Category: Technology

Trump, Musk feud explodes with threats of cutting contracts, backing impeachment

Source: Government of India

Source: Government of India (4)

President Donald Trump threatened on Thursday to cut off government contracts with billionaire Elon Musk’s companies, while Musk suggested Trump should be impeached, turning their bromance into an all-out brawl on social media.

The hostilities began when Trump criticized Tesla CEO Musk in the Oval Office. Within hours, the once-close relationship had disintegrated in full public view, as the world’s most powerful man and its richest launched personal barbs at one another on Trump’s Truth Social and Musk’s X.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump posted on Truth Social.

Wall Street traders dumped shares of Musk’s electric vehicle maker and Tesla closed down 14.3%, losing about $150 billion in market value. It was Tesla’s largest single-day decline in value in its history.

Minutes after the closing bell, Musk replied, “Yes,” to a post on X saying Trump should be impeached. Trump’s Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him.

The trouble between the two started brewing days ago, when Musk denounced Trump’s sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation’s $36.2 trillion in debt.

Trump broke his silence on Thursday, telling reporters in the Oval Office he was “very disappointed” in Musk.

“Look, Elon and I had a great relationship. I don’t know if we will anymore,” Trump said.

While Trump spoke, Musk responded with increasingly acerbic posts on X.

“Without me, Trump would have lost the election,” wrote Musk, who spent nearly $300 million backing Trump and other Republicans in last year’s election. “Such ingratitude.”

In another post, Musk asserted that Trump’s signature tariffs would push the U.S. into a recession later this year.

Besides Tesla, Musk’s businesses include rocket company and government contractor SpaceX and its satellite unit Starlink.

Musk, whose space business plays a critical role in the U.S. government’s space program, said that as a result of Trump’s threats he would begin decommissioning SpaceX’s Dragon spacecraft. Dragon is the only U.S. spacecraft currently capable of sending astronauts to the International Space Station.

Hours later, Musk appeared to reverse that move. Responding to a follower on X urging Musk and Trump to “cool off and take a step back for a couple of days,” Musk wrote: “Good advice. Ok, we won’t decommission Dragon.”

In another possible sign of de-escalation on Thursday evening, Musk separately posted, “You’re not wrong,” in response to hedge fund manager Bill Ackman saying Trump and Musk should make peace.

PUGILISTIC PAIR

The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out.

Even before Musk’s departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies.

For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups.

Trump parted ways with multiple chiefs of staff, national security advisers and political strategists during his 2017-2021 White House tenure. A few, like Steve Bannon, remained in his good graces, while many others, like U.N. Ambassador John Bolton, became loud and vocal critics.

After serving as the biggest Republican donor in the 2024 campaign season, Musk became one of Trump’s most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending.

Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son.

Only six days before Thursday’s blowup, Trump and Musk held an appearance in the Oval Office where Trump praised Musk’s government service and both men promised to continue working together.

A prolonged feud between Trump and Musk could make it more difficult for Republicans to keep control of Congress in next year’s midterm elections. In addition to his campaign spending, Musk has a huge online following and helped connect Trump to parts of Silicon Valley and wealthy donors.

Musk had already said he planned to curtail his political spending in the future.

Soon after Trump’s Oval Office comments on Thursday, Musk polled his 220 million followers on X: “Is it time to create a new political party in America that actually represents the 80% in the middle?”

‘KILL THE BILL’

Musk targeted what Trump has named his “big, beautiful bill” this week, calling it a “disgusting abomination” that would deepen the federal deficit. His attacks amplified a rift within the Republican Party that could threaten the bill’s prospects in the Senate.

Nonpartisan analysts say Trump’s bill could add $2.4 trillion to $5 trillion to the nation’s $36.2 trillion in debt.

Trump asserted that Musk’s true objection was the bill’s elimination of consumer tax credits for electric vehicles. The president also suggested that Musk was upset because he missed working for the White House.

“He’s not the first,” Trump said on Thursday. “People leave my administration… then at some point they miss it so badly, and some of them embrace it and some of them actually become hostile.”

Musk wrote on X, “KILL the BILL,” adding he was fine with Trump’s planned cuts to EV credits as long as Republicans rid the bill of “mountain of disgusting pork” or wasteful spending.

He also pulled up past quotes from Trump decrying the level of federal spending, adding, “Where is this guy today?”

Musk came into government with brash plans to cut $2 trillion from the federal budget. He left last week having cut only about half of 1% of total spending while causing disruption across multiple agencies.

Musk’s increasing focus on politics provoked widespread protests at Tesla sites in the U.S. and Europe, driving down sales while investors fretted that Musk’s attention was too divided.

(Reuters)

June 6, 2025
MIL-OSI Russia: China successfully launches new low-orbit satellite constellation to provide internet access

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

TAIYUAN, June 6 (Xinhua) — China on Friday successfully launched a new low-orbit satellite constellation to provide internet access from the Taiyuan Satellite Launch Center in north China’s Shanxi Province.

The group, the fourth of its kind, was launched at 04:45 Beijing time by a modified Long March-6 carrier rocket. The satellites successfully entered their designated orbits.

This flight was the 580th for the Long March series launch vehicles.

MIL OSI Russia News –

June 6, 2025
MIL-OSI Australia: Award-Winning TV Creators Richard Gadd, Sally Wainwright and Soo Hugh Headline Future Vision 2025

Source: AMP Limited

06 06 2025 – Media release

Richard Gadd, Sally Wainwright and Soo Hugh
Australians in Film, in association with presenting partners Screen Australia and VicScreen, proudly announce the return of FUTURE VISION—Australia’s premier global television exchange for the world’s top creative minds—set to take place July 14–16 at ACMI, Australia’s national museum of screen culture in Melbourne.
With the global screen industry in flux, FUTURE VISION enables Australia’s leading creatives to connect and forge smarter collaborations with each other and international partners as they collectively reflect, reimagine and reinvigorate the way stories are told.
Three of the most powerful global voices in contemporary storytelling will headline the second annual event.

Richard Gadd, the multi-Emmy, Golden Globe and Peabody-winning creator and star of the cultural phenomenon Baby Reindeer.
Sally Wainwright, BAFTA award-winning creator and director of the critically acclaimed Happy Valley.
Soo Hugh, Peabody-winning and BAFTA-nominated creator of the internationally lauded series Pachinko.

Bruna Papandrea (Nine Perfect Strangers) and Tony Ayres (The Survivors), return as FUTURE VISION co-chairs, continuing their leadership at a time where strategic solutions have never been more important.
With the international screen industry confronting global market contraction, regulatory uncertainty, and the rise of AI — FUTURE VISION 2025 will explore how creativity and strategic collaboration can guide the industry forward.
This year’s theme, Optimism, builds upon last year’s focus on Courage, inviting attendees to reimagine what’s possible in this rapidly evolving media landscape.
Papandrea and Ayres said, “We are so enormously thrilled to have three of our television heroes coming to FUTURE VISION this year. Richard Gadd, Sally Wainwright, and Soo Hugh are undoubtedly some of the most exciting television creators in the world today. They create unforgettable worlds and characters that explode onto our screens, and they are masters of their craft. We cannot wait to engage with them in Melbourne and bring their thinking and provocation to the thought leaders at home.”
Richard Gadd said, “Events like FUTURE VISION are very important. They bring together people who care about pushing boundaries, taking risks, and telling stories that mean something.”
Sally Wainwright said, “I’m delighted to have been asked to take part in FUTURE VISION and am looking forward hugely to talking telly with everyone. One of my absolute favourite shows of recent years was Deadloch. I loved it because it was as absurd as it was dark, which for me is always a winning combination. I’m thrilled to be able to visit where it was shot.”
Soo Hugh said, “Throughout my career, I’ve been lucky to learn from extraordinary storytellers who taught me the power of vision and reminded me how deeply personal stories can resonate globally. I’m excited to attend FUTURE VISION – to listen, exchange ideas, and be inspired by voices that see the world a little differently.”
FUTURE VISION will once again bring together drama and narrative comedy creators, writers, producers, commissioners, and development executives from Australia and across the globe for three days of cutting-edge conversation and strategic thinking:

Monday, July 14 – OPEN DAY: A day open to established creatives, industry stakeholders, and curious minds. Also available via livestream for those who cannot make it to Melbourne.
July 15–16 – INVITE-ONLY SESSIONS: Programming for top-tier writers, directors, producers, and commissioning executives.

From keynote conversations to insightful case studies, FUTURE VISION offers an unprecedented opportunity for the industry to come together, think big, and shape the future of television.
Screen Australia COO Grainne Brunsdon says: “Screen Australia is proud to be supporting FUTURE VISION once again. With Richard Gadd, Sally Wainwright and Soo Hugh to headline, the 2025 offering will be valuable for our Australian screen sector to come together and learn from key industry players on how we can continue to launch our stories onto a global stage. Considering our local industry is already one of innovation, strong community and resilience, we have good reason to get behind the event’s theme of Optimism.”
Victorian Minister for Creative Industries Colin Brooks says, “Victoria’s screen industry has a strong track record of creating high-end television that captivates audiences across the globe. We’re proud to support the return of FUTURE VISION to Melbourne for another year. This event connects Australia’s leading screen storytellers with the creators of some the world’s most watched TV series. From global sensation Apple Cider Vinegar to forthcoming new series The Survivors, Victoria continues to be a global screen powerhouse.”
Australians in Film Executive Director Peter Ritchie says; “There are real opportunities for the Australian screen sector globally, and we are so enormously grateful to our headline international guests, our co-Chairs, Screen Australia and VicScreen, all our industry partners, attendees and guests who are coming together so generously to prioritize a strategic approach to the ways we commission, develop and execute our Australian screen stories for international audiences.”
FUTURE VISION is proudly supported by industry peers Walt Disney Company Australia & New Zealand, Netflix and Stan. Our Venue Partner is ACMI, our Official Hotel Partner is Sofitel Melbourne On Collins and our Supporting Partner is Scape.
FUTURE VISION Media Enquiries
Jane Lunn C/- LUNN &Co
+61 402 248 811 | [email protected]
Media enquiries
Maddie Walsh | Publicist
+ 61 2 8113 5915 | [email protected]
Jessica Parry | Senior Publicist (Mon, Tue, Thu)
+ 61 428 767 836 | [email protected]
All other general/non-media enquiries
Sydney + 61 2 8113 5800 | Melbourne + 61 3 8682 1900 | [email protected]

MIL OSI News –

June 6, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 6, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on June 6, 2025.

Defections are fairly common in Australian politics. But history shows they are rarely a good career move
Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University For many years now, Australian political scientists have pointed out that that established partisan allegiance is in decline. In 1967, 36% of Coalition supporters and 32% of Labor voters reported lifetime voting

Premature babies are given sucrose for pain relief – but new research shows it doesn’t stop long-term impacts on development
Source: The Conversation (Au and NZ) – By Mia Mclean, Senior lecturer, Auckland University of Technology Getty Images Infants born very preterm spend weeks or even months in the neonatal intensive care unit (NICU) while their immature brains are still developing. During this time, they receive up to 16 painful procedures every day. The most

Spit or swallow? What’s the best way to deal with phlegm?
Source: The Conversation (Au and NZ) – By Niall Johnston, Conjoint Associate Lecturer, Faculty of Medicine, UNSW Sydney Pop Paul-Catalin/Shutterstock A spitting pot I consider as an essential part of the bed-room apparatus. That’s what French physician René Laennec wrote in 1821. Laennec, who invented the stethoscope, spent his days gazing at his patients’ phlegm.

Australia is in the firing line of Trump’s looming ‘revenge tax’. It’s a fight we’re unlikely to win
Source: The Conversation (Au and NZ) – By Graeme Cooper, Professor of Taxation Law, University of Sydney Alexey_Arz/Shutterstock The Australian Labor Party just won an election victory for the ages. Now, it may be forced to walk back one of the key achievements of its first term. Here’s why: United States President Donald Trump is

‘HIV shouldn’t be death sentence in Fiji’ – call for testing amid outbreak
By Christina Persico, RNZ Pacific bulletin editor Fiji’s Minister for Health and Medical Services has revealed the latest HIV numbers in the country to a development partner roundtable discussing the national response. The minister reported 490 new HIV cases between October and December last year, bringing the 2024 total to 1583. “Included in this number

E-bikes and e-scooters are popular – but dangerous. A transport expert explains how to make them safer
Source: The Conversation (Au and NZ) – By Geoff Rose, Professor in Transport Engineering, Monash Institute of Transport Studies, Monash University nazar_ab/Getty Last weekend a pedestrian in Perth tragically died after being struck by an e-scooter. This followed the death of another person in Victoria last month who was hit and killed by a modified

‘There are too many unpleasant things in life without creating more’: why Impressionism is the world’s favourite art movement
Source: The Conversation (Au and NZ) – By Sasha Grishin, Adjunct Professor of Art History, Australian National University Installation view of French Impressionism from the Museum of Fine Arts, Boston on display from June 6 to October 5, at NGV International, Melbourne. Photo: Sean Fennessy Impressionism is the world’s favourite art movement. Impressionist paintings create

‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy
Source: The Conversation (Au and NZ) – By Stuart Murray, Associate Professor, International Relations and Diplomacy, Bond University Sean Garnsworthy/ALLSPORT Since coming to power in 2022, the Albanese government has focused strongly on the Indo-Pacific. The prime minister’s recent trip to Indonesia was the latest high-level bilateral summit as Australia seeks to recalibrate relationships, enhance

Making it easier to build a granny flat makes sense – but it’s no solution to a housing crisis
Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau RyanJLane/Getty Images As part of its resource management reforms, the government will soon allow “super-sized granny flats” to be built without consent – potentially adding 13,000 dwellings over the next decade to provide “families

Is black mould really as bad for us as we think? A toxicologist explains
Source: The Conversation (Au and NZ) – By Ian Musgrave, Senior lecturer in Pharmacology, University of Adelaide Peeradontax/Shutterstock Mould in houses is unsightly and may cause unpleasant odours. More important though, mould has been linked to a range of health effects – especially triggering asthma. However, is mould exposure linked to a serious lung disease

Resident-to-resident aggression is common in nursing homes. Here’s how we can improve residents’ safety
Source: The Conversation (Au and NZ) – By Joseph Ibrahim, Professor, Aged Care Medical Research Australian Centre for Evidence Based Aged Care, La Trobe University Wbmul/Shutterstock The Coroners Court of Victoria is undertaking an inquest into the deaths of eight aged care residents across six facilities, over a nine-month period in 2021. Each death occurred

We tracked 13,000 giants of the ocean over 30 years, to uncover their hidden highways
Source: The Conversation (Au and NZ) – By Ana M. M. Sequeira, Associate Professor, Research School of Biology, Australian National University Alexandra Vautin, Shutterstock Big animals of the ocean go about their days mostly hidden from view. Scientists know this marine megafauna – such as whales, sharks, seal, turtles and birds – travel vast distances

‘No one knew what was happening’: new research shows how domestic violence harms young people’s schooling
Source: The Conversation (Au and NZ) – By Steven Roberts, Professor of Education and Social Justice, Monash University Taiki Ishikawa/ Unsplash, CC BY Every school around Australia is almost certain to have students who are victim-survivors of family and domestic violence. The 2023 Australian Child Maltreatment Study found neglect and physical, sexual and emotional abuse

Internal tensions throw PNG anti-corruption body into crisis
By Scott Waide, RNZ Pacific PNG correspondent Three staffers from Papua New Guinea’s peak anti-corruption body are embroiled in a standoff that has brought into question the integrity of the organisation. Police Commissioner David Manning has confirmed that he received a formal complaint. Commissioner Manning said that initial inquiries were underway to inform the “sensitive

Tasmania could go to an election just 16 months after its last one. What’s going on?
Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania Tasmania’s Liberal government and its premier, Jeremy Rockliff, have come under huge pressure since the state budget was handed down last week. It’s culminated in the Tasmanian House of Assembly voting to pass a motion of no

Grattan on Friday: Albanese will need some nuance in facing a female opposition leader
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Anthony Albanese loves a trophy, especially a human one. He prides himself on his various “captain’s pick” candidates – good campaigners he has steered into seats. Way back in the Gillard days, he was key in persuading discontented Liberal Peter

Punishment for Te Pāti Māori over Treaty haka stands – but MPs ‘will not be silenced’
RNZ News Aotearoa New Zealand’s Parliament has confirmed the unprecedented punishments proposed for opposition indigenous Te Pāti Māori MPs who performed a haka in protest against the Treaty Principles Bill. Te Pāti Māori co-leaders Debbie Ngarewa-Packer and Rawiri Waititi will be suspended for 21 days, and MP Hana-Rawhiti Maipi-Clarke suspended for seven days, taking effect

Virgin Australia is coming back to the share market. Here’s what this new chapter could mean
Source: The Conversation (Au and NZ) – By Rico Merkert, Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney Petr Podrouzek/Shutterstock It is finally happening. After five years of being a private company, Virgin Australia will relist on the

GPs asking men about their behaviour in relationships could help reduce domestic violence
Source: The Conversation (Au and NZ) – By Kelsey Hegarty, Professor of Family Violence Prevention, The University of Melbourne Domestic violence is increasing in Australia. A new report shows one in three men have ever made a partner feel frightened or anxious. One in 11 have used physical violence when angry. And one in 50

The Top End’s tropical savannas are a natural wonder – but weak environment laws mean their future is uncertain
Source: The Conversation (Au and NZ) – By Euan Ritchie, Professor in Wildlife Ecology and Conservation, School of Life & Environmental Sciences, Deakin University François Brassard The Top End of Australia’s Northern Territory contains an extensive, awe-inspiring expanse of tropical savanna landscapes. It includes well-known and much-loved regions such as Darwin, Kakadu National Park, Arnhem

MIL OSI Analysis – EveningReport.nz –

June 6, 2025
MIL-Evening Report: Premature babies are given sucrose for pain relief – but new research shows it doesn’t stop long-term impacts on development

Source: The Conversation (Au and NZ) – By Mia Mclean, Senior lecturer, Auckland University of Technology

Getty Images

Infants born very preterm spend weeks or even months in the neonatal intensive care unit (NICU) while their immature brains are still developing.

During this time, they receive up to 16 painful procedures every day. The most common is a routine heel prick used to collect a blood sample. Suctioning of the infant’s airways is also common.

While many of these procedures provide critical care, we know they are acutely painful. Even tearing tape off the skin can be painful.

We also know, from decades of research, that preterm babies’ exposure to daily painful invasive procedures is related to altered brain development, stress functioning and poorer cognitive and behavioural outcomes.

The commonest strategy to manage acute pain in preterm babies is to give them sucrose, a sugar solution. But my recent research with Canadian colleagues shows this doesn’t stop these long-term impacts.

In New Zealand, there is no requirement to document all procedures or pain treatments. But as the findings from our Canadian study show, we urgently need research to improve long-term health outcomes for children born prematurely.

Long-term effects of pain in early life

We collected data on the number of procedures, clinical exposures and sucrose doses from three NICUs across Canada.

One of these sites does not use sucrose for acute pain management. This meant we were able to compare outcomes for children who received sucrose during their NICU stay and those who did not, without having to randomly assign infants to different care as you would in a randomised controlled trial – the gold standard approach.

At 18 months of age, when children born preterm are typically seen for a follow-up, parents report on their child’s behaviour. Our findings replicate earlier research: very preterm babies who were exposed to painful procedures early in life showed more anxiety and depressive symptoms by toddlerhood.

Our findings are similar regarding a child’s cognition and language, backing results from other studies. We found no link between preterm babies’ later behaviour and how much sucrose they were given to manage pain.

The sweet taste of sucrose is thought to alleviate pain because it leads to the release of endorphins. It has become the worldwide standard of care for acute neonatal pain, but it doesn’t seem to be helping in the long term.

Improving pain treatment

About 1 in 13 babies are born preterm each year in Aotearoa New Zealand. Some 1-2% are very preterm, two to four months early. Māori and other ethnic minorities are at higher risk.

Studies in New Zealand show children born very preterm have up to a three-fold risk of emotional disorders in preschool and by school age. This remains evident through adulthood.

Sucrose may stop preterm babies from showing signs of pain, but physiological and neurological pain responses nevertheless happen.

As is the case internationally, sucrose is used widely in New Zealand, but there is considerable variation in protocols of use across hospitals. No national guidelines for best practice exist.

Infant pain should be assessed, but international data suggest this isn’t always the case. What’s more, pain isn’t always managed. Routine assessment of pain and parent education videos are useful initiatives to encourage pain management.

Minimising the number of procedures is recommended by international bodies. Advances in clinical care, including the use of less invasive ventilation support and the inclusion of parents in the daily care of their infant, have seen the number of procedures decrease.

Pain management guidelines also help, but whether these changes improve outcomes in the long term, we don’t know yet.

We do know there are other ways of treating neonatal pain and minimising long-term impacts. Placing a newborn on a parent’s bare chest, skin-to-skin, effectively reduces short and long-term effects of neonatal pain.

For times when whānau are not able to be in the NICU, we have limited evidence that other pain management strategies, such as expressed breast milk, are effective. Our recent research cements this: sucrose isn’t helping as we thought.

Understanding which pain management strategies should be used for short and long-term benefits of this vulnerable population could make a big difference in the lives of these babies.

This requires additional research and a different approach, while considering what is culturally acceptable in Aotearoa New Zealand. If the strategies we are currently using aren’t working, we need to think creatively about how to limit the impact of pain on children born prematurely.

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

– ref. Premature babies are given sucrose for pain relief – but new research shows it doesn’t stop long-term impacts on development – https://theconversation.com/premature-babies-are-given-sucrose-for-pain-relief-but-new-research-shows-it-doesnt-stop-long-term-impacts-on-development-256804

MIL OSI Analysis – EveningReport.nz –

June 6, 2025
MIL-OSI: MediCoin Launches Worldwide — A New Era for On-Chain Medical Claims

Source: GlobeNewswire (MIL-OSI)

MIAMI, June 05, 2025 (GLOBE NEWSWIRE) — The moment the crypto and healthcare communities have been waiting for is here! MediCoin officially launches worldwide, ushering in a new era of blockchain-powered access to legal claims tied to medical expenses. $MEDI is now live at $0.10. The future of healthcare and legal claims starts now.

What Is MediCoin?
MediCoin is a utility token built on the Base blockchain that empowers users to purchase and invest in legal claims involving healthcare costs where another party is legally responsible.
These include (among others):
Personal injury claims
Medical malpractice cases
Defective medical device cases
Pharmaceutical cases

All claims are carefully vetted and tokenized on the MediCoin platform, providing buyers with exclusive access to high-potential legal assets that have traditionally been available only to law firms or institutional investors. The platform operates exclusively with the MediCoin token ($MEDI).

Why MediCoin Matters
Legal claims related to medical expenses often result in substantial settlements. By bridging cryptocurrency with real-world legal finance, MediCoin brings much-needed transparency, accessibility, and investment opportunities to an outdated system — while simultaneously helping claimants secure funds more efficiently.

How to Buy MediCoin
MediCoin is now live globally at a public token price of $0.10. Here’s how to get started:
Set up MetaMask and switch to the Base Network
Fund your wallet with ETH (Coinbase withdrawal recommended)
Visit MediCoin.com and connect your wallet
Purchase $MEDI tokens at MediCoin.com/Buy and join the movement
For support and FAQs, visit MediCoin.com/FAQ.

“We’re excited to build the future of healthcare on-chain,” said the MediCoin Team. “Today marks the beginning of a new chapter where blockchain technology unlocks access to legal claims tied to medical expenses and creates investment opportunities for the global crypto community.”

Join MediCoin today and be part of the revolution transforming healthcare and legal claims recovery.

Follow MediCoin
Stay up to date and join the conversation:
X (Twitter): @MediCoinX
Instagram: @MediCoinX
Website: www.MediCoin.com

For more info: Support@MediCoin.com

The MIL Network –

June 6, 2025
MIL-Evening Report: E-bikes and e-scooters are popular – but dangerous. A transport expert explains how to make them safer

Source: The Conversation (Au and NZ) – By Geoff Rose, Professor in Transport Engineering, Monash Institute of Transport Studies, Monash University

nazar_ab/Getty

Last weekend a pedestrian in Perth tragically died after being struck by an e-scooter.

This followed the death of another person in Victoria last month who was hit and killed by a modified e-bike which police alleged could travel at 90 kilometres per hour.

A study published earlier this week also found nearly 180 e-scooter injuries in young people aged five to 15 at the Sunshine Coast University Hospital in 2023 and 2024. One in ten injuries were life-threatening or potentially life-threatening.

Even though e-bikes and e-scooters have many benefits, such as improving urban accessibility and giving people scope to reduce or even eliminate carbon-emitting car use, these examples highlight their associated risks.

For these risks to be properly addressed, an overhaul of regulations covering e-bikes and e-scooters is urgently needed.

All to do with power

E-bikes have a battery-powered motor to assist the rider. The key word there is “assist”: to be legal the rider has to be pedalling to get the power assistance.

E-scooters are a new variant of the once humble children’s kick scooter. They are more sturdy to support an adult rider, and the battery-powered motor provides all the power.

Some e-bikes and e-scooters have throttles, which enable riders to accelerate to higher speeds without pedalling. Technically, these are illegal.

These new forms of urban transport are surging in popularity. This year alone, about 150,000 e-bikes are forecast to be sold across the country. An estimated 350,000 Australians – about 1.3% of the population – owned an e-scooter in 2024.

Regulations governing e-bikes and e-scooters were historically designed with reference to the power required to ride a regular bicycle.

A person needs to provide power equal to 220 watts to propel a regular bicycle at 32km/h on a flat road without a headwind.

The figure of 250 watts emerged as the baseline in Europe for the power limit on e-bikes. It is 500 watts in Canada and 750 watts in the United States.

In 2017, Australia harmonised its e-bike regulations with with those in Europe.

The regulations specify that power-assisted e-bikes can have a motor up to 250 watts. But the rider must pedal to get the power assistance and it must cut out above 25km/h.

E-bikes can travel faster than 25km/h. But the rider has to be providing all the power above that speed.

The same power limit was applied to e-scooters. But given their design and smaller wheels, regulators in Australia were more conservative, specifying a 20km/h maximum speed.

Differences across Australian states have since emerged with New South Wales allowing e-bikes up to 500 watts. Queensland has also removed motor power output from its e-scooter regulations and allows them to travel at speeds up to 25km/h.

There are two main problems with the existing system of regulations. First, there is nothing to stop the import of high-performance e-bikes and e-scooters from overseas. Second, enforcement is difficult and rarely occurs, because the police don’t have the equipment to easily test motor power.

There is a wide variety of e-bikes on the market.
Sergey Ryzhov/Shutterstock

What needs to change?

The federal government has a clear role to play in stemming the import of e-bikes and e-scooters that exceed the legal limits for public use in Australia.

However there is no evidence the government has engaged with the issue. This is inconsistent with its commitment to the National Road Safety Strategy and the approach taken to the management of vehicle safety and import regulations which apply to motor vehicles.

State and territory governments must revise and simplify their e-bike and e-scooter regulations.

Tasmania is on the front foot with its review of e-bike regulations. But e-scooter regulations also need reform – to make them easier for the public to understand, to ensure these devices offer a viable travel option for people and, importantly, to enable efficient enforcement.

Local government and road authorities should have the power to set speed limits for e-bike and e-scooter riders on shared paths.
Cromo Digital/Shutterstock

A few changes to the rules could then make a big difference.

For a start, references to motor power should be removed because the severity of a crash depends on speed not the power of the device. Having the regulations framed in terms of power is a complication for enforcement and we don’t use it to regulate motor vehicles.

Then we need to focus on where, and how fast, these vehicles can be ridden.

A good first step would be to follow the lead of Queensland and Tasmania and legalise footpath riding, subject to a 12km/h or 15km/h speed limit as is the case in those states.

Restricting e-scooters to low-speed roads (up to 50km/h), and with a lower speed limit when ridden on the footpath, would minimise the risk of dangerous collisions with pedestrians and reduce the risk of dangerous collisions with cars on high-speed roads.

Specifying a max speed under power assistance for e-bikes of 32km/h would bring us in line with the regulations for countries that have cities similar to Australia’s such as Canada and New Zealand.

This would open our market to more models from overseas. It would also ensure e-bikes are better able to keep up with traffic when ridden on roads and are more competitive in terms of travel time relative to the car, to help further reduce car use.

When it comes to e-scooters, moving to a 25km/h speed limit (as is the case in Queensland), combined with restricting their use to roads of up to 50km/h, would improve their compatibility with the flow of motor vehicles on local streets.

Local government and road authorities should also have the power to declare areas where footpath riding is not permitted – for example, inner-city footpaths with heavy pedestrian activity. They should also have the power to set speed limits for riders on shared paths and bicycle lanes where there is likely to be interaction with pedestrians.

With those changes in place, police would be able to enforce displayed speed limits for e-bikes and e-scooters using radar guns, as is already done in Queensland, and issue fines where appropriate.

Geoff Rose has received in-kind support for his research, in the form of data, from shared e-scooter operating companies; he has served on the oversight panel for the Victorian Government’s shared e-scooter trial and he has consulted to the Tasmanian Department of State Growth on e-bike regulations.

– ref. E-bikes and e-scooters are popular – but dangerous. A transport expert explains how to make them safer – https://theconversation.com/e-bikes-and-e-scooters-are-popular-but-dangerous-a-transport-expert-explains-how-to-make-them-safer-257126

MIL OSI Analysis – EveningReport.nz –

June 6, 2025
MIL-OSI China: Chinese vice premier stresses fairness, safety in college entrance exam

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

Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits a test site at a Taiyuan middle school in Taiyuan, north China’s Shanxi Province, June 3, 2025. Ding inspected preparations for the college entrance examination and energy sector reforms in north China’s Shanxi Province from Tuesday to Wednesday, emphasizing the need to uphold fairness and ensure safety in the national examination, also known as Gaokao. [Photo/Xinhua]

TAIYUAN, June 5 — Chinese Vice Premier Ding Xuexiang inspected preparations for the college entrance examination and energy sector reforms in north China’s Shanxi Province from Tuesday to Wednesday, emphasizing the need to uphold fairness and ensure safety in the national examination, also known as Gaokao.

The examination is crucial for national development and the future of families, said Ding, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, during a visit to the provincial Admissions and Examination Management Center and a test site at a Taiyuan middle school. He urged authorities to safeguard fairness as the “lifeline” in examination and admission reforms, and Gaokao organization.

Ding stressed the importance of rigorous test paper security, anti-cheating measures, and compassionate support for students.

At Shanxi College of Applied Science and Technology, Ding called for alignment with industrial upgrades to cultivate talent and stronger employment support for graduates.

While inspecting a local company under the State Grid, Ding urged the energy-rich province to lead the way in the clean and efficient use of coal, improve policies for new energy integration, and accelerate the development of a new energy system.

At an air quality monitoring station, Ding called for the optimization of industrial, energy, and transportation structures to fundamentally address pollution issues. He also emphasized the need to accelerate upgrades in key industries to achieve ultra-low emissions, strictly enforce regulations against scattered, non-compliant, and polluting enterprises, and continually improve air quality.

Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits a local company under the State Grid in north China’s Shanxi Province, June 4, 2025. Ding inspected preparations for the college entrance examination and energy sector reforms in north China’s Shanxi Province from Tuesday to Wednesday, emphasizing the need to uphold fairness and ensure safety in the national examination, also known as Gaokao. [Photo/Xinhua]

MIL OSI China News –

June 6, 2025
MIL-OSI New Zealand: Tech Security – Tax assessment period a prime time for scams, expert warns
Source: Botica Butler Raudon Partners & Passion PR

Inland Revenue (IR) has begun issuing income tax assessments to New Zealanders, kicking off the annual cycle of tax refunds and chasing up tax owned.

With cybercriminals known to exploit this period, Norton experts are warning that Kiwis will soon be targeted with a range of tax scams, from phishing emails to phone impersonations and fake refund promises.

“New Zealand is one of the most heavily impacted countries by a new wave of AI-driven, hyper-personalised cyber threats. That makes tax time an especially risky period,” says Mark Gorrie, Managing Director Norton APAC.

“Our latest Q1 2025 Threat Report points out that breached data and AI tools are giving cybercriminals just enough personal information and design sophistication to easily manipulate people.”

Key tips for protecting yourself:

IR never includes refund amounts or login links in emails or texts

Watch for suspicious domains (e.g. ird.com.nz, ird.qovt.nz); the real one is ird.govt.nz

Be wary of terms like “fiscal activity”, “excess payment” or “Department of Taxes”

Never give out personal info over the phone unless you’ve verified the caller – hang up and call IR back using their official number

Use strong passwords, enable two-factor authentication, and secure personal documents.

Limit what you share online. Scammers can use social media info to guess security questions or build convincing fake messages.

Consider enrolling in an identity protection service. These services can monitor your financial and personal data, alert you to unusual activity, and help you recover more quickly if your identity is compromised.

Common types of tax scams:

Phishing emails impersonating IR, often claiming issues with your refund or tax return

Fake IR calls demanding immediate payment for tax debts that don’t exist

Identity theft, with scammers using your IR number to lodge fraudulent returns

Social media scams offering fake tax help or posing as IR reps

Emails with fake tax documents that install malware when opened

Bogus refund offers used to harvest personal or banking info

Scam charities asking for “deductible” donations

Tax payment scams involving prepaid gift cards or unusual repayment methods.
MIL OSI New Zealand News –
June 6, 2025
MIL-OSI: Portman Ridge Announces Change of Date to the Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote “FOR” the Share Issuance Proposal

Source: GlobeNewswire (MIL-OSI)

Stockholders of PTMN Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger

Both Leading Independent Proxy Advisors, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), Have Recommended PTMN Stockholders Vote “FOR” the Share Issuance Proposal

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) announced today that its Special Meeting of Stockholders (the “PTMN Special Meeting”) will take place on June 20, 2025, rather than June 6, 2025, to provide stockholders with additional time to cast their vote to approve the share issuance proposal in connection with the proposed merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) with and into PTMN (the “Share Issuance Proposal”).

Stockholders of PTMN can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received. The Board of Directors of PTMN unanimously recommends that stockholders vote “FOR” the proposals related to the proposed merger.

Furthermore, leading independent proxy advisory firms, ISS and Glass Lewis, have both recommended that PTMN stockholders vote “FOR” the proposed merger.

The record date for determining stockholders entitled to vote at the reconvened Special Meeting remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.

The Board of Directors of PTMN respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays.

Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact PTMN’s proxy solicitor, Broadridge, at 1-833-218-3911.

About Portman Ridge Finance Corporation

PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a business development company (a “BDC”) under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest. PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

About Logan Ridge Finance Corporation

LRFC is a BDC that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

No Offer or Solicitation

This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

Additional Information and Where to Find It

This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

Participants in the Solicitation

PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

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

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

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

Val Ferraro
vferraro@equityny.com
(212) 836-9633

The MIL Network –

June 6, 2025
MIL-OSI: Logan Ridge Announces Change of Date to the Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote “FOR” the Merger Proposal

Source: GlobeNewswire (MIL-OSI)

Stockholders of LRFC Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger

Both Leading Independent Proxy Advisors, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), Have Recommended LRFC Stockholders Vote “FOR” the Merger Proposal

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) announced today that its Special Meeting of Stockholders (the “LRFC Special Meeting”) will take place on June 20, 2025, rather than June 6, 2025, to provide stockholders with additional time to cast their vote to approve the proposed merger of LRFC with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) (the “Merger Proposal”).

Stockholders of LRFC can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/LRFC2025SM, or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received. The Board of Directors of LRFC unanimously recommends that stockholders vote “FOR” the proposed merger.

Furthermore, leading independent proxy advisory firms, ISS and Glass Lewis, have both recommended that LRFC stockholders vote “FOR” the proposed merger.

The record date for determining stockholders entitled to vote at the reconvened Special Meetings remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.

The Board of Directors of LRFC respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays.

Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact LRFC’s proxy solicitor, Broadridge, at 1-833-218-3962.

About Logan Ridge Finance Corporation

LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

About Portman Ridge Finance Corporation

PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest. PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

No Offer or Solicitation

This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

Additional Information and Where to Find It

This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

Participants in the Solicitation

PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

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

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

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

Val Ferraro
vferraro@equityny.com
(212) 836-9633

The MIL Network –

June 6, 2025
MIL-OSI: Altus Group’s Benchmark Manager Wins 2025 Realcomm Digie Award

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, is pleased to share that its newly released Benchmark Manager add-on on ARGUS Intelligence has been awarded the 2025 Realcomm Digie Award for Best Tech Innovation in CRE.

Presented at the Realcomm | IBcon 2025 conference in Savannah, GA, the award celebrates groundbreaking technology that is advancing the CRE industry. Benchmark Manager is the Company’s latest add-on capability on ARGUS Intelligence – Altus’ new flagship platform for modeling, monitoring and managing CRE asset and portfolio performance.

With the ARGUS Intelligence Benchmark Manager add-on, investors now have access to a performance management solution that integrates cashflow modeling, scenario analysis, and market benchmarks. This augments performance attribution analysis to a new level. It helps investors evaluate the strengths and weaknesses of their assets and portfolios. The increased intelligence drives higher quality and more timely decisions.

“We’re honoured to receive this recognition from Realcomm,” said Jorge Blanco, Altus’ Chief Strategy Officer, who attended the conference as a featured panelist. “ARGUS Intelligence’s Benchmark Manager represents a major leap forward in how performance data is used in CRE and directly responds to client feedback. Market comparisons are only as good as the veracity and currency of its underlying data. Those are the two pillars of this new capability. It is driven by one of the most comprehensive datasets in the industry. The award recognizes our ongoing commitment to persistent innovation.”

Now in its 26th year, the Realcomm Digie Awards recognize visionary companies, projects, and leaders that are transforming the real estate landscape through the application of technology, automation, and innovation.

For more information about Benchmark Manager and ARGUS Intelligence, visit altusgroup.com.

About Altus Group

Altus connects data, analytics, applications and expertise to deliver the intelligence necessary to drive optimal CRE performance. The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Elizabeth Lambe
Director, Global Communications, Altus Group
+1-416-641-9787
elizabeth.lambe@altusgroup.com

The MIL Network –

June 6, 2025

MIL-OSI: Crypto Casino Trends 2025: Winna Prioritizes Speed and Privacy Over Flashy Bonuses

Source: GlobeNewswire (MIL-OSI)

Las Vegas, NV, June 05, 2025 (GLOBE NEWSWIRE) — Among several new entrants, Winna reflects a growing trend in crypto gambling: fast crypto payouts, privacy-centric onboarding, and a focus on esports betting. Its instant withdrawal time and privacy-first approach have earned it top rankings as the best crypto casino for players seeking speed and discretion.

Winna’s streamlined interface, blockchain-native architecture, and smart bonus structures position it not just as an alternative—but as a frontrunner in the race for the best crypto casino experience.

Platform Overview: Winna – A Crypto Casino for Modern Gamblers

Winna is a lean, high-performance gambling platform tailored for cryptocurrency users. From its clean UI to its turbo-fast transactions, everything is built to match the expectations of today’s crypto-native players.

Platform Highlights:

Launch: 2024
License: Tobique Gaming License
Game Library: 2,000+ titles (slots, tables, live games, esports, sportsbook)
Crypto Accepted: BTC, ETH, DOGE, USDT, SOL, BNB, TRX, LTC, USDC
Average Withdrawal Time: <10 minutes
Verification: No KYC for crypto users

As a top-rated crypto casino, Winna competes directly with longer-established platforms by excelling in three areas: speed, privacy, and personalized rewards.

Why Winna Is the Crypto Casino for Privacy and Payout Speed

Online forums, Telegram groups, and gambling review sites consistently highlight why Winna is emerging as one of the best crypto casinos on the market:

Verified Fast Withdrawals:
Crypto users report consistent sub-10-minute withdrawal speeds. Bitcoin withdrawals often complete in under 12 minutes, placing Winna among the fastest-paying crypto casinos today.
No-KYC Simplicity:
Players register with just an email—no documents, no verification delay. This level of anonymity is rare, even among so-called best crypto casino options.
Game Quality and Focus:
Rather than padding its numbers with low-tier games, Winna offers over 2,000 high-quality titles. Feedback from early users helped shape its game portfolio, emphasizing high-RTP slots and competitive esports betting—features core to any best crypto casino rating.
Crypto-Friendly Promotions:
Bonuses are structured with crypto players in mind. Instead of convoluted fiat-like wagering requirements, Winna’s promos reward play activity, not paperwork.
24/7 Support:
A core expectation of a best bitcoin casino is round-the-clock assistance. Winna meets this standard with live chat, email, and Telegram support in multiple languages.
Enterprise-Grade Security:
With 2FA, SSL, cold wallet crypto storage, and provably fair games, Winna meets all the requirements for being a trusted and secure crypto casino.

Bonuses That Set Winna Apart from Other Crypto Casinos

Where many platforms offer flashy but hollow promotions, Winna focuses on value-driven bonus structures that reward real players:

Welcome Package:
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Daily/Weekly Tournaments:
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Real Cashback:
Automatic cashback on net losses increases retention and offers consistent value—a key feature of the best crypto gambling sites.
Esports-Focused Offers:
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Loyalty VIP Club:
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Game Library: Why Winna Delivers One of the Best Crypto Casino Experiences

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Top-Tier Slots:
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Live Dealer Games:
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Table Games:
Multi-version blackjack, poker, and roulette variants allow both casual and expert players to thrive.
Crypto Sportsbook & Esports Betting:
Bet on esports tournaments and real-world sports events with competitive odds and real-time stats. These features elevate Winna into the elite tier of crypto casinos with integrated sportsbooks.
Instant Win and Crash Games:
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Crypto Support and Security: Foundation of the Winna Crypto Casino

Accepted Coins:

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Binance Coin
Solana (SOL)
Dogecoin (DOGE)
Litecoin (LTC)
Tron (TRX)
USDC (USDC)

Fiat-to-Crypto Integration (coming soon):

Visa
Apple Pay
Mastercard
Google Pay

Security Systems:

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Cold wallet storage of crypto funds
Two-factor authentication
Fairness-verified RNG and provably fair systems
GDPR-compliant data privacy protocols

Together, these systems reinforce Winna’s role as one of the safest crypto casinos in 2025.

Pros and Cons: Why Winna is Among the Best Crypto Casinos

Pros	Cons
5-minute average crypto withdrawals	Fiat payment features still in development
No KYC needed for crypto play	Smaller game count than legacy platforms
Excellent esports and sportsbook features
High-value welcome bonus & rakeback
Secure, anonymous crypto transactions
24/7 multilingual customer support

Winna’s mobile-optimized site delivers full access to the platform on any device—iOS or Android. Players can launch slots, watch live dealer games, and place real-time sports bets without losing functionality or speed.

Responsible Gambling Measures

As expected from any best crypto casino, Winna offers built-in player protection tools:

Daily/monthly deposit caps
Session time reminders
Temporary and permanent self-exclusion
“Cool off” features for short-term breaks
Integration with problem gambling helplines and support networks

FAQ – Quick Answers for Players Choosing Winna

Is Winna the best crypto casino for 2025?
Yes. Its speed, privacy, bonuses, and security place it among the absolute top crypto gambling sites this year.

Are withdrawals really under 10 minutes?
Yes. Most crypto withdrawals are processed within 6–8 minutes.

Do I need to verify my identity?
No. Crypto users can register and play completely anonymously.

Can I play on my phone?
Yes. The platform is fully mobile-optimized for browser play.

Does Winna support fiat deposits?
Not yet, but on-platform crypto purchases using Visa/Mastercard are in development.

What makes Winna different from other top crypto casinos?
It prioritizes privacy, esports integration, player-focused rewards, and speed—without bloated extras or delays.

Final Thoughts: Why Winna Is the Best Crypto Casino for Real Players

Winna isn’t just another crypto casino—it’s a purpose-built ecosystem designed for speed, fairness, and real player value. Its withdrawal speed, no-KYC onboarding, competitive esports betting, and rakeback structure all align with what today’s crypto users want.
Unlike platforms that rely heavily on marketing spin, Winna delivers consistent, measurable value where it matters most. While Jackbit was once considered a strong option, its recent wave of negative press, delayed payouts, and inconsistent bonus policies have significantly tarnished its reputation. Many experienced players now consider it unreliable and no longer representative of the crypto-first gambling model.

If you’re looking for the best crypto casino for 2025, Winna is not just a contender—it’s already the choice for thousands of informed players.

Disclaimer:

Gambling entails risks and should be approached with caution. Users must be of legal gambling age in their jurisdiction. This article is for informational and promotional purposes only and does not constitute financial advice.

Always gamble responsibly and within your means. The publisher, affiliates, and authors are not liable for losses arising from use of this content. Brand names and trademarks belong to their respective owners.

The MIL Network –

June 6, 2025

MIL-OSI: Xtract One Announces Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced fiscal third quarter results for the three months ended April 30, 2025. All information is in Canadian dollars unless otherwise indicated.

Third Quarter Highlights

Quarterly revenue of $3.5 million for the three months ended April 30, 2025 versus $4.7 million in the prior-year period.
Gross margin of 57% for the third quarter of fiscal 2025 versus 58% in the prior-year period.
Total contract value of new bookings¹ was $4.6 million for the three months ending April 30, 2025 as compared to $9.5 million for the same period last year.
Contractual backlog was $15.4 million at the end of the third quarter as compared to $13.8 million in the prior-year period, excluding an additional $21.1 million of agreements pending installation1 versus approximately $12.8 million at the end of the third quarter of fiscal 2024.
Subsequent to the quarter, the Company announced that its new innovative security platform, Xtract One Gateway, has been certified in Canada and the U.S and is on track to start shipping in July, with a current aggregate order value of approximately $6.7 million across five different customers. The Company has completed numerous demonstrations and trials across the education, healthcare and manufacturing and distribution markets.

“While revenue was lower than anticipated for the quarter due to some delayed deployments, we remain on track for a solid year of performance and continue to have a growing backlog that strengthens our outlook for the future,” stated Peter Evans, Chief Executive Officer of Xtract One. “As recently announced, our Xtract One Gateway will start shipping this July, and we already have $6.7 million of orders in hand. While increasing our expectations for the quarters to come, recent investments in inventory and product rollout reduced our cash level during the period, which was expected. At the same time, we’ve announced several exciting developments including new wins with the Colorado Rockies and an international entertainment giant which, along with other awards, position us well for the year ahead. We remain upbeat about the fourth quarter and look to end fiscal 2025 on a high note.”

Financial Results for the Three Month Period Ended April 30, 2025

Consolidated revenue was $3.5 million for the three months ended April 30, 2025 as compared to $4.7 million for the same period last year, reflecting timing of order deployments. Gross profit was $2.0 million, or a gross profit margin of 57%, in the fiscal 2025 third quarter versus $2.7 million, or a gross profit margin of 58%, in the prior-year period.

Comprehensive loss was $3.3 million for the three month period ended April 30, 2025 as compared to $2.7 million for the same period in fiscal 2024, reflecting a reduced gross profit offset by lower overall operating costs.

This press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2025 and 2024, which can be found on the Company’s website and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Conference Call Details

Xtract One will host a conference call to discuss its results tomorrow, June 6, 2025 at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

The webcast and presentation will be accessible on the company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).

About Xtract One Technologies

Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.

About Threat Detection and Security Solutions

Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

For further information, please contact:

Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

¹Supplementary Financial Measures:

The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.

CAUTIONARY DISCLAIMER STATEMENT:

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Unaudited Interim Statements of Loss and Comprehensive Loss for the Three and Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the three and nine months ended April 30, 2025 and 2024:

		Three months ended April 30,							Nine months ended April 30,
			2025			2024				2025			2024

Revenue		$	3,466,433		$	4,683,639			$	10,506,459		$	10,720,050

Cost of revenue			1,489,181			1,977,223				3,811,031			4,145,551

Gross profit		$	1,977,252		$	2,706,416			$	6,695,428		$	6,574,499

Operating expenses
	Selling and marketing	$	1,563,446		$	1,259,445			$	4,451,180		$	4,066,829
	General and administration		1,854,764			1,936,552				5,367,644			5,277,387
	Research and development		1,638,988			2,182,756				5,078,617			5,967,553
	Loss on inventory write-down		26,868			4,167				308,297			111,180
	Loss on retirement of assets		2,029			40,538				23,704			40,538
Total operating expenses		$	5,086,095		$	5,423,458			$	15,229,442		$	15,463,487

Loss before the undernoted			(3,108,843	)		(2,717,042	)			(8,534,014	)		(8,888,988	)

Other income
	Interest and other income		28,606			44,704				170,196			197,287

Net loss for the period		$	(3,080,237	)	$	(2,672,338		)	$	(8,363,818	)	$	(8,691,701		)

Other comprehensive income (loss) for the period
	Currency translation differences for foreign operations		(197,348	)		–				348,771			–

Comprehensive loss for the period		$	(3,277,585	)	$	(2,672,338		)	$	(8,015,047	)	$	(8,691,701		)

Weighted average number of shares			218,426,987			200,110,734				218,415,199			198,924,490

Basic and diluted loss per share		$	(0.02	)	$	(0.01	)		$	(0.04	)	$	(0.04	)

Unaudited Interim Statements of Financial Position as of April 30, 2025 and July 31, 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as of April 30, 2025 and July 31, 2024:

		April 30, 2025			July 31, 2024
Assets
Current assets
	Cash and cash equivalents (Note 15)	$	1,921,103		$	8,628,521
	Receivables (Note 4)		1,301,903			3,862,199
	Prepaid expenses and deposits		2,423,043			949,012
	Current portion of deferred cost of revenue (Note 6)		397,649			371,309
	Inventory (Note 5)		3,463,467			3,688,246

			9,507,165			17,499,287

Property and equipment (Note 7)			2,326,031			2,135,956
Intangible assets (Note 8)			4,730,705			4,465,755
Non-current portion of deferred cost of revenue (Note 6)			280,467			496,868
Right of use assets (Note 9)			928,941			344,304

Total assets		$	17,773,309		$	24,942,170

Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$	1,771,976		$	3,991,292
	Current portion of deferred revenue (Note 10)		5,247,967			3,443,524
	Current portion of lease liability (Note 9)		156,797			190,400

			7,176,740			7,625,216
Non-Current liabilities
	Non-current portion of deferred revenue (Note 10)		2,841,068			3,155,579
	Non-current portion of lease liability (Note 9)		923,972			190,526

		$	10,941,780		$	10,971,321

Shareholders’ equity
	Share capital (Note 13)	$	144,398,090		$	144,372,452
	Contributed surplus		17,014,039			16,163,950
	Accumulated deficit		(154,929,371	)		(146,565,553	)
	Accumulated other comprehensive income		348,771			–

		$	6,831,529		$	13,970,849

Total liabilities and shareholders’ equity		$	17,773,309		$	24,942,170

Unaudited Interim Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the nine month periods ended April 30, 2025 and 2024:

			Nine months ended April 30,
				2025			2024
Cash flow used in operating activities
	Loss for the period		$	(8,363,818	)	$	(8,691,701	)
	Adjustment for:
		Share-based compensation (Notes 13, 14)		858,758			668,555
		Depreciation (Notes 7, 9, 12)		1,084,022			938,567
		Amortization (Notes 8, 12)		637,279			604,425
		Finance cost (Notes 9)		34,020			17,839
		Loss on retirement of assets		23,704			40,538
		Loss on inventory (Note 5)		308,297			111,180

				(5,417,738	)		(6,310,597	)
	Changes in non-cash working capital
		Receivables		2,610,436			(3,266,008	)
		Prepaid expenses and deposits		(1,469,555	)		334,746
		Inventory		(793,081	)		(3,664,444	)
		Deferred cost of revenue (Note 6)		190,061			172,754
		Accounts payable and accrued liabilities		(2,232,051	)		942,696
		Deferred revenue		1,540,851			5,357,879

	Cash used in operating activities			(5,571,077	)		(6,432,974	)

Cash flow used in investing activities
	Purchase of property, plant and equipment (Note 7)			(185,045	)		–
	Internally developed intangible assets (Note 8)			(729,730	)		–
	Proceeds from disposal of property, plant and equipment			1,000			–
	Acquisition of right of use asset (Note 9)			(5,028	)		–

	Cash used in investing activities			(918,803	)		–

Cash flow used in financing activities
	Proceeds on issue of share capital			16,970			8,131,985
	Lease payments (Note 9)			(214,358	)		(286,066	)

	Cash (used) received in financing activities			(197,388	)		7,845,919

	Effect of exchange rate changes on cash and cash equivalents			(20,150	)		–

Net (decrease) increase in cash and cash equivalents for the period			$	(6,707,418	)	$	1,412,945

Cash and cash equivalents beginning of the period				8,628,521			8,327,449

Cash and cash equivalents end of the period			$	1,921,103		$	9,740,394

The MIL Network –

June 6, 2025

MIL-OSI: BULGOLD Announces Non-Brokered Private Placement for Gross Proceeds of Up to $1 Million

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to $1,000,000 from the sale of common shares of the Company (each, a “Share”) at a price of $0.05 per Share (the “Issue Price”).

The Company has agreed to pay a finder’s fee to arm’s length parties for services rendered in respect of the Offering. The finder’s fee will consist of a cash fee equal to 7.0% of the gross proceeds from the sale of Shares sold to third parties sourced by the finders, and finder’s warrants equal in number to 7.0% of the Shares sold to third parties sourced by the finders (the “Finder’s Warrant”). Each Finder’s Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.07 until the date which is 18 months from the closing date of the Offering.

The Company intends to use the proceeds raised from the Offering for exploration as well as for general corporate purposes. The Offering is scheduled to close on or about June 30, 2025 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Shares will have a hold period ending on the day that is four months and one day following the closing date.

The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About BULGOLD Inc.

BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of three quality quartz-adularia epithermal gold projects located in the Bulgarian and Slovak portions of the Western Tethyan Belt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.

On March 31, 2025, BULGOLD’s issued and outstanding shares were 27,597,928 of which approximately 40.3% were held by Founders, Directors and Management. Additional information about the Company is available on BULGOLD’s website (www.BULGOLD.com) and on SEDAR+ (www.sedarplus.ca).

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

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include statements relating to the use of proceeds of the Offering and the timing for closing of the Offering. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the inherent uncertainty of mineral exploration; risks related to title to mineral properties; and credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally, including changes in economic conditions, interest rates or tax rates and general market and economic conditions. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this press release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement.

For further information, please contact:

BULGOLD Inc.
Sean Hasson, President and Chief Executive Officer
Telephone: +359 887 560 545
Email: sean.hasson@BULGOLD.com
Website: www.BULGOLD.com

The MIL Network –

June 6, 2025
MIL-OSI: Navient holds 2025 annual shareholder meeting, appoints Edward Bramson as board chair

Source: GlobeNewswire (MIL-OSI)

HERNDON, Va., June 05, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today held its 2025 Annual Meeting of Shareholders. Shareholders voted in accordance with the recommendations of the company’s board of directors to approve three proposals, including the election of seven nominees to the board.

Linda Mills did not stand for reelection at the 2025 annual meeting. Ms. Mills joined the Navient board of directors in 2014 and served as chair since 2019.

“Linda’s leadership and service on the board since Navient’s inception are greatly appreciated,” said Dave Yowan, president and CEO of Navient. “Her valuable perspectives have been integral to Navient’s continued success.”

Also today, Edward Bramson was elected chair of the board of directors. The current directors are Edward Bramson, Frederick Arnold, Anna Escobedo Cabral, Larry Klane, Michael Lawson, Jane Thompson, and David Yowan.

Mr. Bramson is a partner in Sherborne Investors, a turnaround investment firm. He joined Navient’s board in 2022 and became vice chair in 2024. Mr. Bramson has also served as chairman or chief executive officer of several other publicly traded companies in a range of commercial and financial sectors.

Final voting results are available on a Form 8-K filed with the SEC at SEC.gov and on Navient.com/investors.

About Navient
Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

Contact:
Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

The MIL Network –

June 6, 2025
MIL-OSI United Kingdom: We applaud Syria’s determination to ensure Assad’s chemical weapons programme is destroyed: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Speech

We applaud Syria’s determination to ensure Assad’s chemical weapons programme is destroyed: UK statement at the UN Security Council

Statement by Caroline Quinn, UK Deputy Political Coordinator, at the UN Security Council meeting on Syria.

Let me start by welcoming the strong commitment of the Syrian government to turn the page of history. We applaud Syria’s determination to ensure once and for all that the Assad era chemical weapons programme is destroyed.

The UK is greatly encouraged by Syria’s operational and logistical support to the deployments carried out by the Organisation for the Prohibition of Chemical Weapons, including access to sites and people, and by Syria’s commitment to engage with the international community.

We also welcome the OPCW Technical Secretariat’s deployments to Syria in March and April. The persistence and professionalism shown by OPCW staff in Syria has been exceptional. As has the consistently high quality of the Technical Secretariat’s work on this important file in a very challenging technical environment.

Important progress has been made towards setting up OPCW offices in Syria and the collection and analysis of samples.

These are vital steps towards Syria’s full implementation of the Chemical Weapons Convention and UN Security Council resolution 2118, which the Assad regime so flagrantly violated.

There is, however, President, much more work to do in a difficult operational environment.

Due to the secrecy and complexity of Assad’s illegal chemical weapons programme, the precise extent of the challenge ahead is still unknown.

Allow me to make three brief points.

Firstly, both the Syrian government and the OPCW will need to be operationally agile to address any proliferation or health risks found in inspecting sites of concern.

The OPCW’s role is vital. As mandated by the Chemical Weapons Convention and by resolution 2118, the OPCW must verify the Syrian-led declaration and destruction of any remaining elements of Assad’s chemical weapons programme.

Secondly, to achieve this, the OPCW will need technical, financial and logistical assistance from the international community.

The OPCW has provided States Parties with its estimated costs for its work in Syria.

The UK has already provided more than $1 million to the OPCW Syria Missions to support their immediate work and will look to provide further assistance.

We join High Representative Nakamitsu in encouraging others to also provide the necessary resources. In particular, President, we welcome Qatar’s role in representing Syria at the OPCW in The Hague.

Finally, military action by neighbouring states risks delaying OPCW deployments as well as the preservation of evidence at chemical weapons sites. We therefore urge Israel to de-escalate their actions in Syria.

President, we have a historic opportunity to rid Syria of Assad’s chemical weapons.

Let us do our part to support Syria and the OPCW, to enable the new Syrian government to finally close the file on the scourge of chemical weapons use, and on this dark chapter in Syria’s history.

Updates to this page

Published 5 June 2025

MIL OSI United Kingdom –

June 6, 2025

MIL-OSI: IDT Corporation Reports Third Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Gross Profit +15% Year-over-Year to $112 MM; Record Gross Profit Margin of 37.1%
Income from Operations +133% to $27 MM; Adjusted EBITDA +57% to $32 MM
GAAP EPS Increased to $0.86 from $0.22; Non-GAAP EPS Increased to $0.90 from $0.38

NEWARK, NJ, June 05, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its third quarter fiscal year 2025, the three months ended April 30, 2025.

THIRD QUARTER HIGHLIGHTS

(Throughout this release, unless otherwise noted, results for the third quarter of fiscal year 2025 (3Q25) are compared to the third quarter of fiscal year 2024 (3Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)

●

Key Businesses / Segments

○

NRS

■

Recurring revenue: +23% to $29.4 million;

■

Income from operations: +29% to $6.2 million;

■

Adjusted EBITDA: +29% to $7.2 million;

■

‘Rule of 40’ score: 49;

○

BOSS Money / Fintech segment

■

BOSS Money transactions: +27% to 6.0 million;

■

BOSS Money revenue: +25% to $34.4 million;

■

Fintech segment gross profit: +31% to $22.6 million;

■

Fintech segment income from operations: +$4.9 million, to $4.3 million;

■

Fintech segment Adjusted EBITDA: +$4.8 million, to $5.0 million;

○

net2phone

■

Subscription revenue: +7% to $21.5 million (+11% on a constant currency basis);

■

Income from operations: +188% to $1.4 million;

■

Adjusted EBITDA: +50% to $3.2 million;

○

Traditional Communications

■

Gross profit: +5% to $43.4 million;

■

Income from operations: +39% to $17.3 million;

■

Adjusted EBITDA: +30% to $19.3 million;

●

IDT Consolidated

○

Revenue: +1% to $302.0 million;

○

Gross profit (GP) / margin: GP +15% to $112.0 million; GP margin +470 bps to 37.1%;

○

Income from operations: +133% to $26.6 million;

○

GAAP EPS: Increased to $0.86 from $0.22;

○

Non-GAAP EPS: Increased to $0.90 from $0.38;

○

Adjusted EBITDA: +57% to $32.2 million;

○

CapEx: +14% to $5.4 million.

REMARKS BY SHMUEL JONAS, CEO

IDT’s third quarter was solid, with strong year-over-year gains, while slightly softer than our second quarter in part because of expected seasonal factors. Year-over-year revenue growth, and continued expansion of each of our business segments’ bottom-line results, drove a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated Adjusted EBITDA, and a 290% increase in EPS.

At NRS, recurring revenue increased 23% year-over-year, powered by a 37% revenue increase from NRS’ largest vertical, Merchant Services, and a 33% increase in SaaS Fees, which more than offset a 12% decrease in Advertising & Data revenue. Income from operations and Adjusted EBITDA were both up by 29% year-over-year, and the business has generated a record $32 million in Adjusted EBITDA over the past twelve months.

Looking ahead, we continue to focus on developing new offerings that leverage the NRS platform to enable retailers to compete more effectively with large retail chains. For instance, independent neighborhood retailers have not yet meaningfully benefitted from the consumer shift to online ordering and delivery. We are working to change that by integrating our network with online ordering and delivery platforms, enabling retailers on the NRS network to provide hyper-fast local delivery of sundries and prepared foods. The 100 or so retailers we have signed up so far are already receiving, in aggregate, over 2000 delivery orders a week.

BOSS Money, our remittance platform, increased transactions by 27% and revenue by 25%. The growth rates have been impacted by the deliberate shift we made last summer to prioritize gross profit per transaction in our retail channel rather than market share, and by a recent shift in customer preferences toward larger send amounts per remittance through fewer transactions. The Fintech segment, which includes BOSS Money and early stage fintech initiatives, generated over $5 million in Adjusted EBITDA – compared to $244 thousand in the year ago quarter. Looking ahead, Boss Money is working on initiatives to drive sustained long-term growth and innovations that reduce cross border friction and increase profitability.

net2phone continued its steady progress with balanced growth in the U.S., Brazil, and Mexico. The team has done a great job growing its business while holding the line on overhead. net2phone’s Adjusted EBITDA margin reached 15% in 3Q25. net2phone began to offer its AI Agents this quarter and customers are already seeing the benefits, including enhanced efficiency. Even as we deploy AI Agents refined for specific market verticals, we are preparing to launch another AI-powered service which internally we refer to as ‘Coach.’ We think that it will be very successful.

In our Traditional Communications segment, income from operations and Adjusted EBITDA both jumped by over 30% year-over-year to $17.3 million and $19.3 million, respectively, underscoring that this segment continues to be a long-term cash generator.

I want to wrap up by thanking the millions of customers who put some of their hard-earned wages to work through our BOSS offerings, and the business customers around the world who rely on us to enhance their businesses and communications. Our ability to provide these services depends on the dedication of our employees who have been executing and innovating on so many fronts, and on our stockholders who entrust us with their capital. I am grateful for your continued patronage and support.

(This release discloses certain Non-GAAP financial measures (Adjusted EBITDA, Non-GAAP EPS and NRS ‘Rule of 40’) as well as certain Key Performance Metrics (net2phone subscription revenue, netphone constant currency subscription revenue growth rate, net2phone operating margin, net2phone Adjusted EBITDA margin, NRS Monthly Average Recurring Revenue, and BOSS Money transactions and digital send volume). Please see the explanations of those measures and metrics, the reasons for their inclusion and reconciliations at the end of this release.)

3Q25 RESULTS BY SEGMENT

National Retail Solutions (NRS)

National Retail Solutions (NRS)
(Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Terminals and payment processing accounts
Active POS terminals		35,600			34,800			30,300			+17.6	%
Payment processing accounts		25,500			23,900			19,500			+31.1	%

Recurring revenue
Merchant Services & Other	$	19.7		$	18.1		$	14.4			+37.3	%
Advertising & Data	$	5.9		$	10.0		$	6.7			(12.3		)%
SaaS Fees	$	3.9		$	3.5		$	2.9			+32.8		%
Total recurring revenue	$	29.4		$	31.6		$	24.0			+22.9	%
POS terminal sales	$	1.7		$	1.3		$	1.8			(2.9		)%
Total revenue	$	31.1		$	33.0		$	25.7			+21.1	%

Monthly average recurring revenue per terminal	$	279		$	310		$	271			+3.0		%

Gross profit	$	28.4		$	30.3		$	22.1			+28.4		%
Gross profit margin		91.3	%		91.8	%		86.1	%		+520		bps
Technology & development	$	2.3		$	2.2		$	1.7			+32.5		%
SG&A	$	20.0		$	19.0		$	15.7			+27.8		%
Income from operations	$	6.2		$	9.1		$	4.8			+29.3		%
Adjusted EBITDA	$	7.2		$	10.1		$	5.6			+28.6		%
CapEx	$	1.9		$	0.9		$	0.9			+115.2		%

NRS Take-Aways / Updates:

●

NRS added approximately 900 net active terminals and approximately 1,600 net payment processing accounts during 3Q25. As mentioned in the prior quarter’s earnings release, net active terminal additions for 3Q25 included churn of approximately 300 terminals operating in seasonal stores.

●

The 37% year-over-year increase in Merchant Services & Other revenue was driven by the increase in payment processing accounts, and by higher merchant services revenue per account, reflecting in part the ongoing, gradual migration of customer payment preference from cash to credit and debit cards.

●

NRS Advertising & Data revenue declined 12.3% year-over-year due to NRS’ decision to slow sales to one large programmatic partner in order to limit potential bad debt risk exposure. NRS’ direct channel advertising sales, as well as sales to other programmatic partners, remained robust.

●

NRS has begun rolling out the first of several planned integrations of its POS platform with leading online ordering and delivery services. The first integration, with DoorDash, went live this quarter.

Fintech

Fintech
(Transactions and $s in millions, except for average revenue per transaction)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ, $)
BOSS Money transactions		6.0			5.7			4.7				+27.0	%

Fintech Revenue
BOSS Money	$	34.4		$	33.5		$	27.6				+24.7	%
Other	$	4.2		$	3.3		$	3.9				+7.0	%
Total Revenue	$	38.6		$	36.8		$	31.5				+22.5	%

Gross profit	$	22.6		$	21.7		$	17.3				+30.6	%
Gross profit margin		58.5	%		58.9	%		54.9	%			+360	bps
Technology & development	$	2.2		$	2.3		$	2.5				(11.9	)%
SG&A	$	16.0		$	16.3		$	15.3				+5.2	%
Income (loss) from operations	$	4.3		$	3.1		$	(0.6	)		+$	4.9
Adjusted EBITDA	$	5.0		$	3.9		$	0.2			+$	4.8
CapEx	$	0.8		$	0.8		$	1.0				(19.8	)%

Fintech Take-Aways:

●	The 27% increase in BOSS Money transactions comprised a 32% year-over-year increase in digital channel transactions and an 8% increase in retail channel transactions.

●	BOSS Money revenue increased 25% year-over-year driven by a 31% increase in digital channel revenue.

●

Digital channel send volume, or the amount of principal transferred by BOSS Money customers using the BOSS Money and BOSS Revolution apps, grew 40% year-over-year as customers increased their amount sent per transaction while reducing the frequency of transactions. BOSS Money is testing strategies to optimize pricing given this recent dynamic.

●	The robust increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven primarily by BOSS Money revenue and gross margin growth, coupled with improved operating leverage as BOSS Money continues to scale.

net2phone

net2phone
(Seats in thousands at end of period. $ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Seats		415			410			384			+7.9	%

Revenue
Subscription revenue	$	21.5		$	21.0		$	20.0			+7.4	%
Other revenue	$	0.5		$	0.5		$	0.6			(25.9	)%
Total Revenue	$	22.0		$	21.5		$	20.7			+6.4	%

Gross profit	$	17.5		$	17.0		$	16.4			+6.9	%
Gross profit margin		79.6	%		79.2	%		79.2	%		+40	bps
Technology & development	$	2.9		$	2.8		$	2.8			+4.8	%
SG&A	$	13.0		$	13.0		$	13.0			(0.3	)%
Income from operations	$	1.4		$	1.1		$	0.5			+188	%
Adjusted EBITDA	$	3.2		$	2.9		$	2.1			+50.2	%
CapEx	$	1.4		$	1.8		$	1.6			(12.5	)%

net2phone Take-Aways:

●

The 8% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served, which generate significantly higher revenue and margin per seat, increased by 9% year-over year.

●

Subscription revenue increased by 7% year-over-year. The increase was tempered by the FX impact of a strengthened U.S. dollar versus local currencies in Latin America. On a constant currency basis, subscription revenue increased by 11% year over year, significantly higher than its rate of seat growth, as net2phone focuses on increasing ARPU.

●

Income from operations increased 188% and Adjusted EBITDA increased 50% year-over-year, as operating margin increased to 6% from 2%, and Adjusted EBITDA margin increased to 15% from 10% in 3Q24.

●

In 3Q25, net2phone began to deploy AI Agents, scalable virtual assistants providing exceptional customer experiences across sales, support, and administrative tasks. AI Agents have the potential to become significant revenue growth drivers in the coming quarters.

●

net2phone is also preparing to launch an AI-powered offering that analyzes interactions to deliver real-time insights and personalized coaching for optimized performance.

Traditional Communications

Traditional Communications
($ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Revenue
IDT Digital Payments	$	102.6		$	101.6		$	101.6			+1.0	%
BOSS Revolution	$	51.7		$	53.3		$	63.2			(18.1	)%
IDT Global	$	50.0		$	51.3		$	50.1			(0.0	)%
Other	$	5.9		$	5.8		$	6.9			(14.9	)%
Total Revenue	$	210.2		$	212.0		$	221.7			(5.2	)%

Gross profit	$	43.4		$	43.1		$	41.2			+5.3	%
Gross profit margin		20.7	%		20.3	%		18.6	%		+210	bps
Technology & development	$	5.4		$	5.4		$	5.6			(4.3	)%
SG&A	$	20.5		$	19.4		$	22.7			(9.5	)%
Income from operations	$	17.3		$	18.1		$	12.5			39.2	%
Adjusted EBITDA	$	19.3		$	20.2		$	14.9			30.1	%
CapEx	$	1.3		$	1.2		$	1.2			+5.6	%

Traditional Communications Take-Aways:

●	Even as revenue decreased continuing an expected trend, gross profit increased year over year and sequentially.

●	Income from operations and Adjusted EBITDA benefitted from the growth in gross profit and the reduction in SG&A expense.

OTHER FINANCIAL RESULTS

Consolidated results for all periods presented include corporate overhead. In 3Q25, Corporate G&A expense increased to $2.7 million from $2.3 million in 3Q24.

As of April 30, 2025, IDT held $223.8 million in cash, cash equivalents, debt securities, and current equity investments. Also at April 30, 2025, current assets totaled $498.3 million and current liabilities totaled $287.2 million. The Company had no outstanding debt at the quarter end.

Net cash provided by operating activities was $75.7 million in 3Q25 compared to $9.5 million in 3Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities was $66.1 million in 3Q25 compared to $8.2 million in 3Q24. The large, year-over-year increase in cash reflects, for the most part, the timing of disbursement prefunding payments made by IDT to cover anticipated BOSS Money weekly remittance activity.

Capital expenditures increased to $5.4 million in 3Q25 from $4.7 million in 3Q24.

DIVIDEND

The Board of Directors of IDT Corporation has approved payment of a quarterly dividend of $0.06 on IDT’s Class A and Class B Common stock. Payment will be made on June 18, 2025 to stockholders of record at the close of business on June 9^th.

IDT EARNINGS ANNOUNCEMENT INFORMATION

This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

IDT will host an earnings conference call beginning at 5:00 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the U.S.) or 1-973-528-0011 (international) and provide the following access code: 491722.

A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the U.S.) or 1-919-882-2331 (international) and provide this replay passcode: 52353. The replay will also be accessible via streaming audio at the IDT investor relations website.

ABOUT IDT CORPORATION

IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

CONTACT

IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

	April 30, 2025			July 31, 2024
	(Unaudited)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	199,948		$	164,557
Restricted cash and cash equivalents		123,129			90,899
Debt securities		18,683			23,438
Equity investments		5,187			5,009
Trade accounts receivable, net of allowance for credit losses of $8,416 at April 30, 2025 and $6,352 at July 31, 2024		43,084			42,215
Settlement assets, net of reserve of $1,869 at April 30, 2025 and $1,866 at July 31, 2024		25,160			22,186
Disbursement prefunding		43,381			30,736
Prepaid expenses		13,837			17,558
Other current assets		25,865			25,927
Total current assets		498,274			422,525
Property, plant, and equipment, net		38,980			38,652
Goodwill		26,454			26,288
Other intangibles, net		5,372			6,285
Equity investments		6,904			6,518
Operating lease right-of-use assets		2,013			3,273
Deferred income tax assets, net		16,106			35,008
Other assets		6,805			11,546
Total assets	$	600,908		$	550,095

Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	17,250		$	24,773
Accrued expenses		91,408			103,176
Deferred revenue		27,513			30,364
Customer funds deposits		121,765			91,893
Settlement liabilities		14,105			12,764
Other current liabilities		15,121			16,374
Total current liabilities		287,162			279,344
Operating lease liabilities		1,213			1,533
Other liabilities		1,682			2,662
Total liabilities		290,057			283,539
Commitments and contingencies
Redeemable noncontrolling interest		11,357			10,901
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued		—			—
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2025 and July 31, 2024		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,528 and 28,177 shares issued and 23,656 and 23,684 shares outstanding at April 30, 2025 and July 31, 2024, respectively		285			282
Additional paid-in capital		307,757			303,510
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,872 and 4,493 shares of Class B common stock at April 30, 2025 and July 31, 2024, respectively		(143,853	)		(126,080	)
Accumulated other comprehensive loss		(19,812	)		(18,142	)
Retained earnings		141,753			86,580
Total IDT Corporation stockholders’ equity		286,163			246,183
Noncontrolling interests		13,331			9,472
Total equity		299,494			255,655
Total liabilities, redeemable noncontrolling interest, and equity	$	600,908		$	550,095

IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2025			2024			2025			2024
	(in thousands, except per share data)

Revenues	$	301,985		$	299,643		$	914,901		$	896,946
Direct cost of revenues		190,023			202,599			583,201			608,982
Gross profit		111,962			97,044			331,700			287,964
Operating expenses:
Selling, general and administrative (i)		72,267			68,962			214,039			200,685
Technology and development (i)		12,744			12,640			38,115			37,975
Severance		190			779			600			1,648
Other operating expense, net		175			3,231			403			3,041
Total operating expenses		85,376			85,612			253,157			243,349
Income from operations		26,586			11,432			78,543			44,615
Interest income, net		1,566			1,162			4,347			3,201
Other income (expense), net		2,608			(3,273	)		2,533			(6,326	)
Income before income taxes		30,760			9,321			85,423			41,490
Provision for income taxes		(7,798	)		(2,979	)		(21,766	)		(10,918	)
Net income		22,962			6,342			63,657			30,572
Net income attributable to noncontrolling interests		(1,270	)		(791	)		(4,448	)		(2,937	)
Net income attributable to IDT Corporation	$	21,692		$	5,551		$	59,209		$	27,635
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.86		$	0.22		$	2.35		$	1.10
Diluted	$	0.86		$	0.22		$	2.34		$	1.09
Weighted-average number of shares used in calculation of earnings per share:
Basic		25,165			25,345			25,177			25,233
Diluted		25,249			25,516			25,312			25,380

(i) Stock-based compensation included in total operating expenses	$	946		$	2,118		$	2,720		$	5,375

IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2025			2024
	(in thousands)
Operating activities
Net income	$	63,657		$	30,572
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,702			15,256
Deferred income taxes		18,902			8,830
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets		4,465			3,010
Stock-based compensation		2,720			5,375
Other		1,735			4,065
Change in assets and liabilities:
Trade accounts receivable		(4,649	)		(9,000	)
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets		(8,932	)		6,797
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(19,486	)		(10,467	)
Customer funds deposits		25,327			1,243
Deferred revenue		(3,382	)		(2,903	)
Net cash provided by operating activities		96,059			52,778
Investing activities
Capital expenditures		(15,507	)		(13,621	)
Purchase of convertible preferred stock in equity method investment		(926	)		(1,513	)
Purchases of debt securities and equity investments		(29,083	)		(27,593	)
Proceeds from maturities and sales of debt securities and redemptions of equity investments		35,005			41,527
Net cash used in investing activities		(10,511	)		(1,200	)
Financing activities
Dividends paid		(4,036	)		(1,269	)
Distributions to noncontrolling interests		(100	)		(62	)
Proceeds from borrowings under revolving credit facility		24,551			32,864
Repayment of borrowings under revolving credit facility.		(24,551	)		(32,864	)
Purchase of restricted shares of net2phone common stock		—			(3,558	)
Proceeds from exercise of stock options		—			172
Repurchases of Class B common stock		(17,773	)		(7,207	)
Net cash used in financing activities		(21,909	)		(11,924	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		3,982			(5,632	)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents		67,621			34,022
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		255,456			198,823
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	323,077		$	232,845

Supplemental schedule of non-cash financing activities
Shares of the Company’s Class B common stock issued to executive officers for bonus payments	$	1,824		$	1,495
Value of the Company’s Class B common stock exchanged for National Retail Solutions shares	$	442		$	6,254
Shares of the Company’s Class B common stock issued for business acquisition	$	—		$	100

Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2025 and 2024

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed (a) Adjusted EBITDA for 3Q25, 2Q25, and 3Q24, (b) non-GAAP earnings per diluted share (Non-GAAP EPS) for 3Q25 and 3Q24, and (c) NRS’ and Fintech segment’s ‘Rule of 40’ score for 3Q25. These are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures.

Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allow for greater transparency of the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating expense, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating expense, net in 3Q25, 2Q25, and 3Q24 primarily includes legal fees related to Straight Path Communications Inc.’s stockholders’ class action and equipment write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

The ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS provider’s revenue growth rate plus its EBITDA margin should equal or exceed 40 percent. The ‘Rule of 40’ is typically used to assess a company’s balance between growth and profitability. A total of over 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for management and investors to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

NRS’ ‘Rule of 40’ score is computed by adding (a) the growth rate of NRS’ recurring revenue for the relevant period compared to the corresponding year ago period to (b) NRS’ Adjusted EBITDA margin for the twelve month period through the end of the current period. NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its total GAAP revenue. Adjusted EBITDA is a non-GAAP measure as discussed above. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by GAAP revenue for the relevant period.

Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, (i) income (loss) from operations for IDT’s reportable segments and (ii) net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. Also following is NRS’ ‘Rule of 40’ score computation including the reconciliation of NRS’ Adjusted EBITDA to the most directly comparable GAAP measure, NRS’ income from operations.

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended April 30, 2025 (3Q25)
Net income attributable to IDT Corporation	$	21.7
Adjustments:
Net income attributable to noncontrolling interests		1.3
Net income		23.0
Provision for income taxes		7.8
Income before income taxes		30.8
Interest income, net		(1.6	)
Other income, net		(2.6	)
Income (loss) from operations		26.6		$	17.3	$	1.4	$	6.2	$	4.3	$	(2.6	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.7		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	32.2		$	19.3	$	3.2	$	7.2	$	5.0	$	(2.6	)

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended January 31, 2025 (2Q25)
Net income attributable to IDT Corporation	$	20.3
Adjustments:
Net income attributable to noncontrolling interests		1.9
Net income		22.2
Provision for income taxes		7.7
Income before income taxes		29.9
Interest income, net		(1.4	)
Other income, net		(0.2	)
Income (loss) from operations		28.3		$	18.1	$	1.1	$	9.1	$	3.1	$	(3.1	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.8		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	34.0		$	20.2	$	2.9	$	10.1	$	3.9	$	(3.1	)

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech			Corporate
Three Months Ended April 30, 2024 (3Q24)
Net income attributable to IDT Corporation	$	5.6
Adjustments:
Net income attributable to noncontrolling interests		0.8
Net income		6.3
Provision for income taxes		3.0
Income before income taxes		9.3
Interest income, net		(1.2	)
Other expense, net		3.3
Income (loss) from operations		11.4		$	12.5	$	0.5	$	4.8	$	(0.6	)	$	(5.7	)
Depreciation and amortization		5.1			2.0		1.6		0.8		0.7			–
Severance expense		0.8			0.4		0.1		–		–			0.3
Other operating expense, net		3.2			–		–		–		0.1			3.2
Adjusted EBITDA	$	20.6		$	14.9	$	2.1	$	5.6	$	0.2		$	(2.3	)

IDT Corporation
Reconciliation of Earnings per share to Non-GAAP EPS
(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

	3Q25			3Q24

Net income attributable to IDT Corporation	$	21.7		$	5.6
Adjustments (add) subtract:
Stock-based compensation		(0.9	)		(2.1	)
Severance expense		(0.2	)		(0.8	)
Other operating expense, net		(0.2	)		(3.2	)
Total adjustments		(1.3	)		(6.1	)
Income tax effect of total adjustments		(0.3	)		(2.0	)
		1.0			4.1
Non-GAAP net income	$	22.7		$	9.7

Earnings per share:
Basic	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – basic	$	0.90		$	0.38

Weighted-average number of shares used in calculation of basic earnings per share		25.2			25.3

Diluted	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – diluted	$	0.90		$	0.38

Weighted-average number of shares used in calculation of diluted earnings per share		25.2			25.5

IDT Corporation
NRS’ ‘Rule of 40’ Score
For 3Q25
(unaudited) in millions. Figures may not foot due to rounding to millions.

	4Q24		1Q25		2Q25		3Q25		Trailing Twelve Months (TTM) 3Q25

Reconciliation of NRS’ Income from Operations to Adjusted EBITDA

Income from operations	$	6.0	$	6.6	$	9.1	$	6.2	$	28.0
Depreciation and amortization		0.9		1.0		1.0		1.0		3.9
Other operating expense, net		0.2		–		–		–		0.2
Adjusted EBITDA	$	7.1	$	7.6	$	10.1	$	7.2	$	32.0

	3Q25			3Q24

NRS’ ‘Rule of 40’ Score

NRS recurring revenue	$	29.4		$	24.0
NRS other revenue		1.7			1.8
NRS total revenue	$	31.1		$	25.7

NRS recurring revenue growth rate		23	%

NRS TTM Adjusted EBITDA from above	$	32.0
NRS TTM total revenue		122.7
NRS TTM Adjusted EBITDA margin		26	%

Rule of 40		49	%

Explanation of Key Performance Metrics

net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

Constant currency as it relates to revenue provides a framework for assessing net2phone’s performance that excludes the effect of foreign currency rate fluctuations. To determine net2phone’s subscription revenue growth on a constant currency basis, current period revenues from entities reporting in currencies other than U.S. Dollars (USD) were converted to USD at the average monthly exchange rates in effect during the prior fiscal year’s comparative period instead of the average monthly exchange rates in effect during the current period.

net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue as defined above by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

BOSS Money transactions are a nonfinancial metric that measures customer usage during a reporting period. BOSS Money’s digital send volume is the aggregate amount of principal remitted by BOSS Money’s digital customers – those using the BOSS Money and BOSS Revolutions apps to originate remittances. Digital send volume is a key metric for evaluating the operational performance of the digital channel of the remittance business, and for comparing the performance of BOSS Money’s digital channel to competitors in the remittance business as well as to performance to other temporal periods.

# # #

The MIL Network –

June 6, 2025

MIL-OSI: Insurtech Insights USA 2025: Event Round-Up from Day Two

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Insurtech Insights USA 2025, concluded today at the Javits Center, wrapping up two impactful days of insightful conversations, cross-sector collaboration, and high-level dealmaking. With over 6,000 delegates and more than 400 industry leaders in attendance, this year’s edition firmly cemented the event’s position as the foremost gathering for insurance innovation in North America and the largest ever Insurtech Insights USA conference.

A Media Snippet accompanying this announcement is available in this link.

Reflecting on the success of the event, Kristoffer Lundberg, Founder & CEO of Insurtech Insights, said, “As we close out two powerful days of dialogue, dealmaking, and discovery, one message echoes throughout the Javits Center: insurance is no longer just about risk, it’s about being resilient. From agentic AI to behavioral underwriting, from redefining customer trust to unlocking global M&A potential, this year’s event captured a sector rewriting its operating system. Thank you to our partners, speakers, and 6,000+ attendees for reaffirming that innovation in insurance isn’t a buzzword, it’s our collective mission.”

Day Two Highlights: AI at the Forefront of Transformation

The day was packed with several thought-provoking panels, keynotes, and moderated discussion sessions across the six stages. Some of the highlights on the main stage were sessions like “Facing into AI: The Potential and Uncertainty,” a compelling conversation between Lucy Pilko, CEO of AXA XL Americas, and Naveen Agarwal, Senior Advisor at BCG and CEO of NavDots. Together, they unpacked the double-edged nature of AI in insurance, stressing the need for thoughtful implementation as insurers and clients alike navigate the transformative and sometimes uncertain possibilities of AI.

Later on the main stage, the session “A Year Later for AI and GenAI in Insurance: The Reality and Growing Real Business Value” showcased how far the industry has come in just 12 months. Moderated by Denise Garth, Chief Strategy Officer at Majesco, the panel included Robert Pick, EVP and Chief Information Officer, Tokio Marine North America Services, Manish Sha, President Chief Product Officer at Majesco, and Jim DeMarco, Insurance Advisor Lead, Microsoft. The speakers shared real-world results of AI implementation, with early benchmarking showing up to 10–20x productivity improvements in underwriting and customer service. They also addressed how GenAI is simplifying complex workflows, accelerating onboarding, and helping insurers meet rising customer expectations, especially as nearly 50% of the workforce approaches retirement by 2030.

In the afternoon, the session “Operationalizing AI in Insurance: Key Considerations for Full-Scale Implementation” drew a packed audience. Moderated by Karlyn Carnahan, Head of P&C Insurance, Celent, the panel featured Dan Moore, Senior Vice President of Claims Shared Services, CNA Insurance, Anurag Bairathi, Chief Claims Officer, Mapfre, and Yuval Man, CEO and Co-Founder, DigitalOwl. Speakers offered practical insights into scaling AI responsibly, underscoring the need for human-in-the-loop processes, AI governance, bias testing, and strong organizational guardrails to ensure safe and effective deployment across underwriting and claims operations.

The final main stage session, “Regulators & Risk Takers: Aligning Vision for the Future of Insurance,” brought together Commissioners Jon Godfread, Glen Mulready, and Andrew Mais from North Dakota, Oklahoma, and Connecticut, respectively. Moderated by Susan Winkler, VP and Executive Director, Connecticut Insurance and Financial Services, the conversation centered on finding common ground between regulatory oversight and industry innovation. The panelists agreed that open dialogue and coordinated action between regulators and carriers are essential to shaping a future-ready insurance ecosystem in an era marked by climate volatility, AI disruption, and rapid digital transformation.

The closing of Insurtech Insights USA 2025 marks a pivotal moment in the industry’s journey from legacy operations toward data-powered, customer-centric, and resilient growth models. With AI no longer a concept on the horizon but a force embedded in today’s operations, this year’s conference showcased not just where the industry is going but also the leaders who are already taking it there.

Registrations for Insurtech Insights 2026 early bird are now open, and you can buy with ease: a 30-day full money-back guarantee.

About Insurtech Insights USA

Insurtech Insights USA is the leading global conference for the insurtech industry, bringing together experts, innovators, and thought leaders to discuss the latest trends, challenges, and opportunities shaping the future of insurance. With a focus on innovation, collaboration, and disruption, Insurtech Insights USA provides a platform for networking, learning, and driving meaningful change in the insurance sector.

For media queries and other information, please contact:

Girish Jaggi
Senior Account Manager
The MicDrop Agency
girish@themicdropagency.com
+1 (289) 623 3627

The MIL Network –

June 6, 2025
MIL-OSI USA: Latta’s Bills to Unleash American Energy & Power AI Advanced By House Energy Subcommittee

Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

Latta’s Bills to Unleash American Energy & Power AI Advanced By House Energy Subcommittee

Washington, June 5, 2025

Today, the Energy Subcommittee of the House Energy and Commerce Committee advanced two bills introduced by Congressman Bob Latta (R-OH-5) to unleash American energy as artificial intelligence technology continues to evolve and require increased energy generation: the Electric Supply Chain Act and the Researching Efficient Federal Improvements for Necessary Energy Refining (REFINER) Act.

The Electric Supply Chain Act directs the Secretary of Energy to conduct regular assessments and submit reports on the supply chain for electricity generation and transmission. The REFINER Act requires the National Petroleum Council to produce a report on the state of petrochemical refineries in the United States.

These bills aim to strengthen domestic energy production and infrastructure, an effort Congressman Latta underscored yesterday during a House Energy and Commerce Committee Communications and Technology Subcommittee hearing. In his remarks, he highlighted the importance of AI permitting reform and reaffirmed the need to ensure U.S. based energy development to support AI’s energy needs. Watch Congressman Latta’s remarks HERE.

“Generative artificial intelligence isn’t a trend; it’s the backbone of the next industrial era. Countries around the globe are racing to build the full AI stack: data centers, chips, power, and platforms. Here in the United States, we must ensure that we have the right policies in place to have enough energy to power AI and make America an attractive place to build the entire AI supply chain. I’m grateful to my colleagues on the Energy Subcommittee of the House Energy and Commerce Committee for advancing my two bills to not only support progress in the AI space but also strengthen American-led energy production across the board,” Latta said.

Read more about the Electric Supply Chain Act HERE.

Read more about the REFINER Act HERE.

MIL OSI USA News –

June 6, 2025
MIL-Evening Report: ‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy

Source: The Conversation (Au and NZ) – By Stuart Murray, Associate Professor, International Relations and Diplomacy, Bond University

Sean Garnsworthy/ALLSPORT

Since coming to power in 2022, the Albanese government has focused strongly on the Indo-Pacific.

The prime minister’s recent trip to Indonesia was the latest high-level bilateral summit as Australia seeks to recalibrate relationships, enhance security and, where possible, win the battle for hearts and minds in the region.

Read more:
There’s no country more important to Australia than Indonesia. Trouble is, the feeling isn’t mutual

In a world slipping further into “strategic atrophy,” art, music, food, culture, sport and other forms of soft power are no longer peripheral.

In the foreword to the recently launched Australian Sports Diplomacy 2032+ strategy, for example, Labor MP Tim Watts stated:

Sport is an important tool for Australia’s diplomatic engagement at a time when Australia needs to use every dimension of our national power to advance our interests.

The First Nations of Australia are mentioned in this strategy but it fails to reflect the depth, power and influence Indigenous sports diplomats could bring.

Arguably, our sports diplomacy would be more authentic, unique and effective (especially in the Pacific) if First Nations people, perspectives and programs were genuinely integrated from the outset – baked in, not bolted on.

The epic history of First Nations sport

Indigenous Australians were the first people to play sport on this land.

Before colonisation, Australia’s population was around 750,000, divided into about 500 nations.

Though sometimes hostile, these communities shared a common language: sport.

Physical pursuits served, and still serve, many purposes for Aboriginal and Torres Strait Islander people: fostering communication, preserving lore, teaching youth to be effective providers and most importantly, practising survival skills.

Sport was also a civilising force used for social, cultural and diplomatic ends. Games and carnivals increased contact between clans, easing tension, division, xenophobia and misunderstandings that could spark violence.

Battendi (spear-throwing), Marngrook (football), Koolchee (ball games), and Prun (mock war) are examples of diplomatic games that predate the ancient Greek Olympics by tens of thousands of years.

Sport became central to Aboriginal and Torres Strait Islander history, culture, identity and diplomacy.

“Deadly” – a term meaning excellent – sports diplomacy is a more fitting way to describe this unique form of diplomacy. Done well, it offers a more accurate, authentic brand of Australia to the region and beyond.

The battle for the Blue Pacific

The “Blue Pacific” – a term describing a shared Pacific culture, identity and collective diplomatic strategy – offers an opportunity to harness the power of deadly sports diplomacy.

If Australia hopes to win Pacific hearts and minds, it should send more Aboriginal and Torres Strait Islander sports diplomats and teams to countries such as Fiji, Papua New Guinea (PNG) and New Zealand, because the nations of the Blue Pacific deeply respect the old, wise First Peoples of Australia.

These relationships are built on shared values: culture, family, spirituality and sport.

The Black Swans – Australia’s First Nations netball team, which debuted at the PacificAus Sports netball series in 2024 – are included as a case study in Sports Diplomacy 2032+. However, it’s the government’s A$600 million NRL project in PNG that has dominated headlines.

Read more:
Sports diplomacy: why the Australian government is spending $600 million on a new NRL team in PNG

The Albanese government’s backing of this initiative has sparked criticism among supporters of other codes in Australia with strong ties to Pacific nations – especially rugby union, which until recently was the code of choice in Fiji and throughout Polynesia.

A rise in Pacific Island interest in rugby league may impact rugby union, some argue.

However, rugby league may be a more effective sports diplomacy tool. It enjoys growing popularity in those locations and has undisputed national sport status in PNG, the most populous Pacific nation by far.

It’s also arguably more “deadly,” with its Indigenous All Stars team and an Indigenous Round.

In the NRL, 48% of players have Pasifika heritage, and 12% identify as Aboriginal or Torres Strait Islander, compared to 3% across the Australian population.

Should rugby union receive similar support? Perhaps, but first, it must address the absence of Indigenous players.

Since Rugby Australia’s founding in 1949, only 15 Aboriginal men have played Test rugby for Australia.

What about similar funding for soccer, the national obsession of strategically important near neighbours Solomon Islands and Vanuatu?

It too has had a relative absence of Indigenous players at Australia’s highest levels, notwithstanding the pioneering careers of Charlie Perkins, John Moriarty, Archie Thompson and recent Matildas Lydia Williams and Mackenzie Arnold.

Extra time

Integrating the world’s oldest living culture in Australia’s sports diplomacy program can only enhance our relationships, diplomacy and national brand.

The Australian Institute of Sport (AIS)’s Share a Yarn initiative is helping lead the way.

Established in 2020, it connects elite First Nations athletes with respected Aboriginal and Torres Strait Islander mentors.

Throughout the year, athletes and mentors meet online, attend monthly storytelling sessions and attend an annual cultural connection camp at the AIS campus.

As Marissa Williamson Pohlman, the first Aboriginal woman to compete in boxing at the Olympics in 2024, noted:

Mainstream sport can be challenging but having the unwavering support of mob keeps me grounded and focused on my goals.

The fact Aboriginal and Torres Strait Islanders have practised sports diplomacy for more than 60,000 years is a powerful story. It is one that should be celebrated at every international sporting event we attend, bid for, or host.

Including Aboriginal and Torres Strait Islander people, programs and perspectives would strengthen and innovate our strategies, add vital cultural iconography, inspire like-minded nations and help win hearts and minds from Honiara to Hawaii.

The authors would like to thank Kombumerri woman Emily Pugin (DFAT) and Butchulla/Goreng Goreng Paul Martin for their contribution, teaching and help in commissioning and drafting the report that informs this article.

Stuart Murray receives funding from The Department of Foreign Affairs and Trade

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

– ref. ‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy – https://theconversation.com/deadly-sports-diplomacy-why-australias-indigenous-people-must-be-a-part-of-our-sports-strategy-257542

MIL OSI Analysis – EveningReport.nz –

June 6, 2025
MIL-OSI USA: Tuberville Talks Recruiting, AI, and Quantum Computing with Top Army Officials at SASC Hearing

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) spoke with the Honorable Daniel Driscoll, Secretary of the Army, and General Randy George, Chief of Staff of the Army, during a Senate Armed Services Committee (SASC) hearing. Sen. Tuberville spoke with the top Army officials about the quality of recruits in the Army, ways to leverage Artificial Intelligence (AI), and Quantum Computing in the military.
Read Sen. Tuberville’s remarks below or on YouTube or Rumble.
ON RECRUITING REQUIREMENTS IN THE ARMY:
TUBERVILLE: “Thank you. Good morning, gentlemen. Congratulations on your recruiting.
I know how hard that is in my former profession, getting the right people. General, are we keeping our qualifications, discipline, values, and physical requirements when we recruit these people?”
GEORGE: “I think we definitely are, Senator, and one of the things that we have been having discussions [on] is how we’re raising our standards because of what, you know, what we’re having [come] in and doing that. So, we’ve had fewer at the Future Soldier Prep Course. We’re gonna keep that as an option. We do have times where we have some really brilliant soldiers out there that maybe need to spend a couple of weeks getting in a little bit better shape to join our formation. And that’s what that’s for, but [we are] really pleased with the path that we’re on.”
TUBERVILLE: “As long as we’re putting them through that, and they can handle it—”
GEORGE: “Yep.”
TUBERVILLE: “Again, I’ve been through that before. A lot of people need to get in better shape.”
ON AI IN THE ARMY:
TUBERVILLE: “In Secretary Hegseth’s memo directing the Army Transformation Initiative, it states that the Army will begin enabling AI driven Command and Control by 2027. Secretary Driscoll, how will the Army be using Artificial Intelligence to help decision making?”
DRISCOLL: “Senator, we think of the Army as kind of two discrete functions when General George and I talk about it. One is like a large enterprise business that moves people and things across the country and the world. The other is hopefully an incredibly lethal killing machine and war fighting machine. And so, I think AI and Generative AI will meaningfully impact both spaces. The first thing we’re working on is creating a data layer that basically allows for our people and our things and our sensors to all communicate in near real time. On the war fighting function, once you can have that occur, you can layer-in Generative AI for things like fires targeting, or air and missile defense—it’s incredibly valuable. I would estimate that we’ll start to see that at scale in kind of 12-18 months. On the Army and enterprise business side, we’re incredibly optimistic. We have 200 plus enterprise systems right now that are oftentimes siloed. Oftentimes we’ve had software created just for us that we have to maintain that is decades out of date, and we think Generative AI will be able to help us with all sorts of tasks in the coming months. I’m excited to announce, or just give credit to the recruiting team, [that] they’ve onboarded a very common CRM—customer relationship management—tool called Salesforce. Generative AI can be applied to a lot of the things that we do as we recruit soldiers and bring them into the Army.”
TUBERVILLE: “Thank you. You know, right outside the gate at Redstone Arsenal—Secretary, have you been there yet?”
DRISCOLL: “Would you mind repeating that?”
TUBERVILLE: “Have you been to Redstone Arsenal in Huntsville yet?”
WICKER: “What state is that in?”
TUBERVILLE: “That’s in Alabama.”
DRISCOLL: “I have.”
ON QUANTUM COMPUTING:
TUBERVILLE: “Okay. If you haven’t, we need to get in there. And by the way, you’re making decisions and transforming our military. I’m good with that. You’re actually cutting some contracts and things in my state. If it helps [save taxpayer dollars], I’m all for it. And so, we’ll work with you as much as we can.
But right outside the gate at Redstone, a partnership between Davidson Technologies and D-Wave have completed the assembly of a quantum computer system that should be soon complete [with] its calibrations and readiness tests. Secretary, how can the Army leverage these new systems in successfully implementing its transformation and optimize the future the right way?”
DRISCOLL: “Senator Slotkin and I were at a dinner a couple nights ago talking about quantum computing. And what quantum computing is going to be able to do to help our ability to process information as human beings is otherworldly. It [can be used for] something as simple as convoy routes for transportation all the way up to—you could probably start to plan out where should you put air and missile defense systems and how would they react in near real time to threats. And so, any sort of innovation like that we are completely supportive of.”
TUBERVILLE: “Thank you. A lot of good things going on, especially with AI. I hope we all understand too that for AI and all the future big tech stuff, we’re gonna need energy, big time. China doubles our energy every three years that we have in this country. We’re way behind, and we can talk about all these technologies that we want. Unless we have energy, which is gonna be, should be, a national security threat, then we’re gonna have huge problems. If you agree with that, Secretary.”
DRISCOLL: “Yes.”
TUBERVILLE: “General?”
GEORGE: “Yes, Senator. I do.”
TUBERVILLE: “Yeah. I would hope we start talking about it a lot more. Make sure that, you know, with all these things we got coming down the pipe that we have the availability to number one, be able to build them and number two, have the energy to run all of our data centers and mega data centers in the future. Thank you, Mr. Chairman.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Sens. Markey, Baldwin, Rep. Carter Announce Legislation to Protect Public TV Channels

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Bill Text (PDF)
Washington (June 5, 2025) – Senators Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, and Tammy Baldwin (D-Wisc.) and Representative Troy A. Carter Sr. (LA-02), member of the House Energy & Commerce Committee, today announced the introduction of the Protecting Community Television Act, legislation that would undo rulemaking from the first Trump administration’s Federal Communications Commission (FCC) that effectively limited the resources available for public, educational, and government (PEG) channels.
Under the Communications Act, cable companies negotiate franchise agreements with local governments to provide cable services in a community. The Act caps franchise fees that a cable company pays to the local government at 5% of revenue. This revenue helps fund PEG stations, as well as other community services such as public libraries and emergency responders. In addition, cable companies historically paid up to 5% cap and provided additional, in-kind support to the community, such as free cable service to schools or access to building studios. In 2019, the FCC issued a new rule that counted those in-kind contributions towards the 5% cap, meaning cable companies could reduce their cash payments by claiming the value of those services. With fewer cash resources, local governments were forced to choose between investing in PEG programming or supporting other public services. The result has been less funding for PEG stations.
“Millions of Americans rely on community television to keep up with the news that matters most to them, stay plugged into enriching, educational programming, and hold their local governments to account. But the Trump administration has forced communities across the country to pull the plug on public programming,” said Senator Markey. “At a time when news and media have become more consolidated than ever before, I am proud to partner with Senator Baldwin and Representative Carter to reintroduce the Protecting Community Television Act to uphold local access to public, education, and government channels for every household in our country.”
“I’m proud to cosponsor this bill and stand with communities that depend on local media to stay informed, connected, and heard. PEG channels are lifelines for civic engagement and public education, especially in times of crisis, and they shouldn’t be collateral damage in a corporate accounting maneuver. This legislation restores the original promise Congress made: that local governments should have the tools they need to meet community needs without being forced to choose between vital services and local voices,” said Congressman Carter.
The legislation is endorsed by Democratic Leader Schumer (D-N.Y), and Senators Richard Blumenthal (D-Conn.), Mazie Hirono (D-Hawaii), Angus King (I-Me.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Ron Wyden (D-Ore.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Chris Van Hollen (D-Md.), and Alex Padilla (D-Calif.).
The Protecting Community Television Act is endorsed by Alliance for Community Media, National Association of Counties, National Association of Telecommunications Officers and Advisors, National League of Cities, MassAccess, and Maine Community Media Association.
“The Alliance for Community Media welcomes the re-introduction of the Protecting Community Television Act and want to thank Senator Markey and Representative Carter for their support for community access television. Passage of the Act will reduce fees that drain away monetary support for local community media channels across the country. At a time when we have fewer and fewer local journalists and reliable local information sources, cities and towns need community access television more than ever, and this bill will help sustain our operations,” said Mike Wassenaar, President & CEO, Alliance for Community Media.
“Counties rely on public communications channels to disseminate local news and updates to residents in a timely manner,” said Matthew Chase, Executive Director of the National Association of Counties. “By preserving monetary support for public, educational and government channels through franchise fees, counties would ensure that essential local content remains accessible to residents. Counties thank Senators Ed Markey and Tammy Baldwin for introducing the Protecting Community Television Act and urge its swift passage”
“The Protecting Community Television Act (PCTA) is elegant legislation that seeks to protect benefits consistent with the Cable Act and cable franchising principles since 1984. In 2019, the Federal Communications Commission issued an order that undermines this ability by redefining the term “franchise fees” as used in the Cable Act and substituting its definition for that written by Congress in 1984. The Protecting Community Television Act remedies that altered meaning by protecting local public, educational and community access television so folks in communities across the country can continue to access relevant and timely local news that they rely on. Thanks to Senators Ed Markey (D-Mass.) and Tammy Baldwin (D-Wisc.) and Congressman Troy Carter (D-LA) for continuing to advocate for the PCTA, which reaffirms Congress’ original intent to protect the long-standing ability of local governments to manage public property and provide for local media through public, educational and governmental access channels (PEG Access) in cable franchise agreements,” said Mike Lynch, Legislative Director for National Association of Telecommunications Officers and Advisors.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Fischer Introduces Legislation to Secure America’s Satellite Systems

US Senate News:

Source: United States Senator for Nebraska Deb Fischer
Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee and Chair of the Telecommunications and Media Subcommittee, introduced the bipartisan Secure Space Act of 2025. The legislation aims to strengthen America’s national security by preventing foreign adversaries from accessing and compromising America’s satellite systems.
U.S. Senator Ben Ray Luján (D-N.M.) is co-leading the bill with Fischer. Companion legislation – sponsored by House Energy & Commerce Committee Ranking Member Frank Pallone (D-N.J.) and Chairman Brett Guthrie (R-Ky.) – passed the U.S. House on April 28, 2025.“Americans rely on crucial communications services provided by our satellite systems now more than ever. That’s why we must prevent foreign adversaries like Communist China and Russia from undermining our ability to utilize these services safely and reliably. My bill strengthens our communications infrastructure against these vulnerabilities to make Americans’ network access more secure,” said Fischer.
“As satellite technology continues to advance, so do the threats to our national security. The Secure Space Act blocks satellite licenses for untrusted entities and protects our skies from foreign adversaries. This bill would help protect U.S. innovation and defend our communications networks from foreign entities that seek to hijack our future,” said Luján. Background:
The Secure Space Act of 2025 prohibits the Federal Communications Commission (FCC) from granting satellite licenses or U.S. market access for foreign-licensed satellite systems to any entity or its affiliates that produce or provide communications equipment or services deemed a national security risk.
It amends the Secure and Trusted Communications Networks Act of 2019 to extend this prohibition to both geostationary and non-geostationary orbit satellite systems and includes gateway stations within its scope. It applies to new licenses and authorizations issued after the bill’s enactment and requires the FCC to establish implementing regulations within one year.
Click here to read text of the bill.

MIL OSI USA News –

June 6, 2025
MIL-OSI Security: Dan Roark, Former Police Officer, Sentenced for Exploitation of a Child and Receipt of Child Pornography

Source: Office of United States Attorneys

KNOXVILLE, Tenn. – On June 5, 2025, Dan Roark, 48, currently of Knoxville Tennessee, was sentenced by the Honorable Katherine A. Crytzer, in the United States District Court for the Eastern District of Tennessee at Knoxville.

As part of the plea agreement filed with the court, Roark agreed to plead guilty to an indictment charging him with, one count of exploitation of a child in violation of 18 U.S.C.§ 2251(a); and one count of receipt of child pornography in violation of 18 U.S.C. § 2252A(a)(2). Roark was sentenced to 300 months in prison, followed by a lifetime of supervised release. Roark will be required to register with state sex offender registries and comply with special sex offender conditions during his supervised release.

In early October 2023, Scott County Virginia Sheriff’s Department (SCVSD) received an anonymous tip that a juvenile female (JV) was sending child pornography through the internet to other potential internet users. A forensic examination of a cellphone belonging to JV’s mother revealed child pornography images of JV as well as text messages between JV’s mother and Roark while he was employed with the Knoxville Police Department. In the text message communications, Roark demanded that JV’s mother provide child pornography depicting JV. JV’s mother complied by sending child pornography images and videos depicting JV to Roark.

The criminal indictment was the result of an investigation by the SCVSD, 9th Judicial District Attorney General’s Office (9th JDAGO), and Homeland Security Investigations (HSI) Internet Crimes Against Children’s Task Force. This investigation was led by Detective Daniel Ross of SCVSD, HSI Task Force Officer Cortney Dugger, and Investigator Chanel Finnell of the 9th JDAGO.

Assistant United States Attorney Jennifer Kolman represented the United States.

This case was brought as part of Project Safe Childhood (PSC), a nationwide initiative launched in May 2006, by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section, PSC marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about PSC, please visit www.justice.gov/psc.

For more information about internet safety education, please visit www.justice.gov/psc/resources.html and click on the tab “resources.”

###

MIL Security OSI –

June 6, 2025
MIL-OSI: Eureka Acquisition Corp Announces the Redemption Request Deadline as June 17, 2025 for the Upcoming Extraordinary General Meeting to be Held on June 20, 2025

Source: GlobeNewswire (MIL-OSI)

New York, June 05, 2025 (GLOBE NEWSWIRE) — Eureka Acquisition Corp (the “Company”) (Nasdaq: EURK), a blank check company, today announced that June 17, 2025 is the deadline for delivery of redemption request from the Company’s shareholders for its upcoming extraordinary general meeting in lieu of an annual general meeting of shareholders (the “Extraordinary General Meeting”)

The Extraordinary General Meeting is scheduled to be held on June 20, 2025. Since June 19, 2025 is a federal holiday, June 17, 2025, two business days before the date of the Extraordinary General Meeting, is the deadline for delivery of redemption requests from the Company’s shareholders.

There is no change to the location, the record date, or any of the other proposals to be acted upon at the Extraordinary General Meeting.

If you have questions regarding the certification of your position or delivery of your shares, please contact:

Continental Stock Transfer & Trust Company
1 State Street 30th Floor
New York, NY 10004-1561
E-mail: spacredemptions@continentalstock.com

The Company’s shareholders who have questions regarding the Extraordinary General Meeting, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at ksmith@advantageproxy.com.

About Eureka Acquisition Corp

Eureka Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the date of the Extraordinary General Meeting and the redemption request deadline. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Additional Information and Where to Find It

On June 3, 2025, the Company filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the Extraordinary General Meeting. The Company will amend and supplement the definitive proxy statement to provide information about the redemption request deadline. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by contacting the Company’s proxy solicitor.

Participants in the Solicitation

The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Extraordinary General Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement. You may obtain free copies of these documents using the sources indicated above.

Contact Information:
Fen Zhang
Chairman and Chief Executive Officer
Email: eric.zhang@hercules.global
Tel: +86 135 0189 0555

The MIL Network –

June 6, 2025

MIL-OSI: Byrna Technologies Announces Preliminary Fiscal Second Quarter Record Revenues of $28.5 Million

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., June 05, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal second quarter ended May 31, 2025.

Preliminary Second Quarter Results
Based on preliminary unaudited results, Byrna expects total revenue for the fiscal second quarter of 2025 to be $28.5 million, representing a 41% increase from $20.3 million in the fiscal second quarter of 2024. The record Q2 performance was driven by strong early demand for the new Byrna Compact Launcher (CL), which launched on May 1, along with meaningful channel expansion.

E-commerce sales grew 15% year-over-year, supported by growing brand recognition and an increasingly balanced channel mix.

Dealer sales rose 106% year-over-year to $7.5 million, driven by early success in the Company’s partnership with Sportsman’s Warehouse, which soft-launched Byrna products in select stores during the second quarter. As of quarter-end, the program had rolled out an initial group of stores featuring shop-in-shop formats, with in-store ‘Byrna Genius’ installations expected to begin in July to support continued growth and deepen in-store engagement. Growth in the dealer channel also reflected continued momentum from Byrna’s traditional distributor network.

International sales rose 86%, including approximately $800,000 in royalty revenue from Byrna LATAM, which is up from a negligible base in the prior year period.

To ensure sufficient supply for the CL launch and build inventory across product lines, Byrna produced 38,237 Compact Launchers in the quarter, contributing to a total of 63,835 launchers manufactured.

Management Commentary
“We are continuing to raise the bar at Byrna and are encouraged with our ability to generate a record $28.5 million in revenue for the second quarter,” said Byrna CEO Bryan Ganz. “While we saw softness in overall consumer spending throughout the quarter, the launch of the CL and sustained expansion of our total addressable market helped drive a 41% year-over-year increase in revenue. This success is a testament to the growing strength of our brand and the innovation behind the CL.

“Over the past six months, we’ve steadily ramped production to support a successful launch of the CL. With the rollout now underway and a healthy inventory of SD and LE launchers in place, we are transitioning to a steady-state production cadence of 15,000 launchers per month. Combined with the ramping Sportsman’s Warehouse partnership and an expanded influencer roster—including the recent addition of Tucker Carlson—we’re well positioned to maintain momentum through the second half of 2025 and beyond.”

Preliminary Fiscal Second Quarter 2025 Sales Breakdown:

Sales Channel ($ in millions)	Q2 2025	Q2 2024	% Change
Web	16.6	14.4	15%
Byrna Dedicated Dealers	7.5	3.6	106%
Law Enforcement / Schools / Pvt Security	0.1	0.0	120%
Retail Stores	0.8	0.2	223%
International	3.6	1.9	86%
Total Sales	28.5	20.3	41%

Conference Call
Byrna plans to report its full financial results for the fiscal second quarter in July, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the second fiscal quarter 2025, the timing of the release of full financial results for the quarter, expectations for future sales growth and demand trends, the impact of marketing strategies, the anticipated performance of new products and retail store expansion, and the Company’s ability to sustain momentum throughout 2025. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners or endorsers; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or tariffs, sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

The MIL Network –

June 6, 2025

MIL-OSI Russia: Dmitry Chernyshenko: Seven winners of the third wave of selection of research centers in the field of artificial intelligence will receive 4.7 billion rubles

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

At the Government Coordination Centre, Deputy Prime Minister Dmitry Chernyshenko presented the results of the selection of the third wave of research centres in the field of artificial intelligence (AI). The winning universities and research organisations will receive grants to conduct research and create breakthrough world-class industry solutions.

Dmitry Chernyshenko reported that the winners were HSE University, Innopolis, ISP RAS, ITMO University, MIPT, Skoltech, and for the first time, Lomonosov Moscow State University will be involved in the research.

“Each of the seven selected third wave centers will receive 676 million rubles for two years – until 2026 – to conduct fundamental research in the field of strong, trusted, multi-agent AI. The total amount of budget funding will be 4.7 billion rubles for all centers,” he added.

The Deputy Prime Minister noted that President Vladimir Putin and Prime Minister Mikhail Mishustin set the task of focusing on fundamental areas in the field of AI and conducting research in other areas, but with the mandatory use of AI technologies. Within the framework of the federal project “Artificial Intelligence”, the operator of which is the Ministry of Economic Development, a grant competition is being held for research centers.

“Investments in AI research centers have already proven their effectiveness. The first wave of centers dealt with issues of strong, trusted, ethical artificial intelligence. The second wave is dedicated to industry research for medicine, transport, industry and smart cities. These centers create almost half of all Russian scientific groundwork in AI. President Vladimir Putin set the task of publishing at least 450 papers at top-level conferences in the field of AI in the world by 2030 – A*. We see that investments are achieving results, so the Government continues to develop such support programs,” Dmitry Chernyshenko emphasized.

He added that an important foresight session on fundamental and exploratory research in the field of AI was held in 2024. At it, leading Russian scientists with a global reputation identified 10 priority areas for the development of science in the field of artificial intelligence in the coming years.

“These areas are a strategic benchmark for public investment, which, as a rule, also attracts off-budget investment. The selection of the third wave was carried out taking into account these priorities, and we plan to conduct further research in Russia in relation to them. The Ministry of Economic Development and the Ministry of Education and Science are also preparing a unified research program in the field of AI, which will consolidate this logic,” concluded Dmitry Chernyshenko.

He asked the selected centers to support the winners and prize winners of the AI Olympiads, who also took part in the event.

A total of 19 applications from centers from 10 regions of Russia were submitted for selection. The centers’ programs state the key areas of foresight in fundamental and exploratory research in the field of AI, conducted in 2024: agent/multi-agent systems, elements of strong AI, fundamental and generative AI models.

“Artificial intelligence today has a significant impact on the development of many sectors of the economy. On the instructions of the President, the national strategy for the development of AI until 2030 is being implemented. Support for the activities of research centers in this area is a critically important tool that allows us to create a research base for the comprehensive development of sovereign AI in the country,” said First Deputy Minister of Economic Development Maxim Kolesnikov.

Grigory Bokov, Director of the Research Center for Artificial Intelligence at Lomonosov Moscow State University, said that the goal of their center is to develop modern artificial intelligence technologies, including in the direction of so-called general artificial intelligence, capable of solving a wide range of problems, just as humans do.

“We combine deep scientific research with applied developments that can already be in demand in the economy, industry, medicine and education. The project involves specialists from seven departments of Moscow State University, including leading Russian and foreign scientists,” he said.

Expert support for the competitive selection and subsequent support for the implementation of research center activity programs is provided by the Strategic Agency for Support and Formation of AI Developments (SAPFIR), a project office created on the basis of the Skolkovo Foundation.

“In the next two years, SAPFIR will focus on supporting research centers to achieve all their goals in both the scientific and commercial parts. Their activities will contribute to the creation of a technological reserve for Russia in the field of artificial intelligence, as well as attracting and developing the best personnel in the country,” said SAPFIR Director Tatyana Soyuznova.

Let us recall that in 2021, the first wave of research centers in the field of AI was selected as part of the federal project “Artificial Intelligence” (national program “Digital Economy”). Six scientific and educational organizations received state support totaling more than 8 billion rubles. Their work resulted in 165 articles in leading scientific journals, 206 publications at top-level conferences, as well as the creation and support of 15 frameworks. Together with 36 industrial partners, including Sber, Yandex, MTS and other large companies, the centers have already implemented about 50 applied solutions.

As part of the second selection wave, support was received by industry AI centers based at leading universities and research centers, such as the N.N. Blokhin National Medical Research Center of Oncology, S.P. Korolev Samara University, and others. These centers focus on training industry specialists, creating databases, and supporting specialized frameworks. RUB 3.8 billion from the federal budget has been allocated to finance their activities in 2023–2026.

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

MIL OSI Russia News –

June 6, 2025
MIL-OSI: “America’s AI Arsenal Just Went Live”: AI Insider Briefs Public on Secret Supercomputer Built by Musk

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, June 05, 2025 (GLOBE NEWSWIRE) — A newly surfaced report from bestselling author and tech insider James Altucher outlines the existence of a massive U.S.-based artificial intelligence weapon — one that could redefine America’s global standing in the AI arms race.

According to Altucher, the project — code-named Project Colossus — is being built by Elon Musk’s company xAI, in coordination with recent policy changes made by the Trump administration. Housed in a low-profile facility in Memphis, Tennessee, Altucher says this machine is already operational — and growing more powerful by the day.

“The Fastest Supercomputer on the Planet”

The briefing claims the facility is equipped with 200,000 cutting-edge AI chips, making it the most powerful computing center in the Western Hemisphere.

“It contains not just one or two… but 200,000 units of Nvidia’s all-powerful AI chips… making it the most advanced AI facility known to man.”

“The fastest supercomputer on the planet.” — Jensen Huang, Nvidia CEO

Altucher notes that Musk plans to expand this further in the coming weeks, with rumors of additional hardware that could multiply its power tenfold.

Trump Cleared the Runway

The report links the timing of Project Colossus to a major political shift. On Day 1 of his second term, Donald Trump reversed Biden-era restrictions on AI development.

“In one of his FIRST acts as President… Donald Trump overturned Executive Order #14110.”

Altucher claims this decision allowed developers like Musk to operate “without red tape or delay” — accelerating America’s path toward dominance in the next generation of AI systems.

Altucher: This Is “Artificial Superintelligence”

Altucher describes this moment not as another software release — but a seismic shift in how technology operates.

“This second wave of ARTIFICIAL SUPERINTELLIGENCE… Will rival all of the great innovations of the past. Electricity… the wheel… even the discovery of fire.”

His report urges Americans to understand what’s unfolding — not just in Silicon Valley, but in unmarked warehouses like the one now powering Project Colossus.

About James Altucher

James Altucher is a computer scientist, entrepreneur, and author who has worked on AI projects for over 40 years. A former IBM consultant and Wall Street technologist, he now focuses on breaking down emerging tech developments for a general audience. His latest briefing examines how Artificial Superintelligence is reshaping U.S. strategy and infrastructure.

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The MIL Network –

June 6, 2025
MIL-OSI USA: Securing a Healthier Future for SUNY Downstate
Source: US State of New York

overnor Kathy Hochul today received the Downstate Community Advisory Board proposal for the more than $1 billion State reinvestment in SUNY Downstate’s hospital. Following months of community input and engagement, the advisory board advanced a proposal that aims to stabilize and renovate the facility and deliver a modern hospital to Central Brooklyn.

“Central Brooklyn deserves world-class health care, and with this historic $1 billion investment, we’re securing a brighter, healthier future for SUNY Downstate and the communities it serves,” Governor Hochul said. “This plan was shaped by the voices of those who know and rely on Downstate — community members, faculty and staff — and their input was critical to getting this right. I’m grateful to SUNY and the advisory board for their commitment to building a strong, sustainable future SUNY Downstate, and I look forward to thoroughly reviewing the proposed plan.”

The proposal from the advisory board will:
- Retain all current inpatient and outpatient services, including maternity and kidney transplant services
- Convert all double occupancy rooms to private rooms with showers and add additional rooms, resulting in 225 operational beds (with the goal of increasing the current 165 average daily census)
- Modernize and expand the emergency department to 45 stations
- Establish/renovate dedicated inpatient specialty units for cardiology, oncology, and orthopedics
- Build a new hospital annex, including a state-of-the-art ambulatory surgery center that expands services in oncology and cardiology
- Address the mechanical, electrical, and plumbing infrastructure issues that have resulted in repeated system failures
- Improve leadership and operations to achieve greater operational sustainability
SUNY Chancellor John B. King Jr. said, “SUNY Downstate has long served as a cornerstone of care for Brooklynites – and as a result of Governor Hochul’s leadership and investment, it will continue to do so long into the future. Thank you to Governor Hochul, to the advisory board, and to every community member who contributed to this proposal that will ensure a strong and sustainable SUNY Downstate hospital for the communities we are proud to serve.”

The advisory board’s task was to consider recommendations to establish a reasonable, scalable and fiscally responsible plan for the financial health, viability, and sustainability of SUNY Downstate within a range of available funds.

The advisory board – consisting of healthcare and community leaders – worked throughout the past nearly six months to gather input and ideas directly from the community to inform the proposal. Over the course of their deliberations, the advisory board:
- Held four public hearings (one more than statutorily required) on January 22, February 27, March 13, and April 28, with two in Community Board #9 and two in Community Board #17
- Met with numerous community stakeholders including the SUNY Downstate Medical School Department Chairs, the Brooklyn for Downstate advocacy group (twice), the leadership at SUNY Downstate, and other regional healthcare providers
- Carefully reviewed analysis of the community health needs (including the Brooklyn for Downstate data needs analysis and recommendations for the future of SUNY Downstate, the Community Health Needs Assessment 2022 prepared by the NYC Health & Hospitals, and the New York State Department of Health’s Study of Healthcare System Inequities and Perinatal Access in Brooklyn report), Downstate Hospital’s financials, and the condition of Downstate Hospital’s physical plant
- Engaged a team of consultants to provide expert analysis, infrastructure assessment, financial modeling, architectural and engineering scenarios, and coordination, including ADENA Consulting Group, LLC, QPK Design, Ramboll, Ewing Cole, and Kaufman Hall. In addition, at stakeholders’ request, the advisory board engaged Deloitte to independently assess the reasonableness of the financial modeling and identify options to reduce the ongoing operating deficit.
After gathering public and stakeholder input over many months, the approach now recommended by the advisory board was presented to the public as an option under consideration at the fourth public hearing on April 28. View materials from the public hearings here.

Downstate’s hospital provides inpatient and outpatient health care services in Central Brooklyn and leads in research and scholarship to address health disparities in New York City and across the state.

Last year, SUNY Downstate’s hospital faced a $100 million annual deficit and was at risk of being unable to operate without additional funding, while contending with a hospital facility in disrepair and vulnerable to major crises, including recent major infrastructure incidents.

In response, Governor Hochul worked with the Legislature and SUNY to develop a plan to engage community leaders in developing a sustainable future for Downstate and provided a historic capital investment. The Governor championed $750 million in capital funding for SUNY Downstate’s hospital in the 2024-25 and 2025-26 Enacted State Budgets, and directed SUNY to dedicate its anticipated $50 million annual capital allocations in each of the next seven years to bring the total investment to more than $1 billion.

SUNY Downstate Health Sciences University President Dr. Wayne J. Riley said, “This plan represents an extraordinary investment in SUNY Downstate’s hospital and a bright future for our patients, our students, and our faculty and staff. I want to thank Governor Hochul, the Brooklyn legislative delegation, the SUNY Board of Trustees and Chancellor King, the faculty and staff of SUNY Downstate, and the faith leaders, labor organizations, and other community stakeholders who have worked together to envision a strong and achievable future for SUNY Downstate.”

SUNY Trustee and Chair of the Academic Medical Centers and Hospitals Committee Eric Corngold said, “SUNY is proud of the unique and important role SUNY Downstate plays in Central Brooklyn and New York State. We are committed to a strong and sustainable future for SUNY Downstate and grateful to Governor Hochul for a historic investment in SUNY Downstate’s hospital.”

New York State Health Commissioner Dr. James V. McDonald said, “Governor Hochul has shown a strong commitment to strengthening health care across New York—from expanding mental health services to supporting the nursing workforce and modernizing medical facilities. Investing in SUNY Downstate’s hospital is a critical step that will improve health outcomes and better serve the residents of Central Brooklyn.”

SUNY Downstate Chair of the Department of Community and Family Health Dr. Enitza George, M.D., MBA, MSAI. said, “After six months of working with the DCAB members, I believe these recommendations truly reflect our commitment to listening to the community. We carefully considered what’s needed and balanced it with what’s possible given the current funding. I’m genuinely excited about what’s next—for Brooklyn as a whole and for Downstate in particular.”

SUNY Downstate Community Advisory Board Member Pastor Louis Hilton Straker Jr. said, “Reinvesting in Downstate will not only mean improved care, it will also mean a sense of safety and dignity for Central Brooklynites. Over the last year, we’ve seen how different voices and perspectives can enter a room and come together to deliver for our communities. Let Downstate serve as a sign of hope on what we can do when New Yorkers stand by each other and insist on solutions.”

SUNY Downstate Community Advisory Board Member Dr. Lesly Kernisant said, “In my decades of caring for Brooklyn patients, a simple fact is clear: modern facilities and comprehensive services lead to improved care. This investment in SUNY Downstate’s future–which includes vital support for maternal health care–marks an important moment in the collective effort to reduce health disparities and secure a better future for our community.”

Senate Majority Leader Andrea Stewart-Cousins said, “Securing this historic investment in SUNY Downstate is a major victory for Brooklyn—preserving critical services, modernizing the hospital, and reaffirming our commitment to equitable, high-quality care. By establishing the Community Advisory Board, we ensured that the voices of patients, workers, and the community were central to every discussion about Downstate’s future. I applaud Senator Myrie and all my Brooklyn colleagues whose tireless advocacy made this moment possible and who continue to lead the charge toward the full revitalization of SUNY Downstate Medical Center.”

Assemblymember Amy Paulin said, “Securing $1 billion for Downstate is historic – I applaud Governor Hochul and the community leaders who helped shape this proposal. This is an important moment to be investing in our healthcare ecosystem, and Downstate’s modernization can serve as a model for vulnerable facilities across the state.”

Assemblymember Brian Cunningham said, “As the representative for Central Brooklyn and SUNY Downstate, I have made it a priority to advocate to Governor Hochul and legislative leaders for the investments this hospital needs to serve our community and the city. Through this year’s budget process, we fought to secure critical funding for Downstate and for the healthcare infrastructure that so many New Yorkers rely on. With federal threats to Medicaid mounting, this new commitment from the state could not be more important. I commend the Governor for her leadership in protecting access to care and driving equity across the healthcare system.

Assemblymember Rodneyse Bichotte Hermelyn said, “SUNY Downstate was founded 165 years ago, and served as a vital healthcare institution and safety-net hospital, helping over 300,000 Brooklynites annually, regardless of their ability to pay. In recent years, our borough’s only academic medical center kept trying to provide innovative, high-quality-care for all, while its 19th century infrastructure crumbled; putting the Downstate Hospital in serious peril; while leaving our most vulnerable constituents with next-to-nothing for healthcare. Gov. Hochul took decisive action, when other leaders swept this problem under the rug, and worked with the Brooklyn Delegation and our communities to deliver a one billion-dollar solution ensuring a bright future for SUNY Downstate and the Brooklynites who depend on it. Thank you to the Advisory Board for providing a blueprint to revitalize SUNY Downstate into a world-class, state-of-the-art health center that will truly save the lives of Brooklynites today and for decades to come.”

New York City Council Member Farah N. Louis said, “I wholeheartedly applaud Governor Hochul for this historic and transformative $1 billion investment in SUNY Downstate Medical Center—a bold commitment that demonstrates extraordinary leadership and responsiveness to the urgent needs of Central Brooklyn residents. Knowing that this funding will restore full inpatient and outpatient care over 200 beds is a massive achievement in our fight to save this institution. As our community continues to advocate for a transformative and responsive investment, I am proud that our concerns were heard to bring modernized facilities and high-quality services to the working-class families of Central Brooklyn. Governor Hochul listened to the needs of our neighborhoods and I look forward to the strengthening of this essential institution.”

New York City Council Member Mercedes Narcisse said, “This $1 billion investment and the restoration of 225 beds are crucial steps in ensuring Downstate stays open and continues to serve our community. I am deeply grateful to Governor Hochul for her leadership and unwavering commitment to preserving this essential healthcare institution in Central Brooklyn. By implementing the majority of the Downstate Community Advisory Board’s recommendations, we are listening to those who know best and ensuring a brighter, healthier future for all who rely on Downstate.”

Bishop Orlando Findlayter said, “We’ve seen private hospitals across the city close or limit services in recent years, which has been a rising threat to the healthcare of New Yorkers in underserved communities. But thanks to leadership from the Governor and our local community, Downstate will ensure the long-term commitment of all existing inpatient and outpatient services, and will serve as a beacon of care and community.”

Assemblymember Latrice Walker said, “The release of the Downstate Community Advisory proposal for the reinvestment of more than $1 billion is a victory for the entire Central Brooklyn community, including the constituents of my district who rely on SUNY Downstate Hospital. I’d like to thank all the people who have fought so hard to get us to this point. That includes advocates, SUNY leadership, lawmakers, union leaders, and members of the faith and medical communities. And, of course, we would not be at this critical juncture without the leadership of Gov. Kathy Hochul. The proposal, which follows months of community input, retains kidney transplant and maternity services – which are priorities for my community, as we battle high rates of diabetes and fight for better Black maternal health outcomes. I look forward to the modernization of the emergency department, infrastructure upgrades and many other improvements stemming from the proposal. We have collectively struck a decisive blow in the ongoing effort to combat health disparities in Brooklyn communities of color. The quality of one’s care should not be determined by zip code.”

MIL OSI USA News –
June 6, 2025

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