consumers the most is how helpful AI can be for them,” said Sameer Samat, President of Android Ecosystem at Google. “LLMs represent a massive leap in how computers understand human language. Now, you can speak in completely natural language, removing any friction from the overall experience.”
     
    “With Galaxy S25, I’m optimistic that people will quickly adapt to using an AI agent to help them get things done in very natural ways.”
     
    ▲ Christopher Patrick from Qualcomm
     
    Key drivers of multimodal AI capabilities, like Qualcomm’s Snapdragon 8 Elite chipset, were also highlighted, showcasing technology that simultaneously processes multiple forms of information, including voice, images and text.
     
    “The Galaxy S25 series is going to be a completely new experience. You’ll be able to engage with your personalized AI assistant like never before; it doesn’t just feel like interacting with a real person, it perceives your environment and can interact with content shown on your camera,” said Christopher Patrick, Senior Vice President and General Manager for Mobile Handsets at Qualcomm. “Our collaboration with Samsung to customize the chipset to make these new capabilities feel seamless is something I’m really proud of.”
     
     
    Breaking Barriers: Mobile AI’s Role in Enhancing Quality of Life
    During the session, Samsung also presented the findings of a global study conducted in partnership with London-based research firm, Symmetry, that examined the link between mobile AI use and quality of life. The speakers delved into the study’s key implications and offered valuable insights.
     
    ▲ Dr. Chris Brauer from Goldsmiths, University of London, and Symmetry
     
    “The rate of AI innovation is astounding, but what struck me about the research we did with Samsung was that the rate of mobile AI adoption is also rising at a rapid rate,” said Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies at Goldsmiths, University of London, and Chief Innovation Officer at Symmetry. “Frequent consumer use of mobile AI globally has nearly doubled in just six months, jumping from 16% in July to 27% in January.” Dr. Brauer also outlined key findings concerning certain barriers to entry the research found around mobile AI.
     
    “We found a really interesting theme among those less willing to adopt the technology: doubt,” Dr. Brauer said. “Doubt in AI’s ability to bring meaningful benefits to everyday life (56%), doubt and a lack of high confidence to use AI to its full potential (85%) and doubt around privacy and whether AI can be trusted (90%). There’s immense potential with this technology, but what’s also clear are the very real barriers that must be addressed responsibly for wider adoption to take place.”
     
    ▲ The Galaxy AI discussion session at the Galaxy Tech Forums
     
    The Galaxy AI session concluded with the panelists agreeing that mobile AI innovation is set to revolutionize every aspect of modern life. As representatives of the fast-moving industry, they also vowed to develop related technologies in a responsible manner beneficial to all of humanity.

    MIL OSI Economics

  • MIL-OSI Economics: [Video] [Galaxy Unpacked 2025] A Day Powered by Galaxy AI: Exploring San Jose With the Galaxy S25 Ultra

    Source: Samsung

    What if you spent an entire day relying solely on the AI capabilities of the Galaxy S25 Ultra? K, a professional on a business trip to San Jose, California, decided to put this to the test.
     
    On January 22, the day of Galaxy Unpacked 2025, K set out across San Jose with the Galaxy S25 Ultra in her hand. She began her journey with the Now Brief feature, which provided her with real-time weather and schedule updates as she headed to the SAP Center, where Unpacked was held. After finishing her work there, K quickly located a nearby restaurant using voice commands and placed an order in the local language with ease.
     
    Throughout the day, K captured the vibrant sights of San Jose with her mobile AI companion. Using the device’s Galaxy AI-powered editing tools and Audio Eraser feature, she polished her photos and videos, removing unwanted objects and noise in the backgrounds to create professional-grade content.
     
    Catch all the highlights of K’s AI adventure with the Galaxy S25 Ultra in the vlog below.
     

    MIL OSI Economics

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum ② Health AI: Integrated Wellness Solutions for Smarter Health Management

    Source: Samsung

    Samsung hosted the Galaxy Tech Forums on January 23 in San Jose, California. The panels provided an in-depth exploration of Samsung’s AI innovations and the challenges they address across four key areas — Sustainability, Health AI, Galaxy AI and Home AI. During the Health AI session, experts shared insights into how AI technologies are shaping the future of daily health management.
     
     
    Samsung Electronics is leveraging AI technology to enhance its comprehensive health solutions, delivering more meaningful and personalized health experiences.
     
    To understand how Samsung’s AI ecosystem is poised to transform the future of wellness, Samsung Newsroom observed the second Tech Forum session, titled “The Role of Technology for a Healthier Life.”
     
    ▲ (From left to right) Dr. Vanessa Hill, Dr. Hon Pak, Dr. Patrick O’Connor, Emily English and Dr. Kyu Rhee
     
     
    Healthy Living Starts With a Holistic Approach
    Moderator Dr. Vanessa Hill, an award-winning science communicator and sleep scientist, started the discussion by providing insights into the practical utility of today’s health technology.
     
    While advancements such as wearable devices, health apps and telehealth platforms have made health management more accessible, the sheer volume of information can lead to confusion — making it easy to overlook critical insights amid an overwhelming sea of data.
     
    ▲ Dr. Patrick O’Connor from the University of Georgia
     
    “The issue is not the amount of data but the fragmentation,” said Dr. Patrick O’Connor, a professor in the Department of Kinesiology at Mary Frances Early College of Education, University of Georgia. “The key is to bring the scattered data together to create a comprehensive understanding, as health requires a holistic approach due to the interconnectedness of so many factors.”
     
    “As a sleep scientist I know the importance of gathering health data around the clock. Identifying abnormalities in metrics like heart rate, temperature or even snoring during sleep is key to not only unlocking better sleep, but better overall health,” said Dr. Hill, who emphasized that sleep is the foundation of holistic health.
     
     
    Personalized Care Through Various Health Metrics and Continuous Tracking
    The discussion also explored the importance of adding new health metrics to track, and monitoring those metrics in a continuous manner.
     
    ▲ Dr. Kyu Rhee from the NACHC
     
    “Continuous health monitoring of physical activity, sleep, nutrition and stress should become new, additional vital signs for users and health professionals,” said Dr. Kyu Rhee, President and CEO of the National Association of Community Health Centers (NACHC). “Combining this essential health data with clinical data powered by AI insights has the potential to transform the health system by improving health outcomes, reducing healthcare costs, and empowering patients, their caregivers and healthcare teams.”
     
    ▲ Dr. Hon Pak from Samsung Electronics
     
    One health metric receiving a substantial amount of attention from both Samsung and the digital health industry in general is blood glucose.
     
    “Blood glucose is an area Samsung has been deeply invested in, and we’ve made significant progress in developing CGM-integrated nutrition coaching as well as enhancing non-invasive technologies for tracking blood glucose levels,” said Dr. Hon Pak, Senior Vice President and Head of Digital Health Team, Mobile eXperience Business at Samsung Electronics, sharing the company’s roadmap for blood glucose management and end-to-end (E2E) healthcare experiences. “These advancements are all part of our work to deliver more proactive and preventive disease detection solutions to everyone, helping lower healthcare burdens on people, their families and society at large.”
     
    ▲ Emily English, a BSc nutritionist
     
    “There isn’t a one-size-fits-all approach to health and nutrition, it’s a journey that requires a holistic understanding of yourself,” said Emily English, a BSc nutritionist. “Wellness technology is helping provide a full 360-view of your life. New solutions that offer easy access to health metrics like blood glucose will offer a more holistic understanding of our bodies and revolutionize the way we manage our everyday health.”
     
     
    Ushering in the Era of Personalized Health Insights
    The discussion touched on how AI can translate tracked health data into actionable and meaningful insights.
     
    ▲ The Tech Forum discussion on Health AI
     
    In an effort to consolidate disparate data onto a single platform, Samsung has collaborated with Dr. O’Connor’s research team to develop Energy Score — a feature that enhances the digital healthcare experience. “New AI-enabled features like Energy Score have become a jumping off point for broader health innovations,” explained Dr. Pak. Calculated based on health indicators such as activity levels, sleep, heart rate during sleep and heart rate variability during sleep, Energy Score exemplifies how wearable devices and AI can support a holistic and personalized approach to health and wellness management.
     
    ▲ Dr. Patrick O’Connor describes Energy Score.
     
    “Monitoring overall readiness might benefit from minimally invasive brain sensing technology,” said Dr. O’Connor. “Today, we are able to leverage non-invasive technology, the available science and AI to generate an Energy Score, helping translate complex data into an intuitive and understandable index.”
     
    Dr. Pak also teased Samsung’s upcoming plans to expand the AI capabilities of Energy Score to include nutrition, mental health and even mobile usage patterns — offering users deeper and more comprehensive insights into their overall well-being.
     
    The Health AI session underscored the importance of a holistic approach to health management, highlighting the potential of personalized health experiences powered by continuous health monitoring. As AI becomes an indispensable partner in modern wellness, Samsung’s innovative technology is set to drive a new era of tailored and comprehensive health solutions.

    MIL OSI Economics

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum ④ Home AI: Redefining the Future of Smart Living

    Source: Samsung

    Samsung hosted the Galaxy Tech Forums on January 23 in San Jose, California. The panels provided an in-depth exploration of Samsung’s AI innovations and the challenges they address across four key areas — Sustainability, Health AI, Galaxy AI and Home AI. During the Home AI session, experts touched on Samsung’s outlook for the future of smart homes.
     
     
    Samsung Electronics is reimagining smart homes through Home AI, a new vision of smart living that understands user needs and delivers hyper-personalized experiences.
     
    Samsung Newsroom attended the final Tech Forum session, titled “Understanding Home, Understanding You: Rethinking the Role of the Home in the Era of AI,” to examine the transformative potential of AI in smart home innovation and the need for collaboration to deliver on the promise of Home AI.
     
    ▲ (From left to right) Tobin Richardson, Jaeyeon Jung, Patrick Chomet and Carolina Milanesi
     
     
    Smart UI as the Gateway to Home AI
    User interface (UI) is a critical element in the Home AI experience, serving as the bridge between users and their mobile devices, TVs, home appliances and more.
     
    ▲ Patrick Chomet from Samsung Electronics
     
    “UI is a key area in the age of AI,” said Patrick Chomet, Mobile Strategy Advisor at Samsung Electronics. “With the advent of LLM multimodal AI, a big shift has taken place in User Interface (UI), enabling people to get things done in natural and simple ways such as gesture, voice or text interaction. Users no longer needs to understand devices, rather the device should understand the user’s intent.”
     
    He explained how intelligent user interfaces not only enable more intuitive interactions but also procure deeper understandings of user context and intent, which brands can use to optimize in-home solutions.
     
    ▲ Jaeyeon Jung from Samsung Electronics
     
    “We have implemented an intuitive and concise UI for various SmartThings features,” said Jaeyeon Jung, Executive Vice President and Head of SmartThings Team at Samsung Electronics.
     
    She engaged the audience with examples of the latest SmartThings functions including Quick Remote, a feature that enables users to control their TVs with a connected Galaxy smartphone; 3D Map View, a feature that allows users to manage their entire home and check energy consumption through Galaxy smartphones and tablets; and Home Insight, a feature that provides timely home reports and delivers personalized recommendations to users.
     

    The Role of Platforms and Standardization in Shaping Smart Homes
    The panelists then delved into the efforts required to make Home AI a reality. Moderator Carolina Milanesi, CEO and founder of Heart of Tech and President at Creative Strategies, introduced the topics of integrated AI platforms and industry standards to guide the discussion.
     
    “As we scale our AI platform to reach across applications, services and multiple devices, the experience can be optimized around the user,” said Chomet. “User context and richer insights can be gathered to deliver relevant and truly personalized experiences.”
     
    ▲ Jaeyeon Jung and Patrick Chomet from Samsung Electronics
     
    “The SmartThings platform is 10 years in the making and while the concept of a smart home isn’t new, AI technology is what is truly creating the intelligent home” added Jung, highlighting how a consistent and connected AI platform empowers users to enjoy effortless convenience from anywhere. “The transition from a device-centric philosophy to an AI-powered, user-centric one provides users with a personalized, connected experience that feels like home — no matter where they are.”
     
    ▲ Tobin Richardson from the Connectivity Standards Alliance
     
    Tobin Richardson, President and CEO of the Connectivity Standards Alliance (CSA), noted the importance of industry standards in building an ecosystem in which devices can be connected simply, securely and seamlessly.
     
    “Building blocks for AI in the home are grounded in seamless connectivity, with AI relying on device interoperability to thrive. A common language like Matter enables devices to communicate effortlessly, setting the stage for AI innovation,” he said, highlighting that the goal is not just to create a perfect connected experience but to foster a robust and trustworthy industry while making smart homes more accessible and reliable.
     
    “Alliance Members like Samsung are doing remarkable work in the AI space, showcasing how technology can adapt to users’ needs, creating a smarter and more personalized living experience,” said Richardson, reaffirming the company’s dedication to collaboration. “I am continually inspired to see how these advancements are shaping the future of connected homes.”
     
     
    A More Personalized, Secure Smart Home
    Addressing concerns regarding the challenge of providing personalized experiences in homes shared by multiple people, Chomet spoke on how AI technology can understand intent and context to provide an optimized experience for each user. He emphasized that Samsung will innovate for multi-device connectivity, rather than individual products.
     
    ▲ Patrick Chomet, Jaeyeon Jung and Tobin Richardson
     
    Jung also cited practical cases of how Samsung Health and SmartThings are connecting data and devices to provide hyper-personalized health experiences. For example, Samsung Health and SmartThings can optimize sleep environments by automatically adjusting temperature and humidity based on users’ sleep patterns and the environmental conditions they live in. When Galaxy devices recognize that users have been exercising, SmartThings will activate appliances such as air conditioners and washing machines upon their return home.
     
    ▲ Carolina Milanesi poses questions to the panelists.
     
    The discussion then touched on the critical role of security and the protection of personal information in smart homes.
     
    “Samsung places the highest priority on security in every aspect,” said Jung. She highlighted how Knox Matrix safeguards the smart home ecosystem while Knox Vault protects hardware. “By integrating the expansive SmartThings ecosystem and AI with the robust security of Samsung Knox, users can enjoy personalized smart living experiences safely.”
     
    “With more than eight out of ten consumers stating that security is ‘important’ or ‘very important’ to them, security and privacy protection are key factors,” said Richardson, echoing the importance of trust in connected devices. “Matter, our next-generation smart home standard, is built with security in mind and offers a level of trust and clarity users can rely on.”
     
    The Home AI session highlighted the advancements AI brings to creating smarter, safer and more adaptive living spaces. By combining hyper-personalized experiences with advanced security measures, Samsung’s innovations are paving the way for a new era of intelligent, connected homes that integrate into every aspect of daily life.

    MIL OSI Economics

  • MIL-OSI USA: Boozman Joins Legislation to Protect Survivors of Abortion

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––U.S. Senator John Boozman (R-AR) joined Senator James Lankford (R-OK) to introduce the Born–Alive Abortion Survivors Protection Act to protect newborns who survive abortions by requiring they receive care from health care practitioners.
    The Born-Alive Abortion Survivors Protection Act adds clear expectations of care, hospital transfer requirements, mandatory reporting, private rights of action for moms and reasonable criminal penalties for health care professionals who violate the law. Current law does not provide measures to enforce the protection of these infants, which has allowed the current practice of leaving a child to die after a botched abortion to continue.
    “As a society, we should always uphold the dignity of every life. Neglecting to provide life-saving care after a failed abortion is a cruel and inhumane violation of the oath every medical provider swears by to ‘do no harm,’” said Boozman. “I am proud to join my colleagues to protect vulnerable babies regardless of the circumstances of their birth.” 
    “No child should be denied medical care simply because they are ‘unwanted.’ Today, if an abortion procedure fails and a child is born alive, doctors can just ignore the crying baby on the table and watch them slowly die of neglect. That’s not an abortion, that’s infanticide,” said Lankford.
    This legislation is endorsed by March for Life Action, American Association of Pro-Life OBGYNs Action, Susan B. Anthony Pro-Life America, Concerned Women for America LAC, National Right to Life, the Ethics and Religious Liberty Commission, Live Action, Americans United for Life, Family Research Council, Students for Life Action, Alliance Defending Freedom, U.S. Conference of Catholic Bishops, Heritage Action, Family Policy Alliance, Human Coalition, Liberty Council Action, Ethics and Public Policy Center, Christian Employers Alliance, Advancing American Freedom, Focus on the Family, First Rights Global, AdvanceUSA, Coalition for Jewish Values, National Association of Evangelicals, Eagle Forum, Christian Legal Society, Christian Medical and Dental Associations, Faith and Freedom Coalition, Christ Medicus Foundation, Christians Engaged, Children’s AIDS Funds International, Capability Consulting and Catholic Health Care Leadership Alliance. 
    The Born–Alive Abortion Survivors Protection Act is cosponsored by Senate Majority Leader John Thune (R-SD) and Senators Jim Banks (R-IN), Cindy Hyde-Smith (R-MS), Jim Risch (R-ID), Cynthia Lummis (R-WY), Katie Britt (R-AL), Mitch McConnell (R-KY), Roger Wicker, (R-MS), Marsha Blackburn (R-TN), Mike Crapo (R-ID), Deb Fischer (R-NE), Chuck Grassley (R-IA), John Hoeven (R-ND), Roger Marshall, M.D. (R-KS), Thom Tillis (R-NC), Ted Budd (R-NC), Tim Scott (R-SC), Ron Johnson (R-WI), Tim Sheehy (R-MT), Tommy Tuberville (R-AL), Bill Hagerty (R-TN), John Curtis (R-UT), Todd Young (R-IN), Pete Ricketts (R-NE), Kevin Cramer (R-ND), John Barrasso (R-WY), John Kennedy (R-LA), John Cornyn (R-TX), Bill Cassidy, M.D. (R-LA), Mike Rounds (R-SD), Joni Ernst (R-IA), Rick Scott (R-FL), Steve Daines (R-MT), Markwayne Mullin (R-OK), Lindsey Graham (R-SC), Ted Cruz (R-TX), Eric Schmitt (R-MO), Mike Lee (R-UT), Dan Sullivan (R-AK), Jerry Moran (R-KS), Tom Cotton (R-AR), Josh Hawley (R-MO) and Dave McCormick (R-PA). 
     Click here to read the text of the legislation.

    MIL OSI USA News