NewzIntel.com

Category: Technology

  • MIL-OSI China: Integrated data market high on agenda

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

    China is studying and formulating policy documents to cultivate a national integrated data market in accordance with new characteristics related to the development of the data market as part of a broader push to fully unleash the value of its massive data resources, said the National Data Administration, the country’s top data governance regulator.

    More efforts should be made to bolster the development and utilization of public data, and encourage enterprises to innovate by leveraging data to reduce costs and improve operational efficiency, so as to nurture new quality productive forces and empower high-quality economic and social development, said the NDA.

    To promote the use of data as a factor of production in more fields and tap the potential of data, the administration is ramping up efforts to compile a guideline on the application scenarios of data elements.

    China has issued a three-year action plan to expand the application of data in 12 key fields, including manufacturing, modern agriculture, logistics and financial services.

    The country will take steps to promote the high-level application of data, ensure the quality of data supply, improve the environment of data circulation and strengthen data security, said the action plan.

    Luan Jie, deputy head of the policy and planning department at the NDA, said nearly 500 digital tech companies have been established by centrally administered State-owned enterprises, and about 66 percent of leading enterprises in various industries have purchased data, adding that the extensive participation of social entities has laid a solid foundation for unleashing the value of data.

    Luan said data has been increasingly applied into a diverse range of sectors, such as industry, agriculture and transportation, giving rise to new business forms and models and generating a multiplier effect in boosting the economy.

    Looking ahead, the administration will accelerate steps to roll out a guideline on the construction of data infrastructure and establish comprehensive experimental zones for data elements, while strengthening the top-level design of the data market and establishing rules, facilities and governance systems related to a unified national data market to create a fairer and more dynamic market environment.

    The nation’s total data output reached 41.06 zettabytes last year, up 25 percent year-on-year, while the added value of core industries of the digital economy accounted for about 10 percent of the GDP, said the NDA.

    “Data elements have been rapidly integrated into various areas like production, circulation, consumption and social services, and are playing an increasingly vital role in bolstering industrial upgrades,” said Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics.

    The in-depth integration of data with traditional industries will improve production efficiency, optimize the allocation of resources and create novel business models, Ouyang said, while stressing the need to bolster the circulation and transaction of data, explore a data pricing mechanism and value assessment system, ensure data security and strengthen privacy protection.

    Data have the attributes of commodities, which could be effectively allocated through market evaluation and trading, so as to create huge economic and social value, he said.

    Jiang Xiaojuan, a professor at the University of Chinese Academy of Social Sciences, said the nation’s accelerated push to nurture a national integrated data market and create more abundant applications of data in various sectors is conducive to driving the transformation and upgrade of industries, facilitating the development of digital economy, and giving full play to the value of data to foster new growth drivers.

    The National Industrial Information Security Development Research Center said revenue derived from China’s data elements market is projected to rise to 198.9 billion yuan ($27.7 billion) in 2025, with the compound annual growth rate surpassing 25 percent during the 14th Five-Year Plan (2021-25) period.

    MIL OSI China News –

  • India working towards becoming food bank of the world: Shivraj Singh

    Source: Government of India

    Source: Government of India (4)

    India is working towards becoming the “food bank of the world” under the leadership of Prime Minister Narendra Modi, Union Agriculture Minister Shivraj Singh Chouhan said on Thursday.

    He was speaking at the launch of the Viksit Krishi Sankalp Abhiyan at the Odisha University of Agriculture and Technology (OUAT) in Bhubaneswar.

    The nationwide campaign, launched by the Ministry of Agriculture and Farmers Welfare in collaboration with the Indian Council of Agricultural Research (ICAR), will run from May 29 to June 12. As part of the initiative, agricultural scientists will visit villages across over 700 districts to engage with farmers and offer scientific advice aimed at transforming agriculture and securing India’s food future.

    “The farmers of India are not just Annadata (food providers), they are Jeevandata (life providers). Our goal is to empower them to feed not only 145 crore Indians but also export food grains and vegetables across the globe,” said Chouhan. He emphasized that the government is committed to making India self-reliant in agriculture through innovation, technology, and grassroots participation.

    Chouhan highlighted that government schemes like the Pradhan Mantri Fasal Bima Yojana have been launched to provide compensation for crops affected by climate change. The central government is also providing an interest subsidy up to 4 per cent on agricultural loans through Kisan Credit Cards.

    The Union Minister will travel across 20 states during the 15-day campaign to mobilize support and engagement. He also urged farmers in Odisha to actively participate in the initiative, noting that over 16,000 agricultural scientists are being connected with farmers as part of the campaign.

    Odisha Chief Minister Mohan Charan Majhi expressed pride that the campaign is being launched from the state.

    Also present at the event were Odisha Deputy Chief Minister and Agriculture Minister Kanak Vardhan Singh Deo, senior agriculture department officials, and leading agricultural scientists.

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year.

    In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000.

    In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions.

    In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.”

    Financial Highlights for First Quarter 2025

    • Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.
    • Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.
    • Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights for First Quarter 2025

    • Total account balance increased 39.5% year-over-year to US$45.9 billion.
    • Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.
    • Total number of customers with deposit increased 23.5% year-over-year to 1,152,900.

    Selected Operating Data for First Quarter 2025

        As of and for the three months ended
        March 31,     December 31,     March 31,
        2024     2024     2025
    In 000’s                
    Number of customer accounts     2,247.4       2,449.3       2,526.7
    Number of customers with deposits     933.4       1,092.0       1,152.9
    Number of options and futures contracts traded     10,850.3       18,926.3       20,400.7
    In USD millions                
    Trading volume     85,410.6       198,016.9       217,453.6
    Trading volume of stocks     28,606.3       55,502.6       59,453.4
    Total account balance     32,872.1       41,725.2       45,861.9
                           

    First Quarter 2025 Financial Results

    REVENUES

    Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year.

    Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers.

    Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income.

    Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year.

    Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year.

    Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees.

    Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees.

    NET INCOME attributable to ordinary shareholders of UP Fintech

    Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year.

    For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs.

    CERTAIN OTHER FINANCIAL ITEMS

    As of March 31, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024.

    As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024.

    In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period.

    The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings.

    Updates to Management and Directors

    Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:
    https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0

    It will automatically lead to the registration page of “UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS – diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))
     
        As of
    December 31,    		     As of
    March 31,    		  
        2024     2025  
        US$     US$  
    Assets:            
    Cash and cash equivalents     393,576,874       403,891,218  
    Cash-segregated for regulatory purpose     2,464,683,625       2,849,477,420  
    Term deposits     1,075,260       1,101,083  
    Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025)     1,052,972,649       1,221,616,295  
    Receivables from brokers, dealers, and clearing organizations     2,305,740,507       2,556,498,087  
    Financial instruments held, at fair value     75,547,082       177,479,943  
    Prepaid expenses and other current assets     17,629,819       19,529,054  
    Amounts due from related parties     16,720,671       13,821,867  
    Total current assets     6,327,946,487       7,243,414,967  
    Non-current assets:            
    Long-term deposits     1,369,994       1,378,037  
    Right-of-use assets     10,880,673       12,736,333  
    Property, equipment and intangible assets, net     15,358,528       15,750,823  
    Crypto assets held     —       3,410,986  
    Goodwill     2,492,668       2,492,668  
    Long-term investments     7,658,809       7,473,531  
    Equity method investment     10,203,622       10,305,433  
    Other non-current assets     6,828,553       8,623,671  
    Deferred tax assets     8,573,135       9,931,234  
    Total non-current assets     63,365,982       72,102,716  
    Total assets     6,391,312,469       7,315,517,683  
    Current liabilities:            
    Payables to customers     3,574,651,125       4,333,279,026  
    Payables to brokers, dealers and clearing organizations:     1,914,769,701       1,975,967,952  
    Accrued expenses and other current liabilities     67,263,254       75,891,783  
    Lease liabilities-current     4,153,928       4,845,376  
    Amounts due to related parties     874,331       53,588,763  
    Total current liabilities     5,561,712,339       6,443,572,900  
    Convertible bonds     159,505,397       160,158,584  
    Lease liabilities- non-current     5,902,323       6,992,755  
    Deferred tax liabilities     2,068,661       2,161,995  
    Total liabilities     5,729,188,720       6,612,886,234  
    Mezzanine equity            
    Redeemable non-controlling interest     7,177,668       5,518,571  
    Total Mezzanine equity     7,177,668       5,518,571  
    Shareholders’ equity:            
    Class A ordinary shares     25,427       25,523  
    Class B ordinary shares     976       976  
    Additional paid-in capital     619,030,730       624,497,561  
    Statutory reserve     12,425,463       12,425,463  
    Retained earnings     37,843,547       70,712,884  
    Treasury stock     (2,172,819 )     (2,172,819 )
    Accumulated other comprehensive loss     (11,919,310 )     (8,090,989 )
    Total UP Fintech shareholders’ equity     655,234,014       697,398,599  
    Non-controlling interests     (287,933 )     (285,721 )
    Total equity     654,946,081       697,112,878  
    Total liabilities, mezzanine equity and equity     6,391,312,469       7,315,517,683  
    UP FINTECH HOLDING LIMITED  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)  
       
        For the three months ended  
        March 31,     December 31,     March 31,  
        2024     2024     2025  
        US$     US$     US$  
    Revenues:                  
    Commissions     27,786,218       55,964,174       58,307,151  
    Interest related income                  
    Financing service fees     2,832,065       2,770,419       2,560,432  
    Interest income     43,841,220       55,762,091       53,805,393  
    Other revenues     4,488,989       9,605,165       7,936,987  
    Total revenues     78,948,492       124,101,849       122,609,963  
    Interest expense     (14,789,835 )     (16,731,341 )     (15,041,810 )
    Total Net revenues     64,158,657       107,370,508       107,568,153  
    Operating costs and expenses:                  
    Execution and clearing     (2,230,863 )     (6,095,132 )     (5,338,917 )
    Employee compensation and benefits     (27,787,218 )     (37,163,110 )     (33,805,808 )
    Occupancy, depreciation and amortization     (2,144,337 )     (2,137,586 )     (2,149,308 )
    Communication and market data     (8,561,482 )     (11,787,814 )     (9,794,869 )
    Marketing and branding     (4,390,987 )     (9,507,918 )     (10,867,048 )
    General and administrative     (5,667,137 )     (6,432,737 )     (5,136,346 )
    Total operating costs and expenses     (50,782,024 )     (73,124,297 )     (67,092,296 )
    Other income (expense):                  
    Others, net     3,615,219       3,469,021       (1,340,064 )
    Income before income tax     16,991,852       37,715,232       39,135,793  
    Income tax expenses     (4,528,297 )     (9,488,084 )     (8,549,158 )
    Net income     12,463,555       28,227,148       30,586,635  
    Less: net (loss) income attributable to non-controlling interests     (17,914 )     12,563       11,527  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Net income attributable to ordinary shareholders of UP Fintech     12,330,147       28,050,257       30,419,125  
    Other comprehensive income (loss), net of tax:                  
    Unrealized gain on available-for-sale investments     —       343,892       —  
    Changes in cumulative foreign currency translation adjustment     (4,791,040 )     (17,440,809 )     3,826,640  
    Total Comprehensive income     7,672,515       11,130,231       34,413,275  
    Less: comprehensive (loss) income attributable to non-controlling interests     (13,454 )     24,226       9,845  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech     7,534,647       10,941,677       34,247,447  
    Net income per ordinary share:                  
    Basic     0.005       0.011       0.012  
    Diluted     0.005       0.011       0.011  
    Net income per ADS (1 ADS represents 15 Class A ordinary shares):                  
    Basic     0.079       0.164       0.173  
    Diluted     0.077       0.158       0.166  
    Weighted average number of ordinary shares used in calculating net income per ordinary share:                  
    Basic     2,342,468,897       2,557,911,677       2,634,972,699  
    Diluted     2,452,022,959       2,687,607,158       2,767,093,920  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)
     
        For the three months ended March 31,2024     For the three months ended December 31,2024     For the three months ended March 31,2025  
              non-GAAP                 non-GAAP                 non-GAAP        
        GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP  
        US$     US$     US$     US$     US$     US$     US$     US$     US$  
        Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  
                2,380,637   (1 )               2,421,342   (1 )               5,621,791   (1 )    

    Net income attributable to ordinary shareholders of UP Fintech

    		     12,330,147       2,380,637       14,710,784       28,050,257       2,421,342       30,471,599       30,419,125       5,621,791       36,040,916  
                                                           
    Net income per ADS – diluted     0.077             0.092       0.158             0.172       0.166             0.198  
    Weighted average number of ADSs used in calculating diluted net income per ADS     163,468,197             163,468,197       179,173,811             179,173,811       184,472,928             184,472,928  

    (1) Share-based compensation.

    The MIL Network –

  • MIL-OSI Russia: Growth and Resilience in Central, Eastern, and Southeastern Europe in a More Fragmented World

    Source: IMF – News in Russian

    Opening Remarks by Kristalina Georgieva, IMF Managing Director, at the CESEE High-Level Conference in Dubrovnik, Croatia

    May 30, 2025

    Good morning and a very warm welcome to everyone!

    I would like to begin by thanking Governor Vujčič for the kind invitation. Dear Boris: it is such a pleasure to return to Dubrovnik. Truly, a pearl of the Adriatic!

    Since its first gathering here in 2017, this conference has become an important forum for policymakers to discuss the challenges confronting the region.

    And, as usual, we have much to discuss: the successes, the unfinished business and, now, huge new challenges.

    ***

    First, a few words on the successes.

    Over the last three decades, reforms promoting economic openness and integration—first with the EU, then within the EU—have helped the countries of Central, Eastern and Southeastern Europe achieve a remarkable convergence with the standards of living of their more advanced peers.

    Since the mid-1990s, incomes have more than doubled and the gap relative to the advanced Europe has shrunk sharply.

    Manufacturing became a catalyst for productivity growth as integration into European and global value chains helped CESEE economies reach beyond their domestic markets.

    At the same time, openness to FDI accelerated capital accumulation and technology transfer.

    EU accession played a huge role. Powered by the domestic structural reforms put in place on the path to EU accession countries that joined the EU   accelerated their income convergence with the advanced Europe and outperformed comparable countries outside of the block.

    Thus, it is fair to pause and say: well done.

    ***

    Second, the unfinished business.

    The journey is far from complete. Reforms slowed after EU accession. After the Global Financial Crisis, investment fell significantly and contributed to a productivity slump that has only worsened since Covid.

    Various economic challenges were already calling out for revitalizing reforms. The demand for skilled workers is rising, but labor supply is tightening. High energy costs are hurting manufacturing competitiveness. New technologies in the auto sector—and AI—could alter export value chains.

    So even before the latest global economic developments, there certainly was much more work to do.

    ***

    And now, there are huge new challenges.

    The sweeping disruptions to world trade that are underway are plain for all to see. World trade is being tested. And while most of the CESEE countries are less impacted directly, let us be very clear: the indirect impact is significant as these disruptions pose a major threat to the region’s main trading partners and to the overall economic model of openness that CESEE countries rely on.

    Trade tensions and uncertainty complicate domestic and foreign investment plans. This is particularly painful for a region that needs access to modern production processes, jobs in high-productivity sectors, and export demand.

    ***

    So here is my main message to you today: standing still, taking shelter, and hoping the storm will pass is not a plan. It would be much wiser to assume that many of the shifts we see are here to stay, and to act accordingly.

    So, what should CESEE countries do in order to negotiate this stormy economic weather? How can they catch a tailwind from the “Adriatic Bora” and keep powering forward?

    I would point to three critical priorities:

    • Steering a steady course in terms of macroeconomic policy—monetary and fiscal policies for stability;
    • Getting the ship into better working order so it can sail forward faster—that is, pursue structural policies for growth; and
    • Integrating more deeply into and within the single market of the EU—strength through regional cohesion.

    Let me briefly discuss each of these, in turn.

    Priority one: action to mitigate uncertainty. The best antidote to uncertainty is a stable macroeconomic environment.

    • Central banks must remain agile and focused on achieving their targets. Where inflation is still high and persistent, policymakers should tread cautiously. Clear communication is key. Independence lends credibility and must be protected.
    • Fiscal policy must focus on ensuring sustainability and policy space. Countries with low deficits and debts can use fiscal space to invest in essential areas such as energy security. But in countries where fiscal space is limited, governments need to either reallocate spending or boost fiscal revenues.

    Priority two: take decisive action to boost growth potential. In a new study, we find that domestic reforms across the CESEE region could lift GDP levels by 7 percent over the medium term. The potential goes up to 9 percent for the Western Balkans.

    • Further productivity gains from better education, more efficient labor markets that allow talent to thrive, and cutting red tape are waiting to be tapped. In the Western Balkans and aspiring EU entrants, closing governance gaps with the EU frontier delivers the highest dividend. The case to act decisively is compelling.

    Priority three—last but certainly not least: CESEE countries must ensure they retain the benefits of their economic integration with Europe and the global economy.

    • Integration has been a major source of knowledge transfer and capital deepening, particularly through FDI. As is the case across the EU as a whole, the CESEE region would benefit from further progress in completing the EU’s single market.
    • Our analysis shows that internal barriers add significant costs — for goods they are equal to 44 percent tariffs, and for services to a staggering 110 percent! Completing the single market can be a major factor in strengthening the performance of the EU economy and improving its attractiveness for investment.
    • In a forthcoming working paper on Europe’s reform priorities, we outline several concrete steps: a more integrated electricity market; more capital for startups; better labor mobility across borders; and simpler regulations. Together, these measures could raise EU GDP by about 3 percent over the next ten years.
    • In addition, we argue that the EU budget can lend more of a hand. Tying EU funds for public investment to progress on reform implementation would provide a double blessing: more central fiscal funding, and more effective use of it.

    ***

    With that, let me conclude.

    We at the IMF stand ready to support you, as we always have. Through our surveillance and technical assistance, we are committed to supporting the CESEE region unlock its growth potential. The steadily increasing demand we see for IMF capacity development, including in public investment management and central banking, testifies to our role as your partner in your quest for faster growth and stronger resilience.

    The region is at a crossroads. Faced with structural headwinds and a much more volatile external environment, reinvigorating domestic reforms are now essential—to navigate the stormy seas and to unlock the region’s potential to sail faster.

    The time to act is now. By moving decisively, you can transform the current challenges into opportunities and chart a brighter future for the region.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/29/sp053025-growth-and-resilience-in-central-eastern-and-southeastern-europe-in-a-more-fragmented-world

    MIL OSI

    MIL OSI Russia News –

  • Caste-Based Enumeration In The Upcoming Decadal Census Will Be A Transformative Step; Will Bring About Social Justice: Vice-President

    Source: Government of India

    Source: Government of India (2)

    lign=”center”>Thoughtfully Collected Caste Data Will Be An Instrument Of Integration, Like An MRI Of The Body, Says VP
    Effective Policy Planning Without Robust Statistics Can Be Compared To Surgery In The Dark, Stresses VP
    The Future Belongs To Those Who Master The Art Of Reading Societies And Statistical Signatures, Urges VP
    The Path To A Developed India Is Built With Statistical Insights Marked By Evidence-Based Milestones, Highlights VP
    Understanding Statistics From The Perspective Of Demographic Variation Will Help Policymakers Address The Security Of The Nation, Says VP
    We Must Create A Nation That Thinks Empirically, Says VP
    Our Languages Can Never Be A Source Of Divisiveness; Our Languages Are A Unifying Force, Says VP
    Vice-President Addresses The Indian Statistical Service (ISS) Probationers Of the 2024 and 2025 Batches in New Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, today said, “The Government has made a great decision. And the decision is to include caste-based enumeration in the upcoming decadal census. It will be a transformative step, game-changing. It will help bring about social justice. It will be an eye-opener. It will satisfy people’s aspirations. It’s a very broad decision of the government. There was a caste-based census earlier. Last time, I think it was conducted in 1931. I looked up to that census many times to know about my caste. I therefore realise the importance of caste-based enumeration.”

    https://twitter.com/VPIndia/status/1928028421285642516

    Addressing the Indian Statistical Service (ISS) Probationers of the 2024 and 2025 batches in New Delhi today, Shri Dhankhar said, “Far from being divisive,  thoughtfully collected caste data will be an instrument of integration. Some people are debating it. We are mature minds. How can information collected by itself be a source of the problem? It is like getting your body MRI. You will know about it when you stand. People will realise. And this mechanism will transform abstract constitutional commitments to equality into measurable,  accountable policy outcomes.”

    https://twitter.com/VPIndia/status/1928012739328311432

    The Vice-President drew a vivid analogy to highlight the value of precise and current data in governance, saying, “Effective policy planning without robust statistics you can compare it like a surgery in the dark. You can imagine how relevant your work is. Every digit in our national database represents a human story. Every trend line charts the trajectory of things. Let me give you a small illustration.”

    “And what it portends for our future, you will have rich experiences every moment of your service career. What you took for granted, you will find, is on a fragile premise. It’s a mirage, because data does not lie”, he noted.

    The Vice-President reiterated that India’s aspirations for becoming a developed nation are firmly rooted in evidence-based planning. He said, “We, as a nation, are looking for ‘Viksit Bharat,’ which is not our dream. It is our objective, defined destination, our goal. Bharat is no longer a nation with potential. It’s a nation on the rise, and the rise is unstoppable. And therefore, the path to a developed India is built with statistical insights marked by evidence-based milestones. In togetherness, we must create a nation that thinks empirically, as I indicated earlier, but is driven by hardcore evidence.”

    He urged timely and relevant data collection and usage for informed policymaking, saying, “Statistics is not merely about numbers. It is much more than numbers. It is about identifying patterns and drawing insights that inform wise policy decisions. Now, there is always urgency. If your data, data must be in sync with contemporaneous situations. Otherwise, it has a tendency to be stale. How detailed? It is about identifying patterns and growing insights. Have informed policy decisions based on data that is currently acceptable. A delayed or misguided policy can have serious consequences, and a timely intervention. Well-informed decisions can yield results that are exponential, not just incremental.”

    https://twitter.com/VPIndia/status/1928026458213208084

    Affirming the human-centric nature of statistics, he stated, “Numbers are not cold abstractions; they are warm testimonies to our collective aspirations. These are the numbers. The future belongs to those who master the art of reading societies,  statistical signatures. And only you make those signatures available. In the convergence of statistical science and democratic values lies the secret to India’s continued rise.”

    The Vice-President emphasized that statistical accuracy empowers governments to shift from reactive measures to strategic foresight, saying, “This diagnostic precision transforms reactive governance into proactive stewardship. Otherwise, we will always be in reaction mode. Reaction mode is a weakness of policy—it reveals a void in foresight. But proactive stewardship is fundamental.”

    He further said, “We are also required to use data to address demographic trends. Demographic trends are beyond statistics. They are dependent on the analysis of statistics. In several ways, these variations define the pulse of the nation’s transformation. And therefore, understanding statistics from the perspective of demographic variation will help policymakers address the security of the nation. Preserve our sovereignty also. Analyse the threat perception. Help us devise policies. You come to know more about demography only from statistical analysis of raw figures. It’s a compass that will guide the nation’s journey for sustainable development.”

    https://twitter.com/VPIndia/status/1928027482726486049

    Encouraging the young officers to see themselves as agents of equality, he reflected on their role in democratizing access and opportunities. Shri Dhankhar said, “You are probationers. Statistical cartography reveals the hidden geometries of inequality. I stressed—I reiterated on a number of occasions—democracy has meaning only if those who cannot help themselves are helped. They don’t have to question others that I need help, which means you must bring about equality and sublimity. Your cartography helps. Governance is enabled by your efforts to craft targeted interventions, where interventions are most needed.”

    He then reflected on the vital role of civil servants in India’s journey, saying, “In the vast canvas of India’s progress, civil servants functioned as the silent yet formidable architects contributing to the socio-economic development and progress of our dynamic nation. Thanks to the vision of the Prime Minister, his mission, that execution has been place by the bureaucracy. The performance of our bureaucracy will always be optimal if the political leadership is in the right framework. With the right policies, we are living in those times where the political framework is indicating hope and optimism. We are on the right path.  And that is why India is a nation at the moment with an unprecedented economic upsurge, phenomenal infrastructure growth. This is a mix of political vision and bureaucratic execution. I therefore say that India takes pride in its bureaucracy. It is the finest in the world. And that is why our aspirations get fructified.”

    https://twitter.com/VPIndia/status/1928021046009155729

    Concluding his address, the Vice-President touched upon India’s linguistic diversity and its role in national unity, “India is uniquely positioned in the world when it comes to languages. We have multiple languages that make us proud — Tamil, Telugu, Kannada, Bangla, Sanskrit, Hindi, several others (I may forget some), all of them, including Odia and other languages. Eight of them are classical languages. Our languages generate unity. Some of them have a global impact; their literature is a goldmine of knowledge. Our inclusivity is reflected in our languages, and if you go to the constitutional scheme of things, it is provided in the Constitution that for official work, there will be a progressive decline in the use of the English language and, similarly, an incremental trajectory for Hindi. Our National Education Policy stands out for giving primacy to the mother tongue. Technical subjects like medicine and engineering, the education is now being imparted in the vernacular. Our languages are our spinal strength. Our languages can never be a source of divisiveness. Our languages are a unifying force. I appeal to everyone in the country to have a soothing approach with wholesome motivation toward this fundamental cultural aspect of our nation.”

    https://twitter.com/VPIndia/status/1928021786941345885

    Dr. Saurabh Garg,  Secretary, Ministry of Statistics & Programme Implementation, Shri. P. R. Meshram, Director General, Ministry of Statistics & Programme Implementation And other dignitaries were also present on the occasion.

  • MIL-OSI China: ‘Mission: Impossible – The Final Reckoning’ delivers high-octane, nostalgic chapter

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

    “Mission: Impossible – The Final Reckoning” creators shared behind-the-scenes stories and reflected on the franchise as the film’s China premiere on May 26 delivered a high-adrenaline yet nostalgic theater experience.

    A still image from “Mission: Impossible – The Final Reckoning.” [Photo courtesy of Paramount Pictures]

    “There is never an easy day on ‘Mission: Impossible.’ I wouldn’t have it any other way,” the producer and lead actor Tom Cruise said. It is now a 30-year story, he went on to say, “This new movie is a gargantuan accomplishment. It’s a culmination of everything, and I mean everything, that me and McQ [Christopher McQuarrie], have learned in storytelling over the course of making these movies. ‘The Final Reckoning’ is elegant, very layered and incredibly epic. We’ve only been able to achieve what we have because of all the things that we’ve done in this series so far.”

    “Mission: Impossible – The Final Reckoning” continues Ethan Hunt’s story as he and his fractured IMF team face The Entity, a world-ending AI. Having survived a train crash cliffhanger, Ethan (Cruise), Luther (Ving Rhames), Benji (Simon Pegg), and Grace (Hayley Atwell) reunite. With the help of a former nemesis, Paris (Pom Klementieff), they battle against Gabriel (Esai Morales) and The Entity. 

    The film features some truly impossible cinematography, with scenes set underwater, inside sunken submarines, as well as 10,000 feet in the sky, with Cruise performing yet more death-defying stunts. 

    Series veteran Simon Pegg returned to the franchise for the sixth time in 18 years. He told China.org.cn, about Cruise’s famous stunts: “It’s very nerve-wracking.” He went onto reveal Tom Cruise’s unparalleled preparation and rigorous training ensured every stunt is thoroughly analyzed, with maximum safety precautions in place. However, Pegg noted the inherent unpredictability of such dangerous feats, emphasizing that Cruise’s dedication ultimately stems from his deep commitment to delivering an exceptional experience for audiences.

    An IMAX poster for “Mission: Impossible – The Final Reckoning.” According to IMAX, the movie features “over 45 minutes of IMAX’s exclusive 1.90:1 expanded aspect ratio.” [Image courtesy of IMAX China]

    Pegg also revealed Cruise’s stunts create a hushed, nervous set. Filming the cliff jump in “Dead Reckoning,” plane stunt in “Rogue Nation,” skydives in “Fallout,” or Burj Khalifa climb in “Ghost Protocol,” set the tone. He explained on those days, “we’re always just crossing our fingers and hoping that it all goes okay, because it’s a human life. Let alone the fact that it’s Tom Cruise.”

    Director Christopher McQuarrie added, “I’ve been working with Tom now for 18 years. On every film, people ask, ‘Aren’t you scared?’ And Tom always answers the same way. He says, ‘I don’t mind being scared. It’s not that I’m not scared. I just don’t mind.’ And I didn’t understand that. But now I know that it’s not that you are oblivious. You can’t be, because if you factor out the fear entirely, if you don’t maintain an awareness of your own mortality, the scale tips too far the other way.”

    He credits Cruise’s seismic genre impact to his unique filmmaking roots. Drawing from film pioneers like Douglas Fairbanks, Charlie Chaplin, and Buster Keaton, “Mission: Impossible” has continued to blend multiple genres into each film.

    “When you work with Tom Cruise, you understand very quickly that your capabilities are far greater than you thought,” the director said. “When you work with Tom, people suggest the most absurd things. It doesn’t matter what they are because it’s not a matter of whether or not they can be done. For Tom, nothing is impossible. It’s just, ‘Logistically, what will it take? And how much will it hurt?’ ‘Mission: Impossible’ really is the most ironically named franchise.”

    As “The Final Reckoning” finally hit screens across China on May 30, Pegg grew nostalgic after five years of making two “Mission: Impossible” films back-to-back. “It’s been a very, very important part of my life,” he said, seeing his role Benji as just a regular guy who’s found himself in extraordinary circumstances.

    Interestingly, Pegg also voiced The Entity in the film. He further explained how shedding Benji’s warm persona to create a cold, automated, somewhat clinical AI voice was a challenge, yet something he found enjoyable. He also discussed AI’s rapid evolution, noting how The Entity’s theme of potential human obsolescence resonates with current social and technological anxieties.

    A life-size biplane installation is displayed at Taikoo Li Sanlitun, a trendy shopping area in Beijing, to commemorate the premiere of “Mission: Impossible – The Final Reckoning,” May 26, 2025. [Photo courtesy of Paramount Pictures]

    After its Beijing premiere on Monday, audiences praised the film’s epic scale, relentless pacing, dazzling action sequences, and Tom Cruise’s life-risking dedication. As one of the most expensive films ever made, it scored the franchise’s largest opening weekend, grossing $227 million worldwide by May 28. On Rotten Tomatoes, 80% of 355 critics’ reviews were positive.

    “Tom and McQ have always been very clear on this: for ‘Mission: Impossible’ to evolve, it always needs to feel like it’s on an upward curve. It must get bigger and more moving every time,” said Pegg. “That is always the mantra: we must outdo ourselves. This time, we really have.”

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Power plants’ emission caps to drop

    Source: Hong Kong Information Services

    The Government today published a technical memorandum in the Gazette with the aim of further reducing the emission allowances of air pollutants for power plants from 2030 onwards, thereby improving the air quality in Hong Kong and the Pearl River Delta region.

     

    Issued under the Air Pollution Control Ordinance, the Tenth Technical Memorandum for Allocation of Emission Allowances in Respect of Specified Licences (the Tenth TM) reduces the annual emission allowances of sulphur dioxide (SO2), nitrogen oxides (NOx) and respirable suspended particulates (RSPs) from the electricity sector from 2030 onwards at 2,302 tonnes, 8,350 tonnes and 317 tonnes respectively.

     

    The Environment & Ecology Bureau said it represents further tightening by 19%, 25% and 14% respectively when compared with the emission allowances for the electricity sector for 2026 set under the Ninth TM.

     

    The Tenth TM will be tabled at the Legislative Council on June 4 for commencement by the end of 2025.

     

    In accordance with the ordinance, the new set of emission allowances will come into effect on January 1, 2030.

     

    The bureau said it has taken into account various factors in setting the new emission allowances.

     

    Such factors include local electricity demand, the gas-fired electricity generation of the two power companies, the emission performance of existing generating units, the estimated import of nuclear power and clean energy, and the projected electricity intake from renewable energy sources.

     

    The Government has also been requiring the two power companies to adopt the best practicable means in their plants’ design and operational management to minimise emissions of air pollutants, the bureau added.

     

    Hong Kong’s air quality has been improving continuously in recent years.

     

    The ambient concentrations of SO2, nitrogen dioxide and RSPs recorded in 2024 had been reduced by 45% to 88% when compared with that in 2004.

     

    The number of hours of reduced visibility observed had also been greatly reduced by 82% from its peak in 2004.

     

    As emissions from the electricity sector accounted for 61%, 27% and 13% of the territory-wide emissions of SO2, NOx and RSPs respectively in 2022, the tightened emission allowances for power plants will help further improve the air quality in Hong Kong and the Pearl River Delta region.

     

    The bureau said it will review the technical memorandum again not later than 2027 to ensure timely revision of the emission allowances.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Supercharging science to inspire next generation

    Source: New Zealand Government

    The Government is ensuring all Year 0 to 8 students have access to high quality, hands-on science kits through Budget 2025, helping pave the way for New Zealand’s future scientists, problem-solvers, and innovators.

    “We want students to love learning about science. Hands-on learning improves critical thinking and science understanding, which are essential for student success in STEAM (Science, Technology, Engineering, Arts and Mathematics). This investment will help lift science engagement and achievement in classrooms across the country and inspire our future meteorologists, marine biologists and software engineers,” Education Minister Erica Stanford says.

    Budget 2025 is investing $39.9 million over four years into developing and delivering science kits for schools nationwide. The kits will be designed to support teachers to confidently deliver practical science learning, aligned with the new science curriculum. Teachers using the kits will also have access to professional development modules to support the use of the new resources in their classrooms.  

    “These practical resources, include hands on experiments and engaging equipment for each year level of the Year 0-8 curriculum.  The kits will help students build their foundational knowledge and skills early and help bring science to life.

    The kits will undergo development and begin to be available from the start of the 2026 school year. They will also be available in te reo Maori, with dedicated pūtaiao kits and bilingual resources available to meet the needs of all learners. 

    “This initiative directly supports the Government’s economic growth agenda by investing in the future talent pipeline that will drive productivity, boost wages and power a more competitive and resilient economy. These benefits will positively impact sectors like agritech, clean energy, biotech and advanced manufacturing, where kiwi innovation already leads the world. 

    “We want our children to be excited by science, to be captured by hands on learning so that we are inspiring the next generation of creators, inventors and great problem solvers,” Ms Stanford says.

    MIL OSI New Zealand News –

  • MIL-OSI: ZETADISPLAY AB (publ) INTERIM REPORT 1 JANUARY – 31 MARCH 2025

    Source: GlobeNewswire (MIL-OSI)

    Q1 Interim report JANUARY – MARCH 2025 for ZetaDisplay AB (publ) is now available at ir.zetadisplay.com

    Report summary:

    Continued Growth and Strategic Wins Position ZetaDisplay for the Future

    JANUARY – MARCH 2025

    • Adjusted recurring revenue* increased by 9.9% to 65.4 (59.5) million
    • Recurring revenue increased by 7.4% to 65.4 (60.9) million
    • Adjusted net sales* increased by 26.8% to SEK 159.6 (125.9) million
    • Net sales increased by 25.5% to SEK 159.6 (127.2) million
    • Gross margin decreased to 56.4% (59.9 %)
    • Adjusted gross margin* decreased to 56.4% (59.5%)
    • Adjusted EBITDA* increased to SEK 22.0 (11.5) million
    1.  * Recurring revenue for the first quarter of 2024 has been reduced by SEK 1.3 million to reflect the restructuring of our German operations, during which certain non-core activities were identified for discontinuation.

    CEO comment

    CONTINUED GROWTH AND STRENGTHENED MARKET POSITION

    Adjusted net sales for the quarter increased by 26.8% to SEK 159.6 (125.9) million, primarily driven by strategic acquisitions that significantly strengthened our market presence in Europe, and further supported by 7% organic growth, notably from our global accounts. Adjusted recurring revenue grew by 9.9% to SEK 65.4 (59.5) million, representing 41.0% of net sales. Adjusted EBITDA for the first quarter rose to SEK 22.0 (11.5) million, reflecting our ability to scale efficiently while maintaining sound cost control.

    We are honored to have been named “Outstanding Company of the Year” at the 2025 Digital Signage Awards, with Engage Suite receiving recognition for its industry innovation and impact. These honors underscore our commitment to delivering cutting-edge solutions that drive customer engagement and innovation excellence. 

    During the quarter, we successfully completed our bond refinancing on favorable terms, reflecting the strong confidence our financial partners have in our strategic direction and financial health. We announced a significant new contract with Ruter, Oslo’s public transport authority. This five-year agreement involves modernizing digital signage across 370 transit locations, enhancing real-time passenger information and overall commuter experience, and increases our market position in the public sector.

    In Germany, we are making good progress in transforming our local company to embrace Zetadisplay’s Full-Service-Provider business model and are now offering our comprehensive digital signage solutions both to existing and new customers. In the UK, we have appointed a new Managing Director and are focusing on leveraging our Engage Suite platform, both by migrating key UK customers and by strengthening our value proposition to more proactively attract new customers.

    OUTLOOK

    We are encouraged by the continued evolution we see in areas such as hardware, analytics, AI, retail media and security, as well as by the positive market receptiveness to our offering. Our Full-Service-Provider business model, including our award-winning Engage Suite platform and a strong local market presence, positions us well to support our organic growth ambitions.

    The successful integration of Beyond Digital Solutions in the UK and our transformation into a Full-Service Provider across all markets, including Germany, enhance our capability to deliver comprehensive, international value-driven services.

    Looking ahead, we remain focused on driving long-term value through innovation, operational excellence, and deeper customer engagement to accelerate profitable growth. At the same time, we remain diligent in our cost and investment priorities with measures to navigate any unexpected effects from ongoing external market influences.

    I extend my sincere gratitude to all our employees for their dedication and to our customers for their continued trust in ZetaDisplay.

    Malmö, 30 May 2025

    This information is information that ZetaDisplay AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Anders Olin, at 08:00 CET on 30 May 2025

    – Full Q1 report attached and available at https://ir.zetadisplay.com/financial-reports –

    For further questions, please contact:

    Anders Olin, President & CEO
    Mobile: +46 076-101 14 88
    E-Mail: anders.olin@zetadisplay.com

    Claes Pedersen, CFO
    Mobile: +45 23-68 86 58
    E-Mail: claes.pedersen@zetadisplay.com

    ABOUT ZETADISPLAY
    More than 20 years of leadership and innovation in digital signage.
    ZetaDisplay was founded 2003 in Sweden as one of the early pioneers of digital signage. We are one of the leading European corporations in the digital signage market and a leading force in the European digital signage industry. Our proprietary software platform, digital business development and consulting services, innovative digital signage solutions, and creative concepts regularly inspire- influence and guide millions of people every day in retail environments, in restaurants, on advertising screens, in factories, on trains, on cruise ships, in stadiums, in workplaces and in all types of public spaces indoor and outdoor. ZetaDisplay is one of the largest leading European digital signage companies with direct operations in eight European countries and the US with +125,000 active installations in over 50 countries, across all major continents where we are the business partner of choice for many of the worlds most respected blue-chip brands and companies.

    ZetaDisplay is based in Malmö-Sweden, has a turnover of SEK +600 million and employs approx. 250 co-workers. ZetaDisplay is owned by the investment company Hanover Investors. More information at www.ir.zetadisplay.com and www.hanoverinvestors.com.

    Attachment

    The MIL Network –

  • MIL-OSI China: Museum exhibition showcases novel landscape sculptures

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

    The National Art Museum of China in Beijing is currently hosting an exhibition of unique landscape sculptures by Zhang Xinyu until June 17. 

    Having graduated from the China Academy of Art, Zhang Xinyu is now dean of the Institute of Art Innovation and Design at Zhejiang University of Technology. As an acclaimed artist, he has established a unique approach to creating sculptures and public art works. His work conveys the aesthetics of traditional landscape paintings through the techniques of modern formative arts, bringing out a sense of dynamism and a poetic quality with smooth, flowing lines. 

    A metal sculpture (2024) depicting landscape views by Zhang Xinyu on display at the National Art Museum of China in Beijing, May 28, 2025. [Photo by Liu Sitong/China.org.cn]

    1   2   3   4   5   6   7   8   9   10   11   >  

    MIL OSI China News –

  • MIL-OSI Russia: NSU students took all the prize places at the city programming championship

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University – On May 24, Novosibirsk hosted a personal championship among university students in programming. Over the course of three hours, participants solved algorithmic problems of varying levels of complexity – from basic calculations to non-trivial problems on tiling figures.

    All the prize places were taken by students Faculty of Information Technology (FIT) and Faculty of Mechanics and Mathematics (MMF) NSU, demonstrating a high level of preparation and confident work under limited time conditions:

    1st degree diploma: – Sofia Lylova, FIT.

    Second degree diploma: – Danil Aleshkov, MMF, – Vyacheslav Shalunov, FIT, – Dmitry Stolyarov, FIT.

    Diploma of the 3rd degree: – Stepan Kulakov, MMF, – Bogdan Martynov, FIT, – Vladislav Gaev, FIT.

    For the winner of the championship, Sofia Lylova, participation was both training and an opportunity to take a break from her thesis.

    — I wanted not only to switch, but also to practice. It was a great opportunity to take a break from intense work and at the same time maintain my skills in another area. When I found out that I had become the winner, I felt calm confidence, since this was the result that was most expected. Therefore, there is joy, but it is light and restrained, — Sofia shared.

    According to her, the most difficult moment was choosing the next task: when obvious solutions are already behind us, we have to carefully evaluate the strategy and risks.

    Bogdan Martynov noted that he perceived participation as an opportunity to compete in good company:

    — The championship was dedicated to programming, so I decided: why not? Especially since there will be something to discuss with my comrades. And when I found out that I was among the prize winners, I was pleasantly surprised, — said Bogdan.

    The city programming championship became not only a test of knowledge, but also another confirmation: NSU produces strong programmers who know how to win – both in studies and in competitions.

    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 –

  • Indian stock market opens flat amid stable institutional investments

    Source: Government of India

    Source: Government of India (4)

    Indian benchmark indices opened on a flat note on Friday, tracking weak cues from Asian markets and early pressure in IT and auto stocks. Analysts suggest the market is likely to remain in a consolidation phase in the near term due to the absence of strong positive triggers.

    At 9:29 a.m., the Sensex was marginally up by 11.77 points at 81,644.79, while the Nifty gained 13.20 points to trade at 24,846.80.

    The Nifty Bank index rose by 81.20 points (0.15%) to 55,627.25, and the Nifty Midcap 100 climbed 0.44% to 57,707.65. The Nifty Smallcap 100 also edged higher by 0.21% to 17,927.15.

    Despite subdued trade in early hours, analysts noted a positive technical signal from Thursday’s session, where the Nifty staged a smart rebound towards the end. Akshay Chinchalkar, Head of Research at Axis Securities, said, “Yesterday’s recovery showed a bullish lower shadow and small real body close to the day’s high, suggesting potential upward momentum.” He identified 24,677 and 25,000 as immediate support and resistance levels, respectively.

    In the Sensex pack, top losers included Infosys, Tech Mahindra, HCL Tech, Bajaj Finance, IndusInd Bank, Bharti Airtel, Titan, and Hindustan Unilever. On the gaining side were Adani Ports, Eicher Motors, Maruti Suzuki, and Sun Pharma.

    Weakness persisted across Asian markets, with indices in Hong Kong, Bangkok, Seoul, China, and Japan trading in the red.

    Meanwhile, US markets closed higher in the previous session. The Dow Jones added 117.03 points to settle at 42,215.73, the S&P 500 rose by 23.62 points to 5,912.17, and the Nasdaq gained 74.93 points to close at 19,175.87.

    Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted a key reason for the market’s range-bound nature. “India’s macroeconomic fundamentals are strong and improving, but this is not yet being reflected in corporate earnings,” he said.

    On the institutional front, FIIs were net buyers, purchasing equities worth ₹884.03 crore on May 29. DIIs were also strong buyers, investing ₹4,286.50 crore.

    -IANS

  • MIL-OSI: High Arctic Overseas Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s first quarter 2025 financial and operating results:

    “Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments.

    Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    2025 FIRST QUARTER HIGHLIGHTS

    • Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
    • Manpower and rental services maintained similar activity levels to Q4 2024;
    • Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and
    • Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million.

    Business strategy

    Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:

    • Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings;
    • Deploying idle assets into profitable operations;
    • Strengthening local content & participation in the PNG finance and investment communities;
    • An established and efficient corporate structure; and
    • Seeking opportunities to expand and root the business in the Australasian region.

    2025 Strategic Objectives

    • Relentless focus on safety excellence and quality service delivery;
    • Reduce general and administrative expenditures;
    • Grow the manpower business in Papua New Guinea;
    • Maximize potential participation in future major Papua New Guinea projects; and
    • Pursue expansionary transactions that increase shareholder value.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods.

    In the above results discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.

    FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

        Three months ended March 31,
    (thousands of USD except per share amounts)       2025     2024  
    Operating results:        
    Revenue       2,510     11,134  
    Net income (loss)       (1,225)     2,501  
    Per share (basic and diluted) (1)(2)     ($0.10)   $0.20  
    Operating margin (3)       714     4,315  
    Operating margin as a % of revenue (3)       28.4%     38.8%  
    EBITDA (3)       (286)     3,588  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.29  
    Adjusted EBITDA (3)       (202)     3,530  
    Adjusted EBITDA as a % of revenue (3)       (8.0%)     31.7%  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.28  
    Operating income (loss) (3)       (998)     2,720  
    Per share (basic and diluted) (1)(2)     ($0.08)   $0.22  
    Cash flow:        
    Cash flow from operating activities       (825)     5,348  
    Per share (basic and diluted) (1)(2)     ($0.07)   $0.43  
    Funds flow from operations (3)       (256)     3,314  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.27  
    Capital expenditures       74     550  
         
    (thousands of USD except per share amounts and common
    shares outstanding)    		     March 31, 2025 December 31, 2024
    Financial position:        
    Working capital (3)       20,212     20,602  
    Cash and cash equivalents       13,902     14,930  
    Total assets       34,133     35,287  
    Shareholder’s equity       29,766     30,953  
    Per share (4)     $2.39   $2.49  
    Common shares outstanding       12,448,166     12,448,166  
    (1)  For periods when the Corporation incurred a net loss the shares outstanding under the Corporation’s equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.
    (2)  For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See “2024 Corporate Reorganization” section of this Press Release and the Corporation’s Financial Statements for additional details.
    (3)  Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for additional details on the calculations of these measures.
    (4)  Shareholders’ equity per share calculated based on the number of common shares outstanding as at the relevant date.
     

    Operating Results

        Three months ended March 31,
    (thousands of USD, unless otherwise noted)     2025   2024  
    Revenue     2,510   11,134  
    Operating expenses     (1,796)   (6,819)  
    Operating margin (1)     714   4,315  
    Operating margin percentage (1)     28.4%   38.8%  
    (1)   See “Non-IFRS Measures”
     

    Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG’s oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG’s oil and gas industry.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

        Three months ended March 31,
    (thousands of USD)     2025   2024  
    Cash provided by (used in) operations:        
    Operating activities     (825)   5,348  
    Investing activities     (74)   (550)  
    Financing activities     (117)   (124)  
    Effect of foreign exchange rate changes     (12)   –  
    Increase (decrease) in cash     (1,028)   4,674  
    (thousands of USD, unless otherwise noted)     As at
    March 31, 2025    		   As at
    Dec 31, 2024    		  
    Current assets     24,230   24,706  
    Working capital(1)     20,212   20,602  
    Working capital ratio(1)     6.0:1   6.0:1  
    Cash and cash equivalents     13,902   14,930  
     (1)  See “Non-IFRS Measures”
     

    Liquidity and Capital Resources
    Cashflows from Operating Activities

    For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the Arrangement.

    Cashflows from Investing Activities

    For the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 – $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay agreements.

    Cash flows from Financing Activities

    For the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 – $124). Cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook

    Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation’s core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG’s oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices.

    The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES

    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q1 2025 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Forward-Looking Statements
    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation’s annual 2024 MD&A, which is available on SEDAR+.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    Neither the 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.

    The MIL Network –

  • MIL-OSI: Quantum eMotion Announces Brokered LIFE Financing of C$6,000,000

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    MONTREAL, May 29, 2025 (GLOBE NEWSWIRE) — Quantum eMotion Corp. (“QeM” or the “Corporation”) (TSX.V: QNC; OTCQB: QNCCF) is pleased to announce a best efforts brokered private placement for total gross proceeds of at least C$6,000,000 (the “Offering”), consisting of at least 4,000,000 units of the Corporation (each a “Unit”) at a price of C$1.50 per Unit (the “Offering Price”), pursuant to the listed issuer financing exemption (the “LIFE Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”).

    Each Unit will consist of (i) one common share in the capital of the Corporation (a “Share”), and (ii) one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) at a price of C$1.82 for a period of 3 years following the Closing Date (as defined herein).

    The Corporation intends to use the net proceeds raised from the Offering to accelerate the pace of its research and development (“R&D”) efforts, expand the R&D team, hire staff for the commercialization initiatives underway and expanding the presence of QeM in the USA and other markets and for general working capital needs.

    A.G.P. Canada Investments ULC (“Agent“) is acting as the sole bookrunner and agent for the Offering and A.G.P./Alliance Global Partners is acting as sole U.S. placement agent for the Offering.

    Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the securities issued pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. The Units may also be offered to persons in the United States pursuant to exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and all applicable U.S. state securities laws, as well as outside Canada and the United States on a basis which does not require the qualification or registration of any of the Corporation’s common shares or require the Corporation to be subject to any ongoing disclosure requirements under any domestic securities laws.

    There is an offering document related to the Offering that can be accessed under the Corporation’s profile at www.sedarplus.ca and on the Corporation website at https://www.quantumemotion.com/. Prospective investors should read this offering document before making an investment decision.

    It is expected that closing of the Offering will take place on or about June 2, 2025 (the “Closing Date”). Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals.

    As consideration for their services, the Agent will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the Offering. In addition, the Corporation will issue to the Agent non-transferable warrants (the “Agent Warrants”) representing 4.0% of the aggregate number of Units issued pursuant to the Offering. Each Agent Warrant will entitle the holder to purchase one common share of the Corporation at price of C$1.66 for a 30-month period from the date of issuance.

    This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act” ), and such securities may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from U.S. registration requirements. “United States” and “U.S. persons” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

    About Quantum eMotion

    The Company’s mission is to address the growing demand for affordable hardware and software security for connected devices. Thanks to its patented Quantum Random Number Generator, QeM has become a pioneering force in classical and quantum cybersecurity solutions. This security solution exploits quantum mechanics’ built-in unpredictability and promises to provide enhanced protection for high-value assets and critical systems. For further information, please visit our website at https://www.quantumemotion.com/ or contact us at: info@quantumemotion.com

    The Company intends to target highly valued Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Krown Technologies and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.

    For further information, please visit our website at https://www.quantumemotion.com/ or contact:

    Francis Bellido, Chief Executive Officer

    Tel: 514.956.2525

    Email: info@quantumemotion.com

    Website: www.quantumemotion.com

    Cautionary Note regarding Forward-Looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities laws, which is based upon the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Corporation’s expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, the completion of the Offering, if it is to be completed at all; the expected Closing Date; and the completion of the Corporation’s business objectives, and the timing, costs, and benefits thereof. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Corporation. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating risks inherent to the cybersecurity industry, the value of the Corporation’s intangible assets, completing proof of concept studies, protecting intangible assets rights, timing and availability of external financing on acceptable terms or at all, the possibility that future results will not be consistent with the Corporation’s expectations, increases in costs, changes in legislation and regulation, changes in economic and political conditions and other risks involved in the cybersecurity industry and inherent to new technologies, such as risk of obsolescence, slow adoption and competing technological advances; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca.

    Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Corporation and the risks and challenges of its business, investors should review the Corporation’s annual filings that are available at www.sedarplus.ca. The Corporation provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information.

    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.

    The MIL Network –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 30, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 30, 2025.

    French politicians in New Caledonia to stir the political melting pot
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk French national politicians have been in New Caledonia as the territory’s future remains undecided. Leaders from both right-wing Les Républicains (LR) and Rassemblement National (RN), — vice-president François-Xavier Bellamy and Marine Le Pen respectively — have been in the French Pacific territory this week. They expressed

    Elon Musk promises more risky launches after sixth Starship failure
    Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology What goes up must come down, and earlier this week yet another of SpaceX’s Starships, the biggest and most powerful type of rocket ever built, came back down to Earth in spectacular fashion. In the

    Tracking crime from the cradle: why some people keep breaking the law while most of us never do
    Source: The Conversation (Au and NZ) – By Ayda Kuluk, PhD Candidate in Criminology and Criminal Justice, Griffith University Alena Lom/Shutterstock A major Australian study tracking more than 80,000 Queenslanders from birth to adulthood reveals stark differences between men and women in patterns of criminal behaviour. These patterns offer insights into effective crime prevention strategies.

    Most of Australia’s conservation efforts ignore climate risks – here are 3 fixes
    Source: The Conversation (Au and NZ) – By Yi Fei Chung, PhD Candidate in Environmental Policy, The University of Queensland Imagine replanting various native species only to have them die because the area is too hot or too dry. Or reconnecting woodland habitat only to lose large tracts to bushfire. Well, our new research suggests

    Earth’s seasonal rhythms are changing, putting species and ecosystems at risk
    Source: The Conversation (Au and NZ) – By Daniel Hernández Carrasco, PhD Candidate in Ecology, University of Canterbury Shutterstock/Colin Stephenson Seasonality shapes much of life on Earth. Most species, including humans, have synchronised their own rhythms with those of Earth’s seasons. Plant growth cycles, the migration of billions of animals, and even aspects of human

    Google is going ‘all in’ on AI. It’s part of a troubling trend in big tech
    Source: The Conversation (Au and NZ) – By Zena Assaad, Senior Lecturer, School of Engineering, Australian National University Google recently unveiled the next phase of its artificial intelligence (AI) journey: “AI mode”. This new feature will soon be released as a new option to users of Google’s search engine in the United States, with no

    People with disability are dying from cancers we can actually prevent, our study shows
    Source: The Conversation (Au and NZ) – By Yi Yang, Research Fellow, Social Epidemiology, Melbourne Disability Institute, Melbourne School of Population and Global Health, The University of Melbourne Chona Kasinger/Disabled and Here, CC BY-SA People with disability are missing out on screening programs that could help detect cancer early, and after diagnosis, are less likely

    Researchers created a chatbot to help teach a university law class – but the AI kept messing up
    Source: The Conversation (Au and NZ) – By Armin Alimardani, Senior Lecturer in Law and Emerging Technologies, University of Wollongong Mikhail Nilov/ Pexels , CC BY “AI tutors” have been hyped as a way to revolutionise education. The idea is generative artificial intelligence tools (such as ChatGPT) could adapt to any teaching style set by

    NSW is again cleaning up after major floods. Are we veering towards the collapse of insurability?
    Source: The Conversation (Au and NZ) – By Kate Booth, Associate Professor of Human Geography, University of Tasmania Once again, large parts of New South Wales have been devastated by floods. It’s estimated 10,000 homes and businesses may have been damaged or destroyed and the Insurance Council of Australia reports more than 6,000 insurance claims

    Talk to Me was a rollercoaster, but the Philippou brothers’ Bring Her Back will trap you in a house of horrors
    Source: The Conversation (Au and NZ) – By Jessica Balanzategui, Associate Professor in Media, RMIT University A24 They may have only made two feature films so far, but Danny and Michael Philippou are already being hailed as Australia’s premiere horror auteurs. Their 2023 debut Talk To Me sparked a bidding war between distributors upon its

    Grattan on Friday: Trump, tariffs and the Middle East are looming challenges for Albanese
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Australia these days receives invitations to big-league international conferences. And so Anthony Albanese will be off soon to the G7 meeting in Alberta, Canada, on June 15-17. For the prime minister, what’s most important about this trip is not so

    Radical legal step towards ending impunity for Israel over killing Gaza journalists
    Pacific Media Watch Journalists have been targeted, detained and tortured by the Israeli military in Gaza — and Reporters Without Borders (RSF) has now taken a new approach towards bringing justice these crimes. The Paris-based global media freedom NGO has submitted multiple formal requests to the International Criminal Court (ICC) asking that Palestinian journalists who

    New Australian data shows most of us have PFAS in our blood. How worried should we be?
    Source: The Conversation (Au and NZ) – By Ian A. Wright, Associate Professor in Environmental Science, Western Sydney University New Africa/Shutterstock The Australian Bureau of Statistics (ABS) has this week released new data which tells us about the presence of per- and polyfluoroalkyl substances (PFAS) in Australians’ bodies. The data comes from concentrations measured in

    Labor gains Senate seats in Victoria and Queensland, and surges to a national 55.6–44.4 two-party margin
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Buttons have been pressed to electronically distribute preferences for the Senate in Victoria, the ACT, Queensland and Western Australia. Labor gained a seat from the Liberals in

    Influencer Andrew Tate is charged with a raft of sex crimes. His followers will see him as the victim
    Source: The Conversation (Au and NZ) – By Steven Roberts, Professor of Education and Social Justice, Monash University British prosecutors have this week charged social media influencer Andrew Tate with a string of serious sexual offences, including rape and human trafficking, alleged to have been committed in the United Kingdom between 2012 and 2015. This

    How the North West Shelf expansion risks further damage to Murujuga’s 50,000-year-old rock art
    Source: The Conversation (Au and NZ) – By Benjamin Smith, Professor of Archaeology (World Rock Art), School of Social Sciences, The University of Western Australia Yesterday, new environment minister Murray Watt approved an extension for the North West Shelf liquefied natural gas project. The gas plant at Karratha, Western Australia, will run until 2070. This

    UNESCO expresses ‘utmost concern’ at the state of the Great Barrier Reef
    Source: The Conversation (Au and NZ) – By Jon C. Day, Adjunct Principal Research Fellow, College of Science and Engineering, James Cook University UNESCO’s World Heritage Committee has again raised grave fears for the future of the Great Barrier Reef, highlighting the problems of water pollution, climate change and unsustainable fishing. The committee this week

    Trump’s global trade plans are in disarray, after a US court ruling on ‘Liberation Day’ tariffs
    Source: The Conversation (Au and NZ) – By Susan Stone, Credit Union SA Chair of Economics, University of South Australia A US court has blocked the so-called “Liberation Day” tariffs that US President Donald Trump imposed on imported goods from around 90 nations. This puts implementation of Trump’s current trade policy in disarray. The Court

    30 years ago Australia confronted its Stolen Generation past – then the Howard government blew it
    Source: The Conversation (Au and NZ) – By Anne Maree Payne, Senior Research Fellow, Indigenous Land & Justice Research Group, UNSW Sydney May 2025 marks the 30th anniversary of the establishment of the national inquiry into the forcible removal of Aboriginal and Torres Strait Islander children from their families. Conducted by the Human Rights and

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Dmitry Chernyshenko: Representatives of 19 countries and 20 international organizations gathered at the plenary session of the Eurasian Group on Combating Money Laundering

    Translation. Region: Russian Federal

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

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing. Dmitry Chernyshenko read out the greetings of the Prime Minister Mikhail Mishustin to the delegates of the plenary session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Director of Rosfinmonitoring Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Previous news Next news

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    A plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing is taking place in Moscow. Russia currently chairs this authoritative association of states. During the opening, Deputy Prime Minister of Russia Dmitry Chernyshenko and Director of the Federal Financial Monitoring Service (Rosfinmonitoring) Yuri Chikhanchin addressed the participants.

    Dmitry Chernyshenko read out the greeting from the Chairman of the Russian Government Mikhail Mishustin to the delegates of the plenary session: “Today, integration in the Eurasian space is strengthening, which contributes to the multifaceted development and progressive economic growth of the countries of the region. The introduction of high technologies helps to automate many processes and reduce costs. At the same time, against the backdrop of rapid digitalization, new challenges arise associated with the emergence of sophisticated forms of terrorist financing, including through the use of crypto assets for illegal purposes. The success of the fight against money laundering directly depends on the clear coordination of the actions of the agencies responsible for financial security. In this regard, it is impossible to overestimate the importance of the activities carried out by the Eurasian Group.”

    The Prime Minister’s greeting stated that over 20 years an effective model of interstate partnership has been built, allowing for transparency of financial flows, timely identification and minimization of risks, and prompt response to them. It is important that the group has created conditions for substantive dialogue on a full range of issues related to the protection of national and international financial systems.

    Dmitry Chernyshenko thanked Yuri Chikhanchin and Rosfinmonitoring for the effective organization of the plenary week. He emphasized that the Russian Government pays special attention to issues of financial security, combating money laundering and terrorist financing. It is important to maintain constant cooperation and exchange of experience between the countries participating in the Eurasian Group.

    “Special attention must be paid to improving the qualifications of specialists working in the field of financial intelligence and analysis. Constantly updating knowledge and competencies will allow us to identify suspicious transactions more quickly and accurately and prevent potential crimes. Educating the general public, which can significantly reduce the vulnerability of individuals and companies to fraud and manipulation, also plays a key role. In conclusion, I would like to emphasize that the successful implementation of the set goals is possible only with the active interaction of all stakeholders, consolidation of efforts and openness to innovation. We are convinced that the work being done will create a solid foundation for the further sustainable development of our economies and provide reliable protection against new threats,” the Deputy Prime Minister added.

    The Deputy Prime Minister reported that more than 450 delegates, representatives of 19 countries and 20 international organizations, gathered in person at the plenary session. This speaks to the relevance and importance of the topic.

    “It is symbolic that the event is taking place in Moscow. Russia pays special attention to issues of financial security, combating money laundering and terrorism financing, especially in terms of working with young people. In our country, for the fifth time, the International Financial Security Olympiad will be held on the instructions of President Vladimir Putin. This year, for the first time, it will be held in the very center of Russia – Krasnoyarsk Krai,” said Dmitry Chernyshenko.

    More than 3.2 million Russian schoolchildren and 500 thousand foreign schoolchildren from 15 countries took part in the first stage of the Olympiad – a lesson on financial security.

    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 –

  • MIL-OSI Security: PMTEC and NAVAIR PMA-205 Partnered to Enhance Deterrence in the Indo-Pacific through an Accelerated Advancement of Live, Virtual, Constructive (LVC) Enablers

    Source: United States INDO PACIFIC COMMAND

    HONOLULU — The U.S. Indo-Pacific Command’s Pacific Multi-Domain Training and Experimentation Capability (PMTEC) and Naval Air Systems Command (NAVAIR) PMA-205 have partnered again, building on their successful collaborative efforts during Valiant Shield 24 and Northern Edge 25. This continued partnership furthers the development of fully integrated distributed Joint Live, Virtual, Constructive (JLVC) training to enhance warfighter capabilities.

    MIL Security OSI –

  • MIL-OSI China: What’s the breakthrough made in rocket launch of Tianwen-2 mission

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

    China successfully launched its first asteroid sample-return mission, Tianwen-2, in the early hours of Thursday, an endeavour designed to shed light on the formation and evolution of asteroids and the early solar system.

    The mission marks the 578th launch of the Long March series of carrier rockets. The Long March-3B rocket, which serves as the primary vehicle for China’s high-orbit launches, holds the record for the highest number of launches in the country, having completed 108 missions, according to the China National Space Administration (CNSA).

    It has previously been involved in lunar exploration projects such as the Chang’e-3 and Chang’e-4 missions.

    China Aerospace Science and Technology Cooperation (CASC), the rocket developer, noted that the Tianwen-2 mission, however, marks the first time the Long March-3B rocket series has been used for a launch to escape Earth’s orbit.

    In previous missions sending payloads into the Earth’s orbit, a rocket is required to achieve a separation velocity equal to the first cosmic velocity, or approximately 7.9 kilometers per second.

    However, this mission requires a separation speed exceeding 11.2 kilometers per second, known as the second cosmic velocity, to escape the Earth’s gravitational influence, necessitating high speed and energy, said the agency.

    Moreover, asteroids are characterized by their small size, low mass, and weak gravity, making them challenging to capture and requiring exceptional precision in the rocket’s trajectory.

    During this launch, the rocket reached a speed of 11.2 kilometers per second, with a permitted speed deviation of no more than one meter per second, which could otherwise lead to a positional error of up to one million kilometers.

    “Achieving such trajectory precision is akin to shooting a basketball from Shanghai to hit a hoop in Beijing, while ensuring the ball’s angle and speed upon entering the hoop are correct,” said the CASC.

    After evaluating the rocket’s payload capacity, performance capability, and reliability, Long March-3B was chosen as the dedicated vehicle for the Tianwen-2 mission, it said.

    The rocket design team has spent two years completing multiple design iterations so as to achieve seamless “handoff” between the rocket and the probe. 

    MIL OSI China News –

  • MIL-OSI China: From AI tracks to robotic coaches, China propels sports into sci-fi future

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

    As dusk settles over a bustling sports park in Wuxi, east China’s Jiangsu Province, runners weave along a glowing track embedded with infrared sensors. With every stride, a ribbon of intelligent LED lights flares ahead, tracing a luminous path through the night, like something out of science fiction.

    “Night runs used to be a bit risky when the paths were dim,” said local resident Zhou Qian. “Now the track lights the way and can even sync with my phone to show my heart rate, speed and calories burned. It’s safer and a lot more fun.”

    The park is Wuxi’s first AI-powered urban sports facility, a pioneering blend of the Internet of Things, big data and fitness-for-all initiatives, which is transforming public spaces into futuristic playgrounds accessible to all ages.

    Within the park’s AI-monitored long jump zone, digital screens can instantly display leap distances and motion analysis. Smart fitness facilities for sit-ups and parallel bars connect seamlessly with mobile devices, enabling users to archive achievements, share snapshots and even challenge friends to virtual contests.

    As China accelerates toward becoming a sporting powerhouse, the infrastructure supporting everyday exercise has proliferated apace, and the facilities are increasingly turning intelligent, drawing in a new generation of tech-savvy fitness enthusiasts.

    FUTURISTIC FITNESS

    China has ushered in large-scale, high-tech athletic applications, as the country unveiled a list of 100 flagship smart sports projects for 2024 this March, spanning AI posture correction systems, tactical football analytics and VR-based fitness programs.

    The trend reached a milestone in April when Beijing hosted the world’s first half-marathon run jointly contested by humans and humanoid robots, offering an intriguing glimpse of future sporting landscapes. The capital also plans to stage the inaugural humanoid robot sports games later this year.

    AI-driven human-machine collaborations are bearing fruit. In scenic spots like Mount Tai, elderly hikers now strap on exoskeleton robots that resemble trekking poles. The smart devices can bear bursts of 200 kg and adjust assistance dynamically, reducing exertion by up to 50 percent and allowing seniors to conquer even steep peaks with newfound ease.

    Meanwhile, wearable tech like smartwatches and fitness bands, once novelties, have become indispensable companions for Chinese exercise enthusiasts to track health metrics and workout efficiency.

    The government’s initiatives, like the national fitness plan, underscore the country’s commitment to smart sports, aiming to spawn a wealth of new products, business models and innovation. Industry reports predict that China’s smart fitness sector could reach 82 billion yuan (11.3 billion U.S. dollars) by 2025.

    Tech firms are racing to carve out their niche, as many have integrated large AI models such as DeepSeek into smart treadmills, offering tailored training plans based on personal metrics. “My AI fitness coach’s plans are spot on, blending cardio and strength training perfectly,” said Liu Xiaopeng, a frequent gym-goer.

    “And with VR integration, I can work out in virtual arenas. Exercising has never been so engaging,” Liu added. “I love kickboxing, but real sparring is risky and hard to find a partner. VR combat feels authentic and safe.”

    AI is also reshaping physical education. At a middle school in Jiangsu’s Nanjing, an AI playground system captures data on sprints, long jumps and rope-skipping, correcting students’ technique and tailoring training plans. Coupled with wristbands that monitor heart rate and other indicators, these innovations are also alert to potential safety risks.

    “Exercise feels so cool now,” said Wu Jun, an eighth grader at the school. “And the facility is available all day, so we can practice whenever we want to track our progress.”

    EMPOWERING COMPETITIVE SPORTS

    Beyond mass fitness, AI is also transforming elite athletics. From talent scouting and training to equipment, refereeing and rehabilitation, technology is rewriting the playbook.

    In its Olympic AI Agenda, the International Olympic Committee hailed the potential of AI to foster fairness, excellence, unity and a richer Olympic experience, accelerating the transformation of global sports.

    The most conspicuous impact of sports tech could be in officiating. At the Paris 2024 Olympics, Chinese-made footballs, embedded with chips and motion sensors, worked in tandem with body-tracking systems, helping referees make instant, accurate calls on handballs and offsides.

    And on the assembly line at a Wuxi-based sports tech firm, AI referee robots — armed with high speed cameras and pressure sensors — have undergone thousands of test runs, demonstrating split-second precision in sports like fencing and taekwondo.

    China’s national diving team now trains with a “3D + AI” system that captures every movement mid-air. The system analyzes posture and entry angles in real time, feeding coaches data-driven evaluations to fine-tune performances.

    The national archery squad has embraced AI-assisted ranges. Cameras and motion-capture systems record over 10,000 data points per arrow. “These insights help coaches refine each athlete’s technique down to the smallest detail,” said data analyst Xiu Yu.

    According to Chen Xiaoping, a sports science researcher at the General Administration of Sport of China, AI-led data analysis is now central to personalized training regimens, allowing coaches to efficiently monitor training duration, intensity, performance and recovery.

    “The overall elevation of scientific training is crucial to improving performances,” Chen said, adding that the contest in elite sports today is as much about tech prowess as athletic skill.

    Even more futuristic scenarios are also materializing. A robotics firm in Jiangsu has developed a humanoid robot capable of fluid Tai Chi sequences — a harbinger of robot training partners to come.

    “Robot trainers can be available around the clock,” said Ruan Qiang, a technical expert at SoftStone Tianqing Robotics. “They can precisely correct muscle dynamics, and even recognize fatigue through micro-expression analysis to tailor training in real time.”

    “We’ll gradually see more cutting-edge technologies and methods permeate athlete training,” Chen said, noting that these innovations will also soon filter down to everyday fitness, making workouts safer, smarter and more effective for all. 

    MIL OSI China News –

  • MIL-OSI USA: VIDEO: On Fox, Cornyn Discusses Co-Chairing Hearing on Alleged Biden Health Cover-Up, Big Beautiful Bill Coming to the Senate

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    DALLAS – Today on Fox News’ The Will Cain Show, U.S. Senator John Cornyn (R-TX) discussed his efforts to get answers on the alleged cover-up of former President Biden’s cognitive decline by the mainstream media, Biden family, and his inner circle, including Sen. Cornyn’s recent letter to the Department of Justice calling for an investigation and an upcoming Senate Judiciary Committee hearing he will lead alongside Sen. Eric Schmitt (R-MO), as well as the One Big Beautiful Bill Act, which the Senate is expected to begin processing next week. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

    On the Upcoming Hearing on the Alleged Cover-Up of Biden’s Decline:

    CORNYN: “We need to get past the failures of the media, which were legend as you pointed out, or the political issue of ‘Were you for Biden or against Biden?’ This is about a constitutional crisis, where we basically have a mentally incompetent president who’s not in charge.”

    “The question is: Who is in charge? Whose finger is on the nuclear button or has the nuclear codes? Who can declare war? How do we defend the nation when we have basically an absent president? And those are Constitutional issues we need to address and correct.”

    CAIN: “You’re not one known for inflammatory language, respectfully, and so when I hear you say today we have a Constitutional crisis and ‘Whose finger was on the nuclear button,’ literally, who was responsible for war and peace is the right, exact question to be asking about what happened in this country.”

    CORNYN: “That’s why we’ve asked Pam Bondi, the Attorney General, to look into this to see what federal laws have been violated.”

    “Congress’ responsibility is actually bigger than just that. It is to provide oversight and to make sure that there’s more transparency for future presidents so we understand how this happened and how can we prevent it from happening again.”

    On Senate Considering the One Big Beautiful Bill:

    “We have 53 Republicans, and we need to get to the magic number 51, which means that we’re going to have to get virtually everybody on board. But I think building on what the House has done, in terms of savings—Elon Musk and DOGE have identified incredible examples of egregious misspent taxpayer dollars.”

    “Rescissions and the like— there is a lot of work that we can do to build on what the House did and get it to the President.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Tristan Gilbertson reappointed to the Commerce Commission

    Source: Ministry of Business Innovation and Employment (MBIE)

    Mr Gilbertson has been reappointed for a second 5-year term, starting on 8 June 2025 and ending on 7 June 2030.

    Mr Gilbertson is a commercial lawyer with extensive international experience in the telecommunications sector. During his first term as Telecommunications Commissioner, he led work programmes relating to the economic regulation of telecommunications services, the development of retail service quality guidelines, and the monitoring and enforcement of competition in telecommunications markets. He was also involved in the Commission’s wider competition and consumer work – including the recent market study into banking.

    Prior to joining the Commission, he held senior executive positions at Vodafone Group Plc, Telecom New Zealand Ltd (now Spark) and Digicel Group Ltd, where he led legal and regulatory teams supporting the development and growth of these businesses.

    The Commission comprises 4 to 8 members appointed by the Governor-General. These members include:

    • Chair
    • Deputy Chair
    • Telecommunications Commissioner
    • Grocery Commissioner

    At least 1 member must be a barrister and solicitor of at least 5 years’ standing.

    The Minister of Commerce and Consumer Affairs recommends Commissioners for appointment for their knowledge and experience in the fields of industry, commerce, economics, law, accountancy, public administration or consumer affairs.

    The Telecommunications Commissioner is appointed by the Governor-General on the recommendation of the Minister for Media and Communications.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Elon Musk promises more risky launches after sixth Starship failure

    Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology

    What goes up must come down, and earlier this week yet another of SpaceX’s Starships, the biggest and most powerful type of rocket ever built, came back down to Earth in spectacular fashion. In the sky above the Indian Ocean, it exploded.

    This was the ninth test flight for the rocket, and the third catastrophic failure in a row, just this year.

    Is this what we should expect from the very ship some are counting on to take humans further than we’ve ever been in the solar system? Or does this failure point to deeper concerns within the broader program?

    A decade of development

    The Starship program from Elon Musk’s space technology company, SpaceX, has been in development for more than a decade now and has undergone many iterations in its overall design and goals.

    The Starship concept is based upon the SpaceX Raptor engines to be used in a multistage system. In a multistage rocket system, there are often two or three separate blocks with their own engine and fuel reserves. These are particularly important for leaving Earth’s orbit and travelling to the Moon, Mars and beyond.

    With Starship, the key factor is the ability to land and reuse vast amounts of the rocket stages again and again. The company’s Falcon 9 vehicles, which used this model, were fantastically successful.

    Initial tests of Starship began in 2018 with two low-altitude flights showing early success. Subsequent flights have faced numerous challenges with now four complete failures, two partial failures and three successes overall.

    Just two days ago, during the latest failed attempt, I watched alongside over 200 other space industry experts at the Australian Space Summit in Sydney. Broadcast live on a giant screen, the launch generated an excited buzz – which soon turned to reserved murmurs.

    Of course, designing and launching rockets is hard, and failures are to be expected. However, a third catastrophic failure within six months demands a pause for reflection.

    On this particular test flight, as Starship positioned itself for atmospheric re-entry, one of its 13 engines failed to ignite. Shortly after, a booster appeared to explode, leading to a complete loss of control. The rocket ultimately broke apart over the Indian Ocean, which tonnes of debris will now call home.

    Polluting Earth in pursuit of space

    We don’t know the exact financial cost of each test flight. But Musk has previously said it is about US$50–100 million.

    The exact environmental cost of the Starship program – and its repeated failures – is even harder to quantify.

    For example, a failed test flight in 2023 left the town of Port Isabel, Texas, which is located beside the launch site, shaking and covered in a thick cloud of dirt. Debris from the exploded rocket smashed cars. Residents told the New York Times they were terrified. They also had to clean up the mess from the flight.

    Then, in September 2024, SpaceX was fined by the US Environmental Protection Agency and the Texas Commission on Environmental Quality for 14 separate incidents since 2022 where the launch facilities discharged polluted water into Texas waterways. Musk denied these claims.

    That same month, the US Federal Aviation Administration (FAA) proposed a fine of US$633,009 in civil penalties should be issued to SpaceX. This was on the grounds of using an unapproved launch control room and other violations during 2023. Musk denied these claims too and threatened to countersue the FAA for “regulatory overreach”.

    It’s unclear if this suit was ever filed.

    Two other failed launches in January and March this year also rained rocket debris over the Caribbean, and disrupted hundreds of commercial flights, including 80 which needed to be diverted and more than 400 requiring delayed takeoff to ensure they were entering safe air space.

    Success of different space programs

    Until last year, the FAA allowed SpaceX to try up to five Starship launches a year. This month, the figure was increased to 25.

    A lot can go wrong during a launch of a vehicle to space. And there is a long way to go until we can properly judge whether Starship successfully meets its mission goals.

    We can, however, look at past programs to understand typical success rates seen across different rocketry programs.

    The Saturn V rocket, the workhorse of the Apollo era, had a total of 13 launches, with only one partial failure. It underwent three full ground tests before flight.

    SpaceX’s own Falcon 9 rocket, has had more than 478 successful launches, only two in flight failures, one partial failure and one pre-flight destruction.

    The Antares rocket, by Orbital Sciences Corporation (later Orbital ATK and Northrop Grumman) launched a total of 18 times, with one failure.

    The Soyuz rocket, originally a Soviet expendable carrier rocket designed in the 1960s, launched a total of 32 times, with two failures.

    No sign of caution

    Of course, we can’t fairly compare all other rockets with the Starship. Its goals are certainly novel as a reusable heavy-class rocket.

    But this latest failure does raise some questions. Will the Starship program ever see success – and if so when? And what are the limits of our tolerance as a society to the pollution of Earth in the pursuit of the goal to space?

    For a rocketry program that’s moving so fast, developing novel and complex technology, and experiencing several repeated failures, many people might expect caution from now on. Musk, however, has other plans.

    Shortly after the most recent Starship failure, he announced on X (formerly Twitter, that the next test flights would occur at a faster pace: one every three to four weeks.

    Sara Webb 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. Elon Musk promises more risky launches after sixth Starship failure – https://theconversation.com/elon-musk-promises-more-risky-launches-after-sixth-starship-failure-257726

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: US stocks close higher on firm Nvidia earnings

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

    U.S. stocks ended higher on Thursday, as investors digested Nvidia’s earnings results and continued to navigate ongoing tariff-related uncertainty.

    The Dow Jones Industrial Average rose 117.03 points, or 0.28 percent, to 42,215.73. The S&P 500 added 23.62 points, or 0.40 percent, to 5,912.17. The Nasdaq Composite Index increased by 74.93 points, or 0.39 percent, to 19,175.87.

    Ten of the 11 primary S&P 500 sectors ended in green, with real estate and health leading the gainers by adding 0.95 percent and 0.74 percent, respectively. Meanwhile, communication services bucked the trend by losing 0.35 percent.

    Later in the day, a federal appeals court reinstated U.S. President Donald Trump’s broad tariffs, at least temporarily, overturning a lower court’s ruling on Wednesday that had blocked them on the grounds that their implementation process was “unlawful.”

    “The chances for a major slowdown because of the tariffs or a major consumer price increase definitely have gone down a little bit, not to zero because God knows what they’re going to do,” said Norbert Michel, vice president and director at the Cato Institute’s Center for Monetary and Financial Alternatives, referring to legal actions the Trump administration can take.

    Meanwhile, Nvidia shares surged 3.24 percent on Thursday, following the company’s first-quarter earnings release after the close on Wednesday. The gain put the stock on pace for its highest closing level since January.

    Despite a notable 8-billion-U.S.-dollar revenue impact from U.S. export restrictions to China, investor sentiment was lifted by strong guidance from Nvidia CEO Jensen Huang and robust demand for AI infrastructure, particularly around Nvidia’s upcoming Blackwell chip rollout.

    “The 50 billion China market is effectively closed to U.S. industry,” Huang said about the restrictions. “We are exploring limited ways to compete, but Hopper is no longer an option. China’s AI moves on with or without U.S. chips.” For the quarter, Nvidia posted revenue of 44.1 billion U.S. dollars, beating Bloomberg consensus estimates of 43.3 billion and sharply up from 26 billion dollars a year ago.

    Elsewhere, Best Buy lowered its full-year outlook, citing economic uncertainty tied to the tariffs, which led to a drop in its stock. Attention has now turned to Costco’s upcoming earnings release, as retailers face growing pressure. Trump recently told Walmart it should absorb the costs from higher import duties, following its latest earnings report.

    On the economic front, jobless claims in the United States rose more than expected last week, signaling potential softness in the labor market. Additionally, the Commerce Department revised its estimate for the first-quarter gross domestic product, showing the economy contracted at an annualized rate of 0.2 percent, a slight improvement from the initial reading. 

    MIL OSI China News –

  • MIL-OSI China: China-SCO AI Cooperation Forum held in China’s Tianjin

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

    Guests attend the China-Shanghai Cooperation Organization (SCO) Artificial Intelligence (AI) Cooperation Forum in north China’s Tianjin, May 29, 2025.

    Themed “Intelligence Converges in China, Wisdom Benefits SCO”, the China-SCO AI Cooperation Forum was held here Thursday.

    Representatives from the AI industry and academia in SCO member states engaged in a series of discussions focusing on topics such as breakthroughs in AI technology, exploration of development pathways, sharing of application cases and future prospects, as well as safety risks and regulatory governance. (Xinhua/Zhao Zishuo)

    1   2   3   4   5   >  

    MIL OSI China News –

  • MIL-OSI USA: In Everett, Murray Holds Roundtable on Trump Putting $16.7 Million for Snohomish County Homelessness Prevention At Risk, Hears from Affected Organizations—Vows to Fight Housing Budget Cuts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***PHOTOS AND B-ROLL FROM EVENT HERE***

    ***AUDIO HERE***

    Everett, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a roundtable discussion on the Trump administration’s senseless decision to jeopardize Continuum of Care (CoC) grant funding from the Department of Housing and Urban Development (HUD)—which helps communities address homelessness—by placing new, potentially unlawful conditions on the grant funding. Joining Senator Murray for the roundtable were: Snohomish County Human Services Director Mary Jane Brell-Vujovic; Joe Alonzo, CEO of Cocoon House; Kathryn Opina, Interim CEO of Housing Hope; Mary Anne Dillon, Vice President of Permanent Housing for the YWCA Seattle | King | Snohomish; Becky Megard, Chief Operations Officer of Domestic Violence Services of Snohomish County; and Theresa Jones, a single mother of three whose family has benefitted from Housing Hope’s programs and who is now working toward obtaining her associate’s degree in Family and Social Services.

    Local governments and non-profits across the country that had qualified for the federal CoC grant programs were informed in March that this year’s funding would require recipients to comply with vaguely worded executive orders that Trump signed in the opening weeks of his second term, specifically related to immigration status, abortion and reproductive care, “gender ideology,” and DEI programs. Snohomish County had already been allocated $16.7 million in CoC grant funding this year—only to be told their receipt of that funding is conditional on meeting the requirements of the president’s various executive orders. CoC grant funding goes toward 23 programs that offer housing and supportive services for homeless individuals and families in Snohomish County. Snohomish County anticipates that its partner agencies—who provide rapid rehousing and rental assistance, as well as specific services for young adults, people with disabilities and survivors of domestic violence—would also not be able to sign off on the administration’s new conditions.

    Snohomish County is one of eight original plaintiffs in a King County-led coalition of local governments across the country who are suing the Trump administration over the potential loss of funding. The lawsuit was filed on May 2nd. Pierce County also joined the City and County of San Francisco, Santa Clara County, New York City, Boston, and Columbus (Ohio) in filing the lawsuit in U.S. District Court in Seattle. Sound Transit, the Port of Seattle, and at least 20 other local governments across the country have since joined the lawsuit, which also challenges similar conditions in U.S. Department of Transportation grant agreements. On May 8th, District Court Judge Barbara Rothstein granted a Temporary Restraining Order (TRO) preventing the Trump Administration from imposing these conditions on CoC funds or withholding CoC funds based on the conditions, and on May 23 she extended that TRO to June 4.

    “Continuum of Care grant funding helps local organizations provide really important services for people experiencing homelessness—these are proven, effective investments that actually save communities money in the long run. But Trump is ripping away funding to prevent homelessness at the same time that he’s pushing Republicans to pass new, deficit-busting tax breaks for billionaires,” said Senator Murray. “Affordable housing and homelessness is a crisis and President Trump is making it a lot worse—from pushing out staff across HUD who work with groups like everyone here to keep programs running and get grants we pass out the door, freezing funding across the government, and turning federal funds meant to help people into a tool for his own partisan goals with outrageous, illegal restrictions that cut providers off from funds. President Trump hasn’t put out his full budget yet, but when it comes to housing, I’ve seen enough—he would kick millions out onto the street and make the homelessness and affordable housing crisis so much worse. Trump can write a budget, but Congress can tear it up—and we will as long as I have anything to say about it. I’ll keep fighting back in Congress to protect our investments in preventing homelessness when we write our funding bills and highlight the stories of organizations like the ones we heard from today.”

    President Trump’s “skinny budget” proposal for Fiscal Year 2026 would slash funding for HUD by almost 50 percent—a staggering cut that would decimate the HUD housing assistance programs, making millions of Americans vulnerable to homelessness. Trump’s budget proposes to convert all rental assistance programs into a formula-based “State Rental Assistance Block Grant” and reduce total funding by $26.7 billion, or a 42 percent cut. His budget also proposes to consolidate the CoC Program with the Housing Opportunities for Persons with AIDS (HOPWA) program within the formula-based Emergency Solutions Grant and to time-limit assistance to two years, all while reducing overall funding by $532 million, or 12 percent. In addition, President Trump’s budget proposes to eliminate or reduce numerous HUD programs, including eliminating major formula programs communities rely upon to develop new affordable housing and for community development activities. The President’s full budget request has not yet been released. As the top Democrat on the Senate Appropriations Committee, Senator Murray plays a key role in negotiating annual funding for HUD through the appropriations process.

    “Snohomish County has created one of the most successful Continuum of Care networks in the nation, and the federal support is essential to save lives and reduce human suffering,” said Snohomish County Department of Human Services Director Mary Jane Brell Vujovic. “There are no additional resources at the local or state level to make up for the federal funding, and the lives of people literally hang in the balance.”

    “If the most vulnerable members of our community—domestic violence victims, people with disabilities, unhoused youth and veterans—cannot receive basic life-saving support from the federal government, they will suffer and possibly die,” said Snohomish County Executive Dave Somers. “The programs funded by the Continuum of Care are some of the most powerful tools to keep people off the streets and safe. We are very grateful for Senator Murray’s compassionate advocacy for these fundamental responsibilities of the federal government.”

    “Our housing program is a critical component of the safety net for survivors of domestic violence. It not only provides immediate refuge but also a foundation for long-term stability, recovery, and self-sufficiency. Without this vital support, families are at risk of cycling back into danger or falling into homelessness. Continued federal investment ensures that our shelter system remains responsive, accessible, and equipped to break the cycle of violence—one safe home at a time,” said Domestic Violence Services of Snohomish County Chief Operational Officer Becky Megard.

    “The young people we serve don’t care about political power struggles, nor do they have interest in having their identities erased.  They want the opportunity to find a stable and supportive housing environment, to gain skills, and to break the cycle of poverty and homelessness.  In this situation, they unfortunately stand to lose the most,” said Joe Alonzo, CEO of Cocoon House. “Loss of CoC funds will have immediate and ripple impacts on homeless youth and young adults in Snohomish County.  Without CoC funding or a viable replacement option, nearly 200 young people will experience loss of housing and vital supports.  These funds are critical for the operation of programs and services that were designed to address their unique situations.”

    “In Snohomish County, HUD Continuum of Care funds are the backbone of our homelessness response system. These funds are absolutely essential for providing services to individual families and ensuring that our system functions effectively,” said Kathryn Opina, Interim CEO of Housing Hope. “Without this funding, we will see a significant increase in homelessness, particularly for families with children and other vulnerable populations. Housing Hope thanks Senator Murray for fighting for this critical funding.”  

    “The women and families YWCA serves matter. Cutting funding only creates more barriers for those we serve, and these threats have the potential to be devastating. Even in the face of these challenges, it’s important that we continue to provide the services our community relies on,” said Mary Anne Dillon, Vice President of Permanent Housing at the YWCA Seattle | King | Snohomish.

    “Housing Hope has been active in my life since 2020, so five years now,” said Theresa Jones, a 45-year-old single mother of three. “They were a godsend; they came into my life 2 months before everything shut down for COVID. At the time they came into life I was living in a motel room with my 3 daughters… And I was working two jobs, so it was ultimately up to my 16-year-old, with an autoimmune disease, to raise my younger two just so I could work to keep some sort of roof over our head and some sort of food. And every time I tried to get assistance, I was told I didn’t qualify or I made too much money, all because I didn’t check the right boxes. And so by the time Housing Hope came into my life, my kids were not going to school regularly because of mental and physical health reasons, with us being homeless. My physical health was getting worse… [Housing Hope] immediately got us into a family shelter. That way I could back off from working enough to help raise my family and to see what steps we needed to do next. They got me into a transitional housing unit, which I am still there, and it is a very big blessing. Because of having the safe and stable housing that I can afford, without having to struggle, I have been able to get myself and my children the mental health they need. We are now better physically than we have been in a long time, because I’m able to keep up with our physical issues as they come up instead of having to postpone them because I can’t afford to take off of work… Now I’m a full-time college student going to get my associate’s degree in Family and Social Services because that’s where I feel I can have the most impact.”

    Senator Murray has consistently worked to address Washington state’s housing crisis and has secured major federal investments to help families keep a roof over their heads. Throughout the pandemic, Senator Murray—then Chair of the Senate Health, Education, Labor and Pension (HELP) Committee—played a major role in writing federal COVID-19 relief legislation that secured major support for people facing housing insecurity, championing sizable investments in rental assistance and other programs that collectively resulted in the largest eviction prevention effort in American history. In the Fiscal Year 2024 government funding bill Murray negotiated and passed as Appropriations Chair, Murray secured billions for HUD as well as millions of dollars in Congressionally Directed Spending for affordable housing projects throughout Washington state.  

    MIL OSI USA News –

  • MIL-OSI USA: U.S. Rep. Kathy Castor Leads Colleagues in Urging Meta Halt Deployment of Companion Bots to Children

    Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

    TAMPA, Fla. – U.S. Reps. Kathy Castor (FL-14), Jake Auchincloss (MA-04), Debbie Dingell (MI-06), Doris Matsui (CA-07), Kim Schrier (WA-08) and Lori Trahan (MA-03), member of the U.S. House Energy and Commerce Committee, wrote to Meta’s Mark Zuckerberg to urge immediate action to halt the deployment of all AI-powered social companion bots to users under the age of eighteen and any AI companion bot that simulates the likeness of a child or teen.

    “It is our understanding that Meta facilitates inappropriate ‘romantic role-play’ with these companion bots that alarms even employees of your own company. These inappropriate AI systems pose significant safety risks to children and teenagers who use Meta’s platforms. It is paramount that social media platforms such as Instagram, Facebook and WhatsApp keep wellness, safety and the best interests of its youngest users at the center of all designs, and we do not believe that these chatbots meet these criteria,” the lawmakers wrote.

    The lawmakers continued, “According to reporting, Meta staff specifically warned leadership that design choices ‘gave adult users access to hypersexualized underage AI personas and, conversely, gave underage users access to bots willing to engage in fantasy sex with children.’ Despite these internal warnings, Meta reportedly proceeded with deploying these technologies to maximize user engagement by loosening guardrails around sexual content in the process.”

    The lawmakers’ letter follows a Wall Street Journal investigation that uncovered Meta’s AI companion bots engaged in sexually explicit conversations with accounts registered to minors, and continued inappropriate interactions while acknowledging the user was underage. Some bots went on to incorporate the minor’s age into sexual scenarios and discussed ways to avoid detection by parents. The investigation further revealed that some of Meta’s most popular companion bots are designed to impersonate children and teens, enabling adult users to engage in sexual roleplay with simulated minors.

    Rep. Castor discussed the harms posed by chatbots on children in a recent Energy and Commerce hearing as House Republicans advanced their policy in a budget reconciliation package that included a ten-year state ban on regulating artificial intelligence.

    Read the full letter here:

    Dear Mr. Zuckerberg,

    We write with strong concern regarding reports of Meta deploying AI-powered social companion bots to users under the age of 18, as well as deploying “companion bots” that simulate the likeness of children and teens. It is our understanding that Meta facilitates inappropriate “romantic role-play” with these companion bots that alarms even employees of your own company. These inappropriate AI systems pose significant safety risks to children and teenagers who use Meta’s platforms. It is paramount that social media platforms such as Instagram, Facebook and WhatsApp keep wellness, safety and the best interests of its youngest users at the center of all designs, and we do not believe that these chatbots meet these criteria.

    A Wall Street Journal investigation has documented alarming instances in which Meta’s AI companion bots engaged in sexually explicit conversations with accounts registered to minors. Even more disturbing, the investigation found that some bots continued these inappropriate interactions while acknowledging the user was underage, with some bots even incorporating the minor’s age into sexual scenarios and discussing ways to avoid parental detection. The investigation further revealed that some of Meta’s most popular companion bots are designed to impersonate children and teens, enabling adults to engage in sexual roleplay with these simulated minors.

    The dangers posed by these AI systems are substantial and immediate. Children and teens are especially vulnerable to forming unhealthy attachments to AI companions, which can lead to:

    • Psychological dependency and addiction to these technologies;
    • Disruption of normal social development and real-life human interactions;
    • Exposure to age-inappropriate sexual content and conversations; and
    • In the most tragic cases, serious harm or death. 

    This follows a troubling trend that we have seen from Meta over the years. According to reporting, Meta staff specifically warned leadership that design choices “gave adult users access to hypersexualized underage AI personas and, conversely, gave underage users access to bots willing to engage in fantasy sex with children. “Despite these internal warnings, Meta reportedly proceeded with deploying these technologies to maximize user engagement by loosening guardrails around sexual content in the process.

    This prioritization of profit and engagement over child safety follows a disconcerting pattern. Internal documents revealed in litigation have shown that Meta has knowledge of the negative impacts its engagement-maximizing features have on minors’ mental health and wellbeing, yet the company continues to push for increased usage among young users.

    We urge Meta to take immediate action to halt the deployment of all AI-powered social companion bots to users under the age of 18 and halt the deployment of any AI companion bot that simulates the likeness of a child or teen.

    Additionally, we request that you provide answers to the following questions by June 6, 2025:

    1. Please identify what factors or training have led Meta’s AI companions to speak explicitly with known minor users.
    2. Please identify what factors or training have led Meta’s AI companions that simulate the likeness of children and teens to speak explicitly with known adult users.
    3. Please provide all internal communications, reports and analyses regarding the safety risks of Meta’s AI companions.
    4. Please provide all internal warnings, concerns, or objections raised by Meta employees leading to deployment.
    5. Did Meta conduct any research into or test the mental health impact of launching its AI companion bots to underage users? Please provide all relevant internal research or testing into the safety of Meta’s AI companions.
    6. What safeguards will Meta implement to ensure that known adult users cannot engage in sexually explicit conversations with AI companions that simulate the likeness of children and teens.
    7. Please provide a comprehensive list of all AI companion bots available on Meta platforms that are designed to simulate minors or that could appeal specifically to children and teens.

    Almost a year and a half has passed since you publicly apologized to parents, many who’ve lost their children, for damage inflicted by Meta’s products and promised to undergo “industry-leading efforts to make sure that no one has to go through the types of things that your families have had to suffer.” Some of Meta’s youngest users have experienced sexual exploitation, been cyberbullied, or have developed unhealthy eating habits or suicide and self-injury behaviors that have been promoted to them by Meta’s algorithms. Despite this, Meta has deployed its new harmful companion bot feature, prioritizing profits over the safety and wellbeing of children and teenagers. It is Meta’s responsibility to facilitate an online environment that is safe, especially for your youngest users.

    We look forward to your prompt response and to working together to ensure the protection of children and teens online.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI China: China invites SCO member states to jointly build AI application center

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

    TIANJIN, May 29 — China has invited member states of the Shanghai Cooperation Organization (SCO) to work together to build an AI application center, according to a plan unveiled on Thursday at the 2025 China-SCO AI cooperation forum in north China’s Tianjin Municipality.

    The China-SCO Member States AI Application Cooperation Center Construction Plan also proposes such goals as talent cultivation, enhanced industrial cooperation, and improved cooperation on the provision of open-source services.

    Themed “Intelligence Converges in China, Wisdom Benefits SCO,” the forum aims to boost practical AI development and governance cooperation between China and SCO member states.

    Huang Ru, an official of China’s National Development and Reform Commission, remarked at the forum that accelerating cooperation on AI technology and application will invigorate the SCO’s economic and social development, advancing inclusive global development and serving as a bridge to span the global digital divide.

    China stands ready to collaborate with other SCO member states to consistently uphold the “Shanghai Spirit” and enhance joint efforts to promote the beneficial, secure and equitable development of AI, Huang added.

    MIL OSI China News –

  • MIL-OSI USA: DOE Announces New Supercomputer Powered by Dell and NVIDIA to Speed Scientific Discovery

    Source: US Department of Energy

    BERKELEY— During a visit to Lawrence Berkeley National Laboratory (Berkeley Lab), U.S. Secretary of Energy Chris Wright today announced a new contract with Dell Technologies to develop NERSC-10, the next flagship supercomputer at the National Energy Research Scientific Computing Center (NERSC), a U.S. Department of Energy (DOE) user facility at Berkeley Lab. The new system, due in 2026, will be named after Jennifer Doudna, the Berkeley Lab-based biochemist who was awarded the 2020 Nobel Prize for Chemistry in recognition of her work on the gene-editing technology CRISPR.

    The new supercomputer, a Dell Technologies system powered by NVIDIA’s next-generation Vera Rubin platform, will be engineered to support large-scale high-performance computing (HPC) workloads like those in molecular dynamics, high-energy physics, and AI training and inference—and provide a robust environment for the workflows that make cutting-edge science possible.  

    This announcement reflects the Trump Administration’s commitment to restoring the gold standard of American science and unleashing the next great wave of innovation. Doudna will be one of the most advanced supercomputers ever deployed by the Department, advancing U.S. leadership in the global race for AI.

    “The Doudna system represents DOE’s commitment to advancing American leadership in science, AI, and high-performance computing,” said U.S. Secretary of Energy Chris Wright. “It will be a powerhouse for rapid innovation that will transform our efforts to develop abundant, affordable energy supplies and advance breakthroughs in quantum computing. AI is the Manhattan Project of our time, and Doudna will help ensure America’s scientists have the tools they need to win the global race for AI dominance.”

    “At Dell Technologies, we are empowering researchers worldwide by seamlessly integrating simulation, data, and AI to address the world’s most complex challenges,” said Michael Dell, Chairman and CEO, Dell Technologies. “Our collaboration with the Department of Energy on Doudna underscores a shared vision to redefine the limits of high-performance computing and drive innovation that accelerates human progress.”

    “Doudna is a time machine for science — compressing years of discovery into days,” said Jensen Huang, founder and CEO of NVIDIA. “Built together with DOE and powered by NVIDIA’s Vera Rubin platform, it will let scientists delve deeper and think bigger to seek the fundamental truths of the universe.”

    “The Doudna supercomputer is designed to accelerate a broad set of scientific workflows. We are collaborating with NVIDIA and Dell to prepare our 11,000 users to effectively use this system’s exciting new workflow capabilities,” said NERSC Director Sudip Dosanjh. “Doudna will be connected to DOE experimental and observational facilities through the Energy Sciences Network (ESnet), allowing scientists to stream data seamlessly into the system from all parts of the country and to analyze it in near-real time.”

                                                                                                      ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Post-study outcomes data – technical information

    Source: Tertiary Education Commission

    Post-study outcomes from tertiary education measure where graduates go (their destinations) and how much they earn after completing study.
    The data can be broken down into:

    the level of study on the New Zealand Qualifications and Credentials Framework (NZQCF)
    the field of study
    student characteristics (age, gender, region where they lived, etc) and
    the tertiary provider they studied with.

    The data tells you the number of graduates who:

    are in employment
    are in different types of further study
    are on a jobseeker benefit
    are overseas
    have changed their employment or jobseeker status over a period between two years prior to their graduation and the outcome year, or
    are in another (unknown) destination (if they don’t fit any of the above criteria).

    The data also tells you employed graduates’ median and quartile earnings in years 1, 3, 5, 7 and 9 after they graduated and, for comparison, median and quartile earnings for employed students two years before their graduation.
    Things to remember when using this data
    Cohorts
    We show outcomes for graduates 1, 3, 5, 7 and 9 years after graduation. To create a large enough set of data to analyse across qualification level, subject area, age, gender, ethnicity, etc, we group graduates into four-year cohorts.
    We use the calendar year to measure further tertiary study and the tax year for all other information (employment, income, days overseas and days on benefit).  

    Graduate cohorts which correspond to the results for each year after study

    Year in which we look at what the graduate earned or did

    Cohorts’ year of graduation

    Year after study

    Calendar year

    Tax year

    2019–2022

    1[1]

    2020–2023

    2021–2024

    2017–2020

    3

    2020–2023

    2021–2024

    2015–2018

    5

    2020–2023

    2021–2024

    2013–2016

    7

    2020–2023

    2021–2024

    2011–2014

    9

    2020–2023

    2021–2024

    The same graduate may appear in two different cohorts. A student who graduated in 2020 may have their outcomes measured in the 2021 calendar/2022 tax year for the Year 1 cohort and measured in the 2023 calendar year/2024 tax year for the Year 3 cohort.
    Who is included in the data?
    The outcomes in these spreadsheets are for domestic graduates who completed qualifications at tertiary education providers reporting qualification completions to the Tertiary Education Commission (TEC). This data excludes graduates who were receiving a disability benefit or in a Corrections facility for any period within the outcome year.
    National-level data includes all qualification completions reported to TEC. Provider-level data includes Student Achievement Component-funded providers and Industry Training Organisations. Some smaller providers may not have outcome data if their graduate numbers do not reach the statistical threshold.
    Outcomes are influenced by a range of factors
    Graduates’ outcomes are influenced by a range of factors outside of providers’ control. These include different regional labour markets, individuals’ choices, and graduates’ other qualifications, skills and experience.
    Outcomes are grouped by qualification subject area, not specific qualification
    We’ve used this higher level of grouping because there are often too few graduates at individual qualification level to produce any meaningful data. We have grouped together some qualifications that are likely to give graduates different outcomes. For example, graduates with a Bachelor in Oral Health (needed to become a dental hygienist) and a Bachelor of Dental Surgery (needed to become a dentist) are grouped together under dentistry.
    Older graduates are included in this data
    This data presents earnings and destinations not only for young graduates but for all age groups (under 25 years old, 25–39 years old, and 40 years and over). Older graduates who complete similar qualifications will likely have different outcomes from younger graduates, as other factors such as prior learning and work experience influence outcomes for older graduates. Accordingly, for older graduates traditionally used outcome indicators of earnings, employment, unemployment, and further study might not be enough to define which groups of graduates have relatively better outcomes from their tertiary study.
    To improve outcome information for older graduates, this data includes measures such as:

    change in employment or jobseeker status over a period between two years prior to student’s graduation and the outcome year, and
    employed students’ earnings two years prior to their graduation compared to employed graduates’ earnings in the outcome year.

    Outcomes are included for only a graduate’s highest and latest qualification
    In previous data sets employment outcomes were attributed to all qualifications completed by a graduate.
    In this data we attribute outcomes only to a learner’s highest and latest (by the outcome year) qualification, so a graduate has labour market outcomes attributed only once. The highest and latest qualification completed by a person is derived from all data reported to the TEC or NZQA by tertiary providers and Industry Training Organisations (ITOs). If a learner completed two equal-level qualifications in the same year at an ITO and a provider, we have attributed the outcomes to the ITO qualification, not the provider qualification.
    Other sources of information
    Jobs
    This post-study outcomes data does not give information on earnings and employment prospects for particular occupations. Graduates will often find jobs outside their area of study.
    For more information on expected earnings and job prospects in different professions see Careers.govt.nz’s jobs database.
    Job profiles – Careers.govt.nz
    Qualification information
    This post-study outcomes data does not provide information on specific qualifications at tertiary providers. For information on qualifications and their completion rates, entry requirements, costs and career opportunities visit Careers.govt.nz’s qualifications database.
    Study and training – Careers.govt.nz
    Technical information
    Domestic graduates
    Only domestic graduates are included in post-study outcomes data.
    A domestic graduate lives in New Zealand and has either New Zealand or Australian citizenship, or permanent New Zealand residency.
    Graduate numbers are rounded
    To protect confidentiality all graduate counts are randomly rounded to base 3.[2] Graduate counts below five, including zero counts, are not included.
    Graduate destinations
    Graduates might be counted under multiple destinations.
    When a graduate meets the criteria for more than one destination, they are counted in each of these destinations.

    Destination

    Definition

    Employed

    The graduate had income above 50% of the minimum wage from employment sources, measured over the 12-month period.

    Full-time higher study

    The graduate was enrolled in a formal study of >=0.8 EFTS at an NZQCF level higher than the completed qualification level in the outcome year.

    Full-time non-higher study

    The graduate was enrolled in a formal study of >=0.8 EFTS at an NZQCF level the same as or lower than the completed qualification level in the outcome year.

    Part-time higher study

    The graduate was enrolled in a formal study of 183 days in the outcome year.

    Overseas

    The graduate was overseas for >183 days in the outcome year.

    Moved into employment

    The graduate was not qualified as employed 2 years prior to qualification completion and was employed in the outcome year.

    Moved off benefit

    The graduate met the definition of a jobseeker (as outlined above) 2 years prior to qualification completion and did not meet the definition of a jobseeker in the outcome year.

    Other

    The graduate didn’t meet any of the above criteria, or there was no record in that year for them in the IDI data.

    Measuring earnings
    Gross earnings from employed graduates

    Earnings include taxable earnings from wages and salary, paid parental leave, ACC compensation and self-employment.
    Earnings are measured across graduates who are employed.
    Earnings in tax years 2021–2023 are adjusted with the Labour Cost Index to the March 2024 dollars.
    Earnings are rounded to the nearest $1,000.

    Hours of work
    Earnings will be understated for any qualifications and fields of study where there are significant numbers of young graduates in part-time work or who only work part of the year. This is because no adjustments are made for graduates’ hours of work.
    Fields of study and qualifications
    Defining area of study
    The field of study is determined from the courses graduates take in their study. The New Zealand Standard Classification of Education (NZSCED) is used to classify the fields of study.
    For more information about NZSCED codes, see New Zealand Standard Classification of Education – Education Counts.
    Results are presented at the broad, narrow and detailed NZSCED levels.
    Number of graduates
    Where the total number of graduates was 20 or below, we excluded the results from this data. Take care interpreting earnings and destination results when there is a small number of graduates as the results may fluctuate.
    Merged providers
    Some providers have merged over the period covered by this data. Where this has occurred, we have combined the former providers’ graduate outcomes to give outcomes for the merged provider.
    Earnings data suppression

    Value

    Meaning

    S

    Earnings data in a cell is suppressed due to a low number of employed graduates (under 10 graduates for median earnings and under 20 graduates for lower and upper quartile earnings).

    Disclaimer
    These results are based on information obtained by TEC from Statistics New Zealand’s Integrated Data Infrastructure (IDI). We try to the best of our ability to ensure that these results are true and accurate. However, TEC does not accept any liability for their accuracy or content.           
    These results are not official statistics; they have been created for research purposes from the IDI, which is carefully managed by Stats NZ. For more information about the IDI please see Integrated Data – Stats NZ.
    Access to the data used in this study was provided by Stats NZ under conditions designed to give effect to the security and confidentiality provisions of the Statistics Act 2022. The results presented in this study are the work of the author, not Stats NZ or individual data suppliers.
    The results are based in part on tax data supplied by Inland Revenue to Stats NZ under the Tax Administration Act 1994 for statistical purposes. Any discussion of data limitations or weaknesses is in the context of using the IDI for statistical purposes, and is not related to the data’s ability to support Inland Revenue’s core operational requirements.

    [1] For the example given in the table, the Year 1 cohort takes those who graduated in 2019 and measures their outcomes in the 2020 calendar/2021 tax year; adds those who graduated in 2020 measuring their outcomes in the 2021 calendar/2022 tax year; adds those who graduated in 2021 measuring their outcomes in 2022 calendar/2023 tax year and adds those who graduated in 2022 measuring their outcomes in 2023 calendar/2024 tax year.
    [2] Base 3 refers to a standard arithmetical term, when any number is rounded to the nearest multiple of 3 (eg. 3, 6, 9, etc). The rounding to a higher or lower number is randomly selected to hide the real number of people for confidentiality purposes.

    MIL OSI New Zealand News –

  • MIL-OSI: VERAXA Biotech to Attend Key Industry Conferences to Showcase BiTAC Technology Platform

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, May 29, 2025 (GLOBE NEWSWIRE) — VERAXA Biotech AG (“VERAXA”), an emerging leader in designing novel cancer therapies and proposed de-SPAC acquisition target of Voyager Acquisition Corp. (NASDAQ:VACH, “Voyager”), announced today it will be attending the upcoming ASCO Annual Meeting and BIO International Convention.

    At the conferences, Christoph Antz, CEO, and additional members of the VERAXA leadership team will be meeting with potential partners and investors, showcasing the Company’s novel Bi-targeted Tumor-Associated Cytotoxicity (BiTAC) platform, and sharing the Company’s growth plans as it prepares to list on the NASDAQ later this year. VERAXA is leveraging its proprietary BiTAC platform to develop highly specific dual-target oncology therapies with less off-tumor toxicity and enhanced tumor specificity. The Company is currently pursuing nine discovery and development programs comprised of next-generation bispecific antibody-drug conjugates (ADCs) and T-cell engagers (TCEs). Those wishing to schedule a meeting to learn more about VERAXA’s differentiated technology and approach are encouraged to contact Cristoph Antz at antz@veraxa.com.

    VERAXA will be accompanied by members of Voyager Acquisition Corp. as well as representatives from Cantor Fitzgerald, Voyager’s capital markets advisor. Cantor Fitzgerald, a leading global financial services group, will be providing certain capital markets advisory services to Voyager related to its proposed Business Combination with VERAXA.

    ASCO Annual Meeting
    DATE: May 30 – June 3, 2025
    VENUE: McCormick Place, Chicago, IL, USA
    TEAM: Connect with Christoph Antz (CEO); Heinz Schwer (CBO); Rick Austin (CSO); Christoph Erkel (Vice President Research & Development)
    EMAIL: Those interested in scheduling a meeting are invited to contact Christoph Antz (CEO) at antz@veraxa.com.
     
    BIO International Convention
    DATE: June 16 – 19, 2025
    VENUE: Boston Convention & Exhibition Center, Boston, MA, USA
    TEAM: Connect with Christoph Antz (CEO); and Katharina Billian-Frey (Manager Business Development)
    EMAIL: Those interested in scheduling a meeting are invited to contact Christoph Antz (CEO) at antz@veraxa.com.
     

    About VERAXA Biotech

    At VERAXA, we are building a premier engine for the discovery and development of next-generation antibody-based therapeutics, including bispecific ADCs, bispecific T cell engagers and other innovative formats. Powered by a suite of transformative technologies and guided by rigorous quality-by-design principles, we are rapidly advancing our pipeline of ADCs and proprietary BiTAC™ formats into clinical development and beyond. VERAXA was founded on scientific breakthroughs made at the European Molecular Biology Laboratory, a world-renowned institution known for pioneering life science research and cutting-edge technologies. For more information, please visit www.veraxa.com.

    On April 22, 2025, VERAXA entered into a definitive business combination agreement (the “Business Combination Agreement”) with Voyager Acquisition Corp., a Cayman Islands exempted company and special purpose acquisition company targeting the healthcare sector (NASDAQ: VACH, “Voyager”). Upon closing of the Business Combination Agreement, VERAXA is expected to become a publicly traded company listed on NASDAQ. The Company has retained Anne Martina Group as the M&A advisor on the transaction.

    About Voyager Acquisition Corp.

    Voyager is a special purpose acquisition company with a bold mission: to revolutionize the healthcare sector through a merger, stock purchase, or business combination. Our team of experienced executives includes unparalleled expertise in investing, operations, and medical innovation, supported by a vast network of connections. With these strengths, we not only seek to drive success but commit to scaling companies to unprecedented heights in the healthcare industry. For more information, please visit https://www.voyageracq.com.

    Participants In the Solicitation

    Voyager, VERAXA, and their respective directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from Voyager’s stockholders with respect to the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of Voyager’s directors and officers in Voyager’s filings with the SEC, including, when filed with the SEC, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, amendments and supplements thereto, and other documents filed with the SEC. Such information with respect to VERAXA’s directors and executive officers will also be included in the proxy statement/prospectus. You may obtain free copies of these documents as described below under the heading “Additional Information and Where to Find It”.

    Non-Solicitation

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

    Forward-Looking Statements

    This press release includes certain statements that may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, without limitation, statements about future events or Voyager’s or VERAXA’s future financial or operating performance. For example, statements regarding VERAXA’s anticipated growth and the anticipated growth and other metrics, statements regarding the benefits of the Business Combination, and the anticipated timing of the completion of the Business Combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology.

    These forward-looking statements regarding future events and the future results of Voyager and VERAXA are based on current expectations, estimates, forecasts, and projections about the industry in which VERAXA operates, as well as the beliefs and assumptions of Voyager’s management and VERAXA’s management. These forward-looking statements are only predictions and are subject to, without limitation, (i) known and unknown risks, including the risks and uncertainties indicated from time to time in the final prospectus of Voyager relating to its initial public offering filed with the SEC, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Voyager; (ii) uncertainties; (iii) assumptions; and (iv) other factors beyond Voyager’s or VERAXA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, VERAXA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Voyager and VERAXA therefore caution against relying on any of these forward-looking statements.

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Voyager and its management, VERAXA and its management, as the case may be, are inherently uncertain and are inherently subject to risks, variability and contingencies, many of which are beyond Voyager’s or VERAXA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement and any subsequent definitive agreements with respect to the Business Combination; (ii) the outcome of any legal proceedings that may be instituted against Voyager, VERAXA, or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (iii) the inability to complete the Business Combination due to the failure to obtain consents and approvals of the shareholders of Voyager, to obtain financing to complete the Business Combination or to satisfy other conditions to closing, or delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Business Combination Agreement; (iv) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (v) projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, and the estimated implied enterprise value of VERAXA; (vi) VERAXA’s ability to scale and grow its business, and the advantages and expected growth of VERAXA; (vii) VERAXA’s ability to source and retain talent, the cash position of VERAXA following closing of the Business Combination; (viii) the ability to meet stock exchange listing standards in connection with, and following, the consummation of the Business Combination; (ix) the risk that the Business Combination disrupts current plans and operations of VERAXA as a result of the announcement and consummation of the Business Combination; (x) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of VERAXA to grow and manage growth profitably, maintain key relationships and retain its management and key employees; (xi) costs related to the Business Combination; (xii) changes in applicable laws, regulations, political and economic developments; (xiii) the possibility that VERAXA may be adversely affected by other economic, business and/or competitive factors; (xiv) VERAXA’s estimates of expenses and profitability; (xv) the failure to realize estimated shareholder redemptions, purchase price and other adjustments; and (xvi) other risks and uncertainties set forth in the filings by Voyager with the SEC. There may be additional risks that neither Voyager nor VERAXA presently know or that Voyager and VERAXA currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of Voyager or VERAXA speak only as of the date they are made. None of Voyager or VERAXA undertakes any obligation to update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

    Additional Information and Where to Find It

    In connection with the Business Combination Agreement, Voyager and/or VERAXA intend to file relevant materials with the SEC, including the Registration Statement, which will include a proxy statement/prospectus of Voyager, and will file other documents regarding the proposed transaction with the SEC. This communication is not intended to be, and is not, a substitute for the proxy statement/prospectus or any other document that Voyager has filed or may file with the SEC in connection with the proposed transaction. When available, the definitive proxy statement and other relevant materials for the proposed transaction will be mailed or made available to stockholders of Voyager as of a record date to be established for voting on the proposed transaction.

    Before making any voting or investment decision, investors and stockholders of Voyager are urged to carefully read, when they become available, the entire registration statement, the proxy statement/prospectus, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, and the documents incorporated by reference therein, because they will contain important information about Voyager, VERAXA, and the proposed transaction. Voyager’s investors and stockholders and other interested persons will also be able to obtain copies of the registration statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, other documents filed with the SEC that will be incorporated by reference therein, and all other relevant documents filed with the SEC by Voyager in connection with the Transaction, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Voyager at the address set forth below.

    Contact

    BiTAC is a trademark of VERAXA Biotech AG.

    The MIL Network –