Category: Machine Learning

MIL-OSI: CareCloud Shareholders Tentatively Approve Proposal to Increase Authorized Common Shares with Record Voter Turnout

Source: GlobeNewswire (MIL-OSI)

SOMERSET, N.J., Jan. 24, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare information technology and generative AI solutions for medical practices and health systems nationwide, today announced that shareholders have tentatively approved the proposal to increase the number of authorized common shares.

Approximately 10.4 million votes by proxy have been returned (the “votes”) in favor of increasing the authorized number of shares of common stock from 35 million to 85 million shares, marking one of the highest levels of positive votes in the Company’s history. The votes in favor represent over 80% of the total votes submitted.

“We truly appreciate the shareholders’ confidence in the Company’s direction, reflected in the nearly record-breaking number of ‘yes’ votes received by proxy,” said Stephen Snyder, Co-CEO of CareCloud.

The final vote count will be announced after the Common Stock Shareholder Special Meeting, scheduled for January 27, 2025.

About CareCloud

CareCloud brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at http://www.carecloud.com.

Follow CareCloud on LinkedIn, X and Facebook.

SOURCE CareCloud

Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
nroth@carecloud.com

Investor Contact:
Stephen Snyder
Co-CEO
CareCloud, Inc.
ir@carecloud.com

The MIL Network –

January 25, 2025

MIL-OSI: Lakeland Financial Reports Annual Net Income of $93.5 million, Organic Average Loan Growth of 5% and Average Deposit Growth of 4%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023.

Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended December 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.

Pretax pre-provision earnings, which is a non-GAAP measure, were $128.4 million for the twelve months ended December 31, 2024, an increase of $12.3 million, or 11%, compared to $116.2 million for the twelve months ended December 31, 2023. Pretax pre-provision earnings were $32.9 million for the three months ended December 31, 2024, a decrease of $3.4 million, or 9%, compared to $36.4 million for the three months ended December 31, 2023. Pretax pre-provision earnings increased by $2.1 million, or 7%, compared to $30.8 million on a linked quarter basis.

“2024 continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, Chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”

Quarterly Financial Performance

Fourth Quarter 2024 versus Fourth Quarter 2023 highlights:

Tangible book value per share grew by $1.25, or 5%, to $26.47
Total risk-based capital ratio improved to 15.90%, compared to 15.47%
Tangible capital ratio improved to 10.19%, compared to 9.91%
Average loans grew by $206.9 million, or 4%, to $5.09 billion
Core deposit growth of $274.3 million, or 5%, to $5.9 billion
Average equity increased by $121.1 million, or 21%
Return on average equity of 13.87%, compared to 20.52%
Return on average assets of 1.42%, compared to 1.80%
Net interest margin improved to 3.25% versus 3.23%
Net interest income increased by $3.1 million, or 6%
Noninterest expense increased by $1.2 million, or 4%
Provision expense of $3.7 million, compared to $300,000
Net charge offs of $1.4 million versus $433,000
Watch list loans as a percentage of total loans increased to 4.13% from 3.72%

Fourth Quarter 2024 versus Third Quarter 2024 highlights:

Total risk-based capital ratio improved to 15.90% from 15.75%
Average equity growth of $23.6 million, or 4%
Average loans grew by $22.3 million, or less than 1%, to $5.09 billion
Core deposits increased by $118.6 million, or 2%, to $5.8 billion
Net interest margin improved 9 basis points to 3.25% versus 3.16%
Return on average equity of 13.87%, compared to 13.85%
Return on average assets of 1.42%, compared to 1.39%
Noninterest income decreased by $41,000, or less than 1%
Noninterest expense increased by $260,000, or 1%
Provision expense of $3.7 million, compared to $3.1 million
Individually analyzed and watch list loans declined by $56.4 million, or 21%
Watch list loans as a percentage of total loans improved to 4.13% from 5.27%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.90% at December 31, 2024, compared to 15.47% at December 31, 2023 and 15.75% at September 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.19% at December 31, 2024, compared to 9.91% at December 31, 2023. The tangible common equity ratio contracted from 10.47% at September 30, 2024. Unrealized losses from available-for-sale investment securities were $191.1 million at December 31, 2024, compared to $174.6 million at December 31, 2023 and $154.5 million at September 30, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.37% at December 31, 2024, compared to 11.99% at December 31, 2023 and 12.29% at September 30, 2024.

As announced on January 14, 2025, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on February 5, 2025, to shareholders of record as of January 25, 2025. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.

“The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, President.

Loan Portfolio

Average total loans for the twelve months ended December 31, 2024 were $5.04 billion, an increase of $225.7 million, or 5%, from $4.81 billion for the twelve months ended December 31, 2023. Average total loans of $5.09 billion in the fourth quarter of 2024, increased $206.9 million, or 4%, from $4.88 billion for the fourth quarter of 2023, and increased $22.3 million, or less than 1%, from $5.06 billion for the third quarter of 2024.

“Loan growth in 2024 benefited from healthy increases in both our commercial and consumer lending activities,” noted Findlay. “We were pleased to report 8% growth in consumer loans, 6% growth in CRE and multi-family loans, and 2% growth in commercial and industrial loans for 2024. Our Indiana markets continue to benefit from expanding economic activity stimulated by the pro-business operating environment. We continue to be focused on active business development efforts in every market and we are looking forward to continued organic growth in 2025.”

Total loans, net of deferred loan fees, increased by $200.6 million, or 4%, from $4.92 billion as of December 31, 2023 to $5.12 billion as of December 31, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $155.0 million, or 6%, our commercial and industrial loan portfolio growing by $30.1 million, or 2%, and our consumer 1-4 family mortgage loans portfolio growing by $34.0 million, or 7%. These increases were offset by a decrease to other commercial loans of $25.1 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $35.7 million, or 1%, from $5.08 billion at September 30, 2024. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $42.7 million, or 2%, and growth in total agri-business and agricultural loans of $29.0 million, or 8%. Offsetting these increases was a decrease in total commercial and industrial loans of $42.0 million, or 3%.

Commercial loan originations for the fourth quarter included approximately $390.0 million in loan originations, offset by approximately $359.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of December 31, 2024, compared to 39% at December 31, 2023 and was unchanged from 41% as of September 30, 2024. Total available lines of credit contracted by $238.0 million, or 5%, as compared to a year ago, and line usage decreased by $2.0 million, or less than 1%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $101.7 million for this sector represented 2% of total loans at December 31, 2024, a decrease of $899,000, or 1%, from September 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 213% of total risk-based capital at December 31, 2024.

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.


DEPOSIT DETAIL (unaudited, in thousands)

	December 31, 2024				September 30, 2024				December 31, 2023
Retail	$	1,780,726	30.2	%	$	1,709,899	29.3	%	$	1,794,958	31.4	%
Commercial		2,269,049	38.4			2,304,041	39.5			2,227,147	38.9
Public funds		1,809,631	30.7			1,726,869	29.6			1,563,015	27.3
Core deposits		5,859,406	99.3			5,740,809	98.4			5,585,120	97.6
Brokered deposits		41,560	0.7			96,504	1.6			135,405	2.4
Total	$	5,900,966	100.0	%	$	5,837,313	100.0	%	$	5,720,525	100.0	%

Total deposits increased $180.4 million, or 3%, from $5.72 billion as of December 31, 2023 to $5.90 billion as of December 31, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $274.3 million, or 5%. Total core deposits at December 31, 2024 were $5.86 billion and represented 99% of total deposits, as compared to $5.59 billion and 98% of total deposits at December 31, 2023. Brokered deposits were $41.6 million, or 1% of total deposits, at December 31, 2024, compared to $135.4 million, or 2% of total deposits, at December 31, 2023.

The increase in core deposits since December 31, 2023 reflects growth in commercial deposits and public funds deposits. Public funds deposits grew annually by $246.6 million, or 16%, to $1.81 billion. Commercial deposits grew annually by $41.9 million, or 2%, to $2.27 billion. Retail deposits contracted annually by $14.2 million, or 1%, to $1.78 billion. The increase in public funds deposits drove the change in the composition of core deposits as public funds deposits as a percentage of total deposits increased to 31%, from 27%. Commercial and retail deposits as a percentage of total deposits contracted to 38%, from 39%, and to 30%, from 31%, respectively. Growth in public funds was positively impacted by the addition of a new public funds customers in the Lake City Bank footprint which included the addition of their operating accounts.

On a linked quarter basis, total deposits increased $63.7 million, or 1%, from $5.84 billion at September 30, 2024 to $5.90 billion at December 31, 2024. Core deposits increased by $118.6 million, or 2%, while brokered deposits decreased by $54.9 million, or 57%. Linked quarter growth in core deposits resulted primarily from an increase in public funds deposits of $82.8 million, or 5%, and growth in retail deposits of $70.8 million, or 4%. Offsetting these increases was a decrease in commercial deposits of $35.0 million, or 2%.

“Core deposit growth was steady throughout 2024 and accounts for 99% of the funding sources for Lake City Bank,” commented Findlay. “We are pleased that our growth in core deposits came from every region of the bank. We continue to successfully fund the loan growth with in-market stable and diversified deposit growth. We continue to gain market share in our more mature Northern Indiana markets and implemented strategies to enhance growth in the Indianapolis market through data-driven marketing and business development efforts.”

Average total deposits were $6.01 billion for the fourth quarter of 2024, an increase of $208.5 million, or 4%, from $5.80 billion for the fourth quarter of 2023. Average interest-bearing deposits drove the increase in average total deposits and increased by $301.1 million, or 7%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $431.9 million, or 14%. Offsetting this increase was a reduction in average time deposits of $98.9 million, or 9%, and a decrease to average savings deposits of $31.9 million, or 10%. Average noninterest-bearing demand deposits decreased by $92.5 million, or 7%.

On a linked quarter basis, average total deposits increased by $130.9 million, or 2%, from $5.88 billion for the third quarter of 2024 to $6.01 billion for the fourth quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $93.2 million, or 2%. An increase to interest bearing checking accounts of $209.6 million, or 6%, drove the increase to average interest-bearing deposits on a linked quarter basis. Offsetting this increase was a decrease to total average time deposits of $111.1 million, or 10%. Average noninterest-bearing demand deposits increased by $37.7 million, or 3%.

Checking account trends as of December 31, 2024 compared to December 31, 2023, include growth of $310.5 million, or 24%, in aggregate public fund checking account balances, growth of $24.5 million, or 1%, in aggregate commercial checking account balances, and expansion of $34.4 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during 2024.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 62% as of December 31, 2024, compared to 61% at September 30, 2024, and 57% at December 31, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of December 31, 2024, compared to 32% at September 30, 2024, and 31% as of December 31, 2023. As of December 31, 2024, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.25% for the fourth quarter of 2024, representing a 2 basis point increase from 3.23% for the fourth quarter of 2023. Earning assets yields decreased by 15 basis points to 5.81% for the fourth quarter of 2024 from 5.96% for the fourth quarter of 2023. The decrease in earning asset yields was offset by a decrease in the company’s funding costs of 17 basis points as interest expense as a percentage of average earning assets decreased to 2.56% for the fourth quarter of 2024, compared to 2.73% for the fourth quarter of 2023.

Linked quarter net interest margin expanded by 9 basis point to 3.25% for the fourth quarter of 2024, compared to 3.16% for the third quarter of 2024. Average earning asset yields decreased by 23 basis points from 6.04% during the third quarter of 2024 to 5.81% during the fourth quarter of 2024 and were offset by a 32 basis point decrease in interest expense as a percentage of average earning assets from 2.88% to 2.56%. The cumulative 100 basis point decline in the Federal Funds Rate during 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the monetary tightening cycle of March 2022 through September 2024 has stabilized with noninterest bearing deposits representing 22% of total deposits at December 31, 2024, compared to 24% at December 31, 2023 and 22% at September 30, 2024.

“Our thoughtful and strategic balance sheet management strategies led to healthy net interest margin expansion of 9 basis points during the fourth quarter,” noted Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer. “Net interest margin expansion resulted from reduced deposit costs that outpaced loan repricing due to falling short term rates. Our public fund balances are largely tied to the effective federal funds rate, and we also continue to benefit from fixed rate loan repricing to the higher interest rate environment.”

The loan beta for the current rate-easing cycle is 25% compared to the deposit beta of 31%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

Liquidity Overview

The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, federal funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of December 31, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.4 billion at December 31, 2023 and $3.7 billion at September 30, 2024. Utilization from these sources totaled $41.6 million at December 31, 2024, compared to $185.4 million at December 31, 2023 and $96.5 million at September 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 99% of total deposits and purchased funds.

Investment Portfolio Overview

Total investment securities were $1.12 billion at December 31, 2024, reflecting a decrease of $58.7 million, or 5%, as compared to $1.18 billion at December 31, 2023. On a linked quarter basis, investment securities decreased $24.8 million, or 2%, due primarily to a decline in the fair market value of available-for-sale securities of $36.6 million, portfolio cash flows of $15.1 million and partially offset by investment security purchases of $30 million. Investment securities represented 17% of total assets on December 31, 2024, compared to 18% at December 31, 2023 and 17% at September 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at December 31, 2024, compared to 6.5 years and 6.3 years at December 31, 2023 and September 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the impact of the higher interest rate environment. The company anticipates receiving principal and interest cash flows of approximately $104.2 million during 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and to fund new investment securities purchases.

Net interest income decreased by $356,000, or less than 1%, for the twelve months ended December 31, 2024, as compared to the twelve months ended December 31, 2023. Deposit interest expense increased by $35.0 million. Offsetting the increase in deposit interest expense was an increase in loan interest income of $29.8 million and a reduction in borrowings interest expense of $4.7 million. Net interest income was $51.7 million for the fourth quarter of 2024, representing an increase of $3.1 million, or 6%, as compared to the fourth quarter of 2023. Net interest income for the fourth quarter of 2024 benefited from an increase in loan interest income of $1.9 million and a reduction in interest expense of $667,000 compared to the prior year quarter. On a linked quarter basis, net interest income increased $2.4 million, or 5%, from $49.3 million for the third quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a $4.1 million reduction in interest expense and a $1.1 million increase in income from short-term investments. Offsetting the reduction in interest expense was a reduction in loan interest income of $2.9 million.

On a full year basis, revenue increased by $6.6 million, or 3%, to $253.5 million as compared to $246.9 million for 2023. Revenue was $63.6 million for the fourth quarter 2024 representing a decrease of $ 2.2 million or 3%, as compared to the fourth quarter of 2023. On a linked quarter basis, revenue increased by $2.4 million, or 4% from $61.2 million in the third quarter of 2024.

Asset Quality

Provision expense was $16.8 million for the year ended December 31, 2024, an increase of $10.9 million, or 186%, as compared to $5.9 million during 2023. The elevated provision recorded during 2024 as compared to the prior year was primarily driven by an increase in specific allocations from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana. The relationship was placed on nonperforming status in conjunction with the downgrade, which occurred during the second quarter of 2024. Additional specific allocations of $5.5 million were reserved for this credit during the fourth quarter of 2024. The company recorded a provision expense of $3.7 million in the fourth quarter of 2024, compared to provision expense of $300,000 in the fourth quarter of 2023. On a linked quarter basis, provision expense increased by $632,000 from $3.1 million for the third quarter of 2024, or 21%.

The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% at December 31, 2023, and 1.65% at September 30, 2024. Net charge offs were $2.8 million for the full year 2024 compared to $6.5 million for 2023. Net charge offs to total loans were 0.05% for 2024 compared to 0.13% for 2023. Net charge offs in the fourth quarter of 2024 were $1.4 million compared to $433,000 in the fourth quarter of 2023 and $143,000 during the linked third quarter of 2024. Annualized net charge offs to average loans were 0.11% for the fourth quarter of 2024, compared to 0.04% for the fourth quarter of 2023, and 0.01% for the linked third quarter of 2024.

Nonperforming assets increased $40.8 million, or 253%, to $56.9 million as of December 31, 2024, versus $16.1 million as of December 31, 2023. On a linked quarter basis, nonperforming assets decreased $1.2 million, or 2%, compared to $58.1 million as of September 30, 2024. The ratio of nonperforming assets to total assets at December 31, 2024 increased to 0.85% from 0.25% at December 31, 2023 and decreased from 0.87% at September 30, 2024. The full-year increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

Total individually analyzed and watch list loans increased by $28.1 million, or 15%, to $211.1 million as of December 31, 2024, versus $183.1 million as of December 31, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $56.4 million, or 21%, from $267.6 million at September 30, 2024. Watch list loans as a percentage of total loans increased by 41 basis points to 4.13% at December 31, 2024, compared to 3.72% at December 31, 2023, and decreased by 114 basis points from 5.27% at September 30, 2024. The linked quarter decrease in total individually analyzed and watch list loans was primarily driven by the removal of six relationships from the watch list with an aggregate balance of $63.7 million, offset by the addition of four downgraded credits with an aggregated balance of $8.4 million. Approximately $45.5 million of the watch list removals were attributable to credit upgrades, with the remaining $18.2 million in removals attributable to payoffs.

“We are encouraged by the $56 million decrease in watch list credits during the quarter and are cautiously optimistic following our fourth quarter, semi-annual portfolio reviews meetings during which we review every commercial banker’s portfolio,” stated Findlay. “Economic conditions in all of our markets remain stable and we continue to actively manage our loan portfolio challenges.”

Noninterest Income

Noninterest income increased by $7.0 million, or 14%, to $56.8 million for the twelve months ended December 31, 2024, compared to $49.9 million for the prior year. The increase in noninterest income for the twelve months ended December 31, 2024 was primarily driven by the net gain on sale of Visa shares of $9.0 million. Contributing further to the increase in noninterest income was an increase to wealth and advisory fees of $1.4 million, or 15%, driven by growth in customers and favorable market performance. Bank owned life insurance income increased $1.1 million, or 34%, due to favorable market performance of the company’s variable bank owned life insurance policies. Offsetting these increases was a $4.5 million, or 49%, decrease to other income. Other income was elevated during the twelve months ended December 31, 2023 from insurance and loss recoveries of $6.3 million that were related to the 2023 wire fraud loss. Offsetting the impact of these recoveries was increased investment income from the company’s limited partnership investments and the receipt of an additional $1.0 million in recoveries from the wire fraud loss. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $46.8 million for the twelve months ended December 31, 2024, an increase of $3.3 million, or 8%, compared to $43.6 million for twelve months ended December 31, 2023.

Findlay added, “It is very gratifying to report strong growth in core noninterest income for 2024. Our fee-based lines of business made significant contributions to revenue growth during the year. Notably, Wealth Advisory fees grew by 15% and treasury management fees grew by 5%. As we move into 2025, our teams continue to be focused on driving continued growth in these business lines.”

The company’s noninterest income decreased $5.3 million, or 31%, to $11.9 million for the fourth quarter of 2024, compared to $17.2 million for the fourth quarter of 2023. Wealth advisory fees increased $388,000, or 17%, and bank owned life insurance increased $476,000, or 64%. Other income decreased $6.5 million, or 89%. Other income was elevated during the fourth quarter of 2023 primarily due to insurance and loss recoveries of $6.3 million related to the wire fraud loss. Adjusted core noninterest income was $11.9 million for the fourth quarter of 2024, an increase of $968,000, or 9%, compared to $10.9 million for the fourth quarter of 2023.

On a linked quarter basis, noninterest income for the fourth quarter of 2024 decreased by $41,000, or less than 1%, from $11.9 million during the third quarter of 2024. The linked quarter decrease was driven by a decrease to other income of $261,000, or 25%, and was offset by an increase to bank owned life insurance income $148,000, or 14%.

Noninterest Expense

Noninterest expense decreased by $5.6 million, or 4%, from $130.7 million to $125.1 million for the twelve months ended December 31, 2023 and 2024, respectively. Noninterest expense during 2023 was elevated as compared to 2024 due to the wire fraud loss, which added a net $16.7 million to noninterest expense. Offsetting this impact on noninterest expense was a $7.6 million, or 13%, increase in salaries and employees benefits during the full year 2024. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $3.2 million, performance-based incentive compensation of $2.3 million, health insurance expense of $918,000, and variable deferred compensation of $950,000, which relates to the company’s variable bank owned life insurance. Other expense increased $2.6 million, or 24%, primarily due to an accrued legal expense of $4.5 million. Data processing fees and supplies increased by $1.2 million, or 8%, from the continued investment in customer-facing and operational technology solutions. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $120.5 million for the twelve months ended December 31, 2024, an increase of $6.5 million, or 6%, compared to $114.0 million for the twelve months ended December 31, 2023.

Noninterest expense increased $1.2 million, or 4%, to $30.7 million for the fourth quarter of 2024, compared to $29.4 million during the fourth quarter of 2023. Driving the fourth quarter 2024 increase to noninterest expense was an increase to salaries and benefits expense of $1.5 million, or 10%, which was primarily attributable to increased salary expense of $825,000, deferred compensation of $414,000 and increased health insurance of $222,000. Other expense decreased by $595,000, or 20%, from lower legal accruals. Adjusted core noninterest expense increased by $1.7 million, or 6%, from $29.0 million during the fourth quarter of 2023.

On a linked quarter basis, noninterest expense increased by $260,000, or 1%, from $30.4 million during the third quarter of 2024. Driving the increase in noninterest expense was an increase in salaries and employee benefits of $785,000, or 5% primarily due to performance-based incentive compensation. Corporate and business development expense decreased by $419,000, or 31%, which was driven by a reduction in advertising expense during the quarter. Other expense decreased by $132,000, or 5%.

The company’s efficiency ratio for the twelve months ended December 31, 2024 was 49.3% compared to 52.9% for the twelve months ended December 31, 2023. The company’s adjusted core efficiency ratio, a non-GAAP financial measure that excludes the impact of certain non-routine operating events, was 49.5% for the twelve months ended December 31, 2024 as compared to 47.4% for the twelve months ended December 31, 2023.

The company’s efficiency ratio was 48.2% for the fourth quarter of 2024, compared to 44.7% for the fourth quarter of 2023 and 49.7% for the linked third quarter of 2024. The company’s adjusted core efficiency ratio was 48.7% for the fourth quarter of 2023 and unchanged when compared to the company’s efficiency ratio for the third and fourth quarters of 2024.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


LAKELAND FINANCIAL CORPORATION FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
END OF PERIOD BALANCES	2024			2024			2023			2024			2023
Assets	$	6,678,374		$	6,645,371		$	6,524,029		$	6,678,374		$	6,524,029
Investments		1,122,994			1,147,806			1,181,646			1,122,994			1,181,646
Loans		5,117,948			5,081,990			4,916,534			5,117,948			4,916,534
Allowance for Credit Losses		85,960			83,627			71,972			85,960			71,972
Deposits		5,900,966			5,837,313			5,720,525			5,900,966			5,720,525
Brokered Deposits		41,560			96,504			135,405			41,560			135,405
Core Deposits (1)		5,859,406			5,740,809			5,585,120			5,859,406			5,585,120
Total Equity		683,911			699,181			649,793			683,911			649,793
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		680,108			695,378			645,990			680,108			645,990
Adjusted Tangible Common Equity (2)		846,040			832,813			800,450			846,040			800,450
AVERAGE BALANCES
Total Assets	$	6,795,596		$	6,656,464		$	6,514,430		$	6,662,718		$	6,464,980
Earning Assets		6,470,920			6,329,287			6,145,937			6,328,498			6,114,225
Investments		1,134,011			1,128,705			1,107,862			1,134,979			1,184,659
Loans		5,086,614			5,064,348			4,879,695			5,039,406			4,813,678
Total Deposits		6,011,122			5,880,177			5,802,592			5,836,025			5,604,228
Interest Bearing Deposits		4,729,201			4,635,993			4,428,140			4,578,219			4,128,922
Interest Bearing Liabilities		4,729,206			4,649,745			4,441,425			4,644,553			4,295,743
Total Equity		693,744			670,160			572,653			662,087			588,667
INCOME STATEMENT DATA
Net Interest Income	$	51,694		$	49,273		$	48,599		$	196,679		$	197,035
Net Interest Income-Fully Tax Equivalent		52,804			50,383			49,914			201,363			202,347
Provision for Credit Losses		3,691			3,059			300			16,750			5,850
Noninterest Income		11,876			11,917			17,208			56,844			49,858
Noninterest Expense		30,653			30,393			29,445			125,084			130,710
Net Income		24,190			23,338			29,626			93,478			93,767
Pretax Pre-Provision Earnings (2)		32,917			30,797			36,362			128,439			116,183
PER SHARE DATA
Basic Net Income Per Common Share	$	0.94		$	0.91		$	1.16		$	3.64		$	3.67
Diluted Net Income Per Common Share		0.94			0.91			1.16			3.63			3.65
Cash Dividends Declared Per Common Share		0.48			0.48			0.46			1.92			1.84
Dividend Payout		51.06	%		52.75	%		39.66	%		52.89	%		50.41	%
Book Value Per Common Share (equity per share issued)	$	26.62		$	27.22		$	25.37		$	26.62		$	25.37
Tangible Book Value Per Common Share (2)		26.47			27.07			25.22			26.47			25.22
Market Value – High	$	78.61		$	72.25		$	67.88		$	78.61		$	77.07
Market Value – Low		61.10			57.45			45.59			57.45			43.05


	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
Basic Weighted Average Common Shares Outstanding		25,686,276			25,684,407			25,614,420			25,676,543			25,604,751
Diluted Weighted Average Common Shares Outstanding		25,792,460			25,767,739			25,732,870			25,769,018			25,723,165
KEY RATIOS
Return on Average Assets		1.42	%		1.39	%		1.80	%		1.40	%		1.45	%
Return on Average Total Equity		13.87			13.85			20.52			14.12			15.93
Average Equity to Average Assets		10.21			10.07			8.79			9.94			9.11
Net Interest Margin		3.25			3.16			3.23			3.18			3.31
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		48.22			49.67			44.74			49.34			52.94
Loans to Deposits		86.73			87.06			85.95			86.73			85.95
Investment Securities to Total Assets		16.82			17.27			18.11			16.82			18.11
Tier 1 Leverage (3)		12.15			12.18			11.82			12.15			11.82
Tier 1 Risk-Based Capital (3)		14.64			14.50			14.21			14.64			14.21
Common Equity Tier 1 (CET1) (3)		14.64			14.50			14.21			14.64			14.21
Total Capital (3)		15.90			15.75			15.47			15.90			15.47
Tangible Capital (2)		10.19			10.47			9.91			10.19			9.91
Adjusted Tangible Capital (2)		12.37			12.29			11.99			12.37			11.99
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	4,273		$	829		$	3,360		$	4,273		$	3,360
Loans Past Due 90 Days or More		28			95			27			28			27
Nonaccrual Loans		56,431			57,551			15,687			56,431			15,687
Nonperforming Loans		56,459			57,646			15,714			56,459			15,714
Other Real Estate Owned		284			384			384			284			384
Other Nonperforming Assets		143			21			8			143			8
Total Nonperforming Assets		56,886			58,051			16,106			56,886			16,106
Individually Analyzed Loans		78,647			77,654			16,124			78,647			16,124
Non-Individually Analyzed Watch List Loans		132,499			189,918			166,961			132,499			166,961
Total Individually Analyzed and Watch List Loans		211,146			267,572			183,085			211,146			183,085
Gross Charge Offs		1,657			231			566			3,468			7,332
Recoveries		299			88			133			706			848
Net Charge Offs/(Recoveries)		1,358			143			433			2,762			6,484
Net Charge Offs/(Recoveries) to Average Loans		0.11	%		0.01	%		0.04	%		0.05	%		0.13	%
Credit Loss Reserve to Loans		1.68			1.65			1.46			1.68			1.46
Credit Loss Reserve to Nonperforming Loans		152.25			145.07			458.01			152.25			458.01
Nonperforming Loans to Loans		1.10			1.13			0.32			1.10			0.32
Nonperforming Assets to Assets		0.85			0.87			0.25			0.85			0.25
Total Individually Analyzed and Watch List Loans to Total Loans		4.13	%		5.27	%		3.72	%		4.13	%		3.72	%


	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
OTHER DATA
Full Time Equivalent Employees		643			639			619			643			619
Offices		54			54			53			54			53

________________________________________________________________
(1)  Core deposits equals deposits less brokered deposits.
(2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3)  Capital ratios for December 31, 2024 are preliminary until the Call Report is filed.


CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

	December 31, 2024			December 31, 2023
	(Unaudited)
ASSETS
Cash and due from banks	$	71,733		$	70,451
Short-term investments		96,472			81,373
Total cash and cash equivalents		168,205			151,824

Securities available-for-sale, at fair value		991,426			1,051,728
Securities held-to-maturity, at amortized cost (fair value of $113,107 and $119,215, respectively)		131,568			129,918
Real estate mortgage loans held-for-sale		1,700			1,158

Loans, net of allowance for credit losses of $85,960 and $71,972		5,031,988			4,844,562

Land, premises and equipment, net		60,489			57,899
Bank owned life insurance		113,320			109,114
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		28,446			30,011
Goodwill		4,970			4,970
Other assets		124,842			121,425
Total assets	$	6,678,374		$	6,524,029


LIABILITIES
Noninterest bearing deposits	$	1,297,456		$	1,353,477
Interest bearing deposits		4,603,510			4,367,048
Total deposits		5,900,966			5,720,525

Borrowings – Federal Home Loan Bank advances		0			50,000
Accrued interest payable		15,117			20,893
Other liabilities		78,380			82,818
Total liabilities		5,994,463			5,874,236

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024
25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023		129,664			127,692
Retained earnings		736,412			692,760
Accumulated other comprehensive income (loss)		(166,500	)		(155,195	)
Treasury stock, at cost (469,239 shares and 473,120 shares as of December 31, 2024 and December 31, 2023, respectively)		(15,754	)		(15,553	)
Total stockholders’ equity		683,822			649,704
Noncontrolling interest		89			89
Total equity		683,911			649,793
Total liabilities and equity	$	6,678,374		$	6,524,029


CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2024		2023			2024			2023
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	83,253	$	80,631		$	335,639		$	304,130
Tax exempt		296		1,016			2,126			3,885
Interest and dividends on securities
Taxable		2,997		3,187			12,048			13,153
Tax exempt		3,914		4,009			15,714			16,396
Other interest income		2,910		2,099			7,631			5,703
Total interest income		93,370		90,942			373,158			343,267

Interest on deposits		41,676		42,154			172,759			137,791
Interest on short-term borrowings		0		189			3,720			8,441
Total interest expense		41,676		42,343			176,479			146,232

NET INTEREST INCOME		51,694		48,599			196,679			197,035

Provision for credit losses		3,691		300			16,750			5,850

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		48,003		48,299			179,929			191,185

NONINTEREST INCOME
Wealth advisory fees		2,699		2,311			10,469			9,080
Investment brokerage fees		456		445			1,894			1,815
Service charges on deposit accounts		2,825		2,682			11,157			10,773
Loan and service fees		2,977		2,968			11,832			11,750
Merchant and interchange fee income		889		907			3,542			3,651
Bank owned life insurance income		1,216		740			4,210			3,133
Interest rate swap fee income		0		0			0			794
Mortgage banking income (loss)		48		(70	)		116			(254	)
Net securities gains (losses)		0		(9	)		(46	)		(25	)
Net gain on Visa shares		0		0			8,996			0
Other income		766		7,234			4,674			9,141
Total noninterest income		11,876		17,208			56,844			49,858

NONINTEREST EXPENSE
Salaries and employee benefits		17,261		15,733			66,728			59,147
Net occupancy expense		1,706		1,486			6,865			6,360
Equipment costs		1,405		1,443			5,612			5,632
Data processing fees and supplies		3,742		3,698			15,161			14,003
Corporate and business development		950		877			4,965			4,807
FDIC insurance and other regulatory fees		894		894			3,465			3,363
Professional fees		2,275		2,299			8,950			8,583
Wire fraud loss		0		0			0			18,058
Other expense		2,420		3,015			13,338			10,757
Total noninterest expense		30,653		29,445			125,084			130,710

INCOME BEFORE INCOME TAX EXPENSE		29,226		36,062			111,689			110,333
Income tax expense		5,036		6,436			18,211			16,566
NET INCOME	$	24,190	$	29,626		$	93,478		$	93,767

BASIC WEIGHTED AVERAGE COMMON SHARES		25,686,276		25,614,420			25,676,543			25,604,751

BASIC EARNINGS PER COMMON SHARE	$	0.94	$	1.16		$	3.64		$	3.67

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,792,460		25,732,870			25,769,018			25,723,165

DILUTED EARNINGS PER COMMON SHARE	$	0.94	$	1.16		$	3.63		$	3.65


LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	December 31, 2024					September 30, 2024					December 31, 2023
Commercial and industrial loans:
Working capital lines of credit loans	$	649,609		12.7	%	$	678,079		13.3	%	$	604,893		12.3	%
Non-working capital loans		801,256		15.6			814,804		16.0			815,871		16.6
Total commercial and industrial loans		1,450,865		28.3			1,492,883		29.3			1,420,764		28.9

Commercial real estate and multi-family residential loans:
Construction and land development loans		567,781		11.1			729,293		14.3			634,435		12.9
Owner occupied loans		807,090		15.8			810,453		15.9			825,464		16.8
Nonowner occupied loans		872,671		17.0			766,821		15.1			724,101		14.7
Multifamily loans		344,978		6.7			243,283		4.8			253,534		5.1
Total commercial real estate and multi-family residential loans		2,592,520		50.6			2,549,850		50.1			2,437,534		49.5

Agri-business and agricultural loans:
Loans secured by farmland		156,609		3.1			157,413		3.1			162,890		3.3
Loans for agricultural production		230,787		4.5			200,971		4.0			225,874		4.6
Total agri-business and agricultural loans		387,396		7.6			358,384		7.1			388,764		7.9

Other commercial loans		95,584		1.9			94,309		1.9			120,726		2.5
Total commercial loans		4,526,365		88.4			4,495,426		88.4			4,367,788		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		259,286		5.1			261,462		5.1			258,103		5.2
Open end and junior lien loans		214,125		4.2			210,275		4.1			189,663		3.9
Residential construction and land development loans		16,818		0.3			14,200		0.3			8,421		0.2
Total consumer 1-4 family mortgage loans		490,229		9.6			485,937		9.5			456,187		9.3

Other consumer loans		104,041		2.0			103,547		2.1			96,022		1.9
Total consumer loans		594,270		11.6			589,484		11.6			552,209		11.2
Subtotal		5,120,635		100.0	%		5,084,910		100.0	%		4,919,997		100.0	%
Less: Allowance for credit losses		(85,960	)				(83,627	)				(71,972	)
Net deferred loan fees		(2,687	)				(2,920	)				(3,463	)
Loans, net	$	5,031,988				$	4,998,363				$	4,844,562


LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	December 31, 2024		September 30, 2024		December 31, 2023
Noninterest bearing demand deposits	$	1,297,456	$	1,284,527	$	1,353,477
Savings and transaction accounts:
Savings deposits		276,179		276,468		301,168
Interest bearing demand deposits		3,471,455		3,273,405		3,049,059
Time deposits:
Deposits of $100,000 or more		642,776		787,095		792,738
Other time deposits		213,100		215,818		224,083
Total deposits	$	5,900,966	$	5,837,313	$	5,720,525
FHLB advances and other borrowings		0		30,000		50,000
Total funding sources	$	5,900,966	$	5,867,313	$	5,770,525


LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended December 31, 2024							Three Months Ended September 30, 2024							Three Months Ended December 31, 2023
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,060,397		$	83,253	6.54	%	$	5,037,855		$	86,118	6.80	%	$	4,820,389		$	80,631	6.64	%
Tax exempt (1)		26,217			364	5.52			26,493			366	5.50			59,306			1,265	8.46
Investments: (1)
Securities		1,134,011			7,953	2.79			1,128,705			7,871	2.77			1,107,862			8,262	2.96
Short-term investments		2,765			29	4.17			2,841			35	4.90			2,610			32	4.86
Interest bearing deposits		247,530			2,881	4.63			133,393			1,738	5.18			155,770			2,067	5.26
Total earning assets	$	6,470,920		$	94,480	5.81	%	$	6,329,287		$	96,128	6.04	%	$	6,145,937		$	92,257	5.96	%
Less: Allowance for credit losses		(84,687	)						(81,353	)						(72,165	)
Nonearning Assets
Cash and due from banks		67,994							63,744							69,563
Premises and equipment		60,325							59,493							58,436
Other nonearning assets		281,044							285,293							312,659
Total assets	$	6,795,596						$	6,656,464						$	6,514,430

Interest Bearing Liabilities
Savings deposits	$	274,960		$	43	0.06	%	$	280,180		$	45	0.06	%	$	306,875		$	52	0.07	%
Interest bearing checking accounts		3,505,470			31,562	3.58			3,295,911			33,822	4.08			3,073,570			30,953	4.00
Time deposits:
In denominations under $100,000		214,429			1,921	3.56			215,020			1,914	3.54			220,678			1,810	3.25
In denominations over $100,000		734,342			8,150	4.42			844,882			9,775	4.60			827,017			9,339	4.48
Miscellaneous short-term borrowings		5			0	5.30			13,752			189	5.48			13,285			189	5.64
Total interest bearing liabilities	$	4,729,206		$	41,676	3.51	%	$	4,649,745		$	45,745	3.91	%	$	4,441,425		$	42,343	3.78	%
Noninterest Bearing Liabilities
Demand deposits		1,281,921							1,244,184							1,374,452
Other liabilities		90,725							92,375							125,900
Stockholders’ Equity		693,744							670,160							572,653
Total liabilities and stockholders’ equity	$	6,795,596						$	6,656,464						$	6,514,430
Interest Margin Recap
Interest income/average earning assets					94,480	5.81	%					96,128	6.04	%					92,257	5.96	%
Interest expense/average earning assets					41,676	2.56						45,745	2.88						42,343	2.73
Net interest income and margin				$	52,804	3.25	%				$	50,383	3.16	%				$	49,914	3.23	%

(1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.32 million in the three-month periods ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
(2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, are included as taxable loan interest income.
(3)  Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Twelve Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Total Equity	$	683,911		$	699,181		$	649,793		$	683,911		$	649,793
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		680,108			695,378			645,990			680,108			645,990
Market Value Adjustment in AOCI		165,932			137,435			154,460			165,932			154,460
Adjusted Tangible Common Equity		846,040			832,813			800,450			846,040			800,450

Assets	$	6,678,374		$	6,645,371		$	6,524,029		$	6,678,374		$	6,524,029
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,674,571			6,641,568			6,520,226			6,674,571			6,520,226
Market Value Adjustment in AOCI		165,932			137,435			154,460			165,932			154,460
Adjusted Tangible Assets		6,840,503			6,779,003			6,674,686			6,840,503			6,674,686

Ending Common Shares Issued		25,689,730			25,684,916			25,614,585			25,689,730			25,614,585

Tangible Book Value Per Common Share	$	26.47		$	27.07		$	25.22		$	26.47		$	25.22

Tangible Common Equity/Tangible Assets		10.19	%		10.47	%		9.91	%		10.19	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.37	%		12.29	%		11.99	%		12.37	%		11.99	%

Net Interest Income	$	51,694		$	49,273		$	48,599		$	196,679		$	197,035
Plus: Noninterest Income		11,876			11,917			17,208			56,844			49,858
Minus: Noninterest Expense		(30,653	)		(30,393	)		(29,445	)		(125,084	)		(130,710	)

Pretax Pre-Provision Earnings	$	32,917		$	30,797		$	36,362		$	128,439		$	116,183

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Twelve Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Noninterest Income	$	11,876		$	11,917		$	17,208		$	56,844		$	49,858
Less: Net (Gain) Loss on Visa Shares		0			15			0			(8,996	)		0
Less: Insurance and Loss Recoveries		0			0			(6,300	)		(1,000	)		(6,300	)
Adjusted Core Noninterest Income	$	11,876		$	11,932		$	10,908		$	46,848		$	43,558

Noninterest Expense	$	30,653		$	30,393		$	29,445		$	125,084		$	130,710
Less: Legal Accrual		0			0			0			(4,537	)		0
Less: Wire Fraud Loss		0			0			0			0			(18,058	)
Plus: Salaries and Employee Benefits (1)		0			0			(453	)		0			1,397
Adjusted Core Noninterest Expense	$	30,653		$	30,393		$	28,992		$	120,547		$	114,049

Earnings Before Income Taxes	$	29,226		$	27,738		$	36,062		$	111,689		$	110,333
Adjusted Core Impact:
Noninterest Income		0			15			(6,300	)		(9,996	)		(6,300	)
Noninterest Expense		0			0			453			4,537			16,661
Total Adjusted Core Impact		0			15			(5,847	)		(5,459	)		10,361
Adjusted Earnings Before Income Taxes		29,226			27,753			30,215			106,230			120,694
Tax Effect		(5,036	)		(4,404	)		(4,996	)		(16,853	)		(19,119	)
Core Operational Profitability (2)	$	24,190		$	23,349		$	25,219		$	89,377		$	101,575

Diluted Earnings Per Common Share	$	0.94		$	0.91		$	1.16		$	3.63		$	3.65
Impact of Adjusted Core Items		0.00			0.00			(0.18	)		(0.16	)		0.30
Core Operational Diluted Earnings Per Common Share	$	0.94		$	0.91		$	0.98		$	3.47		$	3.95

Adjusted Core Efficiency Ratio		48.22	%		49.66	%		48.72	%		49.49	%		47.40	%

(1) In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
(2) Core operational profitability was $11,000 higher and $4.4 million lower than reported net income for the three months ended September 30, 2024 and December 31, 2023, respectively. Core operational profitability was $4.1 million lower and $7.8 million higher than reported net income for the twelve months ended December 31, 2024 and 2023, respectively.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

January 25, 2025

MIL-OSI: Purpose Investments Announces Expansion of Its Yield Shares Suite with the Filling of the Preliminary Prospectus for 8 New ETFs

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments”) is pleased to announce that it has filed and received a preliminary prospectus with the Canadian securities regulators for the proposed launch of eight new yield-focused single-stock ETFs, expanding its acclaimed Yield Shares suite. These ETFs are designed to provide investors with monthly income while maintaining exposure to leading global companies.

The new Yield Shares ETFs include:

Yield Shares ETF	Ticker	Underlying Company
Costco (COST) Yield Shares Purpose ETF	YCOS	Costco
Palantir (PLTR) Yield Shares Purpose ETF	YPLT	Palantir
UnitedHealth (UNH) Yield Shares Purpose ETF	YUNH	UnitedHealth Group
JPMorgan (JPM) Yield Shares Purpose ETF	YJPM	JPMorgan
Coinbase (COIN) Yield Shares Purpose ETF	YCON	Coinbase
Netflix (NFLX) Yield Shares Purpose ETF	YNET	Netflix
Broadcom (AVGO) Yield Shares Purpose ETF	YAVG	Broadcom
Tech Innovators Yield Shares Purpose ETF	YMAG	Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia

“Since launching in 2022, Purpose Yield Shares has become a leading choice for investors seeking monthly income while maintaining growth exposure to the world’s top companies. In response to strong client demand, we are excited to expand our lineup to include high-growth technology and innovation leaders while also diversifying into market pioneers within the consumer staples, financial, and healthcare sectors. These new ETFs enhance the breadth of the Yield Shares suite, offering investors a wider range of opportunities to generate monthly income from industry giants while participating in their long-term growth,” said Yuan Gao, Vice President of Product. “The Yield Shares lineup remains dedicated to providing investors with access to high-quality companies with strong fundamentals and long-term growth potential. These new ETFs enable investors to continue benefiting from exposure to market leaders driving innovation and economic progress while earning monthly income. Whether in technology, consumer staples, financial services, or healthcare, our Yield Shares suite delivers a compelling mix of income and capital appreciation potential, allowing investors to share in the success of industry leaders.”

Each ETF seeks to provide shareholders with (i) long-term capital appreciation through purchasing and holding common stock of the underlying companies, including by using leverage through cash borrowing to purchase common stock of the underlying companies and (ii) distributions by writing covered call options and/or cash covered put options on a portion of the fund’s portfolio.

The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) intends to provide investors with exposure to a basket of leading global technology and innovation-driven companies while generating income by writing covered call options and/or cash-covered put options on a portion of the portfolio.

YMAG provides investors with a one-ticket solution to gain exposure to the Nasdaq trillion-dollar market cap club while generating monthly income. Known as “BATMMAAN,” this select group of industry leaders—Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia—is driving technological innovation across artificial intelligence, cloud computing, digital services, and next-generation infrastructure, positioning themselves as key players in the future of technology and economic growth.

Building on the success of the Yield Shares lineup, these new ETFs will aim to offer investors monthly cash distributions alongside exposure to the long-term growth potential of industry-leading companies.

About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

A preliminary long-form prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy securities of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose, or at http://www.purposeinvest.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the manager’s sole discretion.

The MIL Network –

January 25, 2025

MIL-OSI USA: The Science of Music’s Healing Power

Source: US State of Connecticut

Music can be so omnipresent in daily life – blasting out of tinny Bluetooth speakers at the beach, wafting through the aisles at the grocery store, filling the background of an ad on TV – that many of us give it little thought. But for neuroscientist Ed Large, director of the Music Dynamics Laboratory at UConn, music and thought are inseparable.

In November, Large was recognized at the Music Has Power Symposium in New York City, organized by The Institute for Music and Neurologic Function (IMNF), for his work in understanding the power of music to boost brain function. The symposium, which brought together scientists and musicians alike, was the perfect forum for Large, who went from playing bluegrass to being recognized for his groundbreaking work regarding the ability of musical rhythms to synchronize and train brain rhythms.

Large’s primary contribution to the field of music cognition is neural synchronization. The neuroscientist – who is also a professor in the departments of Psychological Science and Physics – derived equations that describe how the brain works when it synchronizes to rhythms, and soon enough, experiments began to support his hypotheses.

In one of those experiments, Large and Psyche Loui, a professor at Northeastern University, based their hypotheses in part on research from Massachusetts Institute of Technology (MIT) that directly stimulated the hippocampus of mice with genetically engineered Alzheimer’s disease. Loui asked whether adding light to Large’s models of synchronization to musical rhythms could create an effective treatment for Alzheimer’s. After four years and $4.5 million in grants from the National Institutes of Health (NIH), their work has improved memory in patients with mild Alzheimer’s disease.

The type of music that best activates the brain is music that people pick themselves, Large says. Even compared to music that patients are very familiar with, Large observes, “If they chose the music themselves, it actives certain areas of the brain, more than any other kind of music.”

Large discovered his passion for the scientific field of music cognition while in graduate school. Large started his undergraduate studies as a math major, but, choosing to follow his dream of being a professional musician, switched to studying classical guitar performance. After earning his degree from Southern Methodist University and performing for a few years, he went to graduate school at Ohio State University to study artificial intelligence and cognitive science. While there, he learned about the field of music cognition and immediately knew it was what he was supposed to be doing.

“I wasn’t meant to be a performer; I was born to do this,” Large says.

The IMNF, which recognized Large’s work in New York this year, was founded by Concetta (Connie) Tomaino, a music therapist, and Oliver Sacks, a neurologist and best-selling author. Large became involved with the IMNF while he was teaching in Florida, and Tomaino asked if he would join their Scientific Advisory Board. Although hesitant at first, he went to New York to learn about the work she had been doing.

Tomaino had been treating patients with debilitating brain damage, causing aphasia, a disorder that makes it difficult to speak, read, and understand language. Large observed two main types of patients: older adults who had strokes, and younger adults who had survived gunshot wounds to the head. And it was a drum circle among these patients that was a turning point in Large’s thinking about music therapy. An atmosphere of depression and negativity, he recalls, was replaced by a sense of happiness and satisfaction following vigorous participation in the 30-minute drum circle.

“If that is all music therapy does for patients, that is enough,” Large says. “But it turns out, it can do a lot more.”

Next for his research is Phase 2 Clinical Trials. In these next trials, Large will expand his research by testing a greater number of Alzheimer’s patients. And Large continues to do basic research in the lab, looking at the synchronization of brain rhythms to musical rhythms. He aims to be able to target specific areas of the brain with specific frequencies of stimulation using music and possibly synchronized light.

“If we can do this much with what we know now, there is so much more we can do,” he says.

MIL OSI USA News –

January 25, 2025
MIL-OSI: Silicon Motion Confirms Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

TAIPEI, Taiwan and MILPITAS, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO)(“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, confirms today its quarterly cash dividend.

On October 28, 2024, the Board of Directors of the Company declared payment of an annual dividend of US$2.00 per ADS¹, equivalent to US$0.50 per ordinary share, which will be paid in four quarterly installments of $0.50 per ADS, equivalent to US$0.125 per ordinary share. According to the previously announced record and payment dates, the next quarterly installment will be paid on February 27, 2025 to all shareholders of record on February 13, 2025. Our depository bank’s DR Books will be closed for issuance and cancellation on February 13, 2025.

The declaration and payment of future cash dividends are subject to the Board’s continuing determination that the payment of dividends is in the best interests of the Company’s shareholders and are in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.

ABOUT SILICON MOTION:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at http://www.siliconmotion.com.

FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

¹ One ADS is equivalent to four ordinary shares.

The MIL Network –

January 25, 2025
MIL-OSI Video: Reskilling for the Intelligent Age | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

With businesses now investing over $240 billion annually in AI and digital infrastructure, the lack of skills remains the top barrier to unlocking the full potential of digital transformation.

What collaborative effort is needed to bridge the skills gaps and unlock the benefits for competitiveness, growth and productivity?

Speakers: Omar Abbosh, Vimal Kapur, Adam Grant, Joe Ucuzoglu, Claudia Azevedo, Jayant Chaudhary

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

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

MIL OSI Video –

January 25, 2025
MIL-OSI Security: IBAN and the Supreme Audit Office of the Czech Republic sign Memorandum of Understanding to foster cooperation

Source: NATO

On 19 December 2024, Mr Radek Visinger, Chair of the International Board of Auditors for NATO (IBAN), signed in Prague, by delegation from the Board, a Memorandum of Understanding on Cooperation with Mr Miloslav Kala, the President of the Supreme Audit Office of the Czech Republic (SAO).

Since last year’s meeting of IBAN with the competent national audit bodies of the NATO Nations, we have noticed an interest, from both parties, in strengthening mutual cooperation and giving it a clear framework. The IBAN Chair was pleased to accept the invitation of the President, Mr Miloslav Kala, to visit the SAO for the purpose of signing a memorandum. As in previous cases, its main goal is, in accordance with a strategic goal of IBAN, the sharing of experience in professional practices and the exchange of expertise. The document does not commit to any specific action, but lists the areas in which the parties would like to promote mutual cooperation, such as establishing opportunities for professional traineeships, peer reviews and joint research projects, and facilitating the exchange of experiences, best practices, and professional documentation, among other initiatives. Both IBAN and the SAO are committed to intensify their mutual support in carrying out their external audit functions in accordance with the standards and principles promulgated by the International Organisation of Supreme Audit Institutions (INTOSAI).

The formalisation of mutual cooperation was offered to all Supreme Audit Institutions of the NATO Nations last year, and if they intend to share their experience and good practices, they can therefore participate to the same extent.

MIL Security OSI –

January 25, 2025
MIL-OSI: AvePoint Submits Application for Dual Listing on the Singapore Exchange

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance, and resilience, has submitted an application to list its shares of common stock, par value $0.0001 per share (the “Shares”), on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company’s Shares currently trade on the Nasdaq Global Select Market, and if such application is approved would also trade on the SGX-ST.

“Our application to list AvePoint’s common stock on the Singapore Exchange – which would be in addition to our current and continuing listing on Nasdaq – aligns with our ongoing strategy to broaden our presence in the APAC region, where we have a long and successful track record,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We established a presence in Singapore in 2009, and since then have fostered strong relationships with governmental organizations and corporations in the region; today, Singapore serves as our Asia headquarters and International R&D Hub. Finally, we believe that our consistent execution and strong financial performance, both globally and particularly in APAC, will make us attractive to APAC-focused investors seeking in-region high quality B2B SaaS opportunities.”

No final decision or commitment has been made as to the timing, terms or conditions of any such listing on the SGX-ST, and the Company may decide to not proceed with an SGX-ST listing of its Shares.

This press release shall not constitute an offer to sell or the solicitation of an offer or an invitation to buy any securities of the Company, nor shall there be any offer or sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About AvePoint:

Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Disclosure Information:

AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

The MIL Network –

January 25, 2025
MIL-OSI: Blockmate investee Hivello enters strategic partnership with AIxBlock for AI apps to access decentralised computing power

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its investee, Hivello Holdings Ltd has partnered with artificial intelligence development platform AIxBlock to integrate decentralized computing power into AI applications.

AIxBlock operates at the intersection of artificial intelligence and Web3 technologies, offering a comprehensive development platform to build, train & deploy AI models that typically have high computing power requirements to function optimally. The AIxBlock ecosystem features an end-to-end AI development platform, a compute marketplace, dataset marketplace, and human resources for AI. These computing products cater to businesses and individuals transitioning into decentralized technologies.

With the Hivello platform offering its users a passive income stream in exchange for their unutilised computing power, Hivello will extend these capabilities into the AIxBlock, enabling their users to leverage a substantial network of decentralized computing power.

Justin Rosenberg, CEO of Blockmate Ventures, commented, “With the rise of AI, many of the most innovative apps require a substantial amount of computing power which can be costly to access via traditional data centres. But through this partnership, Hivello and AIxBlock aim to unlock new possibilities in both the decentralized computing space and AI space by providing developers an alternative to centralized data centres while giving Hivello users even more opportunities to rent out their unused computing power for passive income”.

Below is the press release from Hivello:

Hivello + AIxblock: Decentralized AI Meets Simplified Node Management

London & Amsterdam, January 23, 2025 – Hivello, a platform simplifying decentralized node management for non-technical users, and AIxBlock, a fully decentralized AI development platform redefining the AI compute and dataset marketplace, have announced a strategic partnership.

AIxBlock operates at the intersection of artificial intelligence and Web3 technologies, offering a comprehensive development platform to build, train & deploy AI models. With its foundation built on the Solana blockchain and its $1 million/year enterprise contract in place, AIxBlock is bridging the gap between traditional Web2 enterprises and the emerging Web3 landscape. Its ecosystem features an end-to-end AI development platform seamlessly integrated with decentralized resources, including a compute marketplace, dataset marketplace, and human resources for AI—catering to businesses and individuals transitioning into decentralized technologies.

Hivello, on the other hand, has revolutionized the process of running decentralized nodes, making it simple and accessible to non-technical users. Hivello is targeting 100,000 users within the next year. By allowing individuals with spare computing resources to participate in decentralized infrastructure, Hivello empowers everyday users to contribute to DePIN (decentralized physical infrastructure networks) projects.

Through this partnership, Hivello and AIxBlock aim to unlock new possibilities in the decentralized compute space by integrating their offerings. AIxBlock’s compute marketplace, which primarily relies on enterprise-level providers, could potentially incorporate Hivello’s decentralized compute power from individual GPU providers. This would enable a truly decentralized model, offering scalability, accessibility, and efficiency in AI compute solutions.

As the two companies continue to explore integration possibilities and expand their shared vision, users and enterprises can look forward to a future where participation in AI and decentralized technologies is accessible to everyone—regardless of technical expertise.

“AIxBlock is taking charge in transitioning AI-driven enterprises from Web2 to Web3, and we’re excited to collaborate with them on this journey,” said Domenic Carosa, Co-founder & Chairman of Hivello. “Our shared vision is to create a decentralized infrastructure that is accessible to all, bridging the gap between web3 and everyday users.”

Ha Dao, CEO & Co-Founder AIxBlock, echoed the sentiment: “Hivello’s expertise in node management complements our vision of decentralizing AI compute power. Together, we can create an ecosystem that empowers individuals and businesses alike to contribute to and benefit from the Web3 economy.”

About Blockmate Ventures Inc.

Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at http://www.hivello.com) and Sunified, digitising solar energy.

The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: http://www.blockmate.com.

Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.
About Hivello
Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required. It’s as easy as downloading, installing, and running nodes, making complex technologies accessible and beneficial to all.
For more information about Hivello and to stay updated on its developments, visit http://www.hivello.com

About Alxblock
AIxBlock – End-to-end AI development platform that empowers AI businesses to build, fine-tune, and deploy models using decentralized resources—including compute, models, datasets, and human labelers. Unlike others, we allow users to self-host the platform on their own infrastructure in minutes, with no manual configuration required.

ON BEHALF OF THE BOARD OF DIRECTORS

Justin Rosenberg, CEO
Blockmate Ventures Inc
justin@blockmate.com
(+1-580-262-6130)

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

Forward-Looking Information
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

The MIL Network –

January 25, 2025

MIL-OSI: New way to earn cryptocurrencies: Earn Bitcoin BTC, DOGE, ETH with BitconeMine Best Free Cloud Mining

Source: GlobeNewswire (MIL-OSI)

LONDON, Jan. 24, 2025 (GLOBE NEWSWIRE) — Many people find that despite hard work, they don’t get the income they want. Since November 2024, the cryptocurrency market has skyrocketed and created multiple millionaires in a short period of time. People are beginning to realize that cryptocurrency is a financial asset that can create their own wealth in the short term, more than any other investment opportunity.

The era of cryptocurrency has arrived, especially the rise of the mining industry. Understand the birth and rise of blockchain technology, the importance of digital currency to our economy, and the current market conditions. “BitconeMine” takes you in depth to understand how to earn fixed income through remote monitoring mining. Whether you are a beginner or an experienced veteran, you will learn how to make a profit in cloud mining in this guide. Take advantage of this opportunity and benefit from this comprehensive guide.

About BitconeMine:

BitconeMine is a leader in the global cloud mining industry. The company was established in London, UK in December 2017. It is officially authorized and regulated by the UK Financial Services Authority and strictly abides by laws and regulations. After years of vigorous development, BitconeMine has dozens of large mining farms in the United States, Canada, the United Kingdom, Norway, South Africa and other countries, with members in 197 countries and regions, and is trusted by 3 million users worldwide.

Advantages of BitconeMine:

⦁ Low threshold and easy operation platform
⦁ Get a $10 instant bonus after registration.
⦁ High profit level and enjoy daily income.
⦁ No other service fees or management fees.
⦁ The platform uses more than a variety of cryptocurrencies for settlement, including USDT-TRC20, BTC, ETH, LTC, USDC, BNB, USDT-ERC20, BCH, DOGE, SOL (Solana) and XRP
⦁ The company’s affiliate program allows you to refer your friends and earn up to 3%-4.5% of the

How to start participating:

(1) Create a BitconeMine account.
(2) Choose a mining package that suits you
(3) Sign a contract – the system automatically starts mining.
(4) Just wait every day. Interest is automatically settled every 24 hours

BitconeMine offers free mining contract options and a variety of mining investment options, such as:

Contract Price	Contract duration	Daily income	Total revenue
$100	2	$4.5	$100+$9
$500	5	$6.25	$500+$31.25
$1000	15	$13.3	$1000+$199.5
$3000	21	$42.6	$3000+$894.6
$5000	30	$77.5	$5000+$2325

Each contract has a unique ROI and a specific contract period.

Security and sustainability:

BitconeMine takes user security very seriously and uses ⦁McAfee®, Cloudflare® and SSL encryption protection. And the company has long-term cooperation with Legal & General Insurance Company. BitconeMine is committed to transparency and legality. You don’t need to invest in equipment in advance, huge electricity bills, so you can focus more on getting returns. BitconeMine uses AI intelligent management to integrate mining equipment and uses new energy and renewable energy to protect the environment from pollution, greatly reducing operating costs, and is a benchmark for sustainable development.

Conclusion:

BitconeMine provides a simple package purchase contract method that even beginners can quickly understand. If you are looking for ways to increase passive income, BitconeMine is an excellent choice. If used properly, these opportunities can help you “automatically” increase your crypto wealth with minimal time investment and earn more than $1,000-100,000 per day.

To learn more about BitconeMine, visit its official website: https://bitconemine.com

Contact:
Lily Tanoria
info@bitconemine.com

Disclaimer: This content is provided by BitconeMine. The statements, views and opinions expressed in this column are solely those of the content provider. The content of this article is for informational purposes only and should not be considered financial, investment, or legal advice. Cryptocurrency mining, including through platforms like BitconeMine, involves risks such as market volatility, regulatory changes, and potential financial losses. Prospective users are encouraged to conduct thorough research and consult with a professional advisor before making any decisions. BitconeMine’s performance, profitability, and rewards are not guaranteed and may vary based on individual circumstances, market conditions, and computational power. The author and publisher of this article are not responsible for any losses or damages arising from the use of the information provided. Always invest and participate responsibly.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2d7343f-0790-4f97-8c96-d896799dac86
https://www.globenewswire.com/NewsRoom/AttachmentNg/f34ecdcb-d6cb-446d-812d-c4913d46c902

The MIL Network –

January 25, 2025

MIL-OSI Global: Navigating deepfakes and synthetic media: This course helps students demystify artificial intelligence technologies

Source: The Conversation – USA – By Mozhdeh Khodarahmi, Associate Library Director, Macalester College

A Macalester College course helps students navigate a rapidly evolving digital landscape. Khanchit Khirisutchalual/Getty Images

Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

Title of course:

AI Literacy and Building Resilience to Misinformation

What prompted the idea for the course?

As an associate director of a college library, I’ve watched artificial intelligence technologies become commonplace in society. They help shape our media. They influence our social interactions.

And they’re also reshaping education.

Through conversations with colleagues and students, I discovered an urgent need: a course that demystifies AI and provides students with tools to navigate a rapidly evolving digital landscape.

This need is relevant today given the increasing prevalence of online misinformation.

AI-driven social media algorithms – used by Facebook and TikTok, for example – and content generation tools like ChatGPT can amplify certain voices while obscuring others.

Those using AI tools maliciously can also create entirely false content, such as deepfake videos or misleading AI-generated news articles. By understanding these dynamics, students can become more discerning consumers and responsible users of information.

I worked with faculty member Michael Griffin and associate director of academic technology Tamatha Perlman to design a course that introduces students to several AI fields.

They include machine learning – how computer systems imitate the way humans learn – and deep learning, which uses artificial neural networks to learn from data.

We also delve into generative AI – a type of AI that can produce images, videos and other forms of data – and prompt engineering, which designs prompts to guide AI models.

What does the course explore?

The course explores two themes: AI literacy and building resilience to misinformation.

Students learn AI technologies such as natural language processing, which allows machines to understand and generate human language, and generative AI. They explore how these tools influence the ways information is created, shared and interpreted.

We then delve into the ethical implications of AI, from data privacy to bias and algorithmic transparency – the principle of making AI decision-making processes understandable and open for review.

The idea is to foster a nuanced understanding of AI’s potential benefits. One example is AI tools that personalize educational content by adapting lessons to a student’s learning pace and style.

We also examine its potential pitfalls. Some AI hiring tools, for example, have discriminated against specific demographic groups, such as systems that disproportionately rejected women’s resumes for technical jobs.

The course also explores cognitive biases, or systematic patterns of deviation from rationality in judgment, which can make people more susceptible to misinformation.

We look at confirmation bias, the inclination to search for information that supports one’s preexisting beliefs. We also examine recency effect, the tendency to give more weight to recent information over earlier data.

Students experiment with AI tools such as ChatGPT, Gemini and NotebookLM. They do so to examine misinformation case studies and participate in discussions on some complex questions.

They include: When does AI assist in learning? When does it hinder learning? How can AI be used more responsibly? How can we know when it’s being manipulated?

Why is this course relevant now?

AI tools are increasingly embedded in social media and news content. This makes it critical for students to discern credible sources from misleading content.

As AI technologies evolve, so too do the methods for spreading misinformation.

They include AI-generated images and synthetic media, which is digitally created or altered content designed to appear authentic.

All of these technologies can be difficult to identify and authenticate. This course gives students the tools to make informed decisions in a digital age.

What’s a critical lesson from the course?

Many students are surprised to learn that AI-powered platforms tailor content to match their interests.

For example, watching a series of videos on a particular topic can lead to being shown increasingly similar content, reinforcing existing beliefs. This, in turn, can shape perceptions and distort reality.

To address this, we introduce students to practical techniques for broadening their information sources. They also learn to cross-reference facts and scrutinize AI-curated content.

For instance, we practice a technique called “lateral reading,” where students verify information by examining multiple sources simultaneously.

What materials does the course feature?

UNESCO’s Media and Information Literacy Curriculum – E-version inspired our syllabus.

Besides academic journal articles, we draw extensively from articles and videos published by The New York Times, The Washington Post and other major news outlets to analyze misinformation stories. These sources offer ample real-life examples, enabling students to engage with timely and relevant case studies.

We also review the AI Competency Framework for Students and the AI Competency Framework for Teachers, launched by UNESCO in September 2024. These frameworks provide valuable insights into fostering AI literacy and ethical engagement with AI technologies.

What will the course prepare students to do?

The goal is to empower students to approach digital information with a critical and informed mindset. This will position them as responsible citizens in a world increasingly shaped by AI.

The course will also help students feel more confident when identifying credible sources, cross-checking information and making sense of AI-powered content. These skills will serve students well in their academic and personal lives.

Mozhdeh Khodarahmi does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Navigating deepfakes and synthetic media: This course helps students demystify artificial intelligence technologies – https://theconversation.com/navigating-deepfakes-and-synthetic-media-this-course-helps-students-demystify-artificial-intelligence-technologies-243689

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: The technology that runs Congress lags so far behind the modern world that its flag-tracking system just caught up to 2017-era Pizza Hut

Source: The Conversation – USA – By Lorelei Kelly, Research Lead, Modernizing Congress, McCourt School of Public Policy, Georgetown University

Tracking one of these items to your door has been possible since 2017 – tracking the other is all new. FTiare/iStock / Getty Images Plus

On a typical day, you can’t turn on the news without hearing someone say that Congress is broken. The implication is that this dereliction explains why the institution is inert and unresponsive to the American people.

There’s one element often missing from that discussion: Congress is confounding in large part because its members can’t hear the American people, or even each other. I mean that literally. Congressional staff serve in thousands of district offices across the nation, and their communications technology doesn’t match that of most businesses and even many homes.

Members’ district offices only got connected to secure Wi-Fi internet service in 2023. Discussions among members and congressional staff were at times cut short at 40 minutes because some government workers were relying on the free version of Zoom, according to congressional testimony in March 2024.

Congressional testimony discusses meetings being cut off at 40 minutes.

The information systems Congress uses have existed largely unchanged for decades, while the world has experienced an information revolution, integrating smartphones and the internet into people’s daily personal and professional lives. The technologies that have transformed modern life and political campaigning are not yet available to improve the ability of members of Congress to govern once they win office.

Slow to adapt

Like many institutions, Congress resists change; only the COVID-19 pandemic pushed it to allow online hearings and bill introductions. Before 2020, whiteboards, sticky notes and interns with clipboards dominated the halls of Congress.

Electronic signatures arrived on Capitol Hill in 2021 – more than two decades after Congress passed the ESIGN Act to allow electronic signatures and records in commerce.

The nation spends about US$10 million a year on technology innovation in the House of Representatives – the institution that declares war and pays all the federal government’s bills. That’s just 1% of the amount theater fans have spent to see ‶Hamilton“ on Broadway since 2015.

It seems the story of American democracy is attractive to the public, but investing in making it work is less so for Congress itself.

The chief administrative office in Congress, a nonlegislative staff that helps run the operations of Congress, decides what types of technology can be used by members. These internal rules exist to protect Congress and national security, but that caution can also inhibit new ways to use technology to better serve the public.

Finding a happy medium between innovation and caution can result in a livelier public discourse.

The pandemic compelled Congress to allow witnesses to testify before committees by videoconference.
Stefani Reynolds-Pool/Getty Images

A modernization effort

Congress has been working to modernize itself, including experimenting with new ways to hear local voices in their districts, including gathering constituent feedback in a standardized way that can be easily processed by computers.

The House Natural Resources Committee was also an early adopter of technology for collaborative lawmaking. In 2020, members and committee staff used a platform called Madison to collaboratively write and edit proposed environmental justice legislation with communities across the country that had been affected by pollution.

House leaders are also looking at what is called deliberative technology, which uses specially designed websites to facilitate digital participation by pairing collective human intelligence with artificial intelligence. People post their ideas online and respond to others’ posts. Then the systems can screen and summarize posts so users better understand each other’s perspectives.

These systems can even handle massive group discussions involving large numbers of people who hold a wide range of positions on a vast set of issues and interests. In general, these technologies make it easier for people to find consensus and have their voices heard by policymakers in ways the policymakers can understand and respond to.

Governments in Finland, the U.K., Canada and Brazil are already piloting deliberative technologies. In Finland, roughly one-third of young people between 12 and 17 participate in setting budget priorities for the city of Helsinki.

In May 2024, 45 U.S.-based nonprofit organizations signed a letter to Congress asking that deliberative technology platforms be included in the approved tools for civic engagement.

In the meantime, Congress is looking at ways to use artificial intelligence as part of a more integrated digital strategy based on lessons from other democratic legislatures.

A panel discussion of various ideas for modernizing how Congress hears from the American people.

Finding benefits

Modernization efforts have opened connections within Congress and with the public. For example, hearings held by video conference during the pandemic enabled witnesses to share expertise with Congress from a distance and open up a process that is notoriously unrepresentative. I was home in rural New Mexico during the pandemic and know three people who remotely testified on tribal education, methane pollution and environmental harms from abandoned oil wells.

New House Rules passed on Jan. 3, 2025, encourage the use of artificial intelligence in day-to-day operations and allow for remote witness testimony.

Other efforts that are new to Congress but long established in business and personal settings include the ability to track changes in legislation and a scheduling feature that reduces overlaps in meetings. Members are regularly scheduled to be two places at once.

Another effort in development is an internal digital staff directory that replaces expensive directories compiled by private companies assembling contact information for congressional staff.

The road ahead

In 2022, what is now called ”member-directed spending“ returned to Congress with some digital improvements. Formerly known as “earmarks,” this is the practice of allowing members of Congress to handpick specific projects in their home districts to receive federal money. Earmarks were abolished in 2011 amid concerns of abuse and opposition by fiscal hardliners. Their 2022 return and rebranding introduced publicly available project lists, ethics rules and a search engine to track the spending as efforts to provide public transparency about earmarks.

Additional reforms could make the federal government even more responsive to the American people.

Some recent improvements are already familiar. Just as customers can follow their pizza delivery from the oven to the doorstep, Congress in late 2024 created a flag-tracking app that has dramatically improved a program that allows constituents to receive a flag that has flown over the U.S. Capitol. Before, different procedures in the House and Senate caused time-consuming snags in this delivery system.

At last, the world’s most powerful legislature caught up with Pizza Hut, which rolled out this technology in 2017 to track customers’ pizzas from the store to the delivery driver to their front door.

Lorelei Kelly has received funding from Democracy Fund and the Hewlett Foundation for her research on modernization in the US Congress.

– ref. The technology that runs Congress lags so far behind the modern world that its flag-tracking system just caught up to 2017-era Pizza Hut – https://theconversation.com/the-technology-that-runs-congress-lags-so-far-behind-the-modern-world-that-its-flag-tracking-system-just-caught-up-to-2017-era-pizza-hut-245931

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: President Trump promises to make government efficient − and he’ll run into the same roadblocks as Presidents Taft, Roosevelt, Roosevelt, Truman, Eisenhower, Carter, Reagan, Clinton and Bush, among others

Source: The Conversation – USA – By Jennifer Selin, Associate Professor of Law, Arizona State University

President Donald Trump signs executive orders in the Oval Office of the White House on Jan. 20, 2025. Anna Moneymaker/Getty Images

As President Donald Trump issued a slew of executive orders and directives on his first day of his second administration, he explained his actions by saying, “It’s all about common sense.”

For over a century, presidents have pursued initiatives to improve the efficiency and effectiveness of government, couching those efforts in language similar to Trump’s.

Many of these, like Trump’s Department of Government Efficiency, which he appointed billionaire Elon Musk to run, have been designed to capitalize on the expertise of people outside of government. The idea often cited as inspiration for these efforts: The private sector knows how to be efficient and nimble and strives for excellence; government doesn’t.

But government, and government service, is about providing something that the private sector can’t. And outsiders often don’t think about the accountability requirements that the laws and Constitution of the United States impose on government workers and agencies.

Congress, though, can help address these problems and check inappropriate proposals. It can also stand in the way of reform.

Charles E. Merriam, left, and Louis Brownlow, members of the President’s Reorganization Committee, leave the White House after discussing government reorganization with President Franklin D. Roosevelt on Sept. 23, 1938.
Harris & Ewing, photographer, Library of Congress

Proposing reform is nothing new

Perhaps the most famous group to work with a president on improving government was President Franklin D. Roosevelt’s Committee on Administrative Management, established in 1936.

That group, commonly referred to as the Brownlow Committee, noted that while critics predicted Roosevelt would bring “decay, destruction, and death of democracy,” the executive branch – and the president who sat atop it – was one of the “very greatest” contributions to modern democracy.

The committee argued that the president was unable to do his job because the executive branch was badly organized, federal employees lacked skills and character, and the budget process needed reform. So it proposed a series of changes designed to increase presidential power over government to enhance performance. Congress went along with some of these proposals, giving the president more staff and authority to reorganize the executive branch.

Since then, almost every president has put together similar recommendations. For example, Presidents Harry S. Truman and Dwight D. Eisenhower appointed former President Herbert Hoover to lead advisory commissions designed to recommend changes to the federal government. President Jimmy Carter launched a series of government improvement projects, and President George W. Bush even created scorecards to rank agencies according to their performance.

In his first term, Trump issued a mandate for reform to reorganize government for the 21st century.

This time around, Trump has taken executive actions to freeze government hiring, create a new entity to promote government efficiency, and give him the ability to fire high-ranking administrators who influence policy.

Most presidential proposals generally fail to come to fruition. But they often spark conversations in Congress and the media about executive power, the effectiveness of federal programs, and what government can do better.

Most presidents have tried the same thing

Historically, most presidents and their advisers – and indeed most scholars – have agreed that government bureaucracy is not designed in ways that promote efficiency. But that is intentional: Stanford political scientist Terry Moe has written that “American public bureaucracy is not designed to be effective. The bureaucracy arises out of politics, and its design reflects the interests, strategies, and compromises of those who exercise political power.”

A common presidential response to this practical reality is to propose government changes that make it look more like the private sector. In 1982, President Ronald Reagan brought together 161 corporate executives overseen by industrialist J. Peter Grace to make recommendations to eliminate government waste and inefficiency, based on their experiences leading successful corporations.

In 1993, President Bill Clinton authorized Vice President Al Gore to launch an effort to reinvent the federal government into one that worked better and cost less.

The Clinton administration created teams in every major federal agency, modeled after the private sector’s efficiency standards, to move government “From Red Tape to Results,” as the title of the administration’s plan said.

An introductory page from the 1993 National Performance Review executive summary, commissioned by the Clinton administration.
CIA.gov

Presidential attempts to make government look and work more like people think the private sector works often include adjustments to the terms of federal employment to reward employees who excel at their jobs.

In 1905, for example, President Theodore Roosevelt established a Committee on Department Methods to examine how the federal government could recruit and retain highly qualified employees. One hundred years later, federal agencies still experienced challenges](https://www.gao.gov/assets/gao-03-2.pdf) related to hiring and retaining people who could effectively achieve agency missions.

President Bill Clinton applauds as Vice President Al Gore speaks at a press conference on March 3, 1994, at which Gore gave Clinton a report of the National Performance Review.
Paul J. Richards/AFP via Getty Images

So why haven’t these plans worked?

At least the past five presidents have faced problems in making long-term changes to government.

In part, this is because government reorganizations and operational reforms like those contemplated by Trump require Congress to make adjustments to the laws of the United States, or at least give the president and federal agencies the money required to invest in changes.

Consider, for example, presidential proposals to invest in new technologies, which are a large part of Trump and Musk’s plans to improve government efficiency. Since at least 1910, when President William Howard Taft established a Commission on Economy and Efficiency to address the “unnecessarily complicated and expensive” way the federal government handled and distributed government documents, presidents have recommended centralizing authority to mandate federal agencies’ use of new technologies to make government more efficient.

But transforming government through technology requires money, people and time. Presidential plans for government-wide change are contingent upon the degree to which federal agencies can successfully implement them.

To sidestep these problems, some presidents have proposed that the government work with the private sector. For example, Trump announced a joint venture with technology companies to invest in the government’s artificial intelligence infrastructure.

Yet as I have found in my previous research, government investment in new technology first requires an assessment of agencies’ current technological skills and the impact technology will have on agency functions, including those related to governmental transparency, accountability and constitutional due process. It’s not enough to go out and buy software that tech giants recommend agencies acquire.

The things that government agencies do, such as regulating the economy, promoting national security and protecting the environment, are incredibly complicated. It’s often hard to see their impact right away.

Recognizing this, Congress has designed a complex set of laws to prevent political interference with federal employees, who tend to look at problems long term. For example, as I have found in my work with Paul Verkuil, former chairman of the Administrative Conference of the United States, Congress intentionally writes laws that require certain government positions to be held by experts who can work in their jobs without worrying about politics.

Congress also writes the laws the federal employees administer, oversees federal programs and decides how much money to appropriate to those programs each year.

So by design, anything labeled a “presidential commission on modernizing/fixing/refocusing government” tells only part of the story and sets out an impossible task. The president can’t make it happen alone. Nor can Elon Musk.

Jennifer L. Selin has received funding and/or support for her research on the executive branch from the Administrative Conference of the United States. The views in this piece are those of the author and do not represent the position of the Administrative Conference or the federal government.

– ref. President Trump promises to make government efficient − and he’ll run into the same roadblocks as Presidents Taft, Roosevelt, Roosevelt, Truman, Eisenhower, Carter, Reagan, Clinton and Bush, among others – https://theconversation.com/president-trump-promises-to-make-government-efficient-and-hell-run-into-the-same-roadblocks-as-presidents-taft-roosevelt-roosevelt-truman-eisenhower-carter-reagan-clinton-and-bush-among-others-247957

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Newly discovered photos of Nazi deportations show Jewish victims as they were last seen alive

Source: The Conversation – USA – By Wolf Gruner, Professor of History, USC Dornsife College of Letters, Arts and Sciences

Deportation of Jews in Bielefeld, Germany, on Dec. 13, 1941. Courtesy City Archive Bielefeld, CC BY-SA

The Holocaust was the first mass atrocity to be heavily photographed.

The mass production and distribution of cameras in the 1930s and 1940s enabled Nazi officials and ordinary people to widely document Germany’s persecution of Jews and other religious and ethnic minorities.

I co-direct an international research project to collect every available image documenting Nazi mass deportations of Jews, Roma and Sinti, as well as euthanasia victims, in Nazi Germany between 1938 and 1945. The most recently discovered series of images will be unveiled on Jan. 27, 2025 – Holocaust Remembrance Day.

In most cases, these are the very last pictures taken of Holocaust victims before they were deported and perished. That fact gives the project its name, #LastSeen.

A few of the images we’ve tracked down were taken by Jewish people, not Nazi officials, offering a rare glimpse of Nazi mass deportations from a victim’s perspective. As descendants of survivors help our researchers identify the deportees in these images and tell their stories, we give previously faceless victims a voice.

Jewish Germans assemble for deportation in Breslau, Germany, in November 1941.
Courtesy of Regional Association of Jewish Communities in Saxony, Germany, CC BY-SA

A growing archive

The #LastSeen project is a collaboration between several German academic and educational institutions and the USC Dornsife Center for Advanced Genocide Research in the United States. When it began in late 2021, researchers knew of a few dozen deportation images of Jews from 27 German towns that had been gathered for a 2011-2012 exhibition in Berlin.

After contacting 1,700 public and private archives in Germany and worldwide to find more, #LastSeen has now collected visual evidence from 60 cities and towns in Nazi Germany. Of these, we’ve analyzed 36 series containing over 420 images, including dozens of never-before-seen photo series from 20 towns.

Most photographs of Nazi mass deportations from local archives published in our digital atlas were taken by the perpetrators, who documented the event for the police or municipality. That has heavily shaped our visual understanding of these crimes, because they display victims as a faceless mass. When individuals were depicted, it was most often through an antisemitic lens.

The LastSeen digital atlas shows locations of deportations where visual documentation has been uncovered.
Screenshot, LastSeen, CC BY-SA

We have, however, obtained a handful of images taken from a victim’s perspective. In January 2024, the #LastSeen team shared newly discovered photographs showing the Nazi deportations in what was then Breslau, Germany – today Wroclaw, Poland.

They were sent to us for analysis by Steffen Heidrich, a staff member of the Regional Association of Jewish Communities in Saxony, Germany, who came across an envelope titled “miscellaneous” while reorganizing his archive. It contained 13 deportation photographs – the last images taken of dozens of Jewish victims before they were transported from Breslau to Nazi-occupied Lithuania and massacred in November 1941.

Jewish resistance

Many of these pictures in this series show a large, mixed age group of men and women wearing the yellow star – the notorious Nazi-mandated sign for Jews – gathering outside with bundles of their belongings. Some are taken from a peculiar angle, from behind a tree or a wall, suggesting they were snapped clandestinely.

People waiting for deportation in Breslau in November 1941.
Courtesy of Regional Association of Jewish Communities in Saxony, Germany, CC BY-SA

Given the deportation assembly point for the Breslau Jews, a guarded local beer garden, our researchers knew that only a person with permission to access that property could have shot these pictures.

For these two reasons, we concluded that an employee of the Jewish community of Breslau must have documented the Nazi crimes – most likely Albert Hadda, a Jewish architect and photographer who clandestinely photographed the November 1938 pogrom in Breslau.

Hadda’s marriage to a Christian partially protected him from persecution. Between 1941 and 1943, the city’s Jewish community tasked him with caring for the deportees at the assembly point until their forced removal.

These 13 recently discovered pictures constitute the most comprehensive series illuminating the crime of mass deportations from a victim’s perspective in Nazi Germany. Their unearthing is testimony to the recently rediscovered widespread individual resistance by ordinary Jews who fought Nazi persecution.

Documenting Fulda

Our project has also identified new deportation photos taken in the German town of Fulda in December 1941, during a snowstorm.

Previously, historians knew of only three pictures of this deportation event. Preserved in the city archive, they show the deportees at the Fulda train station during heavy snowfall.

We discovered two new images of the same Nazi deportation, apparently taken by the same photographer, in a videotaped survivor interview in the Visual History Archive of the USC Shoah Foundation in Los Angeles.

In 1996, the Shoah Foundation interviewed Miriam Berline, née Gottlieb, the daughter of a successful Orthodox Jewish merchant in Fulda. At the end of the two-hour interview, Berline held two photographs up to the camera. They clearly show the same snowy deportation in Fulda.

Screenshot from Miriam Berline’s interview about the Fulda deportations.
USC Shoah Foundation Visual History Archive, CC BY-SA

Berline, born in 1925, escaped Nazi Germany in 1939. She did not remember how her family obtained the images but recalled the photographer as Otto Weissbach, a “wonderful” man who had helped Fulda’s Jewish families.

Our researchers investigated and learned his name was Arthur Weissbach, a non-Jewish neighbor of the Gottliebs. The factory he owned still exists. Descendants of Jewish families have since confirmed that he kept valuables for them and took care of elderly relatives who stayed behind.

Weissbach’s niece said he was a passionate hobby photographer. Since Weissbach kept contact with survivors after the war, he might have given the images to the Gottlieb family. Today, the family’s copies are lost, but their existence is preserved in Berline’s video interview at the USC Shoah Foundation.

The pictures show the Jews at the Fulda train station on Dec. 9, 1941 – revealing how Nazi deportations happened in plain view.

The day before, Jewish men and women from around Fulda had been summoned and spent the night at a local school gym. In the morning, they were taken to the train station and forced by police to board a train to Kassel, in central Germany, and then eastward onto Riga, in Nazi-occupied Latvia.

In total, 1,031 Jews were deported from Kassel to Riga. Only 12 from Fulda survived.

Identifying the deportation victims

It is difficult to identify the people in the photos we discover. So far, we’ve published 279 biographies in the digital atlas.

In the future, artificial intelligence may help us identify more people from the photos in our collection. But for now, this process takes exhaustive research with the help of local researchers and descendants of survivors, whose names are known from archived transport lists.

Families often struggle to recognize individuals in these images, but sometimes they have family photos that help us do so.

Take, for example, this posed family portrait of two young girls. They are Susanne and Tamara Cohn.

Susanne and Tamara Cohn, circa 1939.
Private Archive, CC BY-SA

Relatives of the Cohn family had this photo. It, along with data from the local Nazi transport list, established that two girls photographed in one of his Breslau deportation shots were the daughters of Willy Cohn.

Cohn, a well-known German-Jewish medieval historian and high school teacher in Breslau, kept a detailed diary about the persecution of the town’s Jews from 1933 to 1941. It was unearthed and published in the 1990s.

This photo, below, may be the last picture ever taken of his children with their mother, Gertrud.

Gertrud, Susanne and Tamara Cohn, Breslau, November 1941.
#LastSeen Project, CC BY-SA

New insights

The #LastSeen research project is generating new insights into the history of Nazi mass deportations, new methodologies for photo analysis and new tools for Holocaust education.

In addition to the digital atlas, which has been visited by more than 50,000 people since its launch in 2023, we have developed several award-winning educational tools, including an online game that invites students to search for clues, facts and images of Nazi deportations in an artificial attic.

In workshops for teachers and seminars with students, #LastSeen teaches the history of Nazi deportations and demonstrates how historical photo research works. In Fulda, for example, high schoolers helped us locate the exact places where the photographs were taken.

Those pictures will be published in our atlas on Holocaust Remembrance Day 2025. A public commemoration in Fulda will feature the local students’ contributions.

Depending on fundraising, we hope to extend the #LastSeen project beyond Germany. Collecting images from all 20-plus European countries annexed or occupied by the Nazis will help us better understand these crimes and advance research and education in new ways.

Wolf Gruner is the director of the USC Dornsife Center for Advanced Genocide, which is a partner of the multiinstitutional research project #LastSeen.

– ref. Newly discovered photos of Nazi deportations show Jewish victims as they were last seen alive – https://theconversation.com/newly-discovered-photos-of-nazi-deportations-show-jewish-victims-as-they-were-last-seen-alive-246929

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI: The Drone Market Size Continues to Rise Steeply Generating Lucrative Revenue Opportunity

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone platform services segment dominated the global drone services market share in recent years and is estimated to be the fastest growing through 2032. This is due to the growing use of drones for emergency response and public safety. Drone platform services refer to a range of software and hardware solutions that enable the safe and efficient operation of drones. Drone MRO services comprise maintenance, repair, and overhaul services for items such as wind turbine blades, solar plates, and oil & gas pipelines, especially in hard-to-reach locations. The drone MRO services segment is expected to register significant growth during the forecast period due to increasing demand for low cost and effective inspection services across various sectors. Autonomous drones are UAVs that can operate without human intervention, using advanced software, sensors, and cameras. These drones have been playing an essential role in various industries such as agriculture, construction, mining, and logistics. The introduction of artificial intelligence (AI) software improves the overall performance of unmanned aerial systems, enabling drones to recognize objects, examine information, and provide real-time analytical feedback. A report from Fortune Business Insights said that: “The increase in precision farming needs, aiming to boost crop productivity, drives market growth. Drone OEMs are investing in R&D for thermal cameras, multispectral sensors, and LiDAR, improving drone efficacy in monitoring fields, creating vegetation maps, and detecting issues such as disease and irrigation irregularities. Thus, it drives the market growth during the forecast period.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), AgEagle Aerial Systems Inc. (NYSE: UAVS), Palladyne AI Corp. (NASDAQ: PDYN), Red Cat Holdings, Inc. (NASDAQ: RCAT), Ambarella, Inc. (NASDAQ: AMBA).

Fortune Business Insights continued: “Agricultural drones, flying at a specific altitude with sensors, provide crucial analytical data for controls crop health, treatment, exploration, field soil analysis, and yield assessments, aiding farmers in making informed decisions and reducing time and costs. The surveillance & inspection segment dominates the market. It is estimated to be the fastest growing segment during the forecast period, owing to rising demand for surveillance and inspection operations from agriculture, oil & gas, mining, and other sectors. The product delivery segment held the second-largest share in the application segment. It refers to the use of drones to deliver goods to customers. This entails specialized drones equipped with sensors and GPS technology to navigate and deliver packages to their intended destinations. The rising demand for fast and efficient delivery services is anticipated to boost the product delivery segment.”

ZenaTech (NASDAQ:ZENA) Announces Listing of its Common Shares on the Mexican Stock Exchange – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it its common shares are approved for listing and trading on the BMV: Bolsa Mexicana de Valores (Mexican Stock Exchange). The shares trade under the symbol “ZENA” on its International Quotation System (SIC), effective January 23, 2025.

“As we continue to expand our business into new geographical markets, this additional listing on the Mexican Stock Exchange not only broadens our international exposure but provides increased liquidity for our shareholders. We look forward to sharing our story with Mexican investors as we continue to drive value for our shareholders,” said CEO Shaun Passley, Ph.D.

In Additional ZENA News – ZenaTech Inc.’s (NASDAQ:ZENA) Acquires KJM Land Surveying LLC, a Second Acquisition to Accelerate Drone Innovation in Land Surveys and Establish a Southeast Base for its Drone as a Service Business – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has acquired KJM Land Surveying LLC, a well-established Pensacola Florida land survey engineering company with a long history and roster of repeat customers. This is ZenaTech’s second acquisition as part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The acquisition will also form the base of the Southeast US region of its national Drone as a Service or DaaS business which utilizes drone solutions from its subsidiary company ZenaDrone.

“Closing this second acquisition is another step in our Drone as a Service or DaaS strategy, establishing a Southeast base with an experienced team and customer relationships, which adds to our Northwest base and national rollout. We have the opportunity to significantly disrupt the land survey business at scale using drone technologies. We view our DaaS business model as similar as to how Uber disrupted the taxi industry,” said CEO Shaun Passley, Ph.D. “This acquisition, as well as the 20 others we have identified, have the potential to add accretive revenue over the short term as well as the long term.”

The US Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using traditional methods. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the technology industry include:

Ambarella, Inc. (NASDAQ: AMBA) recently announced during CES the N1-655 edge GenAI system-on-chip (SoC), which provides on-chip decode of 12x simultaneous 1080p30 video streams, while concurrently processing that video and running a hybrid of multiple, multimodal vision-language models (VLMs) and traditional CNNs. This SoC’s high AI processing performance supports most of the popular multimodal VLMs and large-language models (LLMs), while consuming only 20 watts of power—10-100x lower than cloud processors. For example, the N1-655 reliably runs the Phi, Gemma, LLaVA-OneVision and Llama models, without the need for an internet connection, on data inputs like visuals and speech in applications such as on-premise AI boxes, autonomous mobile robots (AMRs), and smart-city security video recorders.

Following its initial N1 SoC introduced last year, Ambarella is building up a family of edge GenAI SoCs for tasks that go beyond what can be done on-camera. Both of the current family members process GenAI models locally to improve privacy with state-of-the-art performance per watt, significantly reducing power consumption as well as the total cost of ownership compared to cloud-based inference processing.

AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the completion of its previously announced historic order of eBee VISION systems to its reseller for French Army surveillance operations. Each system consists of an eBee VISION UAV, ground control systems, comms and antenna package, and a tactical backpack unit. The final 15 units have been delivered pursuant to this purchase order, with the total order valued at $3.4M, which represents the largest single order since the Company was founded.

Bill Irby, AgEagle President, stated, “As AgEagle embarks on what we anticipate being a promising new year in the expanding drone market, closing out this historic requisition serves as a strong indicator of what we believe will be our most successful year to date. In conjunction with our reseller partner we have conducted multiple training events with the French Army which provided invaluable real-time feedback we are leveraging to accelerate the evolution of our eBee VISION. We believe these insights, in addition to our recent significant milestone achievements, will be essential to the scaling of our high-value intelligence, surveillance, and reconnaissance product offerings to military and commercial operations worldwide. We look forward to driving ongoing sustainable revenue growth and remain committed to building long-term value for all our stakeholders.”

Palladyne AI Corp. (NASDAQ: PDYN) and Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced the completion of the first successful flight in which multiple Teal drones equipped with Palladyne™ Pilot AI software autonomously collaborated to identify, prioritize, and track objects of interest on the ground. The flight demonstrates how the Palladyne Pilot AI software leverages sensor management and platform collaboration to enable a flight of two or more drones to autonomously collaborate and share multi-modal sensor information under constrained communication between drones. This follows Palladyne AI’s announcement in December 2024 that it had successfully demonstrated a single drone’s ability to interface with a small drone’s autopilot system using Palladyne Pilot to autonomously identify, prioritize, and track terrestrial targets.

“Enabling multiple Teal and Black Widow drones to synthesize and share multi-modal sensor fusion information in real-time will dramatically improve situational awareness in the field,” said Geoff Hitchcock, Chief Revenue Officer, Red Cat Holdings, Inc. “Even more compelling is the ability to translate that shared information into autonomous navigation, enabling a single operator to manage multiple drones with a substantially reduced cognitive load and in operational environments with limited connectivity. We look forward to engaging with our customers to showcase the value of this groundbreaking joint-solution.”

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SOURCE: FN Media Group

The MIL Network –

January 25, 2025

MIL-OSI: WISeKey Announces HUMAN-AI-T, Universal AI for Humanity Platform, at Davos

Source: GlobeNewswire (MIL-OSI)

WISeKey Announces HUMAN-AI-T, Universal AI for Humanity Platform, at Davos

View video here

Davos, January 24, 2025 – WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today unveiled live on CNBC from Davos, that in conjunction with the preview of the forthcoming book “Humanity at the Crossroads,” WISeKey, and SEALSQ, are joining forces with leading organizations and institutions to create a groundbreaking AI platform, codenamed HUMAN-AI-T. This universal AI will harness the wisdom of humanity, derived from certified historical and contemporary resources, to ensure the preservation and application of human knowledge for future generations.

Building on the principles of the Svalbard Global Seed Vault, which secures the world’s agricultural biodiversity, the HUMAN-AI-T project aims to serve as the digital equivalent for human knowledge. It will consolidate a vast range of sources, including religious texts, legal frameworks, international treaties, philosophical ideas, and spiritual teachings from civilizations across the globe, integrating these with wisdom and local traditions. By doing so, it will holistically define humanity and teach the AI unique intricacies, ensuring that its development remains centered on universal human values.

A Human-Centric Vision for AI

The HUMAN-AI-T platform will be built using only certified and digitally signed resources to guarantee neutrality and authenticity in its knowledge base. This collaboration between leading universities, WISeKey, and SEALSQ will employ advanced digital stamping and security technologies, ensuring transparency and integrity in the processing of data.

The primary objective of HUMAN-AI-T is to create an AI that not only augments human potential but also places humanity at the center of technological progress. By mastering AI in this way, the project aspires to secure the world’s collective knowledge and provide a foundation for a more equitable and ethical digital future.

Launch Highlights

The HUMAN-AI-T project was officially introduced alongside the launch of the forthcoming book ‘Humanity at the Crossroads’ from the authors of ‘The TransHuman Code’ Carlos Moreira and David Fergusson, during a live broadcast from the CNBC Sanctuary at Davos. The discussion underscored the urgent need to harness technology to unleash, rather than overshadow, human potential.

A Secure and Inclusive Digital Future

The HUMAN-AI-T project represents a monumental step forward in the journey toward a human-centric approach to AI. By leveraging cutting-edge technologies and ethical principles, this initiative seeks to build a foundation for global cooperation and innovation, ensuring that technology serves as a force for good in the world.

This collaboration marks a pivotal moment in the history of AI development, setting the stage for a future where technology enhances humanity while preserving the values and wisdom that define us.

About WISeKey

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

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

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

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

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to the Republic of Costa Rica and to the Republic of Nicaragua

Source: United Kingdom – Executive Government & Departments

Edward Roberts

Mr Edward Roberts has been appointed His Majesty’s Ambassador to the Republic of Costa Rica, and His Majesty’s non-resident Ambassador to the Republic of Nicaragua in succession to Mr Ben Lyster-Binns who will be transferring to another Diplomatic Service appointment. Mr Roberts will take up his appointment during autumn 2025.

Curriculum vitae

Full name: Edward John Roberts

Year	Role
2025	Pre-posting training (including Spanish language training)
2023 to 2024	FCDO, Europe Group, Directorate Flexible Resource
2022 to 2023	College of Europe, Bruges, MA in EU International Relations and Diplomacy Studies
2019 to 2022	Kathmandu, Deputy Ambassador
2017 to 2019	Department for Exiting the European Union, Policy Manager, Security Partnership
2016 to 2017	Cabinet Office, Senior Policy Adviser, Migration and EU Asylum Cooperation
2013 to 2016	Kinshasa, Consul and Second Secretary Political and Prosperity
2011 to 2013	FCO, Desk Officer, EU Institutions and Treaty Change Bill
2010 to 2011	European Commission, Brussels, DG AIDCO, Seconded National Expert, Human Development and Migration
2009 to 2010	Department for Education, Policy Officer, Early Years Improvement Support
2008 to 2009	Brussels, European Commission, DG AIDCO, Stagiaire, Human Development and Migration
2007 to 2008	Department for Education, Policy Officer, Education and Skills Bill
2006 to 2007	Department for Education, Policy Officer, Strategy for Learners with Learning Difficulties
2006	Joined the Civil Service Fast Stream

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 24 January 2025

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI: Adoption of Drones-as-a-Service Industry Explodes Along Rising Revenue Opportunities in the Billions

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone market size continues to expand as the drone services industry evolves, offering a diverse range of services for both remotely controlled and autonomously flown drones. This industry integrates software-controlled flight plans into drones’ embedded systems, making it a critical component in sectors like agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure. The demand for these services, which includes tasks such as search and rescue, package delivery, industrial inspections, imaging, and healthcare supply distribution to remote areas, significantly contributes to the growing drone market size. A study from MarketsAndMarkets said the Global Drone Services Market Size, which was valued at USD 17.0 billion in 2023, is estimated to reach USD 57.8 billion by 2028, growing at a CAGR of 27.7% during the forecast period. The report said: “In terms of market segmentation, drone services are categorized by the type of service provided, including platform services (further divided into flight piloting and operation, data analysis, and data processing), maintenance, repair, and operations (MRO), and simulation and training. The application-based segmentation encompasses inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue. The industry-based segmentation covers a wide spectrum of sectors, including construction and infrastructure, agriculture, utility, oil & gas, mining, defense and law enforcement, media and entertainment scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing. These industries rely heavily on drones for functions like inspection, monitoring, and photography, further driving the drone market size.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Safe Pro Group Inc. (NASDAQ: SPAI), EHang Holdings Limited (NASDAQ: EH), Unusual Machines, Inc. (NYSE: UMAC), Ondas Holdings Inc. (NASDAQ: ONDS).

MarketsAndMarkets continued: “Furthermore, the market is categorized by solution type into end-to-end solutions, which encompass all platform services like piloting and operations, data analytics, and data processing. Point solutions are specific to piloting or data processing for applications such as surveying, inspection, and monitoring. North America is expected to hold the largest share of the drone market size within the drone services industry, as these services continue to replace legacy solutions in commercial sectors.”

ZenaTech (NASDAQ:ZENA) Announces Listing of its Common Shares on the Mexican Stock Exchange – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it its common shares are approved for listing and trading on the BMV: Bolsa Mexicana de Valores (Mexican Stock Exchange). The shares trade under the symbol “ZENA” on its International Quotation System (SIC), effective January 23, 2025.

“As we continue to expand our business into new geographical markets, this additional listing on the Mexican Stock Exchange not only broadens our international exposure but provides increased liquidity for our shareholders. We look forward to sharing our story with Mexican investors as we continue to drive value for our shareholders,” said CEO Shaun Passley, Ph.D.

In Additional ZENA News – ZenaTech Inc.’s (NASDAQ:ZENA) Acquires KJM Land Surveying LLC, a Second Acquisition to Accelerate Drone Innovation in Land Surveys and Establish a Southeast Base for its Drone as a Service Business – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has acquired KJM Land Surveying LLC, a well-established Pensacola Florida land survey engineering company with a long history and roster of repeat customers. This is ZenaTech’s second acquisition as part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The acquisition will also form the base of the Southeast US region of its national Drone as a Service or DaaS business which utilizes drone solutions from its subsidiary company ZenaDrone.

“Closing this second acquisition is another step in our Drone as a Service or DaaS strategy, establishing a Southeast base with an experienced team and customer relationships, which adds to our Northwest base and national rollout. We have the opportunity to significantly disrupt the land survey business at scale using drone technologies. We view our DaaS business model as similar as to how Uber disrupted the taxi industry,” said CEO Shaun Passley, Ph.D. “This acquisition, as well as the 20 others we have identified, have the potential to add accretive revenue over the short term as well as the long term.”

The US Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using traditional methods. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the drone technology industry include:

EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced the launch of its Exhibition (Experience) Center in Shenzhen’s Luohu Sports and Leisure Park. It is the world’s first EH216-S takeoff and landing site featuring a fully automated vertical lift vertiport. It also marks a new smart infrastructure in Shenzhen dedicated to the commercial operations of the EH216-S pilotless passenger-carrying aerial vehicle, establishing a groundbreaking model for electric vertical takeoff and landing (“eVTOL”) aircraft operations in urban areas.

The Luohu UAM Center, designed by EHang, boasts an automated three-dimensional vertical lift vertiport. This innovative facility reduces labor costs and optimizes space usage through its automated operations. The Luohu UAM Center, spanning approximately 753 square meters, has brought this advanced design to life. The first floor is dedicated to a hangar and boarding area, providing passengers with a seamless and comfortable experience. The integrated takeoff and landing pad with the hangar enables rapid charging, thereby streamlining flight operations. During the launch ceremony on January 21, an EH216-S aircraft was lifted from the first to the second floor by the vertical lift platform. It then took to the skies, completing a lap over the Luohu Sports and Leisure Park before landing smoothly, marking its first flight at the Luohu UAM Center. The demonstration received widespread acclaim from attendees.

Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its ballistics protection unit, Safe-Pro USA LLC (Safe-Pro USA) will be exhibiting at the upcoming SHOT Show 2025. The event is scheduled to take place from January 21-24, 2025, at the Venetian Expo and Caesars Forum in Las Vegas, Nevada. Safe-Pro USA will be exhibiting in the Palazzo Ballroom at booth #55939 on January 22nd and 23rd.

The Shooting, Hunting and Outdoor Trade ShowSM (SHOT Show^®) is one of the largest of its kind events for target shooting, hunting, outdoor recreation and law enforcement. The annual event, attracting more than 55,000 industry professionals from around the world, serves as a premier platform to showcase new products, engage in educational sessions, and forge valuable connections. At SHOT Show 2025, Safe-Pro USA will be displaying an array of new ballistic protective solutions designed for law enforcement. Highlighted by its ultra-lightweight and ultra-thin “305 PRO” hard armor plate, Safe-Pro USA will also display newly developed high-performance ballistic plates and vests compliant with the National Institute of Justice (NIJ) latest ballistic standard, NIJ 0101.07, all designed to offer enhanced protection for law enforcement and first responders against high-power rifle threats such as AR-15s and AK-47s.

Ondas Holdings Inc. (NASDAQ: ONDS) recently announced that its Ondas Autonomous Systems Inc. (“OAS”) business unit’s Airobotics subsidiary has received a purchase order for its Iron Drone Raider from a major defense company. The order includes the integration and testing of new features required for defending from additional ground threats.

“The Iron Drone Raider is a high performing, modular platform with AI-driven navigation and operating capabilities tailored to the most demanding defense requirements,” said Eric Brock, Chairman and CEO of Ondas. “Indeed, this versatility is allowing for expanded applications further expanding the potential market size for our Iron Drone platform. These new use cases meet an additional need identified by a governmental customer with the required performance and cost parameters. Securing this platform expansion highlights the exceptional talent and experience of our Airobotics team and the confidence our defense partners and customers have in Ondas.”

During the third quarter of 2024, OAS secured several initial orders in the defense market, totaling approximately $14.4 million, which included several purchase orders totaling $9.0 million from a major government military customer for the Iron Drone Raider system. The Iron Drone Raider systems are being deployed as a core element of a multi-layered homeland security infrastructure to protect critical locations, assets and populations from the threat of hostile drones.

Unusual Machines, Inc. (NYSE American: UMAC), a leading innovator in drone technology with a current focus on U.S. based manufacturing and marketing of drone parts recently announced the release of the Rotor Riot Brave 55A ESC and its addition to the Blue UAS Framework. This product addresses the critical need for non-Chinese, NDAA-compliant components in the U.S. drone industry. Unusual machines now has two drone components placed on the Blue UAS Framework.

The Blue UAS Framework is a program established by the Defense Innovation Unit (DIU) to provide the Department of Defense and other government entities with trusted, secure drone components that meet rigorous cybersecurity, performance, and regulatory standards. Products listed on the framework ensure compliance with federal requirements, such as the National Defense Authorization Act (NDAA), reducing risks associated with foreign-made or unverified components. Inclusion in the Blue UAS Framework underscores Unusual Machines’ commitment to supplying reliable solutions for government and defense applications.

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The MIL Network –

January 25, 2025
MIL-OSI Video: Davos 2025 Highlights | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

So what were the highlights at Davos this year?

Under the theme “Collaboration for the Intelligent Age,” nearly 3,000 people from more than 125 countries came together to address a wide array of critical topics, including global cooperation, economic growth, AI development, and the climate crisis.

Click the link to rewatch any of our sessions or explore what you missed: wef.ch/wef25

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=G7Mh0MBEJBA

MIL OSI Video –

January 25, 2025
MIL-OSI United Kingdom: ‘My Hero’ Essay Competition 2025: British Embassy Budapest
Source: United Kingdom – Executive Government & Departments

We invite young people living in Hungary to participate in an essay competition under the theme ‘My Hero’, commemorating the 80th anniversary of the Holocaust.
Honouring bravery and inspiration from the Holocaust, 80 years on.

To commemorate the 80th anniversary of the Holocaust in Hungary, the British Embassy in Budapest invites young people living in Hungary aged 16-25 to participate in an essay competition in English under the theme ‘My Hero’.

This is your chance to reflect on personal stories of bravery and inspiration from individuals – past or present – whose courage and values inspire you today.

We would love to read your essays about Holocaust survivors, heroes of resistance or individuals who stood up against hatred, including family members, neighbours or individuals whose small acts of courage made a difference.

Essay guidelines

essays must be written in English

length: 800 to 1,000 words (10 to 15% variation acceptable)

submissions suspected of being generated by Artificial Intelligence (AI) will be excluded

How to submit

email your essay to competition.be.budapest@fcdo.gov.uk by 11:59 PM CET on 16 February 2025

include your name, age, school or university (if applicable), and contact details

Key dates

submission deadline: 16 February 2025, 11:59 PM CET

winner notification: by 25 February 2025

event at the British Ambassador’s Residence: early March 2025

Examples of inspiring heroes

Hanna Szenes – a Hungarian Jew, poet and British Special Operations Executive volunteer who sacrificed her life to resist Nazi oppression

Jane Haining – a Scottish missionary in Budapest who gave her life to protect Jewish girls in her care at Auschwitz

Lily Ebert – a Holocaust survivor who dedicated her life to educating future generations about the horrors she endured and the importance of standing up against hatred

we also welcome stories about relatives, family friends or members from your community whose bravery during the Holocaust inspires you, highlighting personal connections to this shared history

Judging criteria

Essays will be evaluated by a gender-balanced jury of British Embassy staff based on:

creativity and originality

relevance to the topic and theme of heroism

coherence and emotional impact

how the hero’s story has made a difference

Prizes

winners will be notified by 25 February 2025 and invited to the British Ambassador’s Residence in Budapest to meet the Ambassador and share their stories

the winning essays will be published on our official social media channels, reaching a wider audience

Please note: participants must be resident in Hungary. Non-Hungarian citizens living in Hungary may also apply.

By submitting your essay, you agree to the competition rules.

The Embassy reserves the right to disqualify submissions if they do not meet the requirements.

This competition is part of the UK’s Presidency of the International Holocaust Remembrance Alliance (IHRA), focusing on preserving Holocaust remembrance and its enduring lessons for young generations.

For enquiries, please contact: competition.be.budapest@fcdo.gov.uk

Let’s honour those who inspire us and ensure their stories remain alive for generations to come.

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Updates to this page

Published 24 January 2025
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: Simplifying Crypto Payments: Introducing Bybit Pay
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Jan. 24, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to launch Bybit Pay, an innovative payment platform designed to seamlessly connect traditional finance with the digital economy. This new solution is about processing payments and building strategic partnerships that drive growth, innovation, and financial inclusion on a global scale.

Bybit Pay is a next-generation payment solution designed to simplify transactions across fiat and cryptocurrencies. With seamless integration across websites, mobile apps, and point-of-sale (POS) systems, Bybit Pay empowers businesses to offer efficient, secure, and low-cost payment options to their customers. Whether it’s for online platforms, in-store purchases, or cross-border payments, Bybit Pay bridges the gap between traditional payment methods and the growing demand for digital financial services.

Bybit Pay is happy to welcome more forward-thinking partners joining its ecosystem – businesses, payment providers, and service platforms looking to innovate and scale their operations in the evolving digital finance landscape. Partners gain access to:
- A Global User Base: Instantly connecting with Bybit’s network of over 60 million global users.
- Seamless Integration: Easily incorporating Bybit Pay into existing financial infrastructures and business systems.
- Scalable Solutions: Growing with flexible, future-proof payment technologies designed to adapt to market needs.
- Cross-Industry Collaboration: Unlocking opportunities through partnerships across e-commerce, traditional finance, and digital asset sectors.
Empowering Businesses and Customers Alike

For businesses, Bybit Pay offers the tools to drive potential revenue growth, reduce operational costs, and improve financial efficiency. At the same time, customers are able to benefit from faster transactions, lower fees, and the freedom to choose between fiat and cryptocurrency payment methods – creating a frictionless payment experience for all.

A Vision for the Future

Joan Han, Bybit’s Sales and Marketing Director, envisions a brighter future for payments, noting: “Bybit Pay represents a shift in how we connect businesses to the digital future. It’s more than a payment platform; it’s a call to partners to innovate and redefine transactions with solutions that are efficient, accessible, and forward-thinking.”

The Future of Payments Starts Here

Bybit Pay represents a new chapter in digital finance – where innovation, scalability, and reliability come together to create unparalleled opportunities for growth.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

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

For updates, please follow: Bybit’s Communities and Social Media

Contact

Head of PR

Tony

Bybit

tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c878034-d424-4c73-9f6b-1056a73a4449

The MIL Network –
January 25, 2025
MIL-OSI: Relm Addresses Growing Risk of Crypto Exchange Bankruptcy with Innovative FALTAWEB3 Product Launch

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Jan. 24, 2025 (GLOBE NEWSWIRE) — Relm Insurance (‘Relm’), the leading specialty insurance carrier supporting emerging and innovative industries, today announced the launch of FALTAWEB3, a bespoke risk transfer solution that asset managers, broker/dealers or custodians can purchase to give their customers peace of mind in the event that they are unable to withdraw funds from exchanges due to an ‘exchange default’.

This first of its kind solution provides policyholder protection against exchange defaults, encompassing ‘insolvency, liquidation, bankruptcy, or halting of account withdrawals’. With the frequency of such events increasing in recent years, Relm has developed FALTAWEB3 to provide commercial customers of exchanges with more confidence to invest and trade.

With over five years of experience insuring companies across the Web3 ecosystem, Relm’s underwriting team has developed a robust repository of underwriting and risk data specific to digital assets. For FALTAWEB3, Relm will harness its proprietary data alongside insights from Agio Ratings, a credit rating firm with an established record of assessing exchange default risk. Agio Ratings’ rigorous quantitative approach flagged high risk at FTX and several other exchanges that subsequently defaulted. “Exchange risk is notoriously difficult to hedge, even for the most sophisticated risk managers. We’re excited to support Relm’s vision to broaden access to coverage in the event of an exchange default,” said Ana de Sousa, CEO of Agio Ratings.

“This new solution further solidifies our alignment with innovators in the digital asset space,” said Joseph Ziolkowski, Relm’s CEO and founder. “Insurance should be an enabling force for the maturing crypto economy. FALTAWEB3 was built from deep industry engagement, ensuring that we meet the unique needs of market participants handling significant volumes of fiat and crypto across exchanges.”

To address this critical exposure with greater flexibility, Relm can also leverage its alternative reinsurance infrastructure to enable self-insurance options and the utilization of third-party capital to underwrite larger limits. Relm offers a bankruptcy-protected, turn-key captive insurance option for commercial entities reliant on exchanges, allowing them to participate in underwriting profits. Additionally, Relm can quickly establish reinsurance sidecars, deploying third-party capital — denominated in fiat or digital assets — to create regulated reinsurance capacity absent in the traditional market.

“Through direct engagement with stakeholders and cutting-edge technology partners, Relm continues to redefine the possibilities of risk transfer solutions,” added Claire Davey, Relm’s Head of Product Innovation and Emerging Risk. “FALTAWEB3 exemplifies our commitment to identifying emerging risks and utilizing data-driven insights alongside regulated insurance infrastructure to create products that address gaps in the traditional insurance market and provide confidence to a growing digital asset economy.”

This news comes after Relm announced the launch of its US MGA, licensed in 50 states, and the hiring of industry veteran Keith Lavigne as Head of Underwriting – US.

About Relm Insurance
Relm Insurance Ltd. (Relm) is a Bermuda-domiciled specialty insurance carrier supporting emerging industries that spur innovation and next generation technologies. Launched in 2019 to address the scarcity of insurance capacity available to these high growth markets, Relm plays an active role in bolstering the resilience of these innovative industries. Relm’s unrivaled industry expertise and solutions-driven track record makes it a highly sought-after risk partner for businesses and institutions operating at the forefront of Web3, digital assets, AI, and alternative medicine. Relm has earned a Financial Stability Rating of A, Exceptional, from Demotech. Please visit http://www.relminsurance.com for more information.

About Agio Ratings
Agio Ratings is a credit and risk analysis firm focused on the digital asset market. With a team of seasoned financial professionals, statisticians, and data scientists, it has developed proprietary risk models that capture the market’s unique and volatile risks factors. Agio Ratings is trusted by leading risk teams in the industry and backed by globally renowned investors, including Superscrypt, Portage, and MS&AD Ventures. For more information, please visit: https://www.agioratings.io/

# # #

Media Contact
Yasmin Oronos | Account Execuctive

yasmin.oronos@lunapr.io

The MIL Network –

January 25, 2025
MIL-OSI: BexBack Introduces 100x Leverage, Double Deposit Bonus, and $50 Welcome Bonus—A Game-Changer for Crypto Traders
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — As Bitcoin’s price hovers around the $100,000 mark and enters a phase of high volatility, many analysts predict the market will remain active for the long term. For traders seeking to maximize profits under these conditions, BexBack Exchange has launched an unparalleled promotional package. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading—all while maintaining a No KYC policy, ensuring a seamless and private trading experience.

Unleash the Power of 100x Leverage

BexBack’s 100x leverage feature allows traders to control larger positions with smaller capital, offering significant profit potential. For instance:
- If Bitcoin is priced at $100,000 and you open a position with 1 BTC using 100x leverage, your trade equates to 100 BTC.
- If Bitcoin’s price rises to $105,000, your profit would be: (105,000−100,000)×100/100,000=5BTC, yielding a 500% return.
Maximize Gains with the 100% Deposit Bonus

The 100% deposit bonus is designed to double traders’ capital. For example:
- Deposit 1 BTC and receive an additional 1 BTC as a bonus, enabling you to trade with 2 BTC. While the bonus cannot be directly withdrawn, it acts as extra margin, reducing liquidation risks during volatile markets.
Why Choose BexBack?

BexBack’s innovative features and user-centric approach set it apart:
1. No KYC Policy: Start trading instantly with just an email—no lengthy verifications required.
2. High Leverage: Trade with up to 100x leverage, amplifying your capital efficiency.
3. Transparent Fees: Zero spreads and no slippage ensure precise trade execution.
4. Comprehensive Accessibility: Available on both web and mobile platforms, offering 24/7 access.
5. Global Reach: Accepts users from the United States, Canada, and Europe, and holds a US MSB license.
6. Demo Account: Perfect for beginners, with 10 BTC in virtual funds to practice strategies risk-free.
7. Affiliate Rewards: Earn up to 50% commission through the lucrative affiliate program.
About BexBack

BexBack is a global leader in cryptocurrency derivatives trading, offering perpetual contracts for BTC, ETH, ADA, SOL, and XRP with up to 100x leverage. Headquartered in Singapore, with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina, BexBack is trusted by over 200,000 traders worldwide. The platform holds a US MSB license and is dedicated to providing a seamless trading experience with no deposit fees, 24/7 multilingual customer support, and advanced trading tools.

Don’t Miss the Opportunity!

With Bitcoin at $100,000, the cryptocurrency market is at a critical juncture. BexBack’s unbeatable bonuses and high-leverage offerings make it the ideal platform for traders looking to capitalize on this dynamic market.

Sign up today on BexBack to claim your bonuses and start trading with the tools you need to succeed in the new era of cryptocurrency trading.

Website: http://www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/055bdd3e-9532-4205-b957-764c3c1b0717

https://www.globenewswire.com/NewsRoom/AttachmentNg/665fdfca-e73b-4a8e-93ae-2ed294730a1a

https://www.globenewswire.com/NewsRoom/AttachmentNg/8d1af240-ffb5-4c85-a9e6-939c54ed7a62

https://www.globenewswire.com/NewsRoom/AttachmentNg/623cdedd-2b86-4a21-9833-8263886d659c

The MIL Network –
January 25, 2025
MIL-OSI United Kingdom: Culture Secretary speech at the Creative Industries Growth Summit

Source: United Kingdom – Executive Government & Departments

Culture Secretary Lisa Nandy’s speech on government plans to grow the creative industries, at the Creative Industries Growth Summit in Gateshead.

Welcome to the first Creative Industries Growth Summit. The first national and international gathering of the industries we have chosen to be the centre of our plan for economic growth.

Today I want to talk to you about how, together, we are going to take the brakes off our fastest growing industries and from design and TV to music, video games and fashion, we are going to unleash the power of our creative industries.

To grow our economy. To create good jobs, choices and chances for all our young people. To power the world through our dynamic creative industries.

It’s no accident that we chose to meet here in Gateshead. A town with a proud industrial history. Through iron, steel and coal the people of this town – and this region – powered us through the last century. And Gateshead is now at the forefront of Britain’s cultural renaissance.

Through great institutions like the Baltic and the Glasshouse, sculptures like the Angel of the North, and a growing film industry and video games industry across the region, Gateshead and the North East are a shining example – every bit as striking as the Millennium Bridge – of how you build a living, breathing bridge from our past to our future.

That potential exists in every nation and region of the United Kingdom. Where our world class creative industries have given us a uniquely British brilliance, from the Edinburgh Festival in Scotland, Derry Girls in Northern Ireland, the Hay Festival in Wales, the Jewellery Quarter in Birmingham, and the British Museum in London which pulls in more visitors from around the world than any apart from in New York.

But while governments of every stripe have appreciated the social value of our creative industries, they have consistently underpriced the huge economic potential of industries that are already among our most powerful engines of growth. That ends with us.

I shouldn’t have to say it but I do. From theatre to fashion, advertising to publishing, the creative industries have grown one and a half times faster than the rest of the economy. You together in this room are responsible for creating one in seven jobs through the creative economy. You contribute £124 billion to our economy. Your industries generate nearly 6% of our GVA.

Paul Simon once sang: “Every generation throws a hero up the pop charts.” There are only three countries that are net exporters of music. That is so uniquely true of Britain. We are the musicians, the creators, the storytellers, who tell our story, light up the world and power this economy. That is the talent and ambition that you have, that has built sectors that were worth more to the economy in 2022 than aerospace, life sciences and the automotive industries combined.

But too often you’ve done extraordinary things, not in partnership with your government, but despite it. You’ve been knocking on doors in Whitehall for far too long with a clear message. You want the stability that gives investors confidence to back you. You want a government willing to take a bulldozer to every barrier to growth.

Well today we’re throwing those doors wide open. We share your passion. We match your ambition and we are going to back you to the hilt as one of only eight industries that we believe will power us through the next century.

I’m delighted that Baroness Shriti Vadera has agreed to lead us through this new chapter as the next chair of our revamped Creative Industries Council. She and the titan that is Sir Peter Bazalgette have wasted no time in setting to work on the Sector Plan, which is our dedicated plan in the Industrial Strategy that will guide us forwards.

But as we put those plans in place to carry the torch forwards, you’ve been nothing but straight with us about what is holding you back. And we’ve heard it loud and clear. Investment, innovation, international competitiveness, and skills. So today in all of these areas we’re taking the brakes off our fastest growing industries and inviting you to motor ahead.

We’re starting by making sure you have the investment and backing you need. Like every part of the UK economy, the creative industries have amazing start-ups that struggle to scale up. The growth potential is huge, but the investments are often wrongly deemed too risky and this is particularly true outside London and the South East – forcing great British creative businesses to look overseas to scale.

We are determined to keep that creative pound here in the UK. So as a first step to addressing that all-important finance barrier, the British Business Bank, which supports over £17 billion in finance for businesses already, is committing to increase the scale of its support for the creative industries.

Backing capital fund managers to invest in UK creatives, supporting those experts who understand the unique strengths of this sector in the UK. And we are asking the British Business Bank to report to us on its investment in the creative industries, so that we know the real world impact it is having.

Secondly, we’re taking steps today to address some of the principal barriers to innovation, research and development investment. Time and again we’ve seen examples of creative businesses coming up with innovations that go on to benefit the wider economy.

3D modelling, pioneered for video games, is now employed by Rolls Royce in developing engines.

Visualisation technologies are helping bring down the backlog in the NHS, helping surgeons at hospitals like University College Hospital, to increase the number of prostate operations they do every year. That is lives changed because of the work you are doing.

It’s why the Prime Minister’s Council of Science and Technology recommended that public investment in R&D in the creative industries reflect the size, economic contribution and future growth potential of the sector.

So today we are announcing that we will strengthen the investment from our national research funding agency UKRI into creative R&D.

This means building on the success of the Arts and Humanities Research Council, and programmes like the Creative Clusters Programme. It means UKRI will develop a specific new strategy to support the creative industries.

And it means a long-term investment plan for innovation and growth in the sector, allowing us to build world-leading infrastructure around the UK. And again, to underline this commitment, the Government will ask UKRI to report on its investment in the creative industries.

Because underpinning this is our belief that public and private investment should better reflect the creative industries’ contribution to the economy and its enormous growth potential.

But as we embrace new innovation across the country, we will do it in a way that works for creatives, rather than just paying lip service to your concerns. Creators have always been at the cutting edge of new technologies.

But we hear creators’ concerns and we recognise the worry that AI is an existential threat to livelihoods. There is no value without content. I want to assure you in the clearest possible terms: creatives are at the core of our AI strategy.

When it comes to copyright we’re unambiguous in our desire for a copyright regime that provides creators with real control, transparency and ensures they can license their content.

Thirdly, we’re taking on the skills shortages holding your industries back. We are proud to be supporting major investment projects like the Crown Works film studio in Sunderland. But too often what I hear from young people is that they could no more dream of getting those jobs than going to the moon.

That is not just a tragic waste of human potential. It’s bad business.

It’s why people like Stephen Knight, the creator of Peaky Blinders, who is working to bring in a film school in Birmingham, is recruiting and training 20% of his workforce from local postcodes.

It is essential for investors to know that they don’t have to incur the costs of shipping people in to work on a project, because that talent exists everywhere, but opportunity does not.

[political content]

So, the Education Secretary has announced a review of the curriculum. As part of that we are putting creativity, art, music, culture and sport back at the heart of the curriculum, supporting culture and creativity through the education system.

We’re going to introduce shorter apprenticeships from August 2025. This is one of our first steps towards a more flexible Growth and Skills Levy, recognising the particular needs of this sector.

A movie can take six months to film, while the inflexible apprenticeship model we inherited requires a commitment to 12. We’re knocking down these needless hurdles and this is just the start.

Skills England, along with DfE and my department, are now committing to work with creative employers to identify where else the apprenticeship system can be more flexible to help them get the skills they need, when they need them.

We want kids growing up in Gateshead and Wigan to know that they have a contribution to make, that is seen and is valued. And that contribution is not just for Britain – it’s for the world.

Because our creative industries aren’t just at the heart of our Industrial Strategy and our economic plan, but right at the centre of our ambition to reconnect Britain to the world.

This week the Foreign Secretary and I put the creative industries at the heart of our new Soft Power Council which we lead together and we launched on Wednesday.

We both know that when it comes to international competitiveness, we cannot afford to stand still. So in Europe we are working together to unlock closer cooperation to support our touring artists and those across the EU.

We’ve wasted no time in introducing tax credits for VFX and independent film. A shining example of how industry and government working together drives investment, creates jobs and allows the best storytellers in the world to tell those stories to the world.

And to drive the sector’s international impact, the Secretary of State for Business and Trade and I are extending the Music Export Growth Scheme, which will help great artists to take their talent to the next level. Because nobody has a monopoly on talent.

I spent three of the happiest years of my life just over the Tyne Bridge at Newcastle University. And apart from having to get used to being called a southerner, those years introduced me to the very rich culture and heritage here in the North East.

And when I look around this region, it is obvious to me, as it is to so many of you, that this is a region that should be the Hollywood of the UK. With its innovation, its work ethic, its ability to reinvent and reimagine itself.

There is a reason why investors are clamouring to invest here. Not just the creativity of the people, and the strong local leadership, but the beauty of the backdrops and the sheer scale of the space to build film studios like Crown Works in Sunderland.

So it is extraordinary that for 19 of the last 20 years only two regions – London and the South East – have had the backing and investment to make a net contribution to the public purse.

Trying to grow the economy while ignoring the potential in most parts of Britain is like trying to fly a jet on only one engine. So as well as breaking down the barriers to investment, innovation and skills, we are going to build on what you’ve started through the Sector Plan – learning from the success of London as a global hub, to turbocharge the growth of the creative industries right across the UK.

There is huge untapped potential across our country, from the music industry in Liverpool to film and TV production here in the North East. And we know mayors and local businesses – like Kim McGuiness here in the North East and Tracy Brabin who has led trade delegations and created cultural collaborations all over the world – know better than anyone how to unlock this creativity, innovation, and growth.

That is why today we are announcing new funding for six Mayoral Strategic Authorities with high potential, which local leaders will be able to spend and invest on what they know local creative industry businesses need. They are: the North East, Greater Manchester, Liverpool City Region, West Yorkshire, the West Midlands, and the West of England.

This is just the first step in boosting growth in all parts of the country. The Sector Plan will include further support that will benefit all businesses wherever they are based. We will work with any part of the country that wants to prioritise the creative industries in their local growth plan.

Alongside that, we are putting money where our mouth is. Today the Chancellor and I are committing £40 million of funding toward the creative industries in the next fiscal year. Including funding 127 businesses to take growth to the next level – including 11 here in the North East of England.

That’s new funding for creators and creative businesses, major music labels, film studios and fashion houses. It is a serious sign of our belief in these industries and breaking down the barriers, so that many of you in this room can do the same.

And this is just the first step. In the months ahead we will be taking more action, developing the Industrial Strategy across Whitehall and knocking down these barriers in the way of this sector’s growth.

[political content]

Updates to this page

Published 24 January 2025

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Security: Plymouth Man Agrees to Plead Guilty to a Decade Long Cyberstalking Campaign Against Multiple Victims and Possession of Child Pornography

Source: Federal Bureau of Investigation (FBI) State Crime News

Defendant allegedly posted digitally altered images of victim to social media accounts and programmed artificial intelligence-driven chatbots to mimic human conversation with other unknown users of social media platforms

BOSTON – A Plymouth, Mass. man has agreed to plead guilty to charges relating to cyberstalking numerous Massachusetts victims through social media, email and various online platforms. The defendant allegedly programmed multiple artificial intelligence-driven chatbots to mimic human conversation through text or voice interactions with unknown users of social media platforms and used generative artificial-intelligence tools to create pornographic images of the victims in order to post them online to websites that focus on shaming and degrading women.

James Florence Jr., 36, has agreed to plead guilty to seven counts of cyberstalking and one count of possession of child pornography. Florence was arrested and charged by criminal complaint in September 2024. According to the charging documents, on or about January of 2014 through September of 2024, Florence engaged in an extensive cyberstalking campaign targeting victims and those associated with them. Florence used a variety of techniques and methods to allegedly harass and intimidate his victims and others in the community, including making fake nude images of the victims, doxing or exposing victims’ personal information, creating vulgar fake accounts in the victims’ names and accessing online accounts without authorization (i.e. “hacking”) the victims’ accounts.

Florence’s cyberstalking campaigns allegedly included obtaining, -and then widely distributing, private information about the victims, such as private photographs or photographs shared amongst friends on social media. These photographs were frequently doctored to appear sexual or pornographic in nature. According to court documents Florence also allegedly accessed online accounts without authorization; created accounts in the name of his victims; and solicitated fantasy sexual encounters on their behalf. In the case of one victim, those fabricated sexual encounters allegedly included building a profile of the victim on an interactive platform with information about the victim’s apparent underwear preference, information that the victim was sexually adventurous, used sex toys and had a sex swing in her home. Florence allegedly listed the victims home address; posed as his victims by creating impersonation accounts in their names and then posted or sent various harmful content from those accounts; encouraged others to extort, shame, defame and intimidate victims for pornographic material; and stole victims’ underwear and used photos of the underwear to both harass those victims or engage with others on the internet to further mutual sexual fantasies.

In addition to having received threatening messages from social media and email accounts believed to be controlled by Florence, the victims also allegedly received harassing and extorting communications that are believed to be from users who messaged the victims as a result of Florence’s posts encouraging them to do so. Florence allegedly created and posted photo collages of one of the victims to a website, including images edited to make her appear nude or semi-nude along with all her personal identifying information and captions that encouraged viewers to “Post & Share Her Everywhere. Make The Whore Famous.”

The charge of stalking by electronic means provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000. The charge of possession of child pornography provides for a sentence of 20 years in prison, a mandatory minimum of five years and up to life of supervised release and a $250,000 fine. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. The Plymouth Police Department and Plymouth Fire Department provided valuable assistance in the investigation. Assistant U.S. Attorney Luke A. Goldworm of the Major Crimes Unit is prosecuting the case.

MIL Security OSI –

January 25, 2025
MIL-OSI Global: UK government’s AI plan gives a glimpse of how it plans to regulate the technology

Source: The Conversation – UK – By Paul Khullar, Analyst, Science and Technology, RAND Europe

Anggalih Prasetya / Shutterstock

The UK government recently published its plan for using AI to boost growth and deliver services more efficiently. It also suggests a fundamental shift in how the UK aims to position itself as a global leader in AI innovation.

The AI Opportunities Action Plan gives further evidence on how the government intends to regulate cutting-edge AI.

The timing of this plan, ahead of the Paris AI Action Summit in February, positions the UK to play a significant role in shaping global discussions on AI governance. Its plans to give more powers to the AI Safety Institute (AISI), a directorate of the Department of Science, Technology and Innovation, could enhance the UK’s influence in international cooperation on AI safety and governance through leading the way on legislation and enforcement.

The previous Conservative government’s approach, outlined in its Pro Innovation Approach to AI Regulation white paper, relied heavily on existing regulators and non-binding principles.

But Secretary of State for Science, Innovation and Technology Peter Kyle has said there will be a significant shift in the UK’s regulatory approach, moving from voluntary cooperation to mandatory oversight of the most advanced AI systems. After looking at these systems, regulators could ask the tech companies to make changes.

The government is proposing the Frontier AI Bill, which would make the AISI into a statutory body with the ability to have legal powers rather than just advise companies. The bill could also grant the AISI unprecedented powers to tell developers to share their models for testing before market release, and offer feedback.

How the EU approaches AI

This new regulatory shift differs from the European Union’s approach in two important ways. First, the EU has opted for a voluntary code of practice for general-purpose AI systems.

The EU AI Act takes a comprehensive approach, regulating AI applications across various risk levels and sectors, from high-risk applications in healthcare and education to consumer-facing AI systems. In contrast, the UK’s proposed bill appears more narrowly focused on cutting-edge AI systems before they’re released. Beyond governance, the UK plan also addresses the use of AI in critical infrastructure such as the road networks.

The government plans to go ahead with 48 out of 50 of the report’s recommendations to start with. This demonstrates a strong commitment to developing the necessary foundations for AI advancement. There are also “partial” agreements to consider visa plans for workers who are highly skilled in AI and the creation of a copyright cleared dataset for training, or improving, AI systems.

These measures aim to address crucial gaps in the UK’s AI ecosystem. The focus on infrastructure and developing AI skills suggests maintaining competitiveness in AI requires more than just a favourable regulatory environment, it needs robust capital investments.

Broader risks

However, several challenges remain. The focus on advanced AI systems, while important, has drawn criticism for potentially overlooking broader AI-related risks. There are legitimate concerns about whether this approach adequately addresses the full spectrum of challenges posed by widespread AI adoption across different sectors and cases, such as developers using copyrighted material to improve their AI systems.

The success of this new approach will largely depend on several factors. The ability to introduce effective pre-market testing procedures for cutting edge AI systems without creating excessive barriers to innovation. And also it depends on the capacity of regulators to balance oversight and innovation.

Success will also hinge on the effectiveness of these initiatives in strengthening the UK’s competitive position. .

The UK’s approach represents a bold experiment in AI governance – one that charts a distinct path from the EU.

This plan marks a decisive moment in UK AI policy. The success or failure of this targeted approach could have significant implications for how other nations balance comprehensive AI oversight with focused regulation of the most capable systems.

Paul Khullar has worked on projects funded by DSIT.

Sana Zakaria has received funding from DSIT and UKRI for other areas of work in her portfolio.

– ref. UK government’s AI plan gives a glimpse of how it plans to regulate the technology – https://theconversation.com/uk-governments-ai-plan-gives-a-glimpse-of-how-it-plans-to-regulate-the-technology-248140

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: The pope’s memoir, Oscar nominees and a mafia exhibition – what to read, see and do this week

Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

I finally got round to watching Conclave last week. Two hours of Ralph Fiennes and Isabella Rossellini in Oscar-nominated performances alongside Lucian Msamati and a stray papal turtle. The scandals. The tension. The outfits (also nominated). A sublime experience.

On the way home from the cinema, I became lost in background reading. “How much do we know about real conclaves controversies?” I jabbed into Google. “How close was the film’s pope to the current pontiff, Francis?” As I soon realised, the real Vatican is frequently stranger than fiction. Take Wake Up!, for example, Pope Francis’s progressive rock album (no, really) which was released in 2015.

More surprises are in store in his autobiography, Hope, which was published this week. It’s the first time a pope has written a memoir. As explained by our reviewer, the appropriately named historian of the Catholic church Professor Liam Temple, we’ve never known this much about the pontiff before. We learn that young Francis was an avid football and basketball fan, for example. But also, that he’s now a deeply remorseful man, often impatient and periodically anti-social.

Read more:
Pope Francis autobiography: we’ve never known so much about the pontiff before

The book had us wondering. Would you rather learn about historic figures through their own words, or the art of others? Answer our poll to let us know and reply to this email with your favourite memoir of all time. My colleague Naomi’s is Just Kids by Patti Smith.

A brutal backlash

The Brutalist swept the Oscars shortlist yesterday with ten nominations including best picture, director and actor in a leading role. We asked a real architect to review the film.

Read more:
The Brutalist: an architect’s take on a film about one man’s journey to realise his visionary building

The trailer for The Brutalist.

Adrian Brody plays Hungarian-Jewish architect László Tóth. He’s arrived in Philadelphia after surviving the Holocaust and is taken under the patronage of wealthy industrialist, Harrison Van Buren (Guy Pearce). It’s a monumental work about the foundations, both literal and ideological, of post-war America. Three-and-a-half hours long (with a welcome intermission) it is staggering in its scale and ambition – a film that really must be seen in the cinema.

For fans, the Academy’s support is a relief. For the past week, nominations were in doubt due to a growing backlash around the film’s use of AI to enhance the authenticity of the actors’ Hungarian accents. The language’s hard-to-imitate vowel sounds proved tricky even for Brody, whose mother was a Hungarian refugee. For Dr Dominic Lees, who has been researching the use of AI in filmmaking for six years, this creative decision is hardly shocking, especially in comparison to other recent uses of the technology – we’re looking at you, Here.

Read more:
AI voice technology used in The Brutalist is nothing new – the backlash is about transparency

The trailer for Kyoto.

With a climate-change denier back in the White House, the London opening of Kyoto at the West End’s Soho Place could hardly be timelier. The Royal Shakespeare Company production dramatises the intense negotiations of the world’s first climate change treaty. In doing so, it “turns diplomacy into a contact sport”, eliciting gales of laughter from the audience and raising plentiful questions to ponder on the way home.

Kyoto is playing at London’s Soho Place theatre until May 3.

Through the lens

We caused some controversy last week with our rundown of six covers of Bob Dylan songs that were better than the originals. “What no Guns N’ Roses, Knocking on Heaven’s Door?” asked one reader. “I’ll give you Hendrix, but all the others are ersatz compared to Bob’s versions,” proclaimed another.

The trailer for A Complete Unknown.

Hopefully one thing Dylan fans can agree on is the strength of Timothee Chalamet’s Oscar-nominated performance in the new biopic, A Complete Unknown. To our reviewer’s mind, he brings charm, vulnerability and authenticity to what will surely become one of the stand-out roles of his career.

Read more:
A Complete Unknown: Chalamet’s brilliant performance captures the elusive essence of a young Dylan

You might expect an exhibition of mafia photos to depict conflict, violence, men in suits and victims in pieces. But a new show of Sicilian photographer Letizia Battaglia at London’s Photographers’ Gallery instead presents images of lovers, flowers and children in the street.

Born in 1935, Battaglia was one of the first women reporters in Italy. This is the first major UK exhibition of her work since her death in 2022. Through her lens, she frequently captured the ambiguous reality of the mafia in Sicily. The revolution of her work was the way it stripped the mafia of its glamour, by showing not only its violence, the murders, the desperation, but also the banality and the normalisation of their crimes.

Letizia Battaglia: Life, Love and Death in Sicily is on at The Photographers’ Gallery, London, until February 23.

– ref. The pope’s memoir, Oscar nominees and a mafia exhibition – what to read, see and do this week – https://theconversation.com/the-popes-memoir-oscar-nominees-and-a-mafia-exhibition-what-to-read-see-and-do-this-week-248184

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: The Holocaust poets who can help us to understand genocides past and present

Source: The Conversation – UK – By Jean Boase-Beier, Emeritus Professor, School of Literature, Drama and Creative Writing, University of East Anglia

On Holocaust Memorial Day we remember the victims of the Nazi Holocaust in 1940s Europe and all those affected by later genocides.

I believe that reading poetry is an important way to commemorate these victims because it is such a personal form.

The events of the Holocaust are familiar to many people as dates and numbers. The first concentration camp opened in Dachau in 1933. In 1942 the infamous meeting at the Wannsee took place in Berlin to decide upon the “final solution” to the perceived problem of Jewish people in Germany and beyond.

Some 6 million Jewish people were murdered, some 200,000 disabled and ill people were killed in Germany alone and 400,000 people were forcibly sterilised because they possessed traits the Nazis deemed undesirable.

Such statistics are well documented by Holocaust historians. But behind these numbers, overwhelming in their sheer vastness, are individuals, those whose voices we hear especially clearly in poems.

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People wrote poetry as realisation grew of their likely fate even before the murderous events that later came to be called the Holocaust. Many wrote poetry about the Holocaust later, because they survived and wanted the world to hear their stories, or because they lost family members and wanted to remember them.

Among those who wrote after the Holocaust was German poet Volker von Törne, who was wracked with vicarious guilt for his father’s Nazi past.

But it is the poems written as the events of the Holocaust were unfolding that strike a particular chord. These are poems by prisoners facing execution, by Jewish members of society forced to live in overcrowded ghettos, by those in camps and those about to be transported to camps. Often such poems were written on odd scraps of paper, carefully hidden or buried in the ground, or smuggled out of prison, ghetto or camp.

These writers, desperate to tell their stories, chose poetry because of its immediacy, its conciseness, its emotional impact and its ability to say what cannot easily be said in prose.

Almost none of them wrote in English, so English speakers read them via translators who can speak their words for them, fashioning new versions that aim to capture the style of the originals with all its resonances and as much of their immediacy and impact as possible.

Poets of the Holocaust

Some Holocaust poets became famous, and their work has been translated many times. One of the best known, Paul Celan, was a Romanian-German poet. His parents died in the Holocaust. He died by suicide in 1970, having written some of the most memorable poems about the Holocaust, including Death-Fugue (1948), which described the repetitive and deadly rhythm of camp life and death.

German poet Nelly Sachs, who escaped at the last minute to Sweden, won the Nobel prize in 1966. Her work is readily available in a number of excellent recent translations.

Other famous poets of the Holocaust include Yiddish poet Abraham Sutzkever, Italian essayist Primo Levi and Hungarian poet Miklós Radnóti.

But the stories told by these famous poets, important though they are, can only give a partial picture. Often the fine details of everyday experience, the fears and hopes of individual women, men and children, have a particular resonance in the work of lesser-known poets.

Romanian-German poet Selma Meerbaum-Eisinger was only 17 when she wrote her poetry of fearful anticipation. She was transported to a concentration camp where she died a year later.

Lithuanian poet Matilda Olkinaitė was murdered at 19. How would their poetry have developed had they lived? We will never know. But what they have left us, recreated through their translators, is a highly sensitive view of life in the chaos of approaching catastrophe.

Voices in anthologies

For readers who want a fuller picture of Holocaust poetry, anthologies are invaluable. They usually have an introduction, or notes, providing the context that is so crucial to understanding the poems.

Two older anthologies, Holocaust Poetry by Hilda Schiff (1995) and Beyond Lament by Marguerite Striar (1998) are still very useful.

More recently, I co-edited the anthology Poetry of the Holocaust (2019), which arose from a research project funded by the Arts and Humanities Research Council. Our aim was to collect less well-known Holocaust poetry, and, with the help of 35 translators from languages as varied as Yiddish, Norwegian, Japanese and Hungarian, to present the poems in original and translation, with a contextual note for each.

We tried to include a broader range of poems than earlier anthologies have tended to do. The anonymous Song of the Roma, for example, laments the fate of the more than 200,000 Gypsy, Roma and Traveller victims of the Nazis.

Many poems in the anthology document very specific events, such as French writer Andrė Sarcq’s To the Twice-Murdered Men, which depicts the dreadful detail of his lover’s death at the hands of the Nazis, who treated gay men with unfathomable barbarity.

Polish Resistance member Irena Bobowska suffered the cruel removal of the wheelchair upon which she depended. She imagined the world she has lost in So I Learn Life’s Greatest Art.

German poet Alfred Schmidt-Sas wrote with extreme difficulty, as his hands were bound. He reflected on his imminent beheading in Strange Lightness of Life. And in My God, French poet Catherine Roux told of the horrifying and mundane details of her arrival in a concentration camp: “I’ve no hair / I’ve no hanky.”

It is only by listening to these individual voices that we can really begin to understand what the many millions of Holocaust victims went through, and what victims of genocides all over the world have suffered and are suffering at this moment. Poetry helps us to do this.

Jean Boase-Beier acts as Translations Editor for Arc Publications. She has received funding from the Arts and Humanities Research Council for research relevant to this article.

– ref. The Holocaust poets who can help us to understand genocides past and present – https://theconversation.com/the-holocaust-poets-who-can-help-us-to-understand-genocides-past-and-present-248205

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI United Kingdom: Avian Influenza Prevention Zone
Source: Scottish Government

Zone declared in Scotland and England.

Following an increase in the number of detections of avian influenza (bird flu) in wild birds and other captive birds, the Deputy Chief Veterinary Officer from Scotland and Chief Veterinary Officer from England have declared a national Avian Influenza Prevention Zone (AIPZ) to mitigate the risk of the disease spreading amongst poultry and other captive birds.

This means that from 12:00 noon on Saturday 25 January, it will be a legal requirement for all bird keepers in Scotland and England to follow strict biosecurity measures to help protect their flocks from the threat of avian flu.

Surveillance has indicated that the highly pathogenic avian influenza H5N1 virus is currently circulating in wild birds in the UK and their risk to poultry and other captive birds is currently assessed as being very high. Maintaining strict biosecurity is the most effective method of protecting birds from the virus.

Keepers with more than 500 birds will need to restrict access for non-essential people on their sites, workers will need to change clothing and footwear before entering bird enclosures and site vehicles will need to be cleansed and disinfected regularly to limit the risk of the disease spreading. Backyard owners with smaller numbers of poultry including chickens, ducks and geese must also take steps to limit the risk of the disease spreading to their animals.

Public Health Scotland advises that the risk to public health from the virus is very low and Food Standards Scotland advises that avian influenzas pose a very low food safety risk for consumers. Properly cooked poultry and poultry products, including eggs, are safe to eat.

Scotland’s Deputy Chief Vet Officer Jesus Gallego said;

“While the risk to public health is very low, we are currently experiencing a heightened risk of an incursion from this virus and so it is vital that appropriate precautions are taken to protect poultry and other captive birds from infection. The introduction of this zone is a preventative measure, aimed at minimising the effect that this, often devastating virus, can have on Scottish kept birds”.

Background

Avian influenza (bird flu) outbreaks – gov.scot

Avian influenza (bird flu): how to spot and report the disease – gov.scot

Wild bird surveillance – Avian influenza (bird flu): how to spot and report the disease – gov.scot

The AIPZ means bird keepers across Scotland and England must:
- Keep free ranging birds within fenced areas, and ponds, watercourses and permanent standing water must be fenced off (except in specific circumstances, e.g. zoo birds)
- Cleanse and disinfect footwear and keep areas where birds live clean and tidy;
- Minimise movement in and out of bird enclosures;
- Reduce any existing contamination by cleansing and disinfecting concrete areas, and fencing off wet or boggy areas
- Keep domestic ducks and geese separate from other poultr
- Ensure the areas where birds are kept are unattractive to wild birds, for example by netting ponds, and by removing wild bird food sources;
- Feed and water your birds in enclosed areas to discourage wild birds;
Keepers should familiarise themselves with our avian flu advice at http://www.gov.scot/avianinfluenza and report suspicion of disease to your local APHA Field Services Office.

The Avian Influenza Prevention Zone will be in place until further notice and will be kept under regular review as part of the government’s work to monitor and manage the risks of bird flu.

Do not touch or pick up any dead or visibly sick birds that you find. Wild birds can carry several diseases that are infectious to people. In Great Britain, if you find at the same time:
- a single dead bird of prey, swan, goose, duck or gull or
- five or more dead wild birds of any other species
you should report them on gov.uk’s report dead wild birds page.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: LambdaTest Rolls Out Major Updates to KaneAI, Transforming the end-to-end Software Testing Experience

Source: GlobeNewswire (MIL-OSI)

Noida/San Francisco, Jan. 24, 2025 (GLOBE NEWSWIRE) — LambdaTest, a leading cloud-based unified testing platform announced the latest updates to Kane AI, the world’s first end-to-end software testing agent. These enhancements redefine how teams approach end-to-end test automation, offering powerful capabilities to streamline testing processes and improve efficiency.

Major new features include support for native app testing on Android and iOS real devices, enabling seamless testing across mobile platforms. KaneAI now allows users to author a test case once and execute it across thousands of configurations for desktop browsers and real devices. With integrated support for CI/CD frameworks such as Jenkins and GitHub Actions, teams can ensure smooth automation workflows without disruptions.

KaneAI also introduced data-driven testing, enabling users to upload datasets via CSV files or leverage AI for dynamic data generation. This addition simplifies the testing of complex scenarios and ensures greater coverage with minimal effort. API testing capabilities have been enhanced with support for all REST methods, allowing teams to perform thorough backend validations alongside front-end testing.

KaneAI also now extends support for popular open-source frameworks, including Selenium, Playwright, Cypress, and WebdriverIO for web testing, and Appium for native apps. The introduction of reusable modules ensures that common test steps, once defined, can be applied across multiple test cases, significantly reducing maintenance overhead and effort.

Mayank Bhola, Co-Founder and Head of Product at LambdaTest shared, “We’re constantly striving to make testing easier and more effective. With these updates to KaneAI, we’ve focused on giving teams the flexibility to run their tests smarter and faster, ultimately saving time and improving the quality of their applications.”

These features solidify KaneAI’s position as a comprehensive end-to-end testing platform, enabling teams to deliver faster, more reliable releases while improving product quality.

To learn more about the latest features, visit https://www.lambdatest.com/kane-ai.

About LambdaTest
LambdaTest is an intelligent and omnichannel software quality assurance platform that enables businesses to accelerate time to market through AI-powered cloud-based test authoring, orchestration, and execution. Over 10,000+ enterprise customers and 2+ million users across 130+ countries rely on LambdaTest for their testing needs.

• Browser & App Testing Cloud allows users to run both manual and automated tests of web and mobile apps across 5000+ different browsers, real devices, and operating system environments.

• HyperExecute helps customers run and orchestrate test grids in the cloud for any framework and programming language at blazing-fast speeds to reduce quality test time, helping developers build software faster.

For more information, please visit, https://lambdatest.com

The MIL Network –

January 25, 2025

Category: Machine Learning

Title of course:

What prompted the idea for the course?

What does the course explore?

Why is this course relevant now?

What’s a critical lesson from the course?

What materials does the course feature?

What will the course prepare students to do?

Slow to adapt

A modernization effort

Finding benefits

The road ahead

Proposing reform is nothing new

Most presidents have tried the same thing

So why haven’t these plans worked?

A growing archive

Jewish resistance

Documenting Fulda

Identifying the deportation victims

New insights

Curriculum vitae

Share this page

Updates to this page

Honouring bravery and inspiration from the Holocaust, 80 years on.

Essay guidelines

How to submit

Key dates

Examples of inspiring heroes

Judging criteria

Prizes

Share this page

Updates to this page

Updates to this page

How the EU approaches AI

Broader risks

A brutal backlash

Through the lens

Poets of the Holocaust

Voices in anthologies