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Category: Politics

  • MIL-OSI: Driver Notifies Atea Pharmaceuticals of Withdrawal of Notice of Nomination

    Source: GlobeNewswire (MIL-OSI)

    States Change in Board Composition Sorely Needed

    Expresses Support for Radoff-JEC Group Nominees

    STAMFORD, Texas, March 31, 2025 (GLOBE NEWSWIRE) — Driver Management Company LLC (“Driver”) today delivered a letter to Atea Pharmaceuticals, Inc. (“Atea” or the “Company”) withdrawing a notice of nomination delivered to the Company on March 19, 2025 in order not to compete against the highly qualified candidates nominated for election to the Company’s board of directors (the “Board”) by Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”). In the letter, Driver expresses its view that change in the composition of the Board is sorely needed to ensure that potential strategic opportunities are evaluated based on what is best for Atea’s stockholders, not its management or directors. In addition, Driver informed the Company that it would fully support the election of the Radoff-JEC Group’s nominees at the Company’s 2025 annual meeting of stockholders.

    A copy of Driver’s letter is set forth below:

    *        *        *

    March 31, 2025

    Atea Pharmaceuticals, Inc.
    225 Franklin Street, Suite 2100
    Boston, MA 02110
    Attn: Andrea Corcoran, Chief Financial Officer, Executive Vice President, and Secretary

    Re:        Withdrawal of Notice of Nomination

    Dear Ms. Corcoran:

    As you are aware, by letter dated March 19, 2025, Driver Opportunity Partners III LP (“Driver”) delivered a notice (the “Notice of Nomination”) of its intention to nominate the undersigned for election to the board of directors (the “Board”) of Atea Pharmaceuticals Inc., (“Atea” or the “Company”) at Atea’s 2025 annual meeting (the “Annual Meeting”) of stockholders.

    Driver’s determination to deliver the Notice of Nomination was informed, in large part, by its concern that the Board does not understand that $5.75 is greater than $3.70.

    By way of context, on May 22, 2023, an affiliate of Tang Capital Partners, LP (“Tang”) made an offer (the “Tang Offer”) to acquire all the outstanding shares of Atea’s common stock for $5.75 per share in cash plus a contingent value right (a “CVR”) representing the right to receive 80% of the net proceeds payable from any license or disposition of Atea’s programs. The closing price per share of Atea’s common stock on May 19, 2023, the last trading day immediately preceding the date of the Tang Offer, was $3.70 per share. On May 30, 2023, the Board “unanimously rejected” the Tang Proposal, having concluded that the Tang Proposal “fundamentally undervalues the Company and [was] not in the best interests of Atea or its stockholders.” Today’s closing price per share of Atea’s common stock was $2.93.

    While the Tang Proposal may or may not have resulted in a transaction that would have delivered consideration to Atea’s stockholders of $5.75 per share plus a CVR, the speed with which the Board rejected the Tang Proposal, as well as its inability to demonstrate (at least as measured by the trading price for Atea’s common stock) that the Tang Proposal “undervalued” the Company or was “not in the best interests of Atea or its stockholders, is deeply concerning to Driver as a stockholder.” Specifically, Driver is concerned that the Board’s summary rejection of the Tang Proposal was not based on what was in the best interests of Atea’s stockholder, but what was in the best interests of Atea’s management and directors, particularly given the Company’s lavish compensation of directors (averaging to $333,099 for the year 2023) and its Chief Executive Officer (total compensation of $5,925,790 for the year 2023).

    Driver firmly believes that change in the composition of the Board is sorely needed to ensure that any potential strategic opportunities are evaluated based on what is best for stockholders, not the Company’s management and directors.

    Subsequent to Driver’s delivery of the Notice of Nomination to the Company, a stockholder group including Bradley Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”) announced that it had notified the Company of its intent to nominate three candidates for election to the Board at the Annual Meeting. Rather than compete with the Radoff-JEC Group’s nominees for proxy votes that would have the effect of removing one of the incumbent directors from the Board, Driver has determined to withdraw the Notice of Nomination, with such withdrawal evidenced by this letter, and express its full support for the Radoff-JEC Group’s nominees.

    Based on the Open Letter issued to Atea stockholders by the Radoff-JEC Group on March 26, 2025, Driver has every confidence that the Radoff-JEC Group’s nominees will ensure that any review of strategic opportunities will be based on what is in the best interests of Atea’s stockholders, not its management or Board.

    More to the point, Driver believes that the Radoff-JEC Group’s nominees understand that $5.75 is greater than $3.70.

    Regards,

    Driver Management Company LLC

    The MIL Network –

  • MIL-OSI United Kingdom: Welsh workers set for pay rise with new National Minimum Wage

    Source: United Kingdom – Executive Government & Departments

    Press release

    Welsh workers set for pay rise with new National Minimum Wage

    Up to 160,000 workers in Wales will receive a pay rise as the new National Living Wage and National Minimum Wage rates take effect. 

    • National Minimum Wage and National Living Wage increase will put more money in the pockets of up to 160,000 of the lowest paid workers in Wales.
    • Real-terms pay rise will boost wages by £1,400 per year for an eligible full-time worker.
    • New rates put more money back into the pockets of working people, boost living standards and kickstart growth as part of the Plan for Change.

    Up to 160,000 workers in Wales will today (Tuesday 1 April) receive a pay rise as the new National Living Wage and National Minimum Wage rates take effect. 

    Full-time workers on the National Living Wage will see a real-terms pay increase of £1,400 per year, helping to provide families with better financial stability, improve living standards and kickstart growth as part of the Plan for Change.

    This uplift will deliver security for working people and ease the pressure on their day-to-day finances. It also allows for further workers to potentially benefit from positive spill-over impacts including possible wage increases for those already earning more than the legal minimum.

    Business Secretary Jonathan Reynolds said:

    We promised to make low pay a thing of the past. Now, as part of our Plan to Make Work Pay and the biggest upgrade to workers’ rights in a generation, we are delivering that.

    Low pay is not only bad for workers, it prevents them from spending on our high streets and allowing local businesses to achieve their full potential.

    By ensuring that everyone gets a fair wage for the hours they work, we’re delivering the financial stability needed to kick-start economic growth and ensure our country is fit for the future

    Employment Rights Minister Justin Madders said: 

    Hard work deserves to be rewarded and this Government’s Plan to Make Work Pay is making that a reality.

    We’re raising the floor for workers from Cardiff to Colwyn Bay, putting more money into their pockets and delivering the increased living standards needed to kickstart economic growth across Wales.

    The full increases from 1 April 2025 are:

    • National Living Wage (21+) has increased 6.7%, from £11.44 to £12.21 per hour
    • National Minimum Wage (18-20) has a record increase of 16.2%, from £8.60 to £10 per hour
    • National Minimum Wage (under 18) has increased 18%, to £7.55 per hour
    • Apprentice Rate has the largest increase of 18%, from £6.40 to £7.55 per hour
    • Accommodation Offset of £10.66 per day

    The Secretary of State for Wales Jo Stevens said:

    Today thousands of the lowest paid workers in Wales will receive a pay rise worth £1,400 a year to help with household bills and improve living standards.

    Families across Wales will see this increase in their pay packets from today as the UK Government puts more money in the pockets of working people.

    This UK Government is unashamedly pro-worker which is why this year is the first where the Low Pay Commission, the body which recommends wage rates, was instructed to include the cost of living and inflation in its assessment. 

    On top of this the Employment Rights Bill, a key pillar in the Plan to Make Work Pay, will release an additional £600 a year to some of the lowest paid workers. This will ensure that these workers receive an uplift to wages that delivers better quality of life. 

    Workers in Wales have earned this pay rise and they need to make sure they get it. Visit gov.uk/checkyourpay to check if you are eligible.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: $10m a month wasted on redundant contact tracing

    Source: ACT Party

    “ACT can reveal that taxpayers are footing the bill for pointless contact tracing that should have been scrapped when Omicron made it redundant,” says ACT’s Leader David Seymour.

    “Written parliamentary questions show the Government is still spending $10.2 million a month on contact tracing, despite contact tracers being unable to reach enough potential contacts or fast enough to ever be of any use in light of Omicron’s higher transmissibility.

    “The Government’s response to COVID has become increasingly costly and ineffective as the virus has evolved they’ve failed to change with it. Now we’re stuck with redundant policies that were designed for a different variant and exist only as a financial burden.

    “The reality is that most people don’t even report their positive results anyway.

    “$10 million would fund 33 cystic fibrosis patients with Trifakta for a year, 71,000 mental health counselling sessions, and is ten times more than what Hospice NZ needs – but this Government seems to think it is better off spent on empty call centres that are providing no benefit to New Zealanders.

    “ACT says that any COVID restrictions or services that aren’t protecting our health system in any tangible way should just go. They’re a needless expense at a time when reckless Government spending is fuelling out of control domestic inflation.

    “Getting rid of contact tracing would save taxpayers millions and is an important symbol that we’re moving on and getting our way of life back. It should be done immediately.”

    The Written Parliamentary Question can be found here.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: 1500 empty rooms in MIQ shows Government’s poor planning

    Source: ACT Party

    “ACT welcomes the news that migrant families who have been cruelly separated for far too long will be reunited, but 1500 empty MIQ rooms shows there’s no reason both them and desperately needed workers can’t be here now,” says ACT Leader David Seymour.

    “As of today in MIQ there are 1,500 empty rooms. The Government has been planning the Trans-Tasman bubble for months, it should have planned ahead so those spaces that have been freed up were filled immediately. It’s just poor planning to leave rooms empty while families are torn apart and businesses are crying out for workers.

    “If this really is the Government of “kindness” it would have ensured that families could have been together at the earliest possible opportunity. Stories of parents and children not seeing other for a year, or husbands and wives being separated were completely unnecessary.

    “If this really was the Government of “kindness” it wouldn’t leave business on the brink of collapse because they can’t get workers and it wouldn’t leave fruit rotting on the ground. There is nothing kind about leaving these rooms empty.

    “Just a bit of forward planning would have stopped this from happening. Unfortunately we have a Government that is entirely reactive and doesn’t seem to be able plan anything in advance.

    “This lack of clarity is having a huge mental and economic toll, not just here but in the Pacific Islands.

    “The Government needs to stop playing politics with people’s livelihoods and emotions. It’s time to do the right thing. We have an opportunity now to fill these rooms with people who will make a real contribution to New Zealand, let’s not let the opportunity pass us by.”

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Victims attend parole hearings to see offenders held to account

    Source: United Kingdom – Executive Government & Departments

    Press release

    Victims attend parole hearings to see offenders held to account

    Victims can attend the parole hearings of their perpetrators from today (1 April) as part of the Government’s Plan for Change.

    • Victims in England and Wales can now observe private Parole Board hearings
    • Victims in pilot phase praise level of scrutiny faced by offenders
    • Part of Safer Streets mission to improve and increase confidence in the justice system

    For the first time, victims from across England and Wales will be able to apply to observe private Parole Board hearings held to decide if a prisoner is safe to be released.

    It will let victims see first-hand how offenders are held accountable for their crimes, their subsequent behaviour in prison and their work to prove they can live law-abiding lives if released.

    A pilot in the South West of England and Greater Manchester found victims were reassured to see the level of scrutiny that prisoners are put under before any decision to release them is made.

    It is hoped, therefore, that these changes will provide more victims with a greater understanding of the decisions made by the Parole Board while ensuring they feel more involved in the process.

    Minister for Victims and Violence Against Women and Girls, Alex Davies-Jones, said:

    For too long, victims have been locked out of the parole system.

    As part of our Plan for Change, we are now giving victims the right to see how offenders are challenged when up for parole.

    This Government is improving our justice system to ensure it serves victims better.

    Even when the Parole Board makes the decision to release an offender on licence, they are then supervised by the Probation Service and subject to strict conditions, such as curfews and exclusion zones that prevent them approaching their victims. Offenders face going back to prison if they break the rules.

    The Parole Board is an independent body that carries out risk assessments on prisoners to determine whether they can be safely released into the community on licence conditions or moved to an open prison.

    Victims who are part of the Victim Contact Scheme will apply to the Parole Board to attend hearings with the help of their victim liaison officer and those who are successful in applying will observe remotely so they don’t have to sit with the perpetrator.

    They will then be provided with in-person support during the hearing and victims will be directed towards additional support following the proceedings, such as counselling, if necessary.

    Anna, a victim who attended a parole hearing as part of the pilot, said:

    Observing the hearing was a surprisingly positive process for us. It has helped us to draw a line under the whole chapter and move on.

    Witnessing the level of care taken by the Parole Board instilled in me genuine confidence regarding how the offender will be managed upon release.

    Before the parole hearing, I had some unanswered questions. Observing the hearing helped me answer many of these.

    The Victims’ Commissioner for England and Wales, Baroness Newlove, said:

    As someone who has been through the parole process, I welcome this national rollout. This is a vital step towards lifting the lid on a system that has long felt closed off to victims, helping them feel more meaningfully involved rather than bystanders to proceedings.

    As the rollout begins, it is crucial that victims are provided with all the information they need to make an informed choice about whether to apply – and to understand what to expect if their application is successful- alongside access to guidance and support at every stage of the parole hearing process. Open justice should always be encouraged, but victim welfare must remain paramount.

    This latest reform to the Parole Board process follows new measures which will be implemented later this year to introduce a Ministerial check on the release of the most dangerous offenders.

    This power will give Ministers better oversight of the release of the most serious offenders by allowing them to refer certain cases directly to the High Court for a second check.

    Further Guidance:

    • Victims will not be able to observe the entire hearing, as certain evidence must be heard in private, such as that relating to risk management.
    • The pilot began in September 2022 in the South-West Probation Region and was expanded to Greater Manchester in September 2023.
    • The Government’s ‘Understand Your Rights’ Victims’ Code campaign raises awareness of the Victims’ Code and highlights that it is there for every victim, whatever the crime. The campaign directs users to understand their rights at Your rights as a victim of crime – Victim and Witness Information

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ditch single-use vapes as ban deadline looms

    Source: United Kingdom – Executive Government & Departments

    Press release

    Ditch single-use vapes as ban deadline looms

    Shops encouraged to sell all remaining stock before 1 June 2025 deadline

    Single-use vapes in a green field

    High street shops and convenience stores are today (Tuesday 1 April) being urged to deplete their stocks of single-use vapes ahead of new legislation coming into force banning their sale.

    The deadline for selling any remaining single-use vapes was confirmed as 1 June 2025 when legislation was laid in parliament last year, with a government consultation showing overwhelming support for restricting their sale and supply.

    Analysis by Material Focus found an estimated 8.2 million vapes are now thrown away or littered every week in the UK, which is the equivalent of 13 each second. However, recycling single-use vapes is notoriously arduous, with waste industry workers needing to take them apart by hand which can be a slow and costly process. Their contents also present a fire risk to recycling facilities and can leak harmful chemicals into the environment.

    With under two months until the ban comes into force, businesses must take action now to ensure they are prepared for its implementation. This includes ensuring all remaining stocks of single-use vapes are sold, and only buying vapes that follow the new regulations.

    If businesses have any single-use vapes in their possession after 1 June 2025, they will not be able to sell them to shoppers and must ensure they are disposed of safely.

    Waste Minister Mary Creagh said:

    For too long, single-use vapes have littered our streets, wasted valuable resources and harmed wildlife. 

    Our ban comes into force in just a few weeks so businesses must play their part by running down stocks and ensuring the remainder are collected for recycling. 

    The Government is committed to moving towards a more circular economy, where we use, repair and refill things for longer, to reduce waste.

    Scott Butler, executive director of Material Focus, said:

    The upcoming ban will take some of the most environmentally wasteful vape models off the market. But it is important now and going forwards that vape producers and retailers meet their long-standing obligations to provide and pay for the takeback and recycling of all types of vapes sold historically and in the future.

    This means offering in store takeback wherever they are sold and financing the costs of recycling and recovering the materials from them to support a more sustainable and circular economy.

    Material Focus has produced a vapes briefing paper that explains how vape retailers and producers can do this and also provides guidance for local authorities.

    Minister for Public Health and Prevention, Ashley Dalton, said:

    Single-use vapes are one of the most wasteful products on our high streets, with 13 being thrown away every second across the UK.

    But this isn’t just an environmental crisis – it’s a public health one too. Single-use vapes, often sweet in flavour, are the product of choice for many young people, drawing a new generation into nicotine addiction.

    The ban will complement the world-leading Tobacco and Vapes Bill, which will tackle youth vaping and safeguard our children’s health. I urge retailers to plan accordingly, as we work together to create a cleaner, greener, and healthier Britain for future generations.

    In England, any businesses which fail to comply with the ban could face a stop notice or a fine of £200 in the first instance, with all products seized by Trading Standards. If any further infractions occur, they could be hit with an unlimited fine or be prosecuted.

    The ban is part of the government’s commitment to end the avalanche of rubbish filling our high streets, countryside, and oceans. The government’s action to clean up Britain doesn’t end there – with further moves to ensure the throwaway society is ended for good. 

    Last week, Environment Secretary Steve Reed set out his vision for delivering the revolutionary drive to create a truly circular economy, changing the relationship with the goods we use.

    British businesses are leading the charge in showing what is possible when this forward-thinking approach is adopted. Working with the Circular Economy Taskforce, the Government will work with the first five priority sectors to make the greatest difference – textiles, transport, construction, agri-food and chemicals & plastics.

    The Government has also taken action against stagnating recycling rates and the reliance on the burning of household waste by announcing that new waste incinerators will only receive planning approval if they meet strict new local and environmental conditions.  

    The Government has also announced that a £15 million government fund will help deliver thousands of tonnes of food from farms which would otherwise go to waste to those who need it most.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Over £20 million to help drones and flying taxis take to UK skies

    Source: United Kingdom – Executive Government & Departments

    Press release

    Over £20 million to help drones and flying taxis take to UK skies

    We want the UK to have an advanced aviation ecosystem where everyone can benefit from new technology while tackling emissions.

    • drone operations for emergency services and eco-friendly flying taxi services receive over £20 million to make everyday use a reality 
    • funding will also support the regulatory pathway that could see air taxis in use from 2028 
    • government, industry and regulator leaders meet to discuss aviation innovation, which will drive growth to propel the government’s Plan for Change

    Drone services at a commercial scale and flying taxis could soon be a reality as the Aviation Minister confirms over £20 million funding today (1 April 2025) to launch new flight technologies.  

    The new funding will unlock barriers to growth – which is the priority of the Plan for Change – and maximise opportunities for better and cheaper public services while cutting carbon emissions.

    It is designed to advance aviation tech to support healthcare for the NHS, assist police forces in combatting crime, help inspect and survey critical infrastructure and unlock delivery services for businesses and communities across the country.   

    As part of this, both the Aviation Minister and Science Minister have today also set out how the Department for Transport (DfT), Civil Aviation Authority (CAA) and the new Regulatory Innovation Office (RIO) in the Department for Science, Innovation and Technology (DSIT) will streamline regulatory processes to support the commercialisation of the industry. 

    Aviation Minister, Mike Kane, said:  

    I want the UK to have the most advanced aviation technology ecosystem in the world.  

    That means creating a nimble regulatory environment and a culture of innovation so everyone can benefit from cutting-edge transport while tackling emissions, traffic and potentially saving lives. 

    Our investment alongside the new Future of Flight industry group will bring together tech experts, drone operators, flying vehicle manufacturers and local communities to identify where change needs to happen.

    With safety at the heart of these advancements, the RIO is driving smarter regulation to cut red tape while ensuring high safety standards. It will support DfT and CAA in enabling faster, integration of drones and flying taxi industries, helping businesses grow and innovate.

    This includes consulting on the mandatory use of new electronic conspicuity standards and technologies, which allow aircraft to share their location electronically, helping drones and crewed aircraft fly safely alongside each other. By making approvals quicker and operations more efficient, this will open new opportunities for the industry while maintaining the highest safety standards.

    Science Minister, Lord Vallance, said:

    These regulatory reforms for drones – requiring all aircraft to share their location – will make drone operations safer and therefore speed up approvals, allowing them to operate near airports and simplifying their use for delivering medical supplies – while unlocking further commercial opportunities.

    This is a practical step to cut red tape and a great piece of progress for the Regulatory Innovation Office, growing the UK’s position as a world leader in emerging technologies and helping drive the growth that will deliver our Plan for Change.

    In addition, as previously confirmed by the Chancellor, plans are now underway to simplify regulations to enable 2-year airspace change for drone operations. This will enable operators to fly safely for longer and gather data to inform future services.    

    Other changes will simplify regulations to enable emergency services including firefighters and paramedics to use drone services, as well as noise exemptions for drone trials within the Airspace Change Process, and simplifying the drone operational application process to enable them to get flying faster and easier.

    Furthermore, the regulator, drone operators, flying vehicle innovators and local authorities will come together with government at the Future of Flight industry group to help guide the government on its mission to transform technology in aviation. 

    Part of the government’s Plan for Change, the group will focus on how to unlock the benefits of future aviation technologies to propel the country’s economic growth forward. It will look at how government can harness the potential of technology and create a culture of innovation, with the aim of improving everyday challenges like emergency across the public sector face, while helping cut carbon emissions. 

    The Minister for Aviation will co-chair the group, alongside Duncan Walker, CEO of Skyports.

    Duncan Walker, CEO of Skyports and Co-Chair of the Future of Flight industry group, said:

    This additional government funding is a vital boost for the UK’s leadership in next-generation aviation. This investment will accelerate the development and deployment of innovative flight technologies, from complex drone operations to advanced air mobility solutions. 

    I welcome this commitment, which will not only drive progress towards a more sustainable and connected future but also deliver significant economic benefits, high-value jobs and export opportunities across the UK. I look forward to continuing to work in close partnership with government and the regulator to turn these opportunities into reality.

    The funding will be divided between the CAA, receiving £16.5 million in 2025 to 2026, to deliver a regulatory programme to enable drones to fly beyond visual line of sight (BVLOS) and progress toward routine use of air taxis (eVTOLs) in UK skies.  

    This includes publishing a piloted eVTOL ‘roadmap’, development of ‘drone pathways’ for industry to follow and consulting on concept of operations for uncrewed traffic management (UTM) and Detect and Avoid (DAA) technology. This will make it quicker and easier for industry to prove the safety of these new technologies, deliver the necessary digital infrastructure and make sure that people, property and other aviation remain safe and secure when these new technologies fly in our skies. 

    Stuart Simpson, CEO of Vertical Aerospace, said:

    Flying taxis will transform the way we move — making it quicker, quieter and cleaner to travel while connecting communities and supporting essential services.

    The UK has an incredible opportunity to lead the world in this new era of aviation, delivering not just greener transport but real economic growth and skilled jobs.

    This latest funding is another welcome step towards seeing that ambition realised and our world-leading aircraft flying in British skies from 2028.

    In addition, the Future Flight Challenge will receive up to £5 million from DfT and Innovate UK, to support industry to turn these new technologies into profitable business that benefits communities and support growth. This will include regional demonstrations and supporting development of commercial drone and air taxi solutions.

    Mike Biddle, Executive Director of Net Zero, Innovate UK, said:

    Innovate UK is excited to build on the highly successful work of the Future Flight Challenge by working in partnership with DfT through this joint funding. We look forward to working with industry, end-users, DfT, DSIT and the CAA as we accelerate the transition from innovation to commercial operations.

    Aviation, Europe and technology media enquiries

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    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New cyber laws to safeguard UK economy & secure long-term growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    New cyber laws to safeguard UK economy & secure long-term growth

    The government sets out the scope and ambition of the Cyber Security and Resilience Bill for the first time today.

    New cyber laws to safeguard UK economy and secure long-term growth.

    • Plans set out to bolster UK’s online defences, protect the public and safeguard growth – the central pillar of the UK government’s Plan for Change. 
    • New measures will boost protection of supply chains and critical national services, including IT service providers and suppliers. 
    • Cyber Security and Resilience Bill to be introduced later this year to face down growing range of online threats.

    Hospitals and energy suppliers are set to boost their cyber defences under the new Cyber Security Bill, protecting public services and safeguarding growth as government delivers its Plan for Change.

    This will ensure firms providing essential IT services to public services and the wider economy are no longer an easy target for cyber criminals. 1,000 service providers will fall into scope of measures expected to be introduced later this year.

    The move forms part of the government’s drive to secure Britain’s future through the Plan for Change, delivering security and renewal by strengthening our critical infrastructure. It will give the British public, businesses and investors greater confidence in digital services – supporting the government’s mission to kickstart economic growth.

    Cyber threats cost the UK economy almost £22 billion a year between 2015 and 2019 and cause significant disruption to the British public and businesses. Last summer’s attack on Synnovis – a provider of pathology services to the NHS – cost an estimated £32.7 million and saw thousands of missed appointments for patients. Figures also show a hypothetical cyber-attack focused on key energy services in the South East of England could wipe over £49 billion from the wider UK economy.

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

    Economic growth is the cornerstone of our Plan for Change, and ensuring the security of the vital services which will deliver that growth is non-negotiable.

    Attempts to disrupt our way of life and attack our digital economy are only gathering pace, and we will not stand by as these incidents hold our future prosperity hostage. 

    The Cyber Security and Resilience Bill, will help make the UK’s digital economy one of the most secure in the world – giving us the power to protect our services, our supply chains, and our citizens – the first and most important job of any government.

    Health and Social Care Secretary Wes Streeting said:

    Cyber attacks are becoming increasingly sophisticated and create real risks for our health service if we do not act now to put the right protections in place.

    We are building an NHS that is fit for the future. This bill will boost the NHS’s resilience against cyber threats, secure sensitive patient data and make sure life-saving appointments are not missed as we deliver our Plan for Change.

    The government is also exploring additional measures to make sure it can respond effectively to new cyber threats and take rapid action where needed to protect the UK’s national security. This includes giving the Technology Secretary powers to direct regulated organisations to shore up their cyber defences – putting the UK in the strongest possible footing to defend against new and existing threats.

    Another potential avenue may include new protections for more than 200 data centres – bolstering the defences of one of the main drivers of economic growth and innovation, including through AI. Data centres process mountains of data which they need to churn out new products which have become commonplace everywhere from banking and online shopping to booking holidays and staying in touch with friends and family. The government will now consider the best route to deliver these additional measures.       

    In the year to September 2024, the National Cyber Security Centre (NCSC) managed 430 cyber incidents, with 89 of these being classed as nationally significant – a rate of almost two every week. The most recent iteration of the Cyber Security Breaches Survey also highlights 50% of British businesses suffering a cyber breach or attack in the last 12 months, with more than 7 million incidents being reported in 2024. 

    To face down this threat, the Cyber Security and Resilience Bill will ensure the vital infrastructure and digital services the country relies on are more secure than ever, as the government sets out its legislative ambitions for the first time today.

    Richard Horne, NCSC CEO, said:

    The Cyber Security and Resilience Bill is a landmark moment that will ensure we can improve the cyber defences of the critical services on which we rely every day, such as water, power and healthcare.

    It is a pivotal step toward stronger, more dynamic regulation, one that not only keeps up with emerging threats but also makes it as challenging as possible for our adversaries.

    By bolstering their cyber defences and engaging with the NCSC’s guidance and tools, such as Cyber Assessment Framework, Cyber Essentials, and Avctive Cyber Defence, organisations of all sizes will be better prepared to meet the increasingly sophisticated challenges.

    While the legislation will arm the UK with the cyber defences it needs to meet the challenges of today, it also includes measures to ensure a swift response to new threats which emerge in the future. To do this, the Technology Secretary will be given powers to update the regulatory framework to keep pace with the ever-changing cyber landscape.

    Confirmed in last year’s King’s Speech, today marks the first time the government has shared full details on its plans for the Cyber Security and Resilience Bill, which will be introduced to Parliament this year. 

    The legislative proposals follow other government recent action to boost UK cyber security, including a new, world-leading AI cyber security standard to protect AI systems, a new international coalition to boost cyber skills and the Cyber Local programme to support the UK’s rapidly growing £13.2 billion cyber security industry, which has created 6,600 new jobs in the past year.

    Further Information

    A full copy of the policy statement containing details of the measures in the Cyber Security and Resilience Bill policy statement will be published today.

    Figures on the economic impact of a hypothetical cyber incident targeting the South East’s energy structure (PDF) by the University of Cambridge. 

    If the proposals are adopted:

    • More organisations and suppliers will need to meet robust cyber security requirements, including data centres, Managed Service Providers (MSPs) and critical suppliers. This means third-party suppliers will need to boost their cyber security in areas such as risk assessment to minimise the possible impact of cyber- attacks, while also beefing up their data protection and network security defences. 
    • Regulators will have more tools to improve cyber security and resilience in the areas they regulate, with companies required to report more incidents to help build a stronger picture of cyber threats and weaknesses in our online defences. 
    • The government would have greater flexibility to update regulatory frameworks when needed, to respond swiftly to changing threats and technological advancement. This could include extending the framework to new sectors or updating security requirements.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: 2025 Prescribed Burn program commences

    Source: Northern Territory Police and Fire Services



    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 01/04/2025

    The ACT Parks and Conservation Service (PCS) 2025 prescribed burn program commences today and will run until the beginning of winter.

    The ACT Government undertakes an annual prescribed burn program each year which enhances the ecological and cultural values our local environment, while reducing the risk of bushfires and helping keep Canberrans safe.

    Cultural burns also take place during this period, which provides the opportunity for traditional owners to lead, share, and pass on cultural fire knowledge while achieving the program’s ecological or hazard reduction goals.

    Extensive planning and on-ground fire management occurs to protect sensitive ecological values within burn areas and contain operations.

    The following locations have been identified as part of this year’s program, noting that burns are only undertaken in suitable weather conditions:

    • Hardy Range
    • Bullen Range
    • Googong
    • Black Mountain
    • Uriarra
    • Pinnacle Reserve
    • O’Connor Ridge
    • Kowen
    • Mt Taylor
    • Mcquoids Hill Nature Reserve
    • Denman Prospect
    • Gungahlin
    • Old Mill Road
    • Molonglo
    • Jerrabomberra Grasslands Reserve
    • Jerrabomberra Wetland Reserve
    • Urambi Hills
    • Tidbinbilla Nature Reserve
    • Crace Grassland Reserve
    • Gubur Dhaura
    • Mount Pleasant
    • Pialligo

    Additional burns may also be conducted during the season as appropriate. All burns are notified on the ACT Parks website.

    All safety precautions will be in place throughout the duration of the program. This includes buffer zones, signage and sweeps of the area prior to all operations.

    Fire crews will be on the ground monitoring and patrolling each of the prescribed burns to its conclusion, so the public do not need to be alarmed of any additional emergency vehicles or aircraft operating in these impacted areas.

    Smoke, flame, and glowing embers may be seen at these sites, which is normal for these types of operations. The public are asked not to call emergency triple-zero unless they see any unattended fire.

    Prescribed burns are an important part of the ACT’s annual Bushfire Operations Plan to enhance ecological quality, reduce the risk of bushfires and help keep Canberrans safe. Read more about bushfire management including the Bushfire Operations Plan on the ACT Government website.

    For more information on the locations of the prescribed burns this year and to stay up to date on the upcoming prescribed burns in your location, visit the ACT Parks website.

    – Statement ends –

    ACT Environment, Planning and Sustainable Development Directorate | Media Releases

    Media Contacts

    «ACT Government Media Releases | «Directorate Media Releases

    MIL OSI News –

  • MIL-OSI: QCI’s Andrew Cardno to Speak on “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming” at the Indian Gaming Association Trade Show

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is pleased to announce that Andrew Cardno, Chief Technology & Growth Officer (CTO) at QCI, will be presenting at the Indian Gaming Association Trade Show on April 3rd at noon in San Diego, California. His session, titled “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming,” will delve into how artificial intelligence and data analytics are rapidly transforming the gaming industry, particularly within tribal gaming operations.

    Session Description

    AI and data analytics are transforming the gaming industry, offering powerful tools to predict player behavior, optimize operations, and enhance engagement. This session explores how tribal gaming can harness AI-driven insights while balancing innovation with privacy and cultural identity. Attendees will learn how predictive analytics will shape the future of iGaming, sports betting, and casino operations.

    Key Discussion Points

    • How AI-driven insights are reshaping tribal gaming operations
    • Leveraging predictive analytics for player retention, engagement, and profitability
    • Balancing innovative technologies with cultural identity and privacy concerns
    • Future projections for iGaming, sports betting, and casino operations

    Expert Insights

    “Tribal gaming stands on the precipice of unprecedented transformation through AI and analytics,” said Andrew Cardno, CTGO of QCI. “We look forward to showcasing how predictive modeling and data-driven insights can help tribal gaming enterprises remain competitive while preserving their cultural heritage.”

    “We are thrilled to have Andrew Cardno share QCI’s forward-thinking approach at our trade show,” said Victor Rocha, Conference Chair for the Indian Gaming Association. “His expertise in AI, analytics, and the tribal gaming market will provide an invaluable perspective to operators, regulators, and stakeholders alike.”

    For more information on Andrew Cardno’s session or to register for the Indian Gaming Association Trade Show, visit www.indiangaming.org

    ABOUT The 2025 Indian Gaming Tradeshow and Convention
    As the premier events for the tribal gaming community, the Indian Gaming Tradeshow & Convention and Mid-Year Conference & Expo deliver the insight and strategies you need to rise to the top of the competitive gaming industry landscape. There’s no better opportunity to meet industry leaders, access cutting-edge trends and celebrate a proud tradition of success. For more information visit: www.indiangamingtradeshow.com.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Victor Rocha
    Victor Rocha holds the distinguished position of Conference Chairman for the Indian Gaming Association, while also leading Victor-Strategies as its president. As the owner and publisher of Pechanga.net, he has been deeply engaged in the political landscape of U.S. tribal gaming since 1998. Rocha’s outstanding contributions to the industry have been recognized through numerous accolades, such as AGEM’s 2023 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communication, the National Center for American Indian Enterprise Development’s 2015 Tribal Gaming Visionary Award, the American Gaming Association’s 2013 Lifetime Achievement Award for Gaming Communications, Raving’s 2012 Casino Marketing Lifetime Achievement Award, the National Indian Gaming Association’s 2002 Outstanding Contribution to Indian Country, VCAT’s 2001 Catalyst Award, and Global Gaming Business Magazine’s 2000 “40 Under 40” list.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI USA: Rosen, Cortez Masto Help Introduce Bill to Expand Affordable Housing Access in Fast-Growing Cities

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Despite Population Booms In Recent Decades, Cities Like Las Vegas Receive Far Fewer Affordable Housing Vouchers Than Smaller, Older Cities
    WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV), Catherine Cortez Masto (D-NV), and Ruben Gallego (D-AZ) introduced the Housing Choice Vouchers Fairness Act to update the U.S. Department of Housing and Urban Development’s (HUD) decades-old Housing Choice Voucher allocation formula so fast-growing cities like Las Vegas can access more of them. The Housing Choice Voucher Program is the federal government’s major program that helps low-income families, elderly and disabled individuals, and veterans afford housing in the private market. 
    Currently, the federal formulas that allocate vouchers are based on outdated population calculations dating back to the 2000 census. This legislation authorizes an additional two billion dollars in funding for the Housing Choice Voucher program to make sure public housing authorities that represent the country’s 25 fastest-growing cities with a population of over 100,000 can provide enough vouchers to meet the needs of their populations.
    “Nevada is facing an affordable housing crisis, and it makes no sense that an outdated allocation formula is preventing us from receiving our fair share of federal housing vouchers,” said Senator Rosen. “That’s why I’m helping to introduce a bill to update the formula and provide additional funding to fast-growing cities like Las Vegas. I’ll keep pushing for solutions to lower housing costs for Nevada families.”
    “Las Vegas is one of the fastest growing cities in the country, and as our population expands, so does our need for affordable housing,” said Senator Cortez Masto. “Current housing voucher programs aren’t cutting it, and this legislation would fill that gap to help working Nevada families find homes.”
    Senators Rosen and Cortez Masto are working to lower housing costs and prevent housing prices from increasing further. Earlier this month, Rosen sent a letter urging the Trump Administration to reverse course on imposing tariffs on Canada and Mexico, which can raise housing construction costs. Senator Rosen also recently introduced bipartisan legislation to invest in the construction workforce to be able to build more housing and help lower costs. Last year, Senator Rosen urged HUD to increase the Southern Nevada Regional Housing Authority’s (SNRHA) Housing Choice Vouchers allocation by 10,000 vouchers over five years.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Establishes the United States Investment Accelerator

    Source: The White House

    ACCELERATING INVESTMENT INTO AMERICA’S ECONOMY: Today, President Donald J. Trump signed an Executive Order establishing the United States Investment Accelerator.

    • The Order establishes an office within the Department of Commerce named the United States Investment Accelerator, meant to facilitate and accelerate investments above $1 billion in the United States.
    • The Investment Accelerator will encourage companies to make large investments in the United States by: (1) reducing regulatory burdens; (2) speeding up permitting; (3) coordinating responses to investor issues across multiple Federal agencies; (4) increasing access to national resources; (5) facilitating collaboration with national laboratories; and (6) working with all 50 state governments and their economic development organizations, in each case according to applicable law.
    • The Investment Accelerator will be responsible for administering the CHIPS Program Office, where it will deliver the benefit of the bargain for taxpayers, negotiating much better CHIPS Act deals than the previous Administration.

    UNLEASHING ECONOMIC PROSPERITY: President Trump believes it is in America’s interest that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States.

    • The United States is the most powerful economy in the world, but slow, complex, and burdensome regulations make domestic and foreign investment harder than necessary.
    • An Investment Accelerator is needed to cut through red tape and ensure that businesses can quickly deploy capital and create jobs without navigating a maze of bureaucratic hurdles.
    • By streamlining processes, the Accelerator will attract both foreign and domestic investment, reinforcing America’s position as the premier destination for large-scale investment.

    SECURING AMERICA’S ECONOMIC FUTURE: President Trump is driving massive private investment and strengthening the United States economy through bold ideas that streamline government processes and put America first.

    • Thanks to President Trump’s leadership, the United States has already secured more than $3 trillion in private investments during his second term.
    • Last month, President Trump signed a memorandum aimed at promoting foreign investment while protecting America’s national security interests.
    • With the Investment Accelerator in place, President Trump is supercharging the flow of capital into the United States, boosting prosperity across the nation.

    MIL OSI USA News –

  • MIL-OSI USA News: Establishing the United States Investment Accelerator

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  The United States is the most powerful economy in the world, but slow, complex, and burdensome American regulatory processes at every stage of a company’s development and operation make significant domestic and foreign investment harder than necessary.  Regulations hamper investment, permitting, and site selection, and numerous overlapping Federal, State, and local legal regimes with complex and often duplicative requirements significantly delay construction.  It is in the interest of the American people that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States.

    Sec. 2.  Policy.  It is the policy of the United States to modernize its processes to attract substantial domestic and foreign investment in the United States and to actively assist those building here for the benefit of our Nation’s economic prosperity to unleash investment from our small businesses to the largest companies.

    Sec. 3.  The United States Investment Accelerator.  (a)  Within 30 days of the date of this order, the Secretary of Commerce, in coordination with the Secretary of the Treasury and the Assistant to the President for Economic Policy, shall establish within the Department of Commerce an office named the United States Investment Accelerator (Investment Accelerator).  The Investment Accelerator shall facilitate and accelerate investments above $1 billion in the United States by assisting investors as they navigate United States Government regulatory processes efficiently, reduce regulatory burdens where consistent with applicable law, increase access to and use of our national resources where appropriate and consistent with applicable law, facilitate research collaborations with our national labs, and work with State governments in all 50 States to reduce regulatory barriers to, and increase, domestic and foreign investment in the United States. 
    (b)  The Investment Accelerator shall be headed by an Executive Director and staffed with legal, transactional, operational, and support staff as directed by the Secretary of Commerce.  The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration.
    (c)  The Investment Accelerator shall identify any existing mechanisms, exceptions, and opportunities in Federal law that can be used to assist foreign and domestic investors, consistent with the protection of national security. 

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                   DONALD J. TRUMP

    THE WHITE HOUSE,
        March 31, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson leads defense to SCOTUS of President Trump’s efforts to deport violent Tren De Aragua gang Read More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson co-led a coalition of 27 attorneys general in defending the Trump administration’s recent actions to combat Venezuelan gang Tren de Aragua. The attorneys general are also calling for a stay of the district court’s recent Temporary Restraining Order (TRO) that halts President Trump’s actions to address this violent and dangerous newly designated foreign terrorist organization, and that the Supreme Court will rule overall to vacate the district court’s decision.   

    “Labeling Tren de Aragua as a foreign terrorist organization makes it crystal clear—these aren’t just criminals, they’re terrorists operating as an arm of the Venezuelan government,” said Attorney General Wilson. “Yet, instead of supporting President Trump’s rightful authority to secure our nation, the district court is trying to tie his hands. Let’s be clear—this isn’t ordinary crime slipping through the cracks. It’s a full-scale invasion by foreign terrorists, and ignoring it puts American lives in grave danger. The Supreme Court must reaffirm that protecting our nation is the President’s constitutional duty. If they don’t, we aren’t just risking chaos—we’re leaving the door wide open for even greater threats.” 

    The brief asserts that the district court’s temporary restraining order should be stayed for two main reasons: it jeopardizes public safety across the United States and our national security, and it fails to properly recognize the President’s constitutional and statutory authority to protect national security.  

    Attorney General Wilson stresses that the district court’s decision undermines the President’s constitutional and statutory authority. President Trump acted within his rights under the Constitution and the laws of the United States, particularly through the powers granted by Article II. These powers provide the President with the robust authority to act against foreign threats, including transnational criminal organizations like Tren de Aragua.  

    South Carolina Attorney General Alan Wilson co-led the brief with Virginia. Joining the brief were the states of Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming. 

    You can read the full brief here.  

    MIL OSI USA News –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP ANNOUNCES UPDATE TO ITS EXECUTIVE LEADERSHIP TEAM

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, March 31, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, today announced an update to its executive leadership team. On March 27, 2025, the Boards of Directors of Southern Missouri Bancorp, Inc. (the “Company”) and its wholly-owned bank subsidiary, Southern Bank (the “Bank”) appointed Justin G. Cox to the newly-created position of Chief Banking Officer, to be effective as of May 1, 2025. Mr. Cox currently serves as the west region’s Regional President for the Company and the Bank, and he will remain an Executive Vice President of the Company and the Bank.

    The Board of Directors is implementing this change after assessing recommendations included in a recent process improvement project conducted for Southern Bank by a community banking consulting firm for the purposes of improving customer engagement, team member satisfaction, and organizational profitability. “We believe this structure will improve our organization, as we align our customer engagement leadership under a single executive who will devote his full attention to ensuring that business development and customer experience efforts are consistently performed well across our organization,” noted Chairman Greg A. Steffens.

    “Justin has been successful over many years with Southern Bank, leading our west region team as it has grown our loan and deposit business there. That background provides an excellent basis for him to take on this new role. Our team and our customers can look forward to a better-unified customer engagement process with his new role,” added President and Chief Administrative Officer Matthew T. Funke.

    Mr. Cox has 22 years of experience in the banking industry, including 15 years with the Company. After joining Southern Bank as a lending officer in 2010, he advanced quickly to leadership roles of Community Bank President and later, Regional President. Mr. Cox holds a Bachelor of Science degree in Business Administration-Marketing & Management from Southwest Baptist University, Bolivar, Missouri.

    Southern Missouri Bancorp, Inc., is a Missouri corporation organized in 1994 to become the parent company of Southern Bank. Southern Bank was originally chartered in 1887 as a mutually-owned Missouri savings and loan association. In 2004, the Bank converted from a Missouri-chartered stock savings bank to become a Missouri-chartered trust company with banking powers. Southern Bank operates 67 locations in Missouri, Arkansas, Illinois, and Kansas. The Company holds total assets of approximately $4.9 billion, including loans, net of the allowance for credit losses, of $4.0 billion, and deposits of $4.2 billion. The Company’s common stock is quoted under the ticker “SMBC” on the NASDAQ Global Market.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: Kennedy backs Grassley bill to curb judicial overreach

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Judiciary Committee, today joined Sen. Chuck Grassley (R-Iowa) and colleagues in introducing the Judicial Relief Clarification Act, a bill that would address judicial overreach by prohibiting federal courts from granting relief to anyone except the parties before them. 
    “Some courts in this country have chosen to weaponize universal injunctions to stop the Trump administration from delivering on its promises to the American people. This bill will make sure that judges can only rule on the cases before them, rather than imposing their will on the entire country,” said Kennedy.
    “For a number of years, but particularly in the last few months, we’ve increasingly seen sweeping orders from individual district judges that dictate national policy. Our Founders saw an important role for the judiciary, but the Constitution limits judges to exercising power over ‘cases’ or ‘controversies.’ Judges are not policymakers, and allowing them to assume this role is very dangerous. The Judicial Relief Clarification Act clarifies the scope of judicial power and resolves illegitimate judicial infringement upon the executive branch. It’s a commonsense bill that’s needed to provide long-term constitutional clarity and curb district courts’ growing tendency to overstep by issuing sweeping, nationwide orders,” said Grassley. 
    Background: 
    A universal injunction is a court order that prohibits the government from implementing a law or policy against anyone, including those not involved in the case.
    Federal courts issued universal injunctions against the Trump administration at least 86 times during its first term in office. The current Trump administration is already facing a flood of universal injunctions—many of which originated in liberal states such as New York and California.
    By contrast, the Biden administration faced 28 universal injunctions in four years. The Obama administration only faced 12.
    In addition to dealing with universal injunctions, the bill amends the Administrative Procedure Act to prohibit courts from using the Act to grant universal relief to non-parties who are challenging an agency action—a practice that closely resembles universal injunctions. 
    Courts have also weaponized Temporary Restraining Orders (TRO), which similarly halt the federal government from implementing laws or policies. TROs are not appealable, meaning district judges can use TROs to avoid appellate review of their decisions. To address this, the bill would make TROs against federal or state governments immediately appealable. 
    By limiting the ability of district courts to grant relief to non-parties, the Judicial Relief Clarification Act would restore federal district courts to their constitutional role under Article III of deciding only the cases before them. 
    Sens. John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Bill Cassidy (R-La.), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), Jim Justice (R-W.Va.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Ashley Moody (R-Fla.), Bernie Moreno (R-Ohio), Eric Schmitt (R-Mo.), Thom Tillis (R-N.C.) and Tommy Tuberville (R-Ala.) also cosponsored the bill. 
    The full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER REVEALS: THIS WEEK CONGRESS WILL TAKE FINAL VOTE TO RAISE ‘JUNK’ BANK FEES—STARTING WITH OVERDRAFT FEES—FROM $5 TO $35, COSTING CONSUMERS HUNDREDS; CHAIRS OF HOUSE FINANCE & SENATE BANKING…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Exposes Final Leg Of Quiet Plan In House Financial Services & Senate Banking To Overturn CFPB Rule Limiting Excessive Bank Fees, That Would Cost New York Households More—Because Most Upstate NY Residents Have Bank Account 
    Plan To Overturn CFPB Overdraft Fee Rule Would Allow Banks To Extract $5 Billion In Excessive Fees – But, WORSE, Would Open Door To Even More Fees Across NY; Schumer Announces Full Opposition, Urges NY House Republicans To Vote “NO” On Tuesday 
    Schumer: Quiet Plan To Side With Big Banks Over Families Could Mean A Waterfall Of Fees That Would Drown New Yorkers With More Costs
    Amidst the anti-consumer, pro-big bank effort to dismantle the Consumer Financial Protection Bureau (CFPB), U.S. Senator Chuck Schumer revealed and exposed the FINAL leg of Congressional Republicans’ quiet plan to raise Americans’ bank fees, that will drive up unwanted fees for millions of Upstate New Yorkers. Schumer explained that Congressional Republicans will try to seal the deal to protect financial special interests with a vote on Tuesday when the House will vote to overturn the Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule that caps most big bank overdraft fees at just $5.
    “Republicans’ quiet plan to side with big banks against the little guy and working families could mean a waterfall of fees for Upstate New Yorkers already struggling to make ends meet,” said Senator Schumer. “Working families have been ripped off by abusive bank fees and practices in the past, and the CFPB’s rule is about protecting hard-working families, not charging them more. So I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people’s pockets and out of the hands of big predatory banks. If the Republicans let this one fee fly, a waterfall of fees will follow, and it is New Yorkers that will feel the brunt.”
    Schumer railed against this effort because it could hurt middle-class New Yorkers the hardest, given the number of consumer bank accounts in New York, which is higher than the national average. The rule would save upwards of $5 billion in excessive overdraft fees that millions of households pay. Overturning the rule, as proposed by the Republicans, would cost households an average of at least $225 each year, but MUCH more in New York, Schumer emphasized. Schumer said that some banks take billions of dollars a year from families and seniors that can least afford it. He said the banks don’t need to charge fees like this and that this effort to let fees run wild will open the door to even more excessive bank fees across Upstate New York.
    Schumer announced his opposition and is sounding the alarm on the clandestine pro-big bank GOP plan. Schumer said that the CFPB’s overdraft fee rule is designed to protect regular people from being ripped off by predatory bank fees. He urged the House Republicans to reject overturning the CFPB’s overdraft rule and to protect hard-working families instead of taking their hard-earned money to benefit big banks quietly and behind their backs.
    Last month, House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping overdraft fees, and the Senate GOP green-lit it last week. 
    The rule caps most bank overdraft fees at just $5, down from the typical $35 charge per transaction, according to National Consumer Law Center (NCLC). With these fees, banks take billions of dollars a year from families that can least afford it, and the Republican chairmen are moving to give big banks this ability, Schumer explained. Banks, which are already profitable, don’t need to charge these fees and some banks, including Capitol One and Citibank, have completely eliminated overdraft fees and they continue to cover overdrafts. However, other banks take about $1 billion a year in overdraft and nonsufficient funds (NSF) fees, and Wells Fargo is one of the biggest offenders.
    The CFPB’s overdraft fee rule stops predatory practices that allow the biggest banks to earn billions in profits from the most vulnerable families and seniors. The rule doesn’t stop big banks from covering overdrafts—it caps fees for “overdraft coverage” at $5 or the bank’s costs. Banks can still offer overdraft lines of credit without any price cap, though they are required to provide the same annual percentage rate (APR) pricing disclosure that credit cards provide and to give people adequate time to repay, NCLC explained. 
    Schumer explained how the rule helps everyone—especially New York families as New York is more ‘banked’ compared to other states. Schumer explained that by lowering most big bank overdraft fees from $35 to $5, consumers save $5 billion per year, reducing manipulative practices, and increasing transparency and fair competition, according to economists.
    “Now that the word is out on Tuesday’s vote, you’ll see the banks, lobbyists, and the people that want to protect the banks’ ability to charge excessive fees start to scramble, and devise a plan to defend it. But it’s indefensible. Who is for excessive bank fees?” Schumer said. “Show me a politician that wants to run an ad on increasing all your bank fees. I am blowing the lid on this disastrous plan and so what happens next? Watch them try to run away from this issue, while siding with big banks over working families and the middle class.”
    Schumer warned that other fee increases and gaps in consumer protection could soon follow with:
    ATM fees 
    Minimum balance fees for checking and savings accounts
    Outlandish cashier’s check fees
    Notary fees 
    Account “inactivity” fees
    The removal of $8 cap on credit card late fees
    No more Fair Credit Reporting (excluding medical bills from consumers credit score)
    Selling consumer data without consent
    No regulator for consumers to report predatory products
    The New York Federal Reserve Bank’s Credit Insecurity Index may shed light on the number of people with access to mainstream financial services, such as a bank account, who will possibly be exposed to higher fees if Congressional Republicans wipe away this protection. An Upstate New York county-by-county breakdown of percentage of New Yorkers with credit and Credit Insecurity Index Scores for 2023 can be found below:

    Capital Region

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Albany County

    77.4%

    22.6%

    Columbia County

    77.9%

    22.1%

    Greene County

    74.0%

    26.0%

    Rensselaer County

    78.9%

    21.1%

    Saratoga County

    88.8%

    11.2%

    Schenectady County

    81.3%

    18.7%

    Schoharie County

    73.7%

    26.3%

    Warren County

    82.4%

    17.6%

    Washington County

    72.2%

    27.8%

    Western New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cattaraugus County

    75.4%

    24.6%

    Chautauqua County

    76.2%

    23.8%

    Erie County

    80.0%

    20.0%

    Niagara County

    83.2%

    16.8%

    Rochester-Finger Lakes

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Genesee County

    82.5%

    17.5%

    Livingston County

    76.3%

    23.7%

    Monroe County

    82.1%

    17.9%

    Ontario County

    82.6%

    17.4%

    Orleans County

    70.2%

    29.8%

    Seneca County

    76.0%

    24.0%

    Wayne County

    84.4%

    15.6%

    Wyoming County

    78.6%

    21.4%

    Yates County

    69.5%

    30.5%

    Central New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cayuga County

    75.5%

    24.5%

    Cortland County

    69.5%

    30.5%

    Madison County

    79.5%

    20.5%

    Onondaga County

    81.1%

    18.9%

    Oswego County

    79.1%

    20.9%

    Hudson Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Dutchess County

    82.30%

    17.7%

    Orange County

    81.50%

    18.5%

    Putnam County

    90.10%

    9.9%

    Rockland County

    86.80%

    13.2%

    Sullivan County

    70.10%

    29.9%

    Ulster County

    78.40%

    21.6%

    Westchester County

    85.00%

    15.0%

    Southern Tier

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Allegany County

    65.3%

    34.7%

    Broome County

    74.0%

    26.0%

    Chemung County

    77.2%

    22.8%

    Chenango County

    78.7%

    21.3%

    Delaware County

    73.0%

    27.0%

    Otsego County

    70.85%

    29.15%

    Schuyler County

    77.95%

    22.05%

    Steuben County

    81.2%

    18.8%

    Tioga County

    83.2%

    16.8%

    Tompkins County

    69.6%

    30.4%

    North Country

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Clinton County

    74.8%

    25.2%

    Franklin County

    76.8%

    23.2%

    Hamilton County

    85.3%

    14.7%

    Jefferson County

    74.5%

    25.5%

    Lewis County

    78.3%

    21.7%

    St. Lawrence County

    70.9%

    29.1%

    Essex County

    75.05%

    24.95%

    Mohawk Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Fulton County

    79.1%

    20.9%

    Herkimer County

    80.7%

    19.3%

    Montgomery County

    74.5%

    25.5%

    Oneida County

    75.4%

    24.6%

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Bice Successfully Works to Cut Waste & Inefficiency in the Government

    Source: United States House of Representatives – Congresswoman Stephanie Bice (OK-05)

    Congresswoman Bice’s remarks: 

    Mr. Speaker, this is the Constitution Annotated, or CONAN as it is better known today, weighing eight pounds, fourteen ounces. 

    Its origins date back to 1797, when Congress passed legislation requiring every member of Congress to be provided with a copy of the Constitution. 

    These copies were eventually expanded to include Supreme Court case citations. So that members could see which clauses of the Constitution the court used in deciding cases. 

    But as the number of citations grew by hundreds, the copies became less useful to members because most had no idea what the cases were about and what questions were before the court. 

    So in 1921, Congress began requiring reprints of the Constitution to include explanatory language that would make sense of the case citations throughout. This format is still used today. 

    Initially, CONAN was printed every 10 years or so, but by 1970 members began to complain that it was outdated almost as soon as it was printed. 

    They addressed this by requiring that paper bound supplements to CONAN be printed every two years. And since 1972, that’s what we’ve done. Print a hardbound version of CONAN every 10 years and a paper bound supplement every two. 

    CONAN obviously has a rich history dating back over 2 centuries. Nothing about HR 1234 erases or changes this history. 

    The Constitution provides the framework for our government, and understanding that framework and how the Supreme Court has applied it to its decisions over the years is as essential today as it was 200 years ago. 

    What has changed, however, is the way people get their information. Today, most of us rely on digital sources for the most up to date information, whether it is news, airfares, the weather or Supreme Court case citations. 

    According to the GPO, the number of print copies of CONAN requested in the House in 2012 by the House, Senate and Joint Committee on Printing was just over 1000. Ten years later, in 2022, the number of requested copies dropped to just 659. 

    It is no coincidence that this drop in request coincides with the 2019 launch of the digital version of CONAN.  

    Over the last five years, the CONAN website has become an invaluable resource for individual citizens, schools, libraries, and, of course, Congress. It’s received more than 28 million visits since it was created and features hundreds of pages of constitutional analysis and content. 

    The site is publicly accessible, easy to search, provides links to Supreme Court decisions, and perhaps most importantly, it’s updated real time by CRS. 

    All of this raises the question of why are we wasting taxpayer dollars printing this giant hardcover version of CONAN along with the paper bound supplements when a superior digital version already exists? 

    According to the CBO, replacing this version of CONAN with the digital version would reduce the Library of Congress’s operating cost by four million dollars over the next four years. Four million dollars. 

    Eliminating the print requirement will also eliminate inefficient use of CRS staff time. 

    Requiring CRS to spend countless hours formatting and paginating the print version of CONAN does not support the work of Congress, nor does it benefit our constituents. 

    Mr. Speaker, replacing CONAN, the print requirement, with a digital requirement is a no brainer. 

    The digital version provides members and other users with the most up to date information and constitutional analysis available at a significant cost savings to taxpayers.  

    History shows that Congress has consistently taken steps to ensure that CONAN meets the evolving needs of members and other users.  

    Passing HR 1234 is a logical next step in maintaining CONAN’s relevancy and usefulness both to Congress and to the American people. 

    I urge my colleagues to join me in supporting HR 1234, and I urge quick action in the Senate. With that, I reserve the balance of my time.

    MIL OSI USA News –

  • MIL-OSI Canada: Protecting private career college students

    In recent years, there has been significant growth in Alberta’s private career college sector, with increases in student complaints, student enrolment and financial assistance applications being observed at some private career colleges. Alberta’s government is taking action to protect students by holding private career colleges accountable if they are not following legislative requirements or failing to meet their licensing obligations.

    The new Private Career College Registry will increase transparency about any compliance action taken against a private career college and will let prospective students search for actions taken against a school they are interested in attending.

    “Private career colleges play an important role in Alberta’s adult learning system, and they offer a diversity of learning approaches and vocational training. Unfortunately, there are also some bad actors, and it is our responsibility to ensure students are not taken advantage of and are spending their hard-earned money on high-quality educational experiences.”

    Rajan Sawhney, Minister of Advanced Education

    The Private Career College Registry offers a comprehensive list of all licensed vocational training programs in the province, providing key details like program names and duration, cost, location and licence status. The licence status of each program is clearly highlighted with indicators for active, stop order or suspended.

    Advanced Education can take a range of compliance actions under the Private Vocational Training Act, including issuing compliance orders that require specific steps to be taken. Stop orders are issued when serious non-compliance with legislation, regulation or licensing policies are found. Stop orders place restrictions on private career college operations, which may range from a prohibition on enrolling new students to temporarily ceasing operations while the stop order is in place. In more severe cases, licence suspension or cancellation may restrict colleges from offering any training programs at all.

    “A searchable online registry is a welcome change that can help improve student outcomes. This change makes it easier for students to find out if a college is breaking the rules. Students need transparent information on private career college costs and performance to make informed decisions on the schools and programs to attend.”

    Jeff Loomis, executive director, Momentum

    As part of ongoing efforts to ensure quality and compliance, Advanced Education has increased oversight and inspections of Alberta’s private career colleges, with a focus on colleges that have unusually high enrolment. Since June 2024, Advanced Education has issued compliance orders against 15 inspected institutions:

    • Aug. 20, 2024: Nova Career College
    • Oct. 10, 2024: QCOM College of Technology (QCT)
    • Oct. 23, 2024: ERP College
    • Nov.14, 2024: Alexander Brookes College
    • Nov. 25, 2024: City College of Management
    • Dec. 2, 2024: Glenbow College
    • Dec. 6, 2024: Rosewood College
    • Dec. 6, 2024: Aquinas College
    • Dec. 20, 2024: ONE Beauty Academy – Edmonton
    • Dec. 20, 2024: ONE Beauty Academy – Medicine Hat
    • Dec. 23, 2024: Cypress College
    • Feb. 26, 2025: Prairie Western College
    • March 5, 2025: Global College of Business & Technology
    • March 7, 2025: Alberta Paramount College

    Advanced Education has also revoked the private vocational training licence of Ambber & Salma College of Esthetics & Spa, effective Sept. 11, 2024. Ambber & Salma College of Esthetics & Spa has filed an application for judicial review of this decision. Advanced Education has also revoked the private vocational training licence of Capstone Edge College, effective Oct. 16, 2024.

    In addition to inspections, in 2024, Advanced Education completed audits of four Alberta private career colleges. These audits resulted in determinations under both the Student Financial Assistance Act and Private Vocational Training Act. The following private career colleges are no longer designated as eligible institutions for student aid, and they have Private Vocational Training Act compliance orders in place:

    • June 14, 2024: AGA Academy
    • June 26, 2024: Capstone Edge College
    • Sept. 12, 2024: Hamptons College
    • Sept. 30, 2024: Peerless Training Institute
    • Oct. 16, 2024: Capstone Edge College

    Alberta’s government is committed to protecting the investment students make in their education and supporting the integrity of the private career college sector.

    Quick facts

    • Alberta’s government regulates private career colleges across the province, ensuring compliance with the Private Vocational Training Act, regulations, and licensing policies.
    • For general inquiries or compliance concerns, contact [email protected].

    Related information

    • Private Career Colleges Registry
    • Private Vocational Training Act
    • Student Financial Assistance Act

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Business groups call for publication of council voting records – BusinessNZ

    Source: BusinessNZ

    As councils consider their spending and rates decisions for the coming year, and as October’s local authority elections draw closer, business groups are calling for greater transparency on how councillors vote.
    “It is time for councils to make it easier to show how their elected members vote at each meeting so the public can make an informed choice at the elections on who should – or should not – get their vote,” said Matt Cowley, Chair of the Local Government Business Forum, a group of business organisations that have a vital interest in the activities of local government.
    “Over the past two years local government rates have been rising at an eye watering pace. Rates increased by 9.6% for the year to December 2023 and by 12.0% for the year to December 2024. These were the biggest increases in decades.
    “Councils across the country are now considering their spending and rates for the upcoming 2025/26 year. Some are consulting on their plans, but others will simply adopt their rates increase at a council meeting. More double-digit increases seem likely, despite overall inflation being only around 2%.
    “The transparency around council decisions is murky. Although council meetings are mostly open to the public and decisions are recorded, including votes, it is not easy to understand how individual councillors voted on the issues put to them. Media coverage of council business has become patchy as struggling news outlets scale back on their reporting. Councils like to play down division so they rarely if ever note dissenting votes in their media statements.
    “For the public it is mostly only by sifting through meeting reports and minutes that they can work things out. That takes understanding of council processes and considerable patience navigating council websites and finding the relevant parts of reports that are sometimes hundreds of pages long. You really have to know what to look for.
    “This makes it very hard for people to understand what positions councillors have been taking, which is bad for democracy. It is likely to contribute to low voter turnout at local elections and risks capture by council bureaucrats and by highly motivated interest groups.
    “It shouldn’t be this hard. In fact, there is a council that shows what is possible.
    “In February Wellington City Council launched new functionality to its website to make it easier to locate information around voting records and meeting data. In 2024 the project won an award for Web, Digital and Communications Project of the Year at the Association of Local Government information Management. Other councils should look at how they can take this approach.
    “That might take a while, so in the meantime when councils adopt their rates for the coming year, their media statements should clearly state who voted for and who voted against the projects that drove the rates increases.
    “We also hope councils will explore AI tools to evidence the truth of councillor statements against their voting actions.
    “These initiatives should help ensure the public is in the most informed position to decide who to vote for or not vote for,” Mr Cowley concluded.
    About the Local Government Business Forum
    The Local Government Business Forum comprises organisations that have a vital interest in the activities of local government. Its members include Business New Zealand, Federated Farmers of New Zealand, New Zealand Forest Owners Association, New Zealand Initiative, New Zealand Business Chamber, the Retirement Villages Association of New Zealand and Infrastructure New Zealand. It was established in 1994 to promote greater efficiency in local government and to contribute to debate on policy issues affecting it.
    The Forum’s members are each significant representatives of ratepayers in their own right but the Forum’s perspective is to advance community welfare through the advocacy of sound public policy. We believe that local government can best serve the interests of the community and ratepayers by focusing on the efficient provision of public goods at a local level.
    The Local Government Forum advocates policies that create a positive economic environment. Recognising the significant role of local government in private investment decisions, the Forum regularly produces publications addressing crucial issues relating to the performance of local government and legislative developments in that sector.

    MIL OSI New Zealand News –

  • MIL-OSI: SolarMax Technology Reports 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) — SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024.

    2024 Financial Highlights

    • Revenue: $23.0 million, compared with $54.1 million in 2023.
    • Gross profit: $2.3 million, compared with $11.1 million in 2023.   Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
    • Total operating expense: $35.4 million, which included a one-time, non-cash stock-based compensation expense of $17.2 million and a $7.5 million goodwill impairment relating to our China segment, compared with $10.7 million in 2023.
    • Net loss: $35.0 million, or $0.79 per share, compared with net income of $434,786, or $0.01 per share, in 2023.

    David Hsu, CEO of SolarMax, stated, “Our 2024 results reflect a transitional year for SolarMax as we moved through a period of regulatory and market change in the residential solar segment. While revenue was lower compared to the prior year’s elevated levels, which were driven by pre-regulatory change purchasing activity. We also recognized certain one-time, non-cash expenses during the year, including goodwill impairment and stock-based compensation associated with our IPO, which are now fully reflected in our financials.”

    “Looking ahead, we are encouraged by the progress we’re making toward expanding our commercial and industrial solar portfolio,” continued Hsu. “These projects represent an important potential growth opportunity and reflect our continued evolution as a diversified solar solutions provider. We believe our platform is well positioned to support this next phase of development and are excited about what lies ahead although we don’t currently have any contracts for the commercial and industrial market.”

    About SolarMax Technology Inc.

    SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US. Our website is www.solarmaxtech.com.

    Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, including but not limited to the Company’s ability to develop its commercial solar business and to be accepted as a provider of commercial solar systems in the United States, and its ability to recommence its operations in China where is has not generated any revenue since 2021, and to respond to any changes in governmental policies relating to renewable energy and those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    Contact:
    For more information, contact:
    Stephen Brown, CFO
    (951) 300-0711

    The MIL Network –

  • MIL-OSI USA: Wyden, Markey, Merkley and Van Hollen Release Bill to Protect Americans Against Musk, DOGE and Other Unauthorized Access to Sensitive Personal Information

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    March 31, 2025
    The Privacy Act Modernization Act would empower Americans to sue officials for misuse of their data and federal systems
    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., and Sen. Edward J. Markey, D-Mass., today released legislation to protect Americans against Elon Musk, DOGE and other officials illegally accessing stores of personal data held by the government, including social security numbers, medical history, financial data and other sensitive information. The Privacy Act Modernization Act would make it easier for Americans to sue officials for violations and would increase the penalties for such violations.
    The bill is co-sponsored by Sens. Jeff Merkley, D-Ore., and Chris Van Hollen, D-Md.
    Since Trump took office, DOGE officials have reportedly accessed highly sensitive government databases at agencies, including Social Security, Medicare and Medicaid and the Internal Revenue Service, under flimsy justifications and with little oversight.
    “The seizure of millions of Americans’ sensitive information by Trump, Musk and other MAGA goons is plainly illegal, but current remedies are too slow and need more teeth,” Wyden said. “The Privacy Act was part of our country’s response to the FBI abusing its access to revealing sensitive records on the American people. Our bill defends against new threats to Americans’ privacy and the integrity of federal systems, and ensures individuals can go after the government when officials break the law, including quickly stopping their illegal actions with a court order.”
    “Over 50 years ago, Congress passed the Privacy Act to protect the public against the exploitation and misuse of their personal information held by the government,” Markey said. “Today, with Elon Musk and the DOGE team recklessly seeking to access Americans’ sensitive data, it’s time to bring this law into the digital age. I’m proud to partner with Senator Wyden on the Privacy Act Modernization Act to close loopholes and increase penalties in the law. The federal government should be a steward of our privacy–not a source of surveillance.”
    “Elon Musk and his minions have no business riffling through your personal data,” Merkley said. “Our bill protects millions of Americans who count on the federal government to safeguard sensitive personal information included on taxes, student loans, and disaster assistance.”
    “Elon Musk and his DOGE cronies are illegally raiding federal agencies, and in the process gaining access to troves of Americans’ sensitive personal data – from Social Security numbers to medical records to bank account information,” Van Hollen said. “This legislation will strengthen our ability to safeguard that private information by expanding the means of holding violators accountable, including by stiffening penalties for those who unlawfully access it. By sharpening these tools and penalties, we can better deter this abuse.”
    The Electronic Information Privacy Center and Public Citizen both endorsed the legislation.
    The Privacy Act of 1974 required agencies to disclose what personal data they collect and why, limited how officials could use or share that data, and created remedies for when the government held incorrect data about a person or otherwise broke the rules. This legislation was passed in light of the Watergate and Counterintelligence Program (COINTELPRO) scandals, which involved illegal government surveillance that undermined public trust and American democracy. Wyden’s legislation would make key updates to further protect government databases storing personal information against Trump and Musk’s ongoing abuses of Americans’ privacy and our democracy.
    Given the Privacy Act was created half a century ago, Wyden’s bill would update the law’s coverage, close loopholes and strengthen protections to support millions of Americans who have been harmed by Trump and Musk’s recent invasion by:
    Increasing civil and criminal penalties for violations of the Privacy Act, including making it a felony to disclose records for personal gain, malicious harm, or commercial advantage, punishable by fines of up to $250,000 and ten years in prison.
    Strengthening court authority to stop programs and actions while lawsuits are pending, and allowing Americans to recover for a range of damages, including the mental and emotional distress caused by privacy violations.
    Modernizing the law to cover any information that identifies or is linked or reasonably linkable to an individual or a device that is linked or reasonably linkable to an individual.
    Limiting information sharing to the minimum necessary for a legally authorized purpose, and only if consistent with what an agency previously stated they would use records for.
    Narrowing the so-called “routine use” exception for sharing information by further requiring that “routine use” disclosures be “appropriate and reasonably necessary.”
    Senator Wyden is a longtime champion of cybersecurity and privacy protections. In 2017, Wyden demanded the executive branch to finally reveal how many Americans have their phone calls, emails and other communications swept up – without warrants – under a surveillance program. In 2023, his legislation to stop data brokers from selling Americans’ personal data to the government passed the House, but did not advance in the Senate. In February 2025, Wyden demanded information on DOGE’s infiltration of IRS systems.
    The bill text is here. The one-page summary is here.

    MIL OSI USA News –

  • MIL-OSI USA: Merkley, Wyden Join Legislation to Combat Urban Heat Islands

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    March 31, 2025

    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden joined colleagues in introducing the Excess Urban Heat Mitigation Act, which would create a competitive grant program to provide funding to combat the causes and consequences of urban heat islands. 

    “In places like East Portland, where a lack of tree canopy already leaves neighborhoods dangerously exposed to extreme heat, the Trump Administration’s illegal funding freeze and grant contract cancellations will only deepen this heat crisis,” said Merkley. “The Excess Urban Heat Mitigation Act provides much-needed resources for tree planting, cooling centers, and other solutions to fight climate chaos and keep our communities safe.”

    “With extreme heat driven by the climate crisis a growing threat to the well-being of Oregonians and everybody in our country, it’s a must for federal investment to help local communities respond to this life-and-death risk,” said Wyden. “This bill would provide those resources for locally driven responses that could provide relief for farmworkers, construction workers and everybody working outdoors as well as for people living indoors and lacking affordable cooling options.”

    The Excess Urban Heat Mitigation Act, led by U.S. Senator Ruben Gallego (D-AZ), would create a $30 million grant program through the U.S. Department of Housing and Urban Development (HUD) for entities such as local governments, metropolitan planning organizations, Tribal governments, and nonprofits to implement efforts that prevent and offset the effects of excess urban heat including: cool pavements, cool roofs, tree planting and maintenance, green roofs, bus stop covers, cooling centers, and local heat mitigation education efforts.

    This legislation is?cosponsored by Senators Merkley, Wyden, Cory Booker (D-NJ) Edward J. Markey (D-MA), and Alex Padilla (D-CA).

    Bill text can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Duckworth, Kelly Introduce Legislation To Increase Employment Opportunities

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    March 31, 2025

    WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), U.S. Senator Tammy Duckworth (D-IL), and U.S. Representative Robin Kelly (D-IL-02) reintroduced two bills to expand and increase access to employment opportunities for underserved youth. The Helping to Encourage Real Opportunity (HERO) for Youth Act and the Assisting in Developing (AID) Youth Employment Act will increase federal resources for communities seeking to create or grow employment programs and provide tax incentives to businesses and employers to hire and retain youth from economically distressed areas.

    “To invest in our future, we must invest in the next generation.  Increasing youth employment opportunities can address poverty and crime across Illinois while setting up our state’s youngest residents for a brighter future,” said Durbin.  “Congresswoman Kelly, Senator Duckworth, and I are reintroducing the HERO for Youth Act and the AID Youth Employment Act to boost federal resources for youth employment programs and incentivize businesses to hire, retain, and mentor youth.”

    “Far too many young Americans live in neighborhoods that lack good job opportunities and struggle with all-too-commonplace violence and danger,” said Duckworth.  “It doesn’t have to be that way, but it’s not going to get better unless we work together to do something about it. I’m so proud to join Senator Durbin and Congresswoman Kelly to reintroduce these bills that would help open up new economic opportunities for every American, no matter where they live or what community they grew up in.”

    “Our youth is our future,” said Kelly.  “I’m proud to partner with Senators Durbin and Duckworth once again to introduce two pieces of legislation that will invest in economic opportunities for our youth.  Better job options can help break a cycle of poverty and address roadblocks that prevent young people from reaching their full potential.”

    For many young people, lack of job experience is a prohibitive disadvantage for potential employers, which perpetuates vicious cycles of unemployment and poverty in their communities, further limiting potential for further economic growth.  In 2022, 13 percent of youth between the ages of 18-24 were neither employed nor in school, and Native American, Native Hawaiian and other Pacific Islander, and Black youth, as well as youth with disabilities, were disproportionately impacted.  Barriers to employment at a young age have devastating consequences on the long-term employment prospects of opportunity youth, including lower lifetime earnings, higher rates of incarceration, and opioid addiction. 

    There is clear evidence of a correlation in communities where high rates of poverty, gun violence, and chronic unemployment among youth are prevalent.  A 2017 study found that among youth participating in Chicago’s youth summer employment program, violent crime arrests decreased by nearly 33 percent.  Providing employment opportunity to youth can have a considerable impact in lowering recidivism and violent crime among youth while improving their long-term health, and economic and educational outcomes. 

    When youth are provided a pathway to employment and the workforce, employers benefit too because they are able to train and hire skilled workers.  It is estimated that between 2022 and 2032, there will be an average of 20 skilled roles with job openings for every one new worker. 

    The HERO for Youth Act would encourage the business community to become a partner in addressing youth unemployment by hiring underserved youth who reside in communities with high rates of poverty. Specifically, the bill would provide a Work Opportunity Tax Credit (WOTC) of up to $2,400 for businesses that hire and train youth ages 16 to 24 who are out of school and out of work and youth ages 16 to 21 that are currently in foster care or have aged out of the system. The legislation would expand the summer youth program under WOTC, which provides a tax credit to businesses that hire for summer employment youth ages 16 to 17 who are enrolled in school and live in highly distressed rural and urban communities known as Empowerment Zones, by doubling the amount of the credit to $2,400 and expanding the program to include year-round employment.

    The AID Youth Employment Act will make it easier for local governments and community organizations to apply directly for federal funding to create and expand summer and year-round employment programs for young people.  The legislation would establish a five-year competitive grant program for youth summer employment that also incorporate access to trauma-informed mentorship as well as job coaches.  The program would provide planning grants of up to $250,000 for 12 months or implementation grants of up to $6 million over three years.

    The HERO for Youth Act has been endorsed by National Grocers Association, National Small Business Association, National Recreation and Park Association, National Association of Convenience Stores, National Youth Employment Coalition, Young Invincibles, Food Industry Association, Youth Guidance, and Critical Labor Coalition.

    The AID Youth Employment Act has been endorsed by Young Invincibles, Youth Guidance, and Chicago Urban League.

    A one-pager for the HERO for Youth Act can be found here.

    A one-pager for the AID Youth Employment Act can be found here.

    -30-

    MIL OSI USA News –

  • MIL-OSI New Zealand: Next steps to improve flood resilience for the Wairau community

    Source: Auckland Council

    Auckland Council is looking to progress a comprehensive flood resilience (blue-green) network to significantly reduce flood risks across the Wairau catchment in Auckland’s North Shore.

    A proposed business case for design, consenting and early enabling works for improved flood resilience in Wairau will be presented to the Transport, Resilience and Infrastructure Committee on 3 April.

    The decision at the committee will enable design and consenting required for this work to begin – a further business case will be required before full delivery of the project can progress.

    Protecting against future flooding

    As part of this broader initiative, AF Thomas Park (home to Takapuna Golf Course and other recreational facilities) is being considered for redevelopment into a recreational flood storage wetland, detention basin and overland flow path. In this proposed option the park would remain a critical recreational asset whilst forming the cornerstone of a blue-green network.

    North Shore Ward Councillor Richard Hills acknowledges that potential changes to the park is a tough conversation for the current users of the park but says this is about protecting against future flooding and potential loss of life and property.

    “The Wairau Valley, Milford, Sunnynook and Tōtara Vale make up the worst affected area from the January 2023 floods,” says Cr Hills.

    “This area experienced tragic loss of life alongside tens of millions of dollars in property damage to homes, businesses, vehicles and community facilities – volunteers rescued 69 people in the Wairau Valley alone.

    “We asked council staff to investigate all possible options to help reduce the flooding impacts and staff strongly believe the options presented in the business case are the best opportunities to ensure long-term flood resilience against future events.

    “I understand potential changes to AF Thomas Park is upsetting to our golfing community and those further afield that regularly use this course. As part of the design process, the council and local boards will work with the community, to understand the future public use of the reserve, alongside providing much needed flood protection and safety for our community.

    “And I’d like to thank all those involved, including central government, the local boards, Mayor and councillors, who all back this option to go forward to business case and consultation stages.”

    What is being proposed?

    As part of the Making Space for Water programme, co-funded by local and central government, a comprehensive blue-green network for the Wairau Valley is proposed.

    This aims to integrate multiple flood management systems to restore natural processes, enhance drainage, and create recreational spaces that serve as flood storage areas during extreme weather events.

    The current business case covers two stages of works as part of a long-term holistic approach to reducing flooding risks across the Wairau catchment.

    Taking a phased approach ensures that the needs of the community are considered and that the project aligns with their vision for a safer and more resilient Wairau Valley.

    Stage 1 Initiatives

    The first stage of the Wairau catchment blue-green network focuses on the design and consenting of critical flood management infrastructure at AF Thomas Park.

    • This stage includes the development of a recreational flood storage wetland and detention basin.
    • This will act as a natural sponge to capture and hold excess water during heavy rain events.
    • By slowing the flow of water and releasing it gradually, this system reduces pressure on surrounding areas prone to flooding.

    Stage 2 Initiatives

    Stage 2 of the proposed blue-green network will focus on several key initiatives in and around land being acquired as part of the Category 3 buy-out programme in Milford and Tōtara Vale.

    • This will include improvements to informal overland flow paths, stream widening and daylighting to enhance natural flow.
    • In addition, some minor upgrades will be made to existing detention facilities.

    Upon completion of both stages, 261 dwellings and three large retirement villages will have flood risk reduced including 35 properties removed from high flood risk. Additionally, 3,900m² of commercial floor area will also see a reduced flood risk.

    This comprehensive network will also protect critical infrastructure such as key roads, power substations, and wastewater systems while providing vibrant recreational areas with walking paths and amenities, similar to Greenslade Reserve.

    “By enhancing flood resilience across the catchment, the project will support the safety, economic stability, and quality of life for the community,” says Cr Hills.

    How will this project reduce flooding?

    The Wairau Valley area suffered significant flooding during the severe weather events in early 2023 resulting in extensive flood damage to residential and commercial properties, including the Eventfinda Stadium. The Wairau Stream channel above and below AF Thomas Park could not convey the volume of water during the event, putting a high number of properties at risk.

    Tom Mansell, Auckland Council Head of Sustainable Partnerships (Healthy Waters and Flood Resilience) explains the reasons that this first stage is a critical step for the Wairau blue-green network.

    “The redevelopment of the park would provide the equivalent to 220 Olympic-sized swimming pools or 550 million litres of water storage in a flood event, which is a significant increase from the park’s current 60 million litre capacity,” says Mr Mansell.

    This would protect downstream residential properties as well as road flooding to Nile, Waterloo and Alma Roads in Milford – which are access points for North Shore Hospital and Westlake Boys and Girls High Schools.”

    Working with the community

    Early engagement has informed the business case. This is just the first step amid a staged engagement approach and will not be the only opportunity for the community to be part of this significant project.

    “If this business case is approved by the council, there will be more opportunities for engagement and for the community to be involved in the design,” says Mr Mansell.

    “We will need to work collaboratively with mana whenua, a variety of funders and members of the community, taking a catchment-wide approach to ensure the right outcomes are achieved for the community over the short and long-term.”

    “As part of this work, we will engage with community and key stakeholders to review both the golfing and wider recreation needs of the North Shore. This will inform how we develop this space into a vibrant recreation area for the community to enjoy and there will be time to consider the full range of options. It’s really important that we get the balance right and we can only do that by working with the Wairau community.”

    Planning and prioritisation for future projects

    Many communities were heavily impacted by the severe weather events of early 2023. Further areas across Tāmaki Makaurau continue to be assessed and prioritised for future blue-green works.

    You can find out more information about these projects on the council’s website or you can reach out to the team at bluegreen@aucklandcouncil.govt.nz

    About Making Space for Water

    The Making Space for Water programme includes a range of initiatives to reduce flood risk to Aucklanders. Part of this is building new flood resilient infrastructure to enhance stormwater assets and green spaces to deliver increased flood management.

    Auckland Council is sharing some of the cost of flood resilience projects with central government as part of a $2 billion co-funding agreement for storm recovery. These are subject to business case approvals from both the council and the government, and projects must demonstrate a flood risk reduction for the wider community, not just individual properties.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Privacy News – March 2025

    Source: Privacy Commissioner

    This issue includes a note that the Biometric Code consultation has now closed, and that the final version of the Code will likely be published mid-2025. It also includes policy advice for government agencies, Kordia research and what OPC said about that, the Global Privacy Assembly’s new comparison tables, and the delay of the UK’s adequacy review. We also announce a special guest for Privacy Week 2025. Read the March 2025 issue.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: If it Pleases the Gods

    Source: ACT Party

    The Haps

    Last week Free Press extolled the Government’s RMA reforms. We thanked ACT and Simon Court for resource management law based on property rights. We think we understated it, Free Press has campaigned for this for a decade (yes, we are ten). RMA reforms are the best policy change so far this century. If New Zealanders cannot develop the land, we have no advantage as a country. It’s a country saver.

    Meanwhile the Greens have gone (more) insane. Last week one Green MP effectively said police patrols are worthless. The Press Gallery finally rounded on them, because young people in Central Wellington know the world can be a dangerous place and a few coppers are a welcome sight at night. Chlöe Swarbrick’s increasingly deranged economics become clearer every week in Question Time. She seems to think profit is a line item that businesses just add on to their customers’ bill. Now there are some serious questions for the Green Party leaders to answer around another one of their MPs’ social media accounts. Free Press predicts the Greens polling will soften this year.

    If it Pleases the Gods

    Free Press has seen correspondence demanding courts must now begin and end with a Karakia, or prayer in English and Māori. Gary Judd KC has written to MPs making (as usual) lucid arguments as to why this is wrong, and there are legal precedents from the Privy Council finding it is wrong for people in public service to be subject to prayers. 

    Parliament begins with a prayer, but Parliament is a self-Governing political body with rules decided by its members. Besides, there is no requirement to attend it. Judd points out, however, that lawyers are required to arrive before the judge and leave after, so they cannot avoid being present for the Karakia.

    They’ll be required to read along because “Large prints of the karakia will be installed in each courtroom for all those present to use to read along to.” Judd points out the Bill of Rights says, “Everyone has the right to freedom of thought, conscience, religion, and belief, including the right to adopt and to hold opinions without interference.”

    Judd goes on to reference precedent from the Privy Council. It found for a Muslim soldier in The Bahamas (a Commonwealth country) who did not want to be part of a Christian prayer during colours parades. The Privy Council relied on The Bahamas’ constitution, which is remarkably similar to New Zealand’s Bill of Rights.

    A lot of people might ask, so what, who cares? It’s up to the Court anyway and surely a minute of praying can’t hurt, even if technically it does interfere with some lawyers’ practice of their faith?

    Will it harm the impartiality of justice? Probably yes, it chips away at neutrality when the Courts give the nod to some religious or spiritual views but not others. Is that critical? Probably no. Is it the biggest problem we have right now? No.

    We’re writing about this because it is such a good example. Such a good example of people’s basic rights being trampled for no reason. The right to think your thoughts and speak your mind, or not, without being hindered and harassed by do-gooders. It could be any organisation, it just happens to be the Courts.

    At Free Press, we often wonder where these people come from. What drives their behaviour? Why can’t they just leave other people alone? Here’s our theory.

    For 100,000 years humans lived in tribes, closed societies where a person’s role was decided for them. The instinct to make other people conform to rituals is deep. They reassure you the people partaking are in your tribe. The idea of living as an individual choosing your own adventure in life is WEIRD. Specifically, Western, Educated, Industrialised, Rich and Democratic.

    Most people in most of history didn’t live weird lives. They lived tribal lives. Much of what is happening in New Zealand today, weird rituals, compulsory courses, demands to be part of a race first and a citizen second, it all comes from deep tribal urges.

    Free Press and friends and allies have to get better at explaining the alternative. A civilised society where each person is treated as a thinking and valuing being, required not to do any violence against anyone else but otherwise free to go about their lives unhindered. It would be a start.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Chairman Mast Leads GOP in Demanding UN Reject Francesca Albanese’s Reappointment

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led several members of the panel in demanding that UN Human Rights Council President Jürg Lauber reject Francesca Albanese’s reappointment to another three-year term as special rapporteur for the “occupied palestinian territories.” 

    Mast and his fellow Republicans specifically outlined that Albanese has repeatedly failed to uphold the UNHCR code of conduct and made inflammatory and offensive comments about Israel in the wake of the October 7th attacks.  

    “[Albanese] has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the ‘Third Reich,’ and compared Prime Minister Benjamin Netanyahu to Adolf Hitler,” the lawmakers wrote in a letter to Lauber. “The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account.”

    In addition to Chairman Mast, the letter was co-signed Reps. Young Kim (R-CA), Michael Lawler (R-NY), Keith Self (R-TX), Maria Elvira Salazar (R-FL), Cory Mills (R-FL), and Ryan Zinke (R-MT).

    Read the full letter here and below.

    Dear Mr. President,

    We are writing to strongly object to the renewal of UN Special Rapporteur for the “occupied Palestinian territories,” Francesca Albanese, for a second three-year term. As you are well aware, UN Special Rapporteurs have a duty to uphold the code of conduct as written in Council Resolution 5/2. The code of conduct expressly asserts that Special Rapporteurs must act in an independent capacity with a professional, impartial assessment, and maintain the highest standards of efficiency, competence, and integrity through impartiality, equity and honesty. Based on the following, Special Rapporteur Albanese has failed to uphold the code. Consequently, her term must not be renewed.

    Ms. Albanese has repeatedly violated the code of conduct since she took the position on May 1, 2022. She has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the “Third Reich,” and compared Prime Minister Benjamin Netanyahu to Adolf Hitler. Ms. Albanese unapologetically uses her position as a UN Special Rapporteur to purvey and attempt to legitimize antisemitic tropes, while serving as a Hamas apologist. Moreover, she has erroneously accused the United States Congress and our Executive of being bought and paid for by the Israel lobby. In her malicious fixation, she has even called for Israel to be removed from the United Nations while likening Israel to apartheid South Africa.

    Since the abhorrent and cowardly October 7th attacks, Ms. Albanese’s inflammatory rhetoric has only increased in atrociousness. For example, following Hamas’ murder of over 1,200 people, 250 hostages taken – 59 of whom are still held by Hamas terrorists – and irreversibly changed the lives of countless others, Ms. Albanese wrote that the “violence must be put in context,” and that the attack occurred in response to Israeli “aggression.” In a statement that was rightfully condemned by the United States, France, and Germany, Ms. Albanese attempted to justify that the October 7th massacre was “in response to Israel’s oppression.” Such comments alone violate several provisions within the code of conduct.

    Regrettably, Ms. Albanese’s rhetoric has perverted the very institution and its foundational principles in which she was appointed to serve. Her comments above, and many others she has made, are case in point as to why President Trump rightfully withdrew the United States from the Human Rights Council (Council). The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account. Notably, in January 2023, I, along with many of my colleagues, sent a letter to the United Nations Secretary General and High Commissioner for Human Rights calling for Ms. Albanese’s removal. We were not alone in our requests for her admonishment. Several governments, including France, Germany, Canada and the Netherlands, have all condemned her statements as antisemitic, as well. To this day, no action has been taken.

    Francesca Albanese’s service as a UN Special Rapporteur must end at the conclusion of her first term. Given the numerous instances provided above, but certainly not limited to, her behavior is not only reprehensible, but most unbecoming of a UN Special Rapporteur. As such, it is the view of the undersigned that Ms. Albanese must face serious consequences. As the new President of the Human Rights Council, it is your sworn duty to utilize your authority as stated in Presidential Statement 8/2 (PRST/8/2) to “convey to the Council any information brought to [your] attention of concerning cases of persistent non-compliance by a mandate-holder with the provisions of Council Resolution 5/2, especially prior to the renewal of mandate holders in office.” By rejecting the renewal of Ms. Albanese’s term, the Council would bring much needed credibility, integrity, and accountability back to the institution – attributes of which it has been severely lacking in recent years.

    ###

    MIL OSI USA News –

  • MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    • Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
    • Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
    • Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
    • EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
    • On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.

    Financial Overview for the Year Ended December 31, 2024

    • Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
    • Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
    • Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
    • General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
    • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
    • Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
    • Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
    • Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
    • Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
    • Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
    • Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
    • Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.

    CEO Review for 2024

    In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:

    In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.

    In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.

    In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.

    In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.  

    Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.

    The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.

    In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:

    The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.

    Activity of Dorad:

    In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    Activity in the USA:

    In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.

    Activity in Italy:

    The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.

    New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.

    Activity in Israel:

    The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.

    Development of Solar licenses combined with storage:

    1. The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
      The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA.
    2. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
    3. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.

    Activity in the Netherlands:

    During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

      December 31,
    2024 2023 2024
    Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$ in thousands*
    Assets      
    Current assets:      
    Cash and cash equivalents 41,134 51,127 42,819
    Short term deposits – 997 –
    Restricted cash 656 810 683
    Intangible asset from green certificates 178 553 185
    Trade and other receivables 20,734 11,717 21,583
    Derivatives asset short-term 146 275 152
    Assets of disposal groups classified as held for sale – 28,297 –
      62,848 93,776 65,422
    Non-current assets      
    Investment in equity accounted investee 41,324 31,772 43,017
    Advances on account of investments 547 898 569
    Fixed assets 482,166 407,982 501,918
    Right-of-use asset 34,315 30,967 35,721
    Restricted cash and deposits 17,052 17,386 17,751
    Deferred tax 9,039 8,677 9,409
    Long term receivables 13,411 10,446 13,960
    Derivatives 15,974 10,948 16,628
      613,828 519,076 638,973
    Total assets 676,676 612,852 704,395
           
    Liabilities and Equity      
    Current liabilities      
    Current maturities of long-term bank loans 21,316 9,784 22,189
    Current maturities of other long-term loans 5,000 5,000 5,205
    Current maturities of debentures 35,706 35,200 37,169
    Trade payables 8,856 5,249 9,219
    Other payables 10,896 10,859 11,342
    Current maturities of derivatives 1,875 4,643 1,952
    Current maturities of lease liabilities 714 700 743
    Liabilities of disposal groups classified as held for sale – 17,142 –
    Warrants 1,446 84 1,505
      85,809 88,661 89,324
    Non-current liabilities      
    Long-term lease liabilities 25,324 23,680 26,361
    Long-term bank loans 245,866 237,781 255,938
    Other long-term loans 31,314 29,373 32,597
    Debentures 155,823 104,887 162,206
    Deferred tax 2,486 2,516 2,588
    Other long-term liabilities 939 855 977
    Derivatives 288 – 300
      462,040 399,092 480,967
    Total liabilities 547,849 487,753 570,291
           
    Equity      
    Share capital 25,613 25,613 26,662
    Share premium 86,271 86,159 89,805
    Treasury shares (1,736) (1,736) (1,807)
    Transaction reserve with non-controlling Interests 5,697 5,697 5,930
    Reserves 14,338 4,299 14,925
    Accumulated deficit (12,019) (5,037) (12,511)
    Total equity attributed to shareholders of the Company 118,164 114,995 123,004
    Non-Controlling Interest 10,663 10,104 11,100
    Total equity 128,827 125,099 134,104
    Total liabilities and equity 676,676 612,852 704,395

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Revenues 8,678 8,424 40,467 48,834 9,033 42,125
    Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614)
    Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143)
    Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368
                 
    Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269)
    General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311)
    Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515
    Other income, net 524 – 3,409 – 545 3,549
    Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852
                 
    Financing income 710 345 2,495 8,747 739 2,597
    Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187
    Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444)
    Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913)
    Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232)
    Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651)
    Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456)
                 
    Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604)
    Tax benefit 1,475 799 1,547 1,436 1,535 1,610
    Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994)
    Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Profit (loss) attributable to:            
    Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268)
    Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583)
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Other comprehensive income (loss) item            
    that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            
    Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335
    Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265
    Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861
    Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846)
    Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615
                 
    Total other comprehensive income (loss) attributable to:            
    Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450
    Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165
    Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 
    Total comprehensive income (loss) attributable to:            
    Owners of the Company 467 (3,318) 3,057 19,150 485 3,182
    Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
    Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
                 
    Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
    Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
                 
    Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
    Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

                         
    Attributable to shareholders of the Company
    		 Non-controlling Interests Total Equity
    Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total    
    € in thousands
    For the year ended                    
    December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
    Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464)
    Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080
    Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 112 – – – – – 112 – 112
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827
                         
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303
    Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983)
    Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486
    Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 21 – – – – – 21 – 21
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

      Share capital Share premium Attributable to shareholders of the Company Non- controlling Total
    Interests Equity
    Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    € in thousands
    For the year ended December 31, 2023 (audited):                    
    Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077
    Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625
    Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276
    Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 121 – – – – – 121 – 121
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
                         
    For the three months                    
    ended December 31, 2023 (unaudited):                    
    Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187
    Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815)
    Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699
    Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 28 – – – – – 28 – 28
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

          Attributable to shareholders of the Company Non- controlling Total
        Interests Equity
    Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
    For the year ended December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223
    Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851)
    Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615
    Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 117 – – – – – 117 – 117
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644
    Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476)
    Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914
    Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 22 – – – – – 22 – 22
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024
    2024 2023 2024 2023
    Unaudited Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$*
    Cash flows from operating activities            
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Adjustments for:            
    Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035
    Loss from settlement of derivatives contract 266 – 316 – 277 329
    Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422
    Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193
    Share-based payment transactions 21 28 112 121 22 117
    Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515)
    Payment of interest on loan from an equity accounted investee – 33 – 1,501 – –
    Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185)
    Change in other assets 2,894 69 3,770 (681) 3,013 3,924
    Change in receivables from concessions project – 259 793 1,778 – 825
    Change in trade payables 48 (332) (31) (45) 50 (32)
    Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636
    Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615)
    Income taxes refund (paid) 277 (473) 623 (912) 288 649
    Interest received 605 524 2,537 2,936 630 2,641
    Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277)
      14,405 1,630 17,431 7,979 14,996 18,147
    Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296
                 
    Cash flows from investing activities            
    Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909)
    Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618)
    Proceeds from sale of investments – – 9,267 – – 9,647
    Repayment of loan by an equity accounted investee – 1,221 – 1,324 – –
    Loan to an equity accounted investee – (60) – (128) – –
    Advances on account of investments – – (163) (421) – (170)
    Proceeds from advances on account of investments 514 297 514 2,218 535 535
    Proceeds in marketable securities – – – 2,837 – –
    Investment in settlement of derivatives, net (540) – (316) – (562) (329)
    Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717
    Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045
    Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082)
                 
    Cash flows from financing activities            
    Issuance of warrants – – 2,666 – – 2,775
    Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672)
    Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061)
    Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280
    Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258)
    Repayment of Debentures – – (35,845) (17,763) – (37,313)
    Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972
    Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723
                 
    Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215
    Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848)
    Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221
    Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446
    Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

     
                           
    Italy Spain USA Netherlands Israel  
    Solar Subsidized Solar
    Plants    		 28 MW
    Solar    		 Talasol
    Solar    		 Solar Biogas Dorad Manara Pumped Storage Solar* Total
    reportable
    segments    		 Reconciliations
    		 Total consolidated
      For the year ended December 31, 2024
      € in thousands
                             
    Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467
    Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803)
    Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468)
    Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196
                             
    Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196
    Project development costs                       (4,101)
    General and administrative expenses                       (6,063)
    Share of income of equity accounted investee                       11,062
    Other income, net                       3,409
    Operating profit                       8,503
    Financing income                       2,495
    Financing income in connection with
    derivatives and warrants, net    		                       1,140
    Financing expenses in connection with projects finance                       (6,190)
    Financing expenses in connection with debentures                       (6,641)
    Interest expenses on minority shareholder loan                       (2,144)
    Other financing expenses                       (8,311)
    Financing expenses, net                       (19,651)
    Profit before taxes on income                       (11,148)
                             
    Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676

    * The results of the Talmei Yosef solar plant are presented as a discontinued operation.

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
      € in thousands Convenience Translation into US$ in thousands*
    Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456
    Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610)
    Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143
    EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.

    Net Financial Debt

    As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.

    Discussion concerning Warning Signs

    Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjusted EBITDA as defined the Series C Deed of Trust 26,201

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440
    Adjusted EBITDA as defined the Series D Deed of Trust 26,641

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440
    Adjusted EBITDA as defined the Series E Deed of Trust 26,641
       

    In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

    As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440
    Adjusted EBITDA as defined the Series F Deed of Trust 26,641
       

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440
    Adjusted EBITDA as defined the Series G Deed of Trust 26,641
       

    1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

    2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

    3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.

    5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

    6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    7 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    9 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    11 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    13 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    14 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    The MIL Network –

  • MIL-OSI: Order.co Selects Avalara to Automate and Simplify Sales Tax Compliance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Order.co, the world’s leading B2B Ecommerce Platform, today announced it has selected Avalara’s leading tax compliance automation technology to simplify sales tax compliance for its customers. With the adoption of Avalara’s proven compliance solutions, Order.co customers can now register their exemption status once and apply exemptions to eligible purchases across all vendors at the time of purchase. 

    Order.co’s choice of Avalara aligns with its commitment to reducing administrative burdens, streamlining procurement tasks, and minimizing the manual errors associated with repetitive back-office workflows for its customers. With Avalara and Order.co’s capabilities working in tandem, businesses can eliminate the time-consuming process of contacting each vendor involved in a given order to submit tax exemption requests.

    “Proper tax compliance can be tedious. Order.co has integrated with Avalara to help remove that burden and ensure our customers can focus their time and effort on growing their business,” said Alec Stonitsch, VP of Product at Order.co. “Now, our customers can easily manage exemptions, eliminate repetitive vendor requests, and maintain tax accuracy with every purchase.”

    “Avalara’s mission since our founding centers on delivering value and delighting customers – and it’s always satisfying to witness customers like Order.co growing, thriving, and providing solutions to their own customers’ complex needs,” said Liz Armbruester, EVP, Customer and Compliance Operations at Avalara. “As Order.co works diligently to provide a simplified, fully automated end-to-end procurement platform to businesses seeking innovative and efficient digital tools, implementing Avalara’s tax compliance technology helps customers reduce risk, improve accuracy, and devote personnel to more valuable business building tasks. We’re pleased to play a role in the ongoing success of Order.co’s platform offering.”

    Key Benefits of Order.co + Avalara

    More accurate tax calculations: With Avalara, the process of calculating taxes for each location, product category, and type of spend is executed automatically. Order.co customers can now capture tax values at the time of purchase to reduce the need for manual adjustments and eliminate errors – and gain granular control of tax exemptions with the ability to toggle between exempt and non-exempt status on products. 

    Streamlined exemption management: With Avalara integrated into the Order.co platform, customers can register their business’s tax exemption status once, and watch it automatically apply across all eligible purchases and vendors. In addition, fully tax-exempt organizations can now make purchases through the Order.co platform.

    Comprehensive reporting and tax compliance: Customers can now leverage Order.co’s new capabilities for in-depth reporting to easily calculate tax obligations, in addition to collecting, storing, and documenting relevant tax information to mitigate sales tax liability and minimize the amount owed during audits. Users can access product categories to aid in tax coding and ensure teams can run comprehensive analytics. 

    About Avalara 

    Avalara makes tax compliance faster, easier, and more accurate, reliable, and valuable for 41,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.

    About Order.co

    Order.co simplifies business buying by combining the ease of online shopping with the sophistication of world-class purchase order and AP automation. The result? Businesses cut costs and complexity with every order. Hundreds of companies, like WeWork and Hugo Boss, leverage Order.co to centralize purchase-to-pay workflows, scale operations, and save an average of 5% on products. Order.co has raised $50M in funding from industry-leading investors like MIT, Stage 2 Capital, Rally Ventures, 645 Ventures, and more.

    Media Contact

    Allison Reich
    Senior Manager of Brand, Content & Enablement
    Allison.reich@order.co

    The MIL Network –