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Category: Taxation

  • MIL-OSI Security: Former Fargo Businessman Sentenced to Federal Prison for Leading a Large-Scale Cocaine Distribution Enterprise

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Fargo – Acting United States Attorney Jennifer Klemetsrud Puhl announced that Barrett Clair Prody, Age 52 of Fort Lauderdale, FL, appeared in United States District Court today and was sentenced by Chief Judge Peter Welte to serve 190 months in federal prison, followed by five years of supervised release for the offenses of Continuing Criminal Enterprise, Money Laundering Conspiracy, and Obstruction of Justice.  Prody was also ordered to pay a $300 special assessment fee.

    As reflected in court documents, for nearly four years, former businessman Barrett Prody led a cocaine distribution enterprise in the Fargo-Moorhead area. In total, Prody’s organization distributed as much as 25 kilograms of cocaine. A financial investigation showed Prody reaped hundreds of thousands of dollars in drug proceeds, which he then laundered through ostensibly legitimate business accounts. Prody used drug proceeds to pay for a condominium in Fort Lauderdale, Florida, to rent an apartment in Medellin, Colombia, and to stash more than $100,000 in an investment account. After his arrest in April 2024, Prody attempted to obstruct justice by directing a third party to transfer his condominium and investment account ownership to avoid forfeiture.

    “Barrett Prody pushed a substantial amount of cocaine into Fargo and Moorhead, with little concern for the lives impacted and families destroyed by this poisonous product,” Drug Enforcement Administration Omaha Division Acting Special Agent in Charge Rafael Mattei said. “Traffickers like Prody see only personal gain, not individual human lives or the life-altering consequences that can come from drug use.”

    “Barrett Prody’s greed fueled a yearslong cocaine enterprise that profited off addiction and human suffering,” said Assistant U.S. Attorney Matthew Kopp. “Today’s sentence ensures accountability for his crimes.”

    This case is part of Operation Winter Weather, an Organized Crime Drug Enforcement Task Force (OCDETF) investigation targeting cocaine trafficking in North Dakota. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    This case was investigated by the Drug Enforcement Administration; the Internal Revenue Service; the Bureau of Alcohol, Tobacco, Firearms and Explosives; and the Cass County Drug Task Force. The case was prosecuted by the United States Attorney’s Office, District of North Dakota, Assistant U.S. Attorneys Matthew P. Kopp and Christopher C. Myers.           

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    MIL Security OSI –

  • MIL-OSI: SlashExperts Announces $2M in Seed Funding to Unlock a New Marketing Channel in B2B

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, CA, April 15, 2025 (GLOBE NEWSWIRE) —  SlashExperts, a pioneering platform built for B2B marketing and sales teams, has announced a significant milestone in its journey to revolutionize the modern buying experience. The company has successfully raised a $2 million seed round, led by Social Leverage with Touring Capital and Veridical Ventures participating, among other high profile angel investors. This funding will accelerate its mission to connect prospective buyers with real users, facilitating authentic peer conversations that build trust and expedite sales processes. 

    “I couldn’t be more excited to back SlashExperts. They have the experience and domain expertise to help every sales organization more efficiently tap into client referrals while building a data-rich expert network,” said Matt Ober, Partner at Social Leverage.

    In an era where traditional sales tactics often encounter friction and skepticism, SlashExperts offers a refreshing alternative. By enabling direct interactions between buyers and existing users, the platform empowers businesses to address tough questions and concerns in a transparent manner. This approach not only enhances trust but also significantly reduces the time required to close deals.
    “The traditional marketing funnel is evolving, and businesses need to adapt to the changing landscape,” said Braydan Young, CEO of SlashExperts and past co-founder of Sendoso—the direct mail leader. “Our platform is designed to unlock more top-of-funnel leads by connecting buyers in research mode with happy customers and experts. Additionally, we help sales reps accelerate win rates by proactively facilitating genuine buyer-to-customer conversations that lead to faster and more informed decision-making. It’s like word-of-mouth on steroids!”
    According to a recent data study, “77% of buyers engage with non-sales personnel from their preferred vendor before formal sales discussions and 81% of buyers have chosen their preferred vendor before they ever talk to sale.”

    The recent seed funding will be instrumental in expanding SlashExperts’ capabilities and reach. Investors have shown confidence in the company’s innovative approach and its potential to redefine how B2B enterprises engage with their prospects. The funds will be used to enhance the platform’s features, ensuring seamless and effective connections between buyers and users.
    SlashExperts’ unique model leverages the power of word-of-mouth and backchannel interactions, which are increasingly recognized as a critical component in the decision-making process. By providing a platform where buyers can engage with real users, the company is setting a new standard for transparency and efficiency in B2B sales.
    “Integrating SlashExperts into our sales process has been a game-changer. Connecting prospects directly with our satisfied customers has meaningfully increased our win rates.” said  Mike Machado, Chief Revenue Officer at Demand Local, one of the platform’s early adopters.

    As SlashExperts continues to grow and innovate, it remains committed to its core mission of helping B2B enterprises convert website visitors, increase win rates, and add new intent signals. The company’s emergence from stealth and its recent funding success are testaments to its potential to transform the B2B sales landscape.

    About SlashExperts

    SlashExperts is the leading peer-conversation platform that helps B2B companies accelerate revenue by connecting prospective buyers with real customers. By turning advocacy into a measurable, scalable growth channel, SlashExperts enables marketing and sales teams to build trust, shorten sales cycles, and influence pipeline. The platform seamlessly integrates into CRM systems, offering attribution-ready data and buyer insights at every stage of the funnel. Founded in 2024 and backed by world class investors, SlashExperts is on a mission to redefine the way B2B companies sell. Learn more at https://www.slashexperts.com/

    Press inquiries

    SlashExperts
    https://slashexperts.com
    Braydan young
    braydan@slashexperts.com
    5305140414
    2261 Market Street STE 10796 San Francisco CA 94114

    The MIL Network –

  • MIL-OSI China: Resilient Chinese economy injects certainty into the world amid rising protectionism

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

    Resilient Chinese economy injects certainty into the world amid rising protectionism

    BEIJING, April 15 — Despite headwinds of rising protectionism, increasing signals point to a good start for China’s economy for the first quarter (Q1) of 2025, injecting much-needed certainty and confidence into the world.

    The Chinese economic momentum is highlighted by domestic demand, industrial production and foreign trade, and driven by pro-growth policies, innovation, and structural adjustment.

    The Chinese government has prioritized such tasks as boosting domestic demand, developing new quality productive forces, implementing landmark reform measures, and expanding high-standard opening up, for this year.

    Foreign trade remains one of the bright spots for the largest developing country, whose Q1 goods trade volume hit a record high for the same period. Beating market expectations, China’s exports in Q1 grew by 6.9 percent. The resilience of foreign trade has been underpinned by its diversification of international markets and innovation-based competitiveness.

    Other figures also attest to the steady recovery trend, especially the upward trajectory since the final quarter of last year. The purchasing managers’ index of the manufacturing sector registered a one-year high in March and remained in expansion territory for the second consecutive month.

    In the first two months of this year, industrial production, consumption, and investment growth rates surpassed last year’s full-year figures. The domestic sales of excavators for major manufacturers grew by 28.5 percent in March, reflecting the momentum in infrastructure investment.

    Consumption is gaining new momentum because of the expanded large-scale equipment upgrade and consumer goods trade-in programs. The Q1 retail sales of refrigerators and other household appliances increased by 38.4 percent year on year, and those of mobile phones and other communication equipment increased by 27.3 percent, according to value-added tax invoice data from the State Taxation Administration.

    China’s new energy industries and green transition, driven by its cutting-edge technologies, remain important growth drivers. Green technology promotion services in energy conservation and environmental protection, as well as the sales revenue of the new energy vehicle manufacturing industry, all posted double-digit growth in Q1. Among the country’s innovation achievements, humanoid robotics and large artificial intelligence models have driven the development of relevant industries.

    Despite external challenges, China is determined to manage its own affairs well, advancing Chinese modernization and pursuing high-quality development while sharing with other countries the new opportunities presented by its development.

    Through reassuring messages from policymakers at multiple symposiums, conferences, and expos this year, confidence has been significantly strengthened in the private sector and among foreign investors. This could be seen from a year-on-year increase of 33.4 percent in border crossings by foreign nationals in Q1, and a record 65 Fortune Global 500 companies and industry leaders attending the ongoing fifth China International Consumer Products Expo in south China’s Hainan Province.

    The sustained economic growth in Q1 has laid a solid foundation for accomplishing the country’s annual economic growth target of around 5 percent for 2025. China will implement more proactive macro policies, introduce new incremental policies as needed, and ensure effective economic work in the second quarter and beyond, with intensified efforts across all tasks.

    With sufficient and effective policy tools, China has the confidence and capability to achieve this year’s economic and social development goals, tackle external uncertainties, and contribute certainty and stability to the world amid rising protectionism.

    MIL OSI China News –

  • MIL-OSI USA: Read More (Steube Introduces Family Business Legacy Act)

    Source: United States House of Representatives – Congressman Greg Steube (FL-17)

    April 15, 2025 | Press ReleasesWASHINGTON — U.S. Representative Greg Steube (R-Fla.) yesterday introduced the Family Business Legacy Act to bring parity to the tax code between estate and gift taxes.This bill will clarify the tax code for small and family-owned businesses after more than a decade of undue burdens and confusion. In 2010, the Internal Revenue Service exploited ambiguities in the law to try and impose a gift tax on donations to 501(c)(4) organizations. Congress responded by passing the Protecting Americans From Tax Hikes Act (PATH) in 2015 to roll back this overreach by the IRS. Ten years later, additional action is needed to prevent the IRS from potentially using the estate tax to penalize small and family-owned businesses. The Family Business Legacy Act solves this problem by establishing an estate tax deduction for contributions to 501(c)(4), (c)(5), and (c)(6) organizations to protect small and family-owned businesses from unfair gift taxation by the IRS. “Small and family-owned businesses do more than just create jobs. Their support to charitable organizations and causes represents the best of the American spirit,” said Rep. Steube. “Restoring parity between state and federal tax laws not only makes good business sense, but also reaffirms the critical role that small and family-owned enterprises play in our society. My bill will guarantee contributions to 501(c)(4), (c)(5), and (c)(6) organizations are no longer subjected to gift taxes.”Rep. Steube is co-leading this legislation alongside Representative Rich McCormick (R-Ga.).Supporting organizations include: National Taxpayers Union, Taxpayers Protection Alliance, Americans for Limited Government, American Commitment, Center for a Free Economy, Center for Individual Freedom, Consumer Action for a Strong Economy, Frontiers of Freedom, Small Business & Entrepreneurship Council, American Association of Senior Citizens, and 60 Plus AssociationCenter for a Free Economy“CFE applauds Congressman Steube for helping to simplify the estate and gift tax system. In 2015, Congress clarified that gifts to 501c4 and similar organizations will not count against a taxpayer’s gift tax exemption. A similar clarification for estates is now needed, and this bill provides certainty to family businesses hoping to carry on their legacy through bequests to the organizations of their choice. As a tax practitioner and enrolled agent, I appreciate Congressman Steube’s efforts to simplify the tax code and provide predictability to the small businesses that I work with.” –Ryan Ellis, President, Center for a Free EconomyConsumer Action for a Strong Economy “The Family Business Legacy Act strikes a balance between supporting small businesses and maintaining transparency in our tax system. By allowing donations to trusted nonprofit organizations without estate tax penalties, it empowers business owners to give back while preserving their long-term plans. Simplifying the tax code also benefits consumers by promoting stable, community-rooted enterprises.” —Matthew Kandrach, President, Consumer Action for a Strong Economy Family Business Coalition“The Family Business Legacy Act will simplify the current estate and gift tax laws to ensure that families are able to donate to organizations of their choice through gifts or bequests. While the 2015 PATH Act clarified that families may gift to 501c4, c5, and c6 organizations, similar clarification is needed for estates. We applaud Congressman Steube for working to streamline the tax code for family-owned businesses across the country.” —Palmer Schoening, Chairman, Family Business CoalitionNational Taxpayers Union“The Family Business Legacy Act is a much needed, commonsense reform that protects taxpayers from unnecessary complexity and unintended penalties. By clarifying that donations to 501(c)(4), (5), and (6) organizations don’t count against the estate tax exemption, it ensures fairness and supports civic engagement. Aligning gift and estate tax laws also streamlines planning, reducing burdens for hardworking families and small business owners alike.” —Brandon Arnold, Executive Vice President, National Taxpayers Union Small Business and Entrepreneurship Council “SBE Council is proud to support the Family Business Legacy Act which ensures that small business owners can support the causes that matter to them, without risking their estate tax exemption. By aligning gift tax laws with estate tax laws, the bill simplifies succession planning, making it easier for family businesses to prepare for the future. This clarity is essential for those looking to pass their businesses on to the next generation with confidence.” —Karen Kerrigan, President and CEO, Small Business and Entrepreneurship Council Taxpayers Protection Alliance“The Taxpayers Protection Alliance strongly supports Rep. Greg Steube’s Family Business Legacy Act, which would allow for an estate tax deduction for charitable contributions. Complying with current estate tax law costs American families billions of dollars per year and destroys intergenerational wealth building, forcing some families to sell assets. The FBLA creates much-needed parity between gift taxes and estate taxes, providing predictability and tax simplification for the next generation, while supporting taxpayers’ First Amendment right to donate to organizations they support.” —David Williams, President, Taxpayers Protection AllianceRead full bill text here.

    MIL OSI USA News –

  • MIL-OSI: Zero Hash Powered $2 Billion+ in Tokenized Fund Flows within the Last Four Months

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 15, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading infrastructure for stablecoins and crypto, today announced it powered more than $2 billion in tokenized fund flows within the last four months – fueling the rise of on-chain capital markets.

    As adoption of tokenized funds accelerates, Zero Hash has emerged as a core enabler of the on-chain markets ecosystem. Its infrastructure underpins the payment rails for tokenized funds, including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) in partnership with Securitize, as well as Franklin Templeton’s BENJI Token and the Hamilton Lane Private Infrastructure Fund (HLPIF) in partnership with Republic. Zero Hash facilitates compliant, real-time, 24/7/365 funding across seven stablecoins, underpinned by 22 blockchains.

    Tokenization has the potential to fundamentally reshape financial markets by enabling instant, always-on settlement. Traditional payment systems, however, aren’t designed to support this level of availability and remain a bottleneck. Stablecoins unlock the true utility of tokenized assets, including stable instruments, enabling them to move as flexibly as the blockchain allows. Zero Hash payment rails are an essential tool for institutions looking to unlock blockchain technology and enable completely on-chain transactions, from asset origination to redemption, without having to manage the complexities of accepting stablecoins.

    In his annual Letter to Investors, BlackRock Chairman and CEO Larry Fink wrote, “Every stock, every bond, every fund – every asset – can be tokenized. If they are, it will revolutionize investing. Markets wouldn’t need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth.” This vision is already in motion – and Zero Hash is powering the payment rails underpinning tokenized assets.

    “Tokenized finance is no longer theoretical. Institutions are deploying real capital to tokenization and need the payment infrastructure to match,” said Edward Woodford, CEO and Founder of Zero Hash. “Our rails enable fully on-chain transactions end-to-end, real-time, 24/7/365. Zero Hash abstracts the blockchain complexity and meets the regulatory standards required by the largest financial firms.”

    Zero Hash’s infrastructure is trusted by global businesses that require enterprise-grade stablecoin payment rails. This is because Zero Hash addresses two of the most pressing barriers to institutional adoption: regulatory compliance around source-of-funds transparency and technical complexity. Zero Hash’s abstracts away the complexity of multi-chain, multi-stable operations – allowing issuers to operate with the simplicity of account-to-account transfers, while their infrastructure handles the complexities behind the scenes.

    In less than four months, Zero Hash has facilitated over $2 billion in tokenized funding through partners including Securitize, Franklin Templeton, and Republic. The broader market reflects that momentum. The tokenized real-world asset (RWA) market grew ~85% year-over-year to hit $15.2 billion by the end of 2024. In the first quarter of 2025, another $5.44 billion was added – bringing total RWA value on-chain to $20.64 billion, as of April 11th (Source: rwa.xyz). Zero Hash’s on-ramped approximately 35% of all on-chain RWAs in Q1, solidifying its position as a foundational layer in the evolving capital markets stack.

    As institutional adoption deepens, Zero Hash continues to serve as the stablecoin infrastructure partner of choice for asset managers and platforms driving the future of financial services.

    About Zero Hash
    Zero Hash is the leading infrastructure provider for crypto, stablecoin, and tokenized asset settlement. Its embeddable, API-first platform enables regulated money movement across fiat, crypto, and stable instruments. Clients use Zero Hash to build solutions for cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, on/off-ramps, and more.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Trust Company LLC has been approved by the North Carolina Commissioner of Banks as a non-depository trust company.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Media Contact:
    Zero Hash
    Shaun O’Keeffe
    (855) 744-7333
    media@zerohash.com

    The MIL Network –

  • MIL-OSI: American Rebel Beer Announces Launch Event in Bowling Green Kentucky with Distribution Partner – Clark Distributing Company

    Source: GlobeNewswire (MIL-OSI)

    Nashville, TN, April 15, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com), and a designer, manufacturer, and marketer of branded safes, personal security, self-defense products and apparel, is proud to announce a Tax Day Launch Event for southern Kentucky at the Spillway Bar & Grill, 2195 River Street in Bowling Green, Kentucky with its distribution partner, Clark Distributing Company (ccclark.com). This morning American Rebel CEO Andy Ross appeared live on air at D93 WDNS Classic Rock Radio in Bowling Green to celebrate the launch party.

    Kentucky is a key strategic state as American Rebel Light Beer continues to rapidly grow its distribution partnerships throughout the Southeastern United States. Clark Distributing Company, a premier distributor serving more than 5,000 retail and restaurant customers throughout Kentucky, covers 97 counties out of 120 total, representing 81% of Kentucky’s counties and serving 67% of the state’s population. Kentucky residents can now enjoy American Rebel Premium Light Lager Beer that not only is great tasting but unapologetically celebrates true fundamental American values.

    “Kentucky is an important state for us as we expand American Rebel Light Beer across this great, God-fearing nation,” said Andy Ross, CEO of American Rebel. “We are thrilled to see American Rebel Light Beer reach patriotic customers throughout the Commonwealth, and we couldn’t have asked for a better partner than Clark Distributing Company to help us serve customers looking for American Rebel Light – America’s Patriotic, God Fearing, Constitution Loving, National Anthem Singing, Stand Your Ground Beer.”

    American Rebel Light Beer is growing rapidly due to its great taste and drinkability, with a smooth and crisp finish that appeals to light beer enthusiasts. It continues to receive overwhelmingly positive feedback, leading to increasing and repeat customer demand due to its balance of flavor and drinkability. It is the light beer of choice for consumers looking for a great tasting light beer that is aligned with traditional American patriotic values, liberty, and freedom.

    “Between the on-air appearance at D93 and the launch event this evening, I want to head over to the Corvette Museum here in Bowling Green,” said Andy Ross. “Danny built me the Second Amendment Muscle Car, a ’69 Corvette, on the “Rocked and Loaded” episode of Counting Cars on the History Channel. I get people coming up to me all the time asking me about the car and saying they just saw the episode air again. Millions of people have seen that episode over the years and that car has become known as the Batmobile of the Second Amendment.”

    For more information about American Rebel Light Beer, visit americanrebelbeer.com.

    About American Rebel Light Beer

    Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a domestic premium light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

    American Rebel Light is a Premium Domestic Light Lager Beer. All Natural, Crisp, Clean, Bold Taste, Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass production

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebelbeer.com/investor-relations.

    About Clark Distributing Company

    Clark Distributing Company (ccclark.com) is a premier beverage distributor serving over 5,000 customers across the Commonwealth of Kentucky. With a focus on quality, service, and customer satisfaction, Clark Distributing is proud to bring premium brands to Kentucky’s diverse market.

    American Rebel Holdings, Inc.

    info@americanrebel.com

    American Rebel Beverages, LLC

    Todd Porter, President
    tporter@americanrebelbeer.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc. (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of the launch party, actual launch timing and availability of American Rebel Beer, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Company Contact:

    tporter@americanrebelbeer.com

    info@americanrebel.com

    Attachment

    The MIL Network –

  • MIL-OSI: Cyabra Announces Record 2024 Financial Performance, Doubling Revenue and Strengthening Gross Margins

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, April 15, 2025 (GLOBE NEWSWIRE) — Cyabra Strategy Ltd. (“Cyabra”), a leading AI platform for real-time disinformation detection, today announced its financial results for the fiscal year 2024, showcasing exceptional growth and strengthened gross margins. The company’s revenue surged from $1.9 million in 2023 to $4.2 million in 2024, marking a 116% year-over-year increase. Additionally, Cyabra significantly improved its gross margins, rising from 69% in 2023 to 81% in 2024, reflecting enhanced operational efficiency and strong demand for its cutting-edge technology solutions.

    “This past year has been transformative for Cyabra, as our capabilities continue to set the standard in the fight against disinformation,” said Dan Brahmy, CEO and Co-Founder of Cyabra. “Our strong revenue growth and gross margin expansion demonstrate the increasing reliance of enterprises and governments on our technology to navigate the evolving digital landscape.”

    The company’s robust performance in 2024 was driven by increased demand from both public and private sector clients, as organizations increasingly recognize the need to identify the sources of harmful narratives and inauthentic online activity.

    Cyabra has entered into a business combination agreement with Trailblazer Merger Corporation I (NASDAQ: TBMC), a blank-check special-purpose acquisition company.

    FINANCIAL RESULTS

    • Revenues for the year ended December 31, 2024, were approximately $4,155 thousand, reflecting an increase of 116% compared to $1,922 thousand for the year ended December 31, 2023. The growth in revenues was primarily due to an expansion in the customer base, with approximately 50% of 2024 revenues coming from new customers acquired during the year.
    • Cost of revenues for 2024 was approximately $782 thousand, marking an increase of 30% from $603 thousand in 2023. This increase was primarily driven by a higher level of commercial activity.
    • Research and development expenses for 2024 were approximately $4,653 thousand, an increase of 30% compared to $3,593 thousand in 2023, largely due to expanded payroll and personnel investments in Cyabra’s R&D team.
    • Sales and marketing expenses for 2024 reached approximately $3,316 thousand, reflecting an increase of 21% from $2,738 thousand in 2023. This was primarily due to an increase in headcount and related expenses in sales and marketing teams.
    • General and administrative expenses for 2024 were approximately $4,602 thousand, an increase of 395% compared to $929 thousand in 2023. The increase was mainly attributed to higher professional services costs associated with the business combination with Trailblazer, along with increased payroll and related expenses.
    • Finance expenses for 2024 were approximately $6,398 thousand, an increase of 959% compared to $604 thousand in 2023. The increase was mainly due to increased expenses related to the revaluation of financial liabilities measured at fair value.
    • Total loss for 2024 amounted to approximately $15,610 thousand, reflecting an increase of 138% from $6,550 thousand in 2023, primarily driven by the factors described above.

    About Cyabra
    Cyabra is a real-time AI-powered platform that uncovers and analyzes online disinformation and misinformation by uncovering fake profiles, harmful narratives, and GenAI content across social media and digital news channels. Cyabra’s AI solutions protect corporations and governments against brand reputation risks, election manipulation, foreign interference, and other online threats. Cyabra’s platform leverages proprietary algorithms and NLP solutions, gathering and analyzing publicly available data to provide clear, actionable insights and real-time alerts that inform critical decision-making. Cyabra uncovers the good, bad, and fake online.

    For more information, visit www.cyabra.com

    Media Contact:
    Jill Burkes
    Jill@cyabra.com
    Signal Contact: Jillabra.24

    Investor Relations Contact:
    Miri Segal
    MS-IR
    msegal@ms-ir.com

    About Trailblazer
    Trailblazer is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. For more information, visit: www.trailblazermergercorp.com

     
    Consolidated Balance Sheets as of December 31, U.S. dollars in thousands (except share data)
           
        2024
    		   2023
    Assets          
    Current assets          
    Cash and cash equivalents   927     520  
    Restricted cash   19     6  
    Accounts receivable   113     70  
    Other current assets   194     108  
    Total current assets   1,253     704  
               
    Non-Current Assets          
    Operating right-of-use asset   551     41  
    Property and equipment, net   143     98  
    Total non-current assets   694     139  
    Total Assets   1,947     843  
               
    Liabilities, Redeemable Convertible Preferred Shares and Capital Deficiency          
    Current liabilities          
    Trade accounts payable   1,084     141  
    Current maturities of long-term loans   1,175     1,179  
    Operating lease liability   190     40  
    Deferred revenues   2,423     1,473  
    Employees and related   983     675  
    Other current liabilities   684     321  
    Convertible notes   11,649     –  
    Total current liabilities   18,188     3,829  
               
    Non-Current Liabilities          
    Long-term loans   198     1,376  
    Operating lease liability   389     –  
    Long-term deferred revenues   362     154  
    Liability for future equity (SAFE)   1,206     –  
    Liability with respect to warrants   244     93  
    Total non-current liabilities   2,399     1,623  
    Total liabilities   20,587     5,452  
               
    Commitments and contingent liabilities          
               
    Redeemable Convertible Preferred Shares:          
    Redeemable Preferred A and A-1 shares, NIS 0.01 par value: 607,373 shares authorized as of December 31, 2024 and 2023, 515,186 issued and outstanding as of December 31, 2024 and 2023 Aggregate liquidation preference of $6,838 and $6,511 as of December 31, 2024 and 2023, respectively; Redeemable Preferred A-2 and A-3 shares, NIS 0.01 par value: 596,056 shares authorized as of December 31, 2024 and 2023, and 388,739 issued and outstanding as of December 31, 2024 and 2023, respectively Aggregate liquidation preference of $6,242 and $5,944 as of December 31, 2024 and 2023, respectively.   11,780     11,780  
               
    Capital Deficiency:          
    Ordinary shares, NIS 0.01 par value: 8,796,571 shares authorized as of December 31, 2024 and 2023, and 651,571 and 628,801 issued and outstanding as of December 31, 2024 and 2023, respectively.   2     2  
    Additional paid in capital   4,132     2,553  
    Accumulated deficit   (34,554 )   (18,944 )
    Total capital deficiency   (30,420 )   (16,389 )
    Total liabilities, redeemable convertible preferred shares and capital deficiency   1,947     843  
                 
     
    Consolidated Statements of Operations for the year ended December 31,U.S. dollars in thousands (except per share data)
                 
        2024     2023  
    Revenues   4,155     1,922  
    Cost of revenues   782     603  
    Gross profit   3,373     1,319  
               
    Operating costs and expenses          
    Research and development expenses   4,653     3,593  
    Sales and marketing expenses   3,316     2,738  
    General and administrative expenses   4,602     929  
    Total operating loss   9,198     5,941  
               
    Finance expenses, net   6,398     604  
    Loss before taxes on income   15,596     6,545  
    Taxes on income   14     5  
    Net loss for the year   15,610     6,550  
               
    Loss per share attributable to ordinary shareholders          
    Basic and diluted loss per share   (21.62 )   (10.29 )
               
    Weighted average number of ordinary shares outstanding used in computation of basic and diluted loss per share   748,188     680,182  
               

    Forward-Looking Statements
    This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to certain products and services that are the subject of a proposed transaction (the “Business Combination”) between Trailblazer and Cyabra. All statements other than statements of historical facts contained in this press release, including statements regarding Cyabra’s business strategy, products and services, research and development costs, plans and objectives of management for future operations, and future results of current and anticipated product offerings, are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the ability to complete the Business Combination or, if Trailblazer does not consummate such Business Combination, any other initial business combination; expectations regarding Cyabra’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Cyabra’s ability to invest in growth initiatives and pursue acquisition opportunities; the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that may be instituted against Trailblazer or Cyabra following announcement of the Business Combination Agreement and the transactions contemplated therein; the inability to complete the proposed Business Combination due to, among other things, the failure to obtain Trailblazer stockholder approval; the risk that the announcement and consummation of the proposed Business Combination disrupts Cyabra’s current operations and future plans; the ability to recognize the anticipated benefits of the proposed Business Combination; unexpected costs related to the proposed Business Combination; the amount of any redemptions by existing holders of Trailblazer’s common stock being greater than expected; limited liquidity and trading of Trailblazer’s securities; geopolitical risk and changes in applicable laws or regulations; the size of the addressable markets for Cyabra’s products and services; the possibility that Trailblazer and/or Cyabra may be adversely affected by other economic, business, and/or competitive factors; the ability to obtain and/or maintain the listing of the combined company’s common stock on Nasdaq following the Business Combination; operational risk; and the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur.

    Important Information for Investors and Stockholders
    In connection with the Business Combination, Trailblazer Holdings, Inc., a subsidiary of Trailblazer (“Holdings”) has filed a registration statement on Form S-4 (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”), which includes a preliminary proxy statement/prospectus, and certain other related documents, which will be both the proxy statement to be distributed to holders of shares of Trailblazer’s common stock in connection with its solicitation of proxies for the vote by its stockholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as well as the prospectus of Holdings relating to the offer and sale of its securities to be issued in the Business Combination. After the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all Trailblazer stockholders so that they may vote on the Business Combination.

    INVESTORS AND STOCKHOLDERS OF TRAILBLAZER ARE URGED TO READ CAREFULLY THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES INVOLVED.

    Trailblazer stockholders are currently able to obtain copies of the preliminary proxy statement/prospectus and other documents filed with the SEC that are incorporated by reference therein, and will be able to obtain the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, once available, in all cases without charge, at the SEC’s web site at www.sec.gov, or by directing a request to: Trailblazer at 510 Madison Avenue, Suite 1401, New York, NY 10022, Telephone: 646-747-9618.

    Participants in the Solicitation
    Cyabra, Trailblazer, and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Trailblazer stockholders regarding the proposed Business Combination. Information about Trailblazer’s directors and executive officers and their ownership of Trailblazer’s securities is set forth in the proxy statement/prospectus pertaining to the proposed Business Combination.

    No Offer or Solicitation
    This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval. No sale of securities shall occur in any jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under applicable laws.

    The MIL Network –

  • MIL-OSI Russia: Sergei Sobyanin: Moscow taxi market has been fully legalized in 15 years

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 15 years, the capital has managed to fully legalize the taxi market. Sergei Sobyanin spoke about how the passenger transportation service is developing in the city in his telegram channel.

    “Today, almost 200 thousand work in Moscow and the Moscow region – the fleet has grown by 15 percent in the last year alone. The average age of the car is only 3.2 years. This is one of the youngest taxi fleets in Europe,” the Moscow Mayor wrote.

    Source: Sergei Sobyanin’s Telegram channel @Mos_Sobyanin

    In 2024, more than 632 million passengers used taxis. This is a record figure: daily passenger traffic reached 1.73 million people.

    The last 15 years have seen the revival of Moscow taxis. Particular attention is paid to the quality of service and safety. Since 2024, the city has been certifying taxi drivers, and since March 1, 2025, it has become mandatory. All active drivers in the region have already passed the exam. This guarantees that a real professional who knows the city, follows traffic rules and understands what to do in an emergency will come to the passenger. In 2021, Moscow was the first in the country to introduce a comprehensive information system “Taxi Operation Analytics” (KIS “ART”) – thanks to it, today passengers can be sure that only conscientious specialists go out on the line.

    From September 1, 2023, under the new law, taxi ordering services are responsible to passengers. They ensure that only qualified drivers are behind the wheel of the car. In addition, with the participation of city and federal agencies, preventive checks are carried out to identify illegal taxis – in late March and early April, they were carried out in the Southern Administrative District of the capital.

    There is a platform for taxi service owners “Open Control”, where you can get free consultations and check your taxi fleet for compliance with mandatory requirements.

    Moscow to Continue Updating Car Sharing and Taxi FleetsThe Moscow Transport Museum has restored the GAZ-M20A Pobeda, the first post-war taxi

    Since 2012, the city has been providing financial support to taxi companies. Thus, over 13 years, they have been compensated for part of the costs of purchasing more than 92 thousand cars. The total amount of subsidies was 2.49 billion rubles. The funds are allocated for the purchase of cars that meet the fifth or sixth environmental classes, as well as electric cars manufactured in Moscow (for them, an increasing coefficient of 2.5 applies). The new cars make passenger trips not only comfortable, but also safer.

    In the future, there is a transition to environmentally friendly transport. It is planned that by 2030, about half of the taxi fleet will be electric vehicles – comfortable and having a lower impact on the environment.

    “We see the result: since 2019, the number of accidents involving taxis has decreased by four percent. Our task is to develop a modern, safe and convenient service that meets international standards,” concluded Sergei Sobyanin.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12620050/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Hong Kong’s Comprehensive Avoidance of Double Taxation Agreement with Armenia in force

    Source: Hong Kong Government special administrative region

    Hong Kong’s Comprehensive Avoidance of Double Taxation Agreement with Armenia in force 
    “Under the CDTA, companies and residents of Hong Kong and Armenia will not have to pay tax twice on a single source of income. The CDTA will allow them to have certainty on tax liabilities and save tax when they engage in cross-border business activities, thus helping to promote bilateral trade and investment. To date, Hong Kong has signed CDTAs with 51 tax jurisdictions,” a Government spokesman said.
     
    The CDTA is available on the Hong Kong e-Legislation websiteIssued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Rajya Mantri Shri Sanjay Seth calls on Tanzanian Vice-President Mr Philip Isdor Mpango and Minister of Defence & National Service Dr Stergomena Lawrence Tax in Dar es Salaam

    Source: Government of India

    Posted On: 14 APR 2025 11:00PM by PIB Delhi

    Raksha Rajya Mantri Shri Sanjay Seth called on Vice-President of Tanzania Mr Philip Isdor Mpango and Minister of Defence & National Service Dr Stergomena Lawrence Tax in Dar es Salaam on April 14, 2025. During his meeting with the Tanzanian Vice-President, Raksha Rajya Mantri updated him on the Africa-India Key Maritime Engagement cooperation from Indian defence industries to exercise (AIKEYME) and Defence Expo inaugurated on April 13, 2025. He offered to fulfil the defence requirements of Tanzania People’s Defence Force. India-Tanzania development partnership, cultural connections and cooperation in health and education were also discussed. 

    During the meeting between Tanzanian Minister of Defence & National Service and Raksha Rajya Mantri, the ongoing defence cooperation was reviewed and new ways were explored to further bolster the ties. Training of Tanzania officers in military training institutes of India, defence industry collaboration, cooperation in counter-insurgency and counter-terrorism operations, and cyber security were some of the key areas of cooperation deliberated upon during the meeting. 

    Raksha Rajya Mantri ended his day with an Indian Community event where he highlighted the progress India has made in various spheres in recent years. He dwelt upon the contribution of the Indian diaspora in growth and prosperity of not only India but Tanzania too. He visited Sanatan Dharma and Swaminarayan Mandir prior to the interaction with the Indian community. He also participated in the Ambedakar Jayanti celebrations organised in the High Commission of India in Tanzania.

     ****

    SR/Savvy

    (Release ID: 2121709) Visitor Counter : 87

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HK, Armenia tax pact in effect

    Source: Hong Kong Information Services

    Hong Kong’s Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Armenia signed in June 2024 has come into force, and will be applicable to Hong Kong tax for any year of assessment beginning April 1, 2026.

     

    Under the agreement, companies and residents of both places will not have to pay tax twice on a single source of income.

     

    The agreement will also allow them to have certainty on tax liabilities and save tax when they engage in cross-border business activities, thereby helping to promote bilateral trade and investment.

     

    Hong Kong has signed CDTAs with 51 tax jurisdictions so far.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Tips for avoiding common errors in MAAS and MATS reporting

    Source: New places to play in Gungahlin

    Members rely on ATO Online to make decisions about their superannuation. It’s important your reporting is accurate, so they can make informed decisions.

    When lodging member account information through the MAAS:

    • For reversionary accounts, complete all reporting before you submit a close MAAS for the deceased account holder. Then, wait 24 hours before you submit an open MAAS for the beneficiary.
    • Report the full name of the member, don’t use Estate of or Deceased Estate in any of the name fields.
    • Submit MAAS closures and MAAS opens in separate batches or files to ensure the data is consumed in the intended order.
    • Report closed/open member accounts and any updates to these member accounts within 5 business days of when they occur. This allows us to send Government contributions and rollovers to the correct destination.
    • Complete the mandatory fields; Contributions accepted, Inward rollovers accepted, Member outward rollovers accepted, and Government rollovers accepted correctly to ensure we only send the relevant member entitlements to you via SuperStream.
    • Ensure the message timestamp is the current date and time for each MAAS lodgment, rather than reusing a timestamp from a previous lodgment.
    • If you don’t hold a Tax File Number (TFN) for a member, leave the field blank. Don’t use a default or invalid TFN. Accurately report the TFN in the field if it is available.

    When reporting MATS transactions for a member:

    • Ensure you have successfully reported member account information through the MAAS, and all original identifiers match those you report on the MATS.
    • Lodge new member account information through the MAAS prior to lodging a MATS transaction for the member
    • When responding to a Commissioners commutation authority, lodge a transfer balance account report (TBAR) instead of using the MATS.
    • Use MAAS and MATS online services only for real accounts with accurate names and information. Do not submit dummy accounts to test system operations, as this will create real records.

    For assistance with reporting obligations, see the MAAS and MATS Business Implementation Guide at Superannuation (SPR) | Standard Business ReportingExternal Link.

    Looking for the latest news for Super funds? – You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News –

  • MIL-OSI USA: Reps. Mann, Kaptur, Budzinski Lead Bipartisan, Bicameral Legislation to Prioritize Domestic Feedlots and Biofuels

    Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

    WASHINGTON, D.C. –  U.S. Representatives Tracey Mann (KS-01), Marcy Kaptur (OH-09), and Nikki Budzinski (IL-13) reintroduced the bipartisan, bicameral Farmer First Fuel Incentives Act. The bill would restrict the eligibility of the 45Z Tax Credit to renewable fuels made only from domestically sourced feedstocks and extend the credit through 2034. U.S. Senators Roger Marshall, M.D. (R-KS) and Amy Klobuchar (D-MN) introduced companion legislation in the Senate. 

    “American tax incentives should benefit American-grown products and American farmers, not foreign producers,” said Rep. Mann. “Foreign feedstocks can play a significant role in producing domestically manufactured ethanol, biodiesel, renewable diesel, and sustainable aviation fuel, but we cannot allow them to displace harvest grown right in our backyard. Our tax code should reward the grit and tenacity of American producers, not prop up feedstocks grown overseas.”

    “Today, I joined my colleagues in this important bicameral and bipartisan effort because helping American farmers, producers, and growers goes beyond state and party lines, and is more important now than ever,” said Rep. Kaptur. “We must ensure the Clean Fuel Production tax credit is structured in a way that benefits domestic producers, and not one that advantages foreign-produced feedstocks from China or Brazil. Our legislation extends this credit through 2034 and will bolster American energy independence by prioritizing American producers and the production of domestic biofuels.”

    The Farmer First Fuel Incentives Act would extend the 45Z tax credit and give the ethanol industry the time and financial incentive to build up the infrastructure needed for the U.S. to be less reliant on foreign fuel, open new markets for farmers, and increase ethanol production across the Midwest. Additionally, this bill fixes the glaring flaw in 45Z that negatively impacts farmers wanting to sell feedstocks to the biodiesel and renewable diesel industry. If 45Z continues as-is, taxpayers are at risk of further subsidizing Chinese-used cooking oil and undermining the use of soy, canola, sorghum, and corn oil in renewable fuels.

    “The Farmer First Fuel Incentives Act is commonsense legislation that stops sending American taxpayer dollars to China, expands robust domestic markets for agriculture producers, and increases certainty for the biofuels industry,” said Sen. Marshall. “With President Trump in the White House and Republicans leading both the Senate and House, we are finally putting American farmers first and supporting biofuels made in the U.S.A. It’s time our energy and agricultural policies reflect that.”

    “Domestically produced biofuel strengthens our energy independence, supports our farmers, and boosts rural economies,” said Sen. Klobuchar. “The introduction of the Farmers First Fuel Incentives Act is an important step as we work to maximize the potential of the 45Z Clean Fuel Production Credit and clean fuel investments across rural America. By extending the credit for another ten years, this legislation gives farmers and biofuel producers the certainty they need to provide consumers with affordable, lower-carbon fuel options.” 

    The legislation is supported by Growth Energy, American Soybean Association, National Oilseed Processors Association (NOPA), National Corn Growers Association, National Sorghum Producers, U.S. Canola Association, and Renewable Fuels Association.

    “We are deeply appreciative of these leaders for introducing legislation that establishes requirements for a tax credit that will level the playing field for America’s corn growers,” said National Corn Growers Association President Kenneth Hartman Jr. “This bill brings American farmers a step closer to unlocking an exciting new market with global reach.”

    “We appreciate the focus on “farmers first” legislation and the support of 45Z and domestic feedstocks like sorghum,” said Amy France, Chair of the National Sorghum Producers. “Domestic biofuel production remains critical to our farm and our country’s success.”

    In September 2024, Rep. Mann introduced the Farmers First Fuel Incentives Act in the 118th Congress. That same month, Reps. Mann and Kaptur penned a letter to then-Treasury Secretary Janet Yellen, urging the Treasury to expedite the issuance of the 45Z tax credit. 

    ###

     

    For more information on Rep. Mann visit www.mann.house.gov

    MIL OSI USA News –

  • MIL-OSI USA: PLASKETT MEETS WITH VIRGIN ISLANDS PHYSICIANS AND LOCAL HOSPITAL BOARD ON STATE OF VI HEALTHCARE

    Source: United States House of Representatives – Congresswoman Stacey E. Plaskett (USVI)

    For Immediate Release                                          Contact: Tionee Scotland
    April 14, 2025                                                    202-808-6129

    PRESS RELEASE

    PLASKETT MEETS WITH VIRGIN ISLANDS PHYSICIANS AND LOCAL HOSPITAL BOARD ON STATE OF VI HEALTHCARE

    Washington, D.C. – Congresswoman Plaskett released the following statement:

    “Last week, I and my office met with key stakeholders in our healthcare sector.  Given the heightened concerns related to our hospitals in the Virgin Islands- including staffing shortages, supply deficits, and operational challenges, meeting with those responsible fr the hospitals was very relevant. On Thursday, we met with the Juan F. Luis Hospital physicians and Chief Medical Officer, Dr. Regina Flippin, as well as the Schneider Regional Medical Center physicians and Chief Medical Officer, Dr. George Rosenberg, and on Sunday, I met with the Virgin Islands Government Hospital and Health Facilities Corporation Territorial Board Executive Committee (Corporation). I appreciate the responsiveness of the physician community and the Corporation, and value the respective, collaborative discussions.

    “We discussed the difficulties that the Virgin Islands hospitals are presently facing, including the problems listed above, and we discussed long term funding gaps which continue to plague our healthcare system.  There have been decades-long attempts to change multiple federal programs and funding formulas.  During the Biden Administration, I was able, in legislation, to change the percent of Medicaid payment by the federal government from 55% to 83% and raise the Medicaid cap. Medicare payments for the Virgin Islands are calculated using the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). Under TEFRA, the respective base years are 1982 for the Schneider Regional Medical Center (SRMC) and 1996 for the Governor Juan F. Louis Hospital (JFL). The base year reimbursement system, which relies upon an inflation adjustment, does not accurately capture the expenses of patient care services. I have introduced legislation for healthcare equity in each Congress and included in annual appropriations legislation language to urge the Centers for Medicare and Medicaid Services (CMS) to update the payment data and formulas for the hospitals in the Virgin Islands.  Additionally, I have met with CMS leadership to urge the use of their administrative scope to assign a new base period, which is more representative of the reasonable and necessary cost of inpatient services.

    “Additionally, during the calls we discussed Medicare and Medicaid payment systems that allow rural and geographically isolated hospitals an increased reimbursement rate. I have been a longstanding advocate to extend and permit Medicaid and Medicare Disproportionate Share Hospital (DSH) payments to U.S. territories.  We also discussed during the meetings other programs and creative mechanisms to create larger funding for the hospitals, which we will pursue.

    “We also discussed in our Sunday meeting the Myrah Keating Smith Community Health Center and the Morris De Castro Clinic on St. John and the vital support they provide to the community. I understand that the Request for Proposals for the construction contracts for both centers are now closed, and I am hopeful that they are reconstructed in short order, to ensure that providers and community members on St. John have the necessary infrastructure for their healthcare spaces.

    “My office is committed to working with everyone in the Virgin Islands healthcare space to ensure that our providers and community have the necessary support to ensure both short- and long-term stability. I am grateful for the commitment and passion of our doctors and healthcare professionals.  They have made a lifetime commitment to our community, and I respect their dedication to their patients.  I was also happy for the transparency of the hospital Board in discussing their ongoing work to stabilize and create positive change in the hospital. The hospitals provide essential care to everyone in the Virgin Islands, and I will collaborate with the federal and local government to protect our healthcare system.”

    ###

    MIL OSI USA News –

  • MIL-OSI Australia: Viper arrest 14 and seize $4.8m worth of illicit tobacco

    Source: New places to play in Gungahlin

    This is a joint media release from the Australian Taxation Office (ATO) and Victoria Police.

    Detectives from the VIPER Taskforce executed warrants at 12 tobacco stores across Melbourne last week as part of the ongoing investigation by Taskforce Lunar into organised crime syndicates linked to the illicit tobacco trade.

    Members of the taskforce were joined at the warrants from 7–11 April by representatives from the Australian Taxation Office (ATO) and Therapeutic Goods Administration (TGA), who also executed warrants at the stores.

    Police attended 12 stores, which they will allege are linked to two of the organised crime syndicates involved, in Altona Meadows, Truganina, Craigieburn, Broadmeadows, Tullamarine, Mill Park, Bundoora, Weir Views, Watsonia, Altona North, Prahran and Hawthorn.

    As a result, the following was seized:

    • 14,593 e-cigarettes (vapes) with a street value of over $729,650 profit
    • 681,368 cigarettes representing $953,915 excise avoided
    • over 305kg of loose-leaf tobacco worth $650,388 excise avoided
    • over $22,500 in cash, and
    • three conducted electricity devices and one baton.

    Fourteen people were arrested and interviewed in relation to the offences of possess tobacco and possess proceeds of crime. They are expected to be charged on summons.

    Detectives from the VIPER Taskforce ran the same operation from 21 November – 2 December, 2024, executing 16 search warrants across regional and metropolitan Melbourne, seizing the following:

    • 582,335 cigarettes representing $791,975 excise avoided
    • over 745 kg of loose-leaf tobacco, worth $1,565,907 excise avoided
    • over 131,000 in cash, and
    • over 3,400 e-cigarettes (vapes) with a street value of over $170,000 profit.

    Victoria Police continues to support local councils and the Victorian Department of Health who have responsibility for tobacco and vape enforcement and compliance.

    Detectives continue to work alongside external agencies such as the ABF, AFP, TGA, ATO and interstate counterparts.

    Investigators continue to appeal to anyone, especially store owners and staff, who have information about these incidents and who is responsible to come forward.

    Anyone with information about these incidents or with further information about serious and organised crime linked to the illicit tobacco trade is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.auExternal Link.

    Quotes attributable to Detective Acting Inspector Justin Shields, VIPER Taskforce:

    “The warrants this week in support of the Taskforce Lunar investigation into the operation of these crime syndicates are a strong demonstration of state and Commonwealth agencies coming together to target the issue of illicit tobacco in every way possible.

    “We have been clear that this is no longer about simply the investigation of the individual incidents – this is about doing absolutely everything we can to deter, disrupt and dismantle these syndicates and those at the helm of them.

    “This includes the targeting of anyone across Victoria who is involved in the distribution and sale of illicit tobacco, at any level. Ultimately, this is contributing to enabling those organised crime syndicates to operate here in Victoria.

    “While people’s lives remain at risk due to this heightened criminal activity, we will continue to target these organise crime syndicates and do everything we can to hold them accountable.”

    Quotes attributable to Assistant Commissioner, Jade Hawkins, Australian Taxation Office:

    “These arrests and the seizure of illicit tobacco products demonstrate the ATO’s ongoing commitment to supporting our partners in removing it from the community while creating a level playing field for legitimate businesses.

    “We’ll continue to work with our partners to detect, disrupt and dismantle the organised crime syndicates who are using profits from selling illicit tobacco to fund other serious illegal activities. By doing this, it ensures there will be financial and criminal implications for those who are involved.”

    MIL OSI News –

  • MIL-Evening Report: Why the Mormon church is on an expansion project, with 2 secretive new temples planned for Australia

    Source: The Conversation (Au and NZ) – By Brenton Griffin, Casual Lecturer and Tutor in History, Indigenous Studies, and Politics, Flinders University

    The Church of Jesus Christ of Latter-day Saints has announced it will build 15 new temples in countries across the world, including one in Liverpool, New South Wales.

    This follows a similar announcement last year of plans to build a second temple for Queensland, in South Brisbane.

    The two new structures – together with existing temples in Sydney (1984), Adelaide (2000), Melbourne (2000), Perth (2001) and Brisbane (2003) – will bring the total number of Australian temples to seven.

    In a nation with fewer than 160,000 practising Mormons, these new buildings seek to increase the legitimacy and visibility of the church.

    The Melbourne temple was erected in 2000, as was the temple in Adelaide.
    Wikimedia

    The significance of temples

    There are currently at least 200 completed Mormon temples around the globe, with an additional 182 under construction or announced.

    Temples have a different purpose and scope to Mormon chapels, which are far more common: Australia has about 190 Mormon chapels.

    Chapels are used for weekly sacrament (or communion) and weekly sermons. They are open to visitors, and often hold cultural events, extra church activities and family history centres.

    Temples, on the other hand, represent the blending of the divine and temporal. According to the Mormon worldview and doctrines, they are the world’s most sacred structures.

    Each temple is emblazoned with the phrase “The House of the Lord, Holiness to the Lord”. This isn’t just symbolic. Mormons believe each temple is literally the house of God, in which his presence may be felt.

    Given the gravity of this belief, these spaces are reserved for those who have been deemed worthy to enter by Mormon leaders.

    Inside the House of the Lord

    The church itself maintains that temples are “sacred, not secret”. It has long worked to dispel speculation over what happens within temple bounds.

    One way it does this is through “open houses”, in which a newly-built temple may be toured by anyone for a brief period. Once the open house has ended and the temple has been “dedicated” by a church leader – a process that includes blessing the building and those who will use it – it becomes entirely closed to the public.

    Within the temples, the most sacred rituals and knowledge of “the gospel” are imparted upon faithful members. Rituals can be performed for both living people and deceased ancestors. They must never be conducted – or even discussed – outside the sacred temple space.

    One of these rituals is baptism and confirmation for the dead by proxy (baptisms for the living are conducted in chapels or other spaces). This provides the deceased individuals “ordinances” that are necessary for salvation, which they did not receive during life.

    These baptisms have been controversial at times, with ordinances performed on individuals who were not direct ancestors of Latter-day Saints, including Holocaust victims and historical figures such as Joseph Stalin and Adolf Hitler. Even prominent Australians such as Ned Kelly, Malcolm Fraser, Neville Bonner and Truganini have allegedly appeared as “baptised” in Mormon records.

    Other temple ceremonies, conducted for both the dead and living, include washing and anointing with oil, “endowment” and “sealing”.

    The rituals are accompanied by various stages of knowledge progression for attendees. As with the rituals, temple knowledge is not to be discussed outside.

    Local opposition

    The air of secrecy and exclusivity surrounding Mormon temples has resulted in a flood of negative attention from Australian media, other religious institutions and society at large. News reports from as far back as the early 20th century sought to expose “Mormon temple secrets”.

    The first temple, built in Sydney in 1984, was widely protested by community groups and organisations. The building had to be modified by the church before it was eventually approved. A similar situation transpired in Brisbane in the early 2000s.

    In other cities, such as Adelaide and Melbourne, temples were not directly protested, but were still critiqued for their lavishness, with the average Australian temple costing around A$8 million in the late 1990s/early 2000s.

    Given the cost of living crisis, and contention over the place of religion in contemporary Australia, the two proposed temples will likely also face criticism.

    Reputational management

    The church’s reputation in Australia has become ever more complicated over the past 20 years, not least due to several controversies.

    In 2022 and 2023, The Age and The Sydney Morning Herald reported the church was allegedly abusing tax laws, to the amount of hundreds of millions of dollars. This was addressed, but not confirmed or denied, in the November 2022 Senate Estimates by Australian Tax Office Assistant Commissioner Jeremy Hirschhorn, after questioning by Greens Senator David Shoebridge. Accusations of tax evasion have also been made in New Zealand and the United States.

    Other controversies relate to LGBTQIA+ discrimination, the church’s influence in Australian and global politics, and allegations resulting from the Royal Commission into child sexual abuse.

    The new Australian temples will be completed under a pall of critiques and accusations around church finances and other controversies. And while they might be briefly open to the public, their doors will just as quickly shut – adding more fuel to the speculation.

    Brenton Griffin was raised as a member of the Church of Jesus Christ of Latter-day Saints, but is no longer a practising member of the church. His current research is focused on the religion’s place in Australian and New Zealand popular culture, politics, and society from the nineteenth century to present.

    – ref. Why the Mormon church is on an expansion project, with 2 secretive new temples planned for Australia – https://theconversation.com/why-the-mormon-church-is-on-an-expansion-project-with-2-secretive-new-temples-planned-for-australia-254217

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Read More (Steube Joins U.S. Chamber Roundtable to Discuss TCJA)

    Source: United States House of Representatives – Congressman Greg Steube (FL-17)

    April 14, 2025 | Press ReleasesVENICE — U.S. Representative Greg Steube (R-Fla.) today joined a U.S. Chamber Roundtable in North Venice, Florida, to discuss the importance of extending the Tax Cuts and Jobs Act (TCJA) of 2017.

    Hosted at the Ajax Paving Industry complex in North Venice, the U.S. Chamber Roundtable focused on the benefits of the TCJA and the risks posed to small businesses and local industries in the Suncoast if Congress fails to renew the law.“There is a reason small business owners and entrepreneurs look to Southwest Florida to pursue the American dream. No community better represents and embraces the values of free enterprise than the Suncoast,” said Rep. Steube. “Since its passage in 2017, the Tax Cuts and Jobs Act (TCJA) has delivered unprecedented prosperity for employers and employees alike. From streamlining corporate taxation to providing a critical tax deduction for small business development, the TCJA has delivered on its promise. Failing to renew the law would be catastrophic for not only Southwest Florida but the entire nation. Extending the TCJA will ensure our businesses and local industries prosper and remain competitive in the global economy for years to come.”From the 20% deduction for qualified business income to the reduction in the corporate tax rate from 35% to 21%, the TCJA delivered a major boost to both employers and employees alike. In the first two years following the passage of the TCJA, median household income rose by nearly $7,000, the largest increase in income for working families since the late 1990s. Americans earning an adjusted gross income of $15,000 to $50,000 per year received tax relief of as much as 26% of their annual income. A recent study by the National Federation of Independent Business also estimated the TCJA’s 20% deduction for qualified business income will free up an additional $75 billion for small businesses and create one million new jobs per year over the next decade.After his remarks, Representative Steube was recognized by the National Asphalt and Paving Association. He concluded his visit with a tour of the Ajax Paving Industries’ facility followed by a meet-and-greet with employees. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Better data reveals growing pressures on NZ marine mammals

    Source: Department of Conservation

    Date:  15 April 2025

    The number of marine mammal species in New Zealand classified as Threatened or At Risk has increased from 10 in 2019 to 14 today, with the sperm whale, pygmy blue whale, southern right whale dolphin, goose-beaked whale, and pygmy sperm whale added to the list. Leopard seals were moved from at-risk to migrant.

    A ‘Threatened’ species status is given to animals in serious trouble. New Zealand has the highest proportion of threatened indigenous species in the world – more than 4000 native species are currently threatened or at risk of extinction.

    Panel lead and DOC Senior Science Advisor, Dr Dave Lundquist, says several species have been shifted to a more threatened conservation status. This includes sperm whales, which were moved from Data Deficient to At Risk – Declining.

    “Research published by the University of Otago in 2022 shows a long-term decline in the number of sperm whales seen off Kaikōura during summer,” says Dave Lundquist.

    “We don’t yet know if this reflects a broader drop in sperm whale numbers across New Zealand, but the panel has taken a precautionary approach and assumed it could be.”

    Thanks to improved population data, eight other marine mammal species previously considered Data Deficient now have updated conservation statuses. This includes pygmy blue whales, now listed as Threatened – Nationally Vulnerable.

    The New Zealand sea lion has also been moved to a higher risk category – from Nationally Vulnerable to Threatened – Nationally Endangered. This is due to a smaller estimated number of breeding adults and a faster rate of population decline than previously thought.

    “Estimates suggest sea lion numbers could decline by 30–70% over the next 30 years, which is about three generations. Multiple human-caused threats are likely to be contributing to this decline,” says Dave Lundquist.

    Bottlenose dolphins are the only species whose status has improved – from Threatened – Nationally Endangered to Threatened – Nationally Vulnerable. However, Dave Lundquist says this change is due to better information, not an actual increase in numbers.

    “We previously estimated fewer than 1000 coastal bottlenose dolphins in New Zealand, plus an unknown number of oceanic ones. We now know there are over 1000 oceanic dolphins, which improved the overall status. But coastal populations are still at risk and depend on local conservation efforts to survive.”

    Dave Lundquist says the positive takeaway is that when people act to reduce threats and protect nature, it makes a real difference.

    “This information is valuable for everyone involved in marine mammal conservation – including iwi, community groups, businesses, fishers, councils and government.

    “When we understand the conservation status of marine mammals, we’re all better equipped to make informed decisions to help protect them and their habitats.”

    The conservation status of 57 marine mammal types found in New Zealand waters was reviewed by an independent panel of national and international experts. They used the New Zealand Threat Classification System (NZTCS) – a tool that assesses the extinction risk of native species.

    NZTCS assessments are reviewed roughly every five years and are based on factors such as population size, trends, and distribution. DOC uses these results to prioritise conservation work, guide resource allocation, and shape policy decisions. The assessments also support collaboration with iwi, researchers, community groups, and others working to protect native species.

    Visit the New Zealand Threat Classification System’s website for the latest marine mammal conservation status data and background notes.

    Background information

    Explanation of Conservation Status.

    The NZTCS is a rule-based system for experts to assess the risk of extinction faced by organisms in Aotearoa New Zealand. The NZTCS is administered by the Department of Conservation (DOC) and complements the International Union for Conservation of Nature (IUCN) Red List of Threatened Species. Independent panels of experts assess groups of taxa (for examples, birds, reptiles or marine mammals. Species, subspecies, varieties and forms are collectively known as taxa, singular = taxon), approximately every five years, using criteria of population state, size and trend.

    Knowing a species’ risk of extinction provides a basis for setting priorities and making decisions, planning recovery programmes and research, monitoring the effectiveness of management and gaining support for habitat protection. Taxa assessed as ‘Threatened’ face greater risk of extinction because they have small population with greatest rate of decline. Taxa assessed as ‘At Risk’ are not considered Threatened, but they could quickly become so if conservation management reduces, if a new threat arises, or if the declines continue.

    Published assessments and manuals can be found on the New Zealand Threat Classification System Lists. Data supporting these publications can be accessed from the NZTCS database.

    The expert panel assessed the conservation status of 57 taxa of whales, dolphins, porpoises, seals, fur seals and sea lions.

    Thirteen species have changed status since last assessed in 2019. One has a more threatened status, one has a less threatened status, and the remainder are neutral status changes (into and out of the category Data Deficient).

    The published research on sperm whale decline in Kaikōura can be found here: Long‐term decline in abundance of male sperm whales visiting Kaikōura, New Zealand.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Attorney general’s statutes amendment act introduced

    Source: Government of Canada regional news

    Government introduced the attorney general statutes amendment act, 2025, to the legislative assembly on Monday, April 14, 2025.

    If passed by the legislature, the amendments will affect the following provincial statutes:

    Judicial Compensation Act:

    Amendments to the Judicial Compensation Act will statutorily implement the 2022 Judicial Compensation Commission’s recommendation with respect to non-judicial pensionable-service provisions in the Judicial Compensation Act. This will ensure Provincial Court judges, who were public servants before being appointed to the bench, receive the same benefits for their non-judicial service as other Public Service Pension Plan members.

    Land Title Act:

    Amendments to the Land Title Act will clarify the Land Title Office’s ability to transfer a deceased person’s land to a special administrator appointed by the court. Appointing administrators is a standard procedure that allows administrators to temporarily manage an estate, while there are ongoing legal proceedings about a will or other special circumstances. The amendment specifically addresses the transfer or sale of land, which may be desirable to preserve the value of an estate.

    Libel and Slander Act:

    Amendments to the Libel and Slander Act will update the description of the court document used to initiate a legal action for libel.

    Members Remuneration and Pensions Act:

    Amendments to the Members Remuneration and Pensions Act will implement the March 2025 decision of the legislative assembly management committee to forgo the statutorily authorized increase to members of the legislative assembly’s remuneration for 2025.

    Police Act:

    Amendments to the Police Act will allow the appointment of an acting chief civilian director of the Independent Investigations Office in the event that the director is unable to fulfil their role. Amendments will also authorize the appointment of a deputy chief civilian director of the Independent Investigations Office, to whom the chief civilian director could delegate their powers and duties. These amendments will allow the Independent Investigations Office to reduce operational risks and help ensure investigations into incidents involving police officers are conducted proficiently, without unnecessary delays and with the ability to adapt to unforeseen circumstances.

    Small Claims Act:

    Housekeeping amendments to the Small Claims Act will remove an outdated reference to a provision that was repealed in the Civil Resolution Tribunal Act. The provision concerned a previous process where a Civil Resolution Tribunal decision could be made void, and the claim could be disputed in the Provincial Court. Regular housekeeping amendments, such as this, provide clarity and make legislation easier to understand.

    Wills, Estates and Succession Act:

    Amendments to the Wills, Estates and Succession Act will add First Home Savings Accounts to the definition of a benefit plan. This will allow people to name beneficiaries for these accounts, helping in their life planning by ensuring surviving beneficiaries can access First Home Savings Accounts efficiently, in the same way they can access other registered savings plans, such as Tax Free Savings Accounts.

    The amendments will allow the government to quickly add new plans without needing to amend the legislation.

    Learn More:

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    MIL OSI Canada News –

  • MIL-OSI USA: Duckworth Joins Cramer, Klobuchar, Colleagues in Introducing Bipartisan Legislation to Make Adoption Tax Credit Refundable

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    April 11, 2025
    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) this week joined U.S. Senators Kevin Cramer (R-ND), Amy Klobuchar (D-MN) and 15 Senate colleagues in introducing bipartisan legislation to help ease the financial cost of adoption and support prospective and adoptive families. The Adoption Tax Credit Refundability Act restores the refundable portion of the Adoption Tax Credit. By allowing the tax credit to be refundable, families will be able to access the full amount as a refund, even if the credit exceeds a family’s tax burden. The existing Adoption Tax Credit allows adoptive families to deduct up to $16,810 in qualified expenses.
    “We should be doing everything we can to make things more affordable for families,” Duckworth said. “Adoption can put a financial strain on families, but by making the Adoption Tax Credit fully refundable we’re helping ensure these families can keep more of their hard-earned money to pay for their loved ones’ needs. I’m proud to join my colleagues in introducing this legislation, and I’ll keep working to put money back in the pockets of Americans.”
    Earlier this week, Duckworth also joined Senate Democrats in introducing the American Family Act and the Tax Cut for Workers Act to expand the Child Tax Credit and the Earned Income Tax Credit, helping give Americans much-needed financial relief.
    In addition to Duckworth, Cramer and Klobuchar, this bill is co-sponsored by U.S. Senators Marsha Blackburn (R-TN), Ben Ray Luján (D-NM), Tim Scott (R-SC), Mark Warner (D-VA), James Lankford (R-OK), Elizabeth Warren (D-MA), Josh Hawley (R-MO), Jeff Merkley (D-OR), Chris Van Hollen (D-MD), Angus King (I-ME), Tim Kaine (D-VA), Jacky Rosen (D-NV), John Fetterman (D-PA) and Mark Kelly (D-AZ).
    The legislation was also introduced in the U.S. House of Representatives by U.S. Representatives Danny K. Davis (D-IL-07), Blake Moore (R-UT-01), Gwen Moore (D-WI-04), Randy Feenstra (R-IA-04), Sydney Kamlager-Dove (D-CA-37), Don Bacon (R-NE-02), Don Beyer (D-VA-08) and Robert Aderholt (R-AL-04).
    This legislation is endorsed by the Adoption Tax Credit Working Group Executive Committee and 100 national, state and local groups. The bill text can be found on Senator Duckworth’s website.
    -30-

    MIL OSI USA News –

  • MIL-Evening Report: Why the Mormon church is on an expansion project, with two secretive new temples planned for Australia

    Source: The Conversation (Au and NZ) – By Brenton Griffin, Casual Lecturer and Tutor in History, Indigenous Studies, and Politics, Flinders University

    The Church of Jesus Christ of Latter-day Saints has announced it will build 15 new temples in countries across the world, including one in Liverpool, New South Wales.

    This follows a similar announcement last year of plans to build a second temple for Queensland, in South Brisbane.

    The two new structures – together with existing temples in Sydney (1984), Adelaide (2000), Melbourne (2000), Perth (2001) and Brisbane (2003) – will bring the total number of Australian temples to seven.

    In a nation with fewer than 160,000 practising Mormons, these new buildings seek to increase the legitimacy and visibility of the church.

    The Melbourne temple was erected in 2000, as was the temple in Adelaide.
    Wikimedia

    The significance of temples

    There are currently at least 200 completed Mormon temples around the globe, with an additional 182 under construction or announced.

    Temples have a different purpose and scope to Mormon chapels, which are far more common: Australia has about 190 Mormon chapels.

    Chapels are used for weekly sacrament (or communion) and weekly sermons. They are open to visitors, and often hold cultural events, extra church activities and family history centres.

    Temples, on the other hand, represent the blending of the divine and temporal. According to the Mormon worldview and doctrines, they are the world’s most sacred structures.

    Each temple is emblazoned with the phrase “The House of the Lord, Holiness to the Lord”. This isn’t just symbolic. Mormons believe each temple is literally the house of God, in which his presence may be felt.

    Given the gravity of this belief, these spaces are reserved for those who have been deemed worthy to enter by Mormon leaders.

    Inside the House of the Lord

    The church itself maintains that temples are “sacred, not secret”. It has long worked to dispel speculation over what happens within temple bounds.

    One way it does this is through “open houses”, in which a newly-built temple may be toured by anyone for a brief period. Once the open house has ended and the temple has been “dedicated” by a church leader – a process that includes blessing the building and those who will use it – it becomes entirely closed to the public.

    Within the temples, the most sacred rituals and knowledge of “the gospel” are imparted upon faithful members. Rituals can be performed for both living people and deceased ancestors. They must never be conducted – or even discussed – outside the sacred temple space.

    One of these rituals is baptism and confirmation for the dead by proxy (baptisms for the living are conducted in chapels or other spaces). This provides the deceased individuals “ordinances” that are necessary for salvation, which they did not receive during life.

    These baptisms have been controversial at times, with ordinances performed on individuals who were not direct ancestors of Latter-day Saints, including Holocaust victims and historical figures such as Joseph Stalin and Adolf Hitler. Even prominent Australians such as Ned Kelly, Malcolm Fraser, Neville Bonner and Truganini have allegedly appeared as “baptised” in Mormon records.

    Other temple ceremonies, conducted for both the dead and living, include washing and anointing with oil, “endowment” and “sealing”.

    The rituals are accompanied by various stages of knowledge progression for attendees. As with the rituals, temple knowledge is not to be discussed outside.

    Local opposition

    The air of secrecy and exclusivity surrounding Mormon temples has resulted in a flood of negative attention from Australian media, other religious institutions and society at large. News reports from as far back as the early 20th century sought to expose “Mormon temple secrets”.

    The first temple, built in Sydney in 1984, was widely protested by community groups and organisations. The building had to be modified by the church before it was eventually approved. A similar situation transpired in Brisbane in the early 2000s.

    In other cities, such as Adelaide and Melbourne, temples were not directly protested, but were still critiqued for their lavishness, with the average Australian temple costing around A$8 million in the late 1990s/early 2000s.

    Given the cost of living crisis, and contention over the place of religion in contemporary Australia, the two proposed temples will likely also face criticism.

    Reputational management

    The church’s reputation in Australia has become ever more complicated over the past 20 years, not least due to several controversies.

    In 2022 and 2023, The Age and The Sydney Morning Herald reported the church was allegedly abusing tax laws, to the amount of hundreds of millions of dollars. This was addressed, but not confirmed or denied, in the November 2022 Senate Estimates by Australian Tax Office Assistant Commissioner Jeremy Hirschhorn, after questioning by Greens Senator David Shoebridge. Accusations of tax evasion have also been made in New Zealand and the United States.

    Other controversies relate to LGBTQIA+ discrimination, the church’s influence in Australian and global politics, and allegations resulting from the Royal Commission into child sexual abuse.

    The new Australian temples will be completed under a pall of critiques and accusations around church finances and other controversies. And while they might be briefly open to the public, their doors will just as quickly shut – adding more fuel to the speculation.

    Brenton Griffin was raised as a member of the Church of Jesus Christ of Latter-day Saints, but is no longer a practising member of the church. His current research is focused on the religion’s place in Australian and New Zealand popular culture, politics, and society from the nineteenth century to present.

    – ref. Why the Mormon church is on an expansion project, with two secretive new temples planned for Australia – https://theconversation.com/why-the-mormon-church-is-on-an-expansion-project-with-two-secretive-new-temples-planned-for-australia-254217

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Evolution Petroleum Closes Acquisition of Non-Operated Oil and Natural Gas Assets in New Mexico, Texas, and Louisiana

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 14, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced the closing of its previously announced acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “Acquisition”, or “TexMex”). The total purchase price for the Acquisition is $9.0 million before customary post-closing adjustments, with an effective date of February 1, 2025. The Company funded the Acquisition through a combination of cash on hand and borrowings under its existing credit facility.

    Strategic Benefits of the Acquisition:

    • Attractive valuation at ~3.4x estimated next 12 months (NTM) Adjusted EBITDA1 based on current strip pricing.
    • Adds ~440 net BOEPD of stable, low-decline production (60% oil and 40% natural gas).
    • Provides enhanced cash flow visibility and strengthens long-term dividend sustainability.
    • Offers low-risk development upside with potential for incremental production growth.
    • $9.0 million purchase price vs. ~$13 million of Proved Developed PV-102.2

    Kelly Loyd, President and Chief Executive Officer, commented: “Despite recent commodity price and market volatility, our TexMex transaction remains highly accretive to both near-term and long-term cash flows and directly supports our core objective — preserving and enhancing the long-term sustainability of our dividend. Our negotiated deal represents a significant discount to PV10 at the current strip and, due to its low-decline nature, should only get better if oil prices move back up to a more normalized price range. TexMex is yet another execution of our proven strategy and represents exactly the kind of transaction that underpins Evolution’s long-standing commitment to deliver a stable and sustainable dividend.”

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

    Non-GAAP Disclosure

    Certain financial information utilized by the Company are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”).

    Adjusted EBITDA is a non-GAAP financial measure used as a supplemental financial measure by management and external users of the Company’s financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The Company defines “Adjusted EBITDA” as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. The Company cannot provide a reconciliation of 2025E Adjusted EBITDA without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for reconciliation. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

    PV-10 is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. The Company believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. The Company also uses PV-10 when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. PV-10 is not intended to represent the current market value of the Company’s estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP. The Company also presents PV-10 at strip pricing, which is PV-10 adjusted for price sensitivities. Since GAAP does not prescribe a comparable GAAP measure for PV-10 of reserves adjusted for pricing sensitivities, it is not practicable for the Company to reconcile PV-10 at strip pricing to a standardized measure or any other GAAP measure.

    Cautionary Statement

    All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

    Contact

    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com
    ___________________________________

    1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see disclosures at the end of this release for more information. NTM Adjusted EBITDA multiple based on Company estimates and NYMEX strip pricing as of 4/11/25.
    2) PV-10 is based on current NYMEX strip prices as of 4/11/25 and is a non-GAAP financial measure; see disclosures at the end of this release for more information.

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

    The MIL Network –

  • MIL-OSI USA: Cortez Masto, Local Advocates Push for Tax Cuts for Working Nevadans, Not Billionaires

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

     ***VIDEO AVAILABLE***

    Video download is available here.

    Las Vegas, Nev. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) hosted a press conference alongside representatives from For Our Future Nevada, the Children’s Advocacy Alliance, and New Day Nevada to highlight her legislation to cut taxes for everyday American families. As Republicans’ economic agenda continues to raise prices on working people, the Senator shared an alternative in her Tax Cuts for Workers Act and American Family Act. Earlier this week, Senators Cortez Masto and Bennet (D-Colo.) introduced these bills as part of Senate Democrats’ comprehensive plan to bring relief to the American people.

    “Working Nevadans need expanded tax relief – not Republicans’ cost raising agenda – to ensure they can keep providing for their families,” said Senator Cortez Masto. “In Congress, Republicans are working to lower taxes for billionaires at the expense of everyone else. On the other hand, what Democrats are proposing is simple: if government is going to be cutting taxes for anyone, then it should be for the hardworking families who would benefit the most.”

    The existing Earned Income Tax Credit (EITC) – the Worker Tax Cut – has been delivering tax relief for millions of workers for decades. But it’s just not enough, and Cortez Masto is determined to give more working Americans a break. The Tax Cuts for Workers Act would cut taxes for working class Americans without children, who currently receive a much smaller EITC than workers with children. This expansion would include over 136,000 Nevadans by nearly tripling the average tax break many of these Americans receive from the existing EITC. It also extends eligibility for the tax cut to workers under the age of 25 and over the age of 64.

    The 2021 expansion of the Child Tax Credit (CTC) in the American Rescue Plan Act led to a historic reduction in poverty in the United States, particularly for children. Research showed that child poverty fell immediately and substantially to 5.2%, its lowest level on record. The American Family Act would increase the value of the CTC from the current level of $2,000 per child to $6,360 for newborns, $4,320 for children ages one through six, and $3,600 for children age six through 17; end the longstanding policy that reduces the value of the CTC for low-income families; provide for monthly delivery of the credit so families have access to the credit as bills arrive; and index the CTC for inflation to preserve the value of the credit moving forward.

    Senator Cortez Masto has consistently supported efforts to cut taxes and lower costs for hardworking Nevadans. She helped pass critical expansions to the Child Tax Credit in the American Rescue plan, and has been fighting to permanently increase this vital relief for working families. Cortez Masto also helped introduce the No Tax on Tips Act to exempt tipped wages from federal income tax. Additionally, Senator Cortez Masto supports raising the federal minimum wage and eliminating the minimum wage gap for tipped workers nationally. 

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Goldman, Congresswoman Meng, Assemblymember Lee Host Press Conference Condemning Trump’s Disastrous Tariff War, Highlighting Devastating Impact on AAPI New Yorkers and Small Businesses

    Source: US Congressman Dan Goldman (NY-10)

    China Imposes 125% Tariffs on U.S. Goods in Response to 145% U.S. Tariffs on Chinese Imports 

    Trump Trade War Disproportionately Impacting Asian American Communities and Families  

     

    NYC, Home of Many Historic Asian American Communities, Pays Price For Trump’s Recklessness 

      

    View Pictures and Video of Press Conference Here 

     

    New York, NY – Today, Congressman Dan Goldman (NY-10), Congresswoman Grace Meng (NY-06), Chair of Congressional Asian Pacific American Caucus (CAPAC), Assembly Member Grace Lee, Chair of the New York State Assembly Asian Pacific American Task Force (APA Task Force), Council Member Susan Zhuang, and other elected officials and local advocates, hosted a press conference to demand President Trump stop his ongoing trade war which will harm Asian American families and businesses in New York. 

     

    The President’s tariffs are pushing many Asian American-owned small businesses in New York City toward financial ruin, especially those dependent on foreign imports. The trade war, driven by the White House, threatens to devastate historic Asian American neighborhoods. These reckless policies are creating economic volatility and disproportionately affecting businesses reliant on international trade. As a result, many small businesses are uncertain about their future, placing a significant financial strain on Asian American families and entrepreneurs across the city.

     

    “From Manhattan’s Chinatown to Sunset Park and beyond, Donald Trump’s reckless and destructive trade war is crippling New York’s AAPI small businesses and pushing entire communities to the brink of financial ruin,” Congressman Dan Goldman said. “Mom-and-pop shops are struggling to make ends meet. Livelihoods are on the line. If Trump doesn’t reverse these tariffs immediately, his dangerous brinkmanship will shutter AAPI small businesses not only in New York City but across the country.” 

     

    Congresswoman Meng said, “As the new Chair of CAPAC, I’m proud to partner with New York State APA Task Force Chair Grace Lee, and my colleague Congressman Goldman to shine a light on the harm that this trade war will have on the Asian American community, in particular Asian-owned small businesses. These tariffs will deliver devastating blows to everybody from our local entrepreneurs to owners of mom-and-pop establishments, with many being forced to pass higher costs onto their customers or suffer financial hits to their livelihoods. Those working to fully recover from the COVID-19 pandemic will be hit especially hard. It will also impact jobs and investments in our neighborhoods. We will continue pushing for these tariffs to be rescinded.”

     

    Assemblymember Grace Lee said, “Trump’s reckless tariff policies are driving up costs for small businesses and raising prices for everyday people. In Chinatown, family-run shops that have been part of the community for generations are struggling to survive. And when hostility toward China drives policy, it too often leads to racism against the Asian American community. These policies aren’t just bad economics — they’re bad for Asian Americans.”

     

    NY State Senator John Liu said, “Trump’s punitive tariff charade is causing irreparable harm to immigrant communities and small businesses throughout the country, and especially here in New York City. In their pursuit of the American Dream, Asian American small businesses have revitalized our economy and strengthened our communities, but now their livelihoods are on the line as they’re forced to either absorb skyrocketing costs or pass them onto their customers, who are already struggling. It’s time to end this zero sum trade war that is threatening to stall so many economic engines for our city, state and country.” 

     

    Council Member Susan Zhuang said, “As the Councilmember for Brooklyn’s District 43, a majority Asian-American district, I see the direct impact of all federal changes on my constituents.I regularly say immigrant business owners provide essential services for New Yorkers. These tariffs hinder these business owners from doing their work which will put a burden on every single working class New Yorker.” 

     

    Council Member Sandra Ung said, “Just recently hit hard by COVID-19, a rise in anti-Asian hate crimes, inflation, and rising rents, the economic recovery remains fragile. Many immigrant-owned small businesses that rely heavily on international trade are still struggling to get back on their feet. Moreover, many budget grocery stores provide a vital lifeline for working-class families. The potential shocks to the market these tariffs will cause follow on the heels of recent cuts by Washington Republicans to the SNAP program that prevent stolen funds from being replaced. We need clear and compassionate federal guidance and targeted local support to protect these businesses from further setbacks and to ensure the economic recovery in our Asian American communities stays on track.”

     

    Council Member Julie Won said, “Federal tariffs threaten the livelihoods of Asian-owned small businesses in District 26. High import fees will force Bangladeshi, Filipino, and Chinese business owners to pay more to purchase goods. Tariffs also hurt working-class New Yorkers who already struggle to pay for rent, groceries, and other necessities. I join my colleagues in Congress and the Assembly to urge Trump to reverse these harmful tariffs.”

     

    Karen Liu, second generation owner of Grand Tea and Imports said, “Almost every business in Chinatown is an import business in some way. These tariffs threaten our ability to restock—and for many of our neighbors, their ability to stay open. As we move through this uncertain time, I hope policymakers remember Chinatown. We shouldn’t have to face this alone.”

     

    All have made protecting and supporting small businesses, as well as the Asian American community, a priority of their time in office.

     

    In March, Congressman Goldman and Senators Schumer and Gillibrand secured $50 million in IRS Employee Retention Tax Credits for 585 small businesses. This release was fought for by Congressman Goldman, Senator Chuck Schumer, and nine of their New York congressional colleagues in the winter of 2024, urging the agency to expedite the processing and resolution of legitimate Employee Retention Credit (ERC) claims.

     

    In February, Congressman Goldman joined Senator Smith, and Congresswoman Underwood in introducing the ‘Job Protection Act,’ which would expand the Family and Medical Leave Act (FMLA) to millions of workers who are currently unable to take time off to care for themselves or their families. Nearly 2.6 million workers every year decline to take family or medical leave out of fear that they will lose their jobs due to gaps in FMLA coverage.  

     

    In Spring of 2023,  Congressman Goldman joined Congresswoman Meng in introducing the ‘Teaching Asian Pacific American History Act’ which would require Presidential and Congressional Academies’ grant applicants and recipients to include Asian Pacific American history in American history and civics curricula. 

     

    Congressman Goldman is an Executive Board Member of the Congressional Asian Pacific American Caucus.

    ###

    MIL OSI USA News –

  • MIL-OSI: PrairieSky Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its first quarter operating and financial results for the period ended March 31, 2025.

    First Quarter Highlights:

    • Oil royalty production volumes averaged a record 13,502 barrels per day, a 3% increase over Q1 2024(1). Total royalty production averaged 25,339 BOE per day, a 3% decrease from Q1 2024 due to declines in natural gas and NGL production.
    • Royalty production revenue of $119.9 million combined with other revenue of $8.2 million to generate total revenues of $128.1 million for Q1 2025(1). Other revenue included bonus consideration of $5.0 million earned on entering into 52 new leasing arrangements focused on Duvernay light oil and Mannville light and heavy oil targets.
    • Funds from operations totaled $85.8 million or $0.36 per share, an increase of 3% over Q1 2024 primarily due to increased oil royalty revenue with higher oil royalty production volumes combined with narrowed oil price differentials.
    • Declared a first quarter dividend of $61.2 million ($0.26 per common share), representing a payout ratio of 71%.
    • Purchased and cancelled 3,415,900 common shares under the Company’s normal course issuer bid (“NCIB”) for $90.0 million.
    • Completed acquisitions of both producing and non-producing royalty interests for $63.6 million, including the previously announced $50.0 million acquisition, before customary closing adjustments, of fee lands, lessor interests and gross overriding royalty interests in Central Alberta and Southeast Saskatchewan, as well as incremental royalty interests in the Duvernay, Clearwater and Mannville.
    • Net debt totaled $258.8 million as at March 31, 2025.
    		  


    President’s Message

    It was a busy first quarter across PrairieSky’s royalty properties with 200 wells spud on PrairieSky’s royalty acreage at an average royalty rate of 6.9%, an increase from 174 wells spud in Q1 2024 at an average royalty rate of 6.0%. In addition to robust activity in the Mannville heavy oil play with 39 wells spud, there were 20 wells spud in the Clearwater, 15 wells spud in the Duvernay light oil play, 8 wells spud in the liquids-rich Montney, and an incremental 118 oil and natural gas wells spud elsewhere across the basin.

    PrairieSky earned $119.9 in royalty revenues, 93% liquids, from total royalty production volumes of 25,339 BOE per day in Q1 2025, 3% lower than Q1 2024. Oil royalty revenue totaled $101.1 million, a 10% increase over Q1 2024, and was generated from record oil royalty production of 13,502 barrels per day, an increase of 3% over Q1 2024. Oil royalty production volumes were positively impacted by continued activity in the Clearwater, Mannville and Duvernay and the addition of 177 barrels per day of production from the previously announced royalty acquisition that closed on January 10, 2025. Natural gas royalty production added 55.9 MMcf per day, a decrease of 10% from Q1 2024, and included an estimate of 1.1 MMcf per day of downtime related to cold weather in the quarter. Natural gas royalty production added $8.7 million of royalty revenue with continued weak natural gas benchmark pricing with daily AECO index pricing averaging $2.16 per Mcf, a decrease of 14% from Q1 2024. NGL royalty production averaged 2,520 barrels per day, a slight decrease of 1% from Q1 2024. NGL royalty production generated total NGL royalty revenue of $10.1 million in the quarter.

    Other revenue totaled $8.2 million in Q1 2025 and included $5.0 million in bonus consideration from entering into 52 new leases with 39 separate counterparties. In addition to active leasing in the quarter, PrairieSky acquired incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan for $63.6 million. Acquisitions included the previously announced purchase of fee lands, lessor interests and gross overriding royalty interests for cash consideration of $50.0 million, before customary closing adjustments, which closed on January 10, 2025.

    Funds from operations totaled $85.8 million ($0.36 per share) in the quarter. PrairieSky declared a dividend of $0.26 per share or $61.2 million in the quarter with a resulting payout ratio of 71%. Excess funds from operations were allocated to acquisitions, including the purchase and cancellation of common shares under PrairieSky’s NCIB. Under the NCIB, PrairieSky purchased 3,415,900 common shares at a weighted average price of $26.36 per share for $90.0 million, including commissions and before income tax of $1.8 million. The NCIB is a key component of our capital allocation strategy and the recent share repurchase represents a high-quality acquisition of 1.4% more of the business, equivalent to purchasing approximately 259,000 acres of royalty lands. Repurchased common shares were cancelled prior to PrairieSky’s March 31, 2025 dividend record date. Share repurchases were funded using PrairieSky’s credit facility, which PrairieSky expects to pay down using excess cash flow above its quarterly dividend over time. At March 31, 2025, PrairieSky maintained a strong balance sheet with net debt of $258.8 million.

    We will be holding our 2025 investor day and releasing our updated Royalty Playbook on May 14, 2025 which will highlight the unique attributes of our long-duration, high margin business model. The investor day will be broadcast via webcast for interested parties. Thank you to our staff for their hard work and our shareholders for their continued support.

    Andrew Phillips, President & CEO

    ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

    Third-party operators spud 200 wells in Q1 2025 (Q1 2024 – 174 wells) comprised of 108 wells on gross overriding royalty acreage, 81 wells on fee lands, and 11 unit wells. There were a total of 186 oil wells (93% of wells) spud during the quarter which included 53 Mannville light and heavy oil wells, 38 Viking wells, 20 Clearwater wells, 17 Mississippian wells, 15 Duvernay wells and 43 additional oil wells across Alberta and Saskatchewan and including 11 Lindbergh and 6 Onion Lake thermal oil wells which are expected to come on production in 2026. There were 14 natural gas wells spud in Q1 2025 including 8 Montney wells as well as additional gas wells in the Mannville, Spirit River and Duvernay formations. PrairieSky’s average royalty rate for wells spud in Q1 2025 was 6.9% (Q1 2024 – 6.0%).

    NORMAL COURSE ISSUER BID

    PrairieSky will apply to the Toronto Stock Exchange (“TSX”) to extend its NCIB for an additional one-year period. The renewal of the NCIB has been approved by the Company’s board of directors; however, the NCIB, including the limit of purchases thereunder, will be subject to acceptance by the TSX and, if accepted, will be made in accordance with the applicable rules and policies of the TSX and applicable securities laws. Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian exchanges or alternative trading systems. The price that PrairieSky will pay for common shares in open market transactions will be the market price at the time of purchase. Common shares acquired under the NCIB will be cancelled. If approved, the NCIB is expected to commence shortly after regulatory approvals are obtained and after expiry of the current program on June 3, 2025.

    PrairieSky believes renewing the NCIB as part of its capital management strategy is in the best interests of the Company and represents an attractive opportunity to use cash resources to reduce PrairieSky’s share count over time and thereby enhance the value of the common shares held by remaining shareholders. Decisions regarding increases to the NCIB will be based on market conditions, share price, best use of funds from operations, and other factors including debt repayment and options to expand our portfolio of royalty assets.

    2025 INVESTOR DAY

    PrairieSky will be hosting an investor day on May 14, 2025, in Calgary, Alberta, where members of PrairieSky’s management team will present details on the Company’s oil and natural gas plays. The investor day will be webcast starting at 9:30 a.m. MDT (11:30 a.m. EDT). Interested parties may participate in the webcast which will be available through PrairieSky’s investor center at www.prairiesky.com. The webcast will be archived and accessible for replay after the event.

    NOTES AND REFERENCES

    (1)    In this press release, the financial reporting periods are referred to as follows: “Q1 2025” or “the quarter” refers to the three months ended March 31, 2025; “Q1 2024” refers to the three months ended March 31, 2024.

    Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    FINANCIAL AND OPERATIONAL INFORMATION

    The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

    A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto for the fiscal period ended March 31, 2025 are available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

        Three months ended
        March 31 December 31 March 31
    ($ millions, except $ per share or as otherwise noted)   2025 2024 2024
    FINANCIAL        
    Royalty production revenue     119.9     115.6     113.2  
    Other revenue     8.2     20.0     7.5  
    Revenues     128.1     135.6     120.7  
             
    Funds from operations     85.8     99.0     83.0  
    Per share – basic and diluted(1)     0.36     0.41     0.35  
             
    Net earnings     58.4     60.2     47.5  
    Per share – basic and diluted(1)     0.25     0.25     0.20  
             
    Dividends declared(2)     61.2     59.9     59.7  
    Per share     0.26     0.25     0.25  
             
    Dividend payout ratio(3)   71 % 61 % 72 %
             
    Acquisitions – including non-cash consideration(4)     63.6     31.5     8.8  
    Net debt(5)     258.8     134.9     208.3  
    Common share repurchases, inclusive of all costs     91.8     –     –  
             
    Shares outstanding (millions)        
    Shares outstanding at period end     235.5     239.0     239.0  
    Weighted average – basic and diluted     238.3     239.0     239.0  
             
    OPERATIONAL        
    Royalty production volumes        
    Crude oil (bbls/d)     13,502     13,317     13,142  
    NGL (bbls/d)     2,520     2,482     2,535  
    Natural gas (MMcf/d)     55.9     55.1     62.1  
    Royalty Production (BOE/d)(6)     25,339     24,982     26,027  
             
    Realized pricing        
    Crude oil ($/bbl)     83.16     81.66     77.18  
    NGL ($/bbl)     44.51     40.68     44.18  
    Natural gas ($/Mcf)     1.73     1.23     1.89  
    Total ($/BOE)(6)     52.58     50.30     47.79  
             
    Operating netback per BOE ($)(7)     42.85     45.86     39.60  
             
    Funds from operations per BOE ($)     37.62     43.07     35.04  
             
    Oil price benchmarks        
    West Texas Intermediate (WTI) (US$/bbl)     71.39     70.27     76.95  
    Edmonton light sweet ($/bbl)     95.20     94.90     92.18  
    Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)     (12.67 )   (12.55 )   (19.33 )
             
    Natural gas price benchmarks        
    AECO Monthly Index ($/Mcf)     2.02     1.46     2.05  
    AECO Daily Index ($/Mcf)     2.16     1.48     2.50  
             
    Foreign exchange rate (US$/CAD$)     0.6976     0.7147     0.7411  

    (1)    Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
    (2)    A dividend of $0.26 per share was declared on March 10, 2025. The dividend will be paid on April 15, 2025 to shareholders of record as at March 31, 2025.
    (3)    Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
    (4)    Excluding right-of-use asset additions.
    (5)    See Note 13 “Capital Management” in the interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 and Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023.
    (6)    See “Conversions of Natural Gas to BOE”.
    (7)    Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

    CONFERENCE CALL DETAILS

    A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

    Live call participant registration
    URL:  https://register-conf.media-server.com/register/BIadb5efe7e21145bda3895f295f81b293

    Live webcast participant registration (listen in only)
    URL:  https://edge.media-server.com/mmc/p/be75c3go

    FORWARD-LOOKING STATEMENTS

    This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “likely”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding the impact of cold weather downtime on natural gas royalty production volumes, our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays, expectation that the 11 Lindbergh and 6 Onion Lake thermal oil wells spud in Q1 2025 will come on production in 2026 and the application of PrairieSky to renew the NCIB, the timing of when the NCIB will commence, the limit thereunder, and PrairieSky’s belief that repurchasing such common shares under the NCIB is a good allocation of PrairieSky’s capital resources and will enhance the value of the common shares held by remaining shareholders, and other statements.

    With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including but not limited to the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the risks and impacts of tariffs imposed between Canada and the United States (and other countries) or other restrictive trade measures, retaliatory or countermeasures implemented by such governments affecting trade between Canada and the United States (and other countries), including the potential introduction of regulatory barriers to trade and the effect on the demand and/or market price for commodities, and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

    CONVERSIONS OF NATURAL GAS TO BOE

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    NON-GAAP MEASURES AND RATIOS

    Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

    “Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 6 of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024 and page 7 of PrairieSky’s MD&A for the year ended December 31, 2024.

        Three months ended
        March 31 December 31 March 31
    ($ millions)   2025 2024 2024
    Cash from operating activities     90.7     91.3     79.7  
    Other revenue     (8.2 )   (20.0 )   (7.5 )
    Other revenue – non-cash     –     8.2     –  
    Amortization of debt issuance costs     (0.1 )   (0.2 )   (0.1 )
    Finance expense     2.9     2.3     3.7  
    Current tax expense     17.3     16.2     14.7  
    Interest on lease obligation     –     (0.1 )   –  
    Net change in non-cash working capital     (4.9 )   7.7     3.3  
    Operating netback     97.7     105.4     93.8  

    “Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

        Three months ended
        March 31 December 31 March 31
    ($ millions)   2025 2024 2024
    Royalty production revenue   119.9     115.6     113.2  
    Operating netback   97.7     105.4     93.8  
    Operating margin   81 % 91 % 83 %

    “Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

        Three months ended
        March 31 December 31 March 31
    ($ millions, except otherwise noted)   2025 2024 2024
    Funds from operations     85.8     99.0     83.0  
    Dividends declared     61.2     59.9     59.7  
    Dividend payout ratio   71 % 61 % 72 %


    ABOUT PRAIRIESKY ROYALTY LTD.

    PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Andrew M. Phillips
    President & Chief Executive Officer
    PrairieSky Royalty Ltd.
    (587) 293-4005 

    Michael T. Murphy
    Vice-President, Geosciences & Capital Markets
    PrairieSky Royalty Ltd.
    (587) 293-4056 

    Investor Relations
    (587) 293-4000
    www.prairiesky.com

    		 Pamela P. Kazeil
    Senior Vice-President, Finance & Chief Financial Officer
    PrairieSky Royalty Ltd.
    (587) 293-4089

    PDF available: http://ml.globenewswire.com/Resource/Download/582f0ac4-3c4f-4983-afeb-621e284659ef

    The MIL Network –

  • MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —

    CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.

    Executive Summary

    • Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.1 The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.1
    • At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
       
      • At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.
    • At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
       
      • At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
         
        • The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
           
      • At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
         
      • At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
         
    • At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window. 
    • At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary. 
    • Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance). 
    • Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.1 Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.

    1 This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

    Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”

    Other Balance Sheet Highlights

    • Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.1 Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.1 The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

    Loan Portfolio Profile

    • As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
       
      • Commercial office loans:
        • There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
        • There were no nonaccrual commercial office loans;
        • There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
        • The average outstanding balance per commercial office loan was $975 thousand.
           
      • Commercial hospitality loans:
        • There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
        • There were no nonaccrual commercial hospitality loans;
        • There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
        • The average outstanding balance per commercial hospitality loan was $2.0 million.
           
      • Commercial multifamily loans:
        • There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
        • There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
        • There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
        • The average outstanding balance per commercial multifamily loan was $1.6 million.

    The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.

    Performance Ratios

    • Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
    • Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
    • The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.1 Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.

    Revenue

    • Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
      • Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
      • Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.1
        • The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
        • The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
    • Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.

    Non-Interest Expense

    • For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.

    Income Taxes

    • Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.

    Asset Quality

    • Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.
    • The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.
    • The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments. 
    • As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.

    Capital

    • As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.
    • Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.
    • As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.1 The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.1

    Recent Events

    • On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.

    About CNB Financial Corporation

    CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

    The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release 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, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Income Statement          
    Interest and fees on loans $ 72,379     $ 74,164     $ 71,513  
    Interest and dividends on securities and cash and cash equivalents   10,000       9,514       6,392  
    Interest expense   (33,948 )     (34,634 )     (32,683 )
    Net interest income   48,431       49,044       45,222  
    Provision for credit losses   1,556       2,930       1,320  
    Net interest income after provision for credit losses   46,875       46,114       43,902  
    Non-interest income          
    Wealth and asset management fees   1,796       1,976       1,802  
    Service charges on deposit accounts   1,714       1,712       1,694  
    Other service charges and fees   510       770       695  
    Net realized gains on available-for-sale securities   —       83       —  
    Net realized and unrealized gains (losses) on equity securities   (249 )     (13 )     191  
    Mortgage banking   96       93       196  
    Bank owned life insurance   760       784       767  
    Card processing and interchange income   2,107       2,222       2,016  
    Other non-interest income   1,773       2,694       1,594  
    Total non-interest income   8,507       10,321       8,955  
    Non-interest expenses          
    Salaries and benefits   20,564       18,501       18,787  
    Net occupancy expense of premises   4,038       3,816       3,640  
    Technology expense   5,378       5,743       5,072  
    Advertising expense   514       684       685  
    State and local taxes   1,292       1,090       1,143  
    Legal, professional, and examination fees   849       986       1,172  
    FDIC insurance premiums   985       864       990  
    Card processing and interchange expenses   1,160       1,325       1,179  
    Merger costs   1,529       —       —  
    Other non-interest expense   4,729       4,796       4,756  
    Total non-interest expenses   41,038       37,805       37,424  
    Income before income taxes   14,344       18,630       15,433  
    Income tax expense   2,863       3,566       2,833  
    Net income   11,481       15,064       12,600  
    Preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
    Average diluted common shares outstanding   20,925,388       20,929,885       20,887,088  
    Diluted earnings per common share $ 0.50     $ 0.66     $ 0.55  
    Adjusted diluted earnings per common share, net of merger costs (non-GAAP) (1) $ 0.57     $ 0.66     $ 0.55  
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Dividend payout ratio   36 %     27 %     32 %
    Adjusted dividend payout ratio, net of merger costs (non-GAAP) (1)   32 %     27 %     32 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Average Balances          
    Total loans and loans held for sale $ 4,591,395     $ 4,556,770     $ 4,428,751  
    Investment securities   798,427       744,149       731,366  
    Total earning assets   5,803,526       5,674,794       5,350,126  
    Total assets   6,220,575       6,085,277       5,729,779  
    Noninterest-bearing deposits   814,441       832,168       736,965  
    Interest-bearing deposits   4,574,700       4,442,150       4,229,135  
    Shareholders’ equity   619,409       612,184       576,528  
    Tangible common shareholders’ equity (non-GAAP) (1)   517,550       510,308       474,596  
               
    Average Yields (annualized)          
    Total loans and loans held for sale   6.41 %     6.50 %     6.51 %
    Investment securities   2.75 %     2.40 %     2.01 %
    Total earning assets   5.73 %     5.84 %     5.81 %
    Interest-bearing deposits   2.89 %     3.00 %     3.00 %
    Interest-bearing liabilities   2.93 %     3.03 %     3.03 %
               
    Performance Ratios (annualized)          
    Return on average assets   0.75 %     0.98 %     0.88 %
    Adjusted return on average assets, net of merger costs (non-GAAP) (1)   0.85 %     0.98 %     0.88 %
    Return on average equity   7.52 %     9.79 %     8.79 %
    Adjusted return on average equity, net of merger costs (non-GAAP) (1)   8.49 %     9.79 %     8.79 %
    Return on average tangible common equity (non-GAAP) (1)   8.15 %     10.90 %     9.77 %
    Adjusted return on average tangible common equity (non-GAAP) (1)   9.32 %     10.90 %     9.77 %
    Net interest margin, fully tax equivalent basis (non-GAAP) (1)   3.37 %     3.43 %     3.38 %
    Efficiency ratio, fully tax equivalent basis (non-GAAP) (1)   71.28 %     63.02 %     68.29 %
    Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) (1)   68.62 %     63.02 %     68.29 %
               
    Net Loan Charge-Offs          
    CNB Bank net loan charge-offs $ 926     $ 1,719     $ 878  
    Holiday Financial net loan charge-offs   513       425       466  
    Total Corporation net loan charge-offs $ 1,439     $ 2,144     $ 1,344  
    Annualized net loan charge-offs / average total loans and loans held for sale   0.13 %     0.19 %     0.12 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Ending Balance Sheet          
    Cash and due from banks $ 68,745     $ 63,771     $ 38,953  
    Interest-bearing deposits with Federal Reserve   447,053       375,009       259,464  
    Interest-bearing deposits with other financial institutions   4,359       4,255       3,036  
    Total cash and cash equivalents   520,157       443,035       301,453  
    Debt securities available-for-sale, at fair value   516,412       468,546       348,565  
    Debt securities held-to-maturity, at amortized cost   282,159       306,081       381,706  
    Equity securities   10,293       10,456       9,581  
    Loans held for sale   860       762       1,010  
    Loans receivable          
    Syndicated loans   69,189       79,882       78,685  
    Loans   4,540,820       4,529,074       4,352,713  
    Total loans receivable   4,610,009       4,608,956       4,431,398  
    Less: allowance for credit losses   (47,357 )     (47,357 )     (45,832 )
    Net loans receivable   4,562,652       4,561,599       4,385,566  
    Goodwill and other intangibles   43,874       43,874       43,874  
    Core deposit intangible   190       206       260  
    Other assets   358,911       357,451       329,397  
    Total Assets $ 6,295,508     $ 6,192,010     $ 5,801,412  
               
    Noninterest-bearing demand deposits $ 842,398     $ 819,680     $ 749,178  
    Interest-bearing demand deposits   719,460       706,796       719,781  
    Savings   3,160,618       3,122,028       3,035,823  
    Certificates of deposit   737,602       722,860       532,771  
    Total deposits   5,460,078       5,371,364       5,037,553  
    Subordinated debentures   20,620       20,620       20,620  
    Subordinated notes, net of issuance costs   84,646       84,570       84,343  
    Other liabilities   105,656       104,761       80,256  
    Total liabilities   5,671,000       5,581,315       5,222,772  
    Common stock   —       —       —  
    Preferred stock   57,785       57,785       57,785  
    Additional paid in capital   220,254       219,876       218,224  
    Retained earnings   387,925       381,296       353,780  
    Treasury stock   (4,944 )     (4,689 )     (3,946 )
    Accumulated other comprehensive loss   (36,512 )     (43,573 )     (47,203 )
    Total shareholders’ equity   624,508       610,695       578,640  
    Total liabilities and shareholders’ equity $ 6,295,508     $ 6,192,010     $ 5,801,412  
               
    Book value per common share $ 27.01     $ 26.34     $ 24.77  
    Adjusted book value per common share (non-GAAP) (1) $ 27.08     $ 26.34     $ 24.77  
    Tangible book value per common share (non-GAAP) (1) $ 24.91     $ 24.24     $ 22.67  
    Adjusted tangible book value per common share (non-GAAP) (1) $ 24.98     $ 24.24     $ 22.67  
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Capital Ratios          
    Tangible common equity / tangible assets (non-GAAP) (1)   8.36 %     8.28 %     8.28 %
    Adjusted tangible common equity / tangible assets (non-GAAP) (1)   8.38 %     8.28 %     8.28 %
    Tier 1 leverage ratio (2)   10.27 %     10.43 %     10.64 %
    Common equity tier 1 ratio (2)   11.85 %     11.76 %     11.70 %
    Tier 1 risk-based ratio (2)   13.50 %     13.41 %     13.43 %
    Total risk-based ratio (2)   16.30 %     16.16 %     16.27 %
               
    Asset Quality Detail          
    Nonaccrual loans $ 54,079     $ 56,323     $ 28,751  
    Loans 90+ days past due and accruing   308       653       49  
    Total nonperforming loans   54,387       56,976       28,800  
    Other real estate owned   1,664       2,509       1,864  
    Total nonperforming assets $ 56,051     $ 59,485     $ 30,664  
               
    Asset Quality Ratios          
    Nonperforming assets / Total loans + OREO   1.22 %     1.29 %     0.69 %
    Nonperforming assets / Total assets   0.89 %     0.96 %     0.53 %
    Ratio of allowance for credit losses on loans to nonaccrual loans   87.57 %     84.08 %     159.41 %
    Allowance for credit losses / Total loans   1.03 %     1.03 %     1.03 %
               
               
    Consolidated Financial Data Notes:
    (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
    (2) Capital ratios as of March 31, 2025 are estimated pending final regulatory filings.
     

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Three Months Ended,
      March 31, 2025   December 31, 2024   March 31, 2024
      Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.
    ASSETS:                                  
    Securities:                                  
    Taxable (1) (4) $ 765,654       2.73 %   $ 5,461     $ 711,286       2.36 %   $ 4,487     $ 696,851       1.96 %   $ 3,651  
    Tax-exempt (1) (2) (4)   25,345       2.69       181       25,489       2.67       184       27,743       2.59       191  
    Equity securities (1) (2)   7,428       5.84       107       7,374       5.77       107       6,772       5.64       95  
    Total securities (4)   798,427       2.75       5,749       744,149       2.40       4,778       731,366       2.01       3,937  
    Loans receivable:                                  
    Commercial (2) (3)   1,466,323       6.74       24,369       1,458,902       6.77       24,824       1,429,718       6.90       24,519  
    Mortgage and loans held for sale (2) (3)   3,001,317       6.02       44,572       2,965,914       6.12       45,633       2,870,175       6.08       43,403  
    Consumer (3)   123,755       12.01       3,665       131,954       11.93       3,956       128,858       11.79       3,778  
    Total loans receivable (3)   4,591,395       6.41       72,606       4,556,770       6.50       74,413       4,428,751       6.51       71,700  
    Interest-bearing deposits with the Federal Reserve and other financial institutions   413,704       4.20       4,284       373,875       5.08       4,771       190,009       5.26       2,485  
    Total earning assets   5,803,526       5.73     $ 82,639       5,674,794       5.84     $ 83,962       5,350,126       5.81     $ 78,122  
    Noninterest-bearing assets:                                  
    Cash and due from banks   58,152               59,445               53,523          
    Premises and equipment   129,188               124,398               110,038          
    Other assets   277,051               273,326               261,863          
    Allowance for credit losses   (47,342 )             (46,686 )             (45,771 )        
    Total non interest-bearing assets   417,049               410,483               379,653          
    TOTAL ASSETS $ 6,220,575             $ 6,085,277             $ 5,729,779          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                                  
    Demand—interest-bearing $ 704,874       0.88 %   $ 1,527     $ 686,359       0.83 %   $ 1,437     $ 739,931       0.65 %   $ 1,195  
    Savings   3,131,697       3.09       23,840       3,068,451       3.26       25,139       2,965,279       3.47       25,611  
    Time   738,129       3.99       7,267       687,340       4.02       6,953       523,925       3.64       4,742  
    Total interest-bearing deposits   4,574,700       2.89       32,634       4,442,150       3.00       33,529       4,229,135       3.00       31,548  
    Short-term borrowings   —       0.00       —       —       0.00       —       —       0.00       —  
    Finance lease liabilities   15,143       6.32       236       212       3.75       2       282       4.28       3  
    Subordinated notes and debentures   105,228       4.15       1,078       105,153       4.17       1,103       104,925       4.34       1,132  
    Total interest-bearing liabilities   4,695,071       2.93     $ 33,948       4,547,515       3.03     $ 34,634       4,334,342       3.03     $ 32,683  
    Demand—noninterest-bearing   814,441               832,168               736,965          
    Other liabilities   91,654               93,410               81,944          
    Total Liabilities   5,601,166               5,473,093               5,153,251          
    Shareholders’ equity   619,409               612,184               576,528          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 6,220,575             $ 6,085,277             $ 5,729,779          
    Interest income/Earning assets       5.73 %   $ 82,639           5.84 %   $ 83,962           5.81 %   $ 78,122  
    Interest expense/Interest-bearing liabilities       2.93       33,948           3.03       34,634           3.03       32,683  
    Net interest spread       2.80 %   $ 48,691           2.81 %   $ 49,328           2.78 %   $ 45,439  
    Interest income/Earning assets       5.73 %     82,639           5.84 %     83,962           5.81 %     78,122  
    Interest expense/Earning assets       2.36       33,948           2.41       34,634           2.43       32,683  
    Net interest margin (fully tax-equivalent)       3.37 %   $ 48,691           3.43 %   $ 49,328           3.38 %   $ 45,439  
                                                               
    (1) Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively.
                                                               

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of merger costs, net of tax (non-GAAP):          
    Merger costs – non deductible $ 1,327     $ —     $ —  
               
    Merger costs – deductible   202       —       —  
    Statutory federal tax rate   21 %     21 %     21 %
    Tax benefit of merger costs (non-GAAP)   42       —       —  
    Merger costs – deductible, net of tax   160       —       —  
               
    Merger costs, net of tax (non-GAAP) $ 1,487     $ —     $ —  
                           
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of net income available to common (GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Less: preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Adjusted calculation of net income available to common (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted net income available to common shareholders (non-GAAP) $ 11,893     $ 13,988     $ 11,525  
                           
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of PPNR (non-GAAP): (1)          
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Add: Non-interest income   8,507       10,321       8,955  
    Less: Non-interest expense   41,038       37,805       37,424  
    PPNR (non-GAAP) $ 15,900     $ 21,560     $ 16,753  
               
    Adjusted calculation of PPNR (non-GAAP): (1)          
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Add: Non-interest income   8,507       10,321       8,955  
    Less: Non-interest expense   41,038       37,805       37,424  
    Add: Merger costs   1,529       —       —  
    Adjusted PPNR (non-GAAP) $ 17,429     $ 21,560     $ 16,753  
               
    (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.
     

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Basic earnings per common share computation:          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Less: net income available to common shareholders allocated to participating securities   57       98       92  
    Net income available to common shareholders allocated to common stock $ 10,349     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding, including shares considered participating securities   20,981       20,992       20,979  
    Less: Average participating securities   114       135       155  
    Weighted average shares   20,867       20,857       20,824  
    Basic earnings per common share $ 0.50     $ 0.67     $ 0.55  
               
    Diluted earnings per common share computation:          
    Net income available to common shareholders allocated to common stock $ 10,349     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding for basic earnings per common share   20,867       20,857       20,824  
    Add: Dilutive effect of stock compensation   58       73       63  
    Weighted average shares and dilutive potential common shares   20,925       20,930       20,887  
    Diluted earnings per common share $ 0.50     $ 0.66     $ 0.55  
               
    Adjusted basic earnings per common share computation (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Less: net income available to common shareholders allocated to participating securities   57       98       92  
    Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP)   8       —       —  
    Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding, including shares considered participating securities   20,981       20,992       20,979  
    Less: Average participating securities   114       135       155  
    Weighted average shares   20,867       20,857       20,824  
    Adjusted basic earnings per common share (non-GAAP) $ 0.57     $ 0.67     $ 0.55  
               
    Adjusted diluted earnings per common share computation (non-GAAP):          
    Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding for basic earnings per common share   20,867       20,857       20,824  
    Add: Dilutive effect of stock compensation   58       73       63  
    Weighted average shares and dilutive potential common shares   20,925       20,930       20,887  
    Adjusted diluted earnings per common share (non-GAAP) $ 0.57     $ 0.66     $ 0.55  
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of dividend payout ratio:          
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Diluted earnings per common share   0.50       0.66       0.55  
    Dividend payout ratio   36 %     27 %     32 %
               
    Adjusted calculation of dividend payout ratio (non-GAAP):          
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Adjusted diluted earnings per common share (non-GAAP)   0.57       0.66       0.55  
    Adjusted dividend payout ratio (non-GAAP)   32 %     27 %     32 %
                           
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of net interest margin:          
    Interest income $ 82,379     $ 83,678     $ 77,905  
    Interest expense   33,948       34,634       32,683  
    Net interest income $ 48,431     $ 49,044     $ 45,222  
               
    Average total earning assets $ 5,803,526     $ 5,674,794     $ 5,350,126  
               
    Net interest margin (GAAP) (annualized)   3.38 %     3.44 %     3.40 %
               
    Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):          
    Interest income $ 82,379     $ 83,678     $ 77,905  
    Tax equivalent adjustment (non-GAAP)   260       284       217  
    Adjusted interest income (fully tax equivalent basis) (non-GAAP)   82,639       83,962       78,122  
    Interest expense   33,948       34,634       32,683  
    Net interest income (fully tax equivalent basis) (non-GAAP) $ 48,691     $ 49,328     $ 45,439  
               
    Average total earning assets $ 5,803,526     $ 5,674,794     $ 5,350,126  
    Less: average mark to market adjustment on investments (non-GAAP)   (48,070 )     (46,988 )     (55,146 )
    Adjusted average total earning assets, net of mark to market (non-GAAP) $ 5,851,596     $ 5,721,782     $ 5,405,272  
               
    Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)   3.37 %     3.43 %     3.38 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of tangible book value per common share and tangible common
    equity / tangible assets (non-GAAP):    		          
    Shareholders’ equity $ 624,508     $ 610,695     $ 578,640  
    Less: preferred equity   57,785       57,785       57,785  
    Common shareholders’ equity   566,723       552,910       520,855  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   190       206       260  
    Tangible common equity (non-GAAP) $ 522,659     $ 508,830     $ 476,721  
               
    Total assets $ 6,295,508     $ 6,192,010     $ 5,801,412  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   190       206       260  
    Tangible assets (non-GAAP) $ 6,251,444     $ 6,147,930     $ 5,757,278  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Book value per common share (GAAP) $ 27.01     $ 26.34     $ 24.77  
    Tangible book value per common share (non-GAAP) $ 24.91     $ 24.24     $ 22.67  
               
    Common shareholders’ equity / Total assets (GAAP)   9.00 %     8.93 %     8.98 %
    Tangible common equity / Tangible assets (non-GAAP)   8.36 %     8.28 %     8.28 %
               
    Adjusted calculation of book value per common share (non-GAAP):          
    Common shareholders’ equity $ 566,723     $ 552,910     $ 520,855  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted common shareholders’ equity (non-GAAP) $ 568,210     $ 552,910     $ 520,855  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Adjusted book value per common share (non-GAAP) $ 27.08     $ 26.34     $ 24.77  
               
    Adjusted calculation of tangible book value per common share (non-GAAP):          
    Tangible common equity (non-GAAP) $ 522,659     $ 508,830     $ 476,721  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted tangible common equity (non-GAAP) $ 524,146     $ 508,830     $ 476,721  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Adjusted tangible book value per common share (non-GAAP) $ 24.98     $ 24.24     $ 22.67  
               
    Adjusted calculation of tangible common equity / tangible assets (non-GAAP):          
    Adjusted common shareholders’ equity (non-GAAP) $ 524,146     $ 508,830     $ 476,721  
               
    Tangible assets (non-GAAP) $ 6,251,444     $ 6,147,930     $ 5,757,278  
    Add: Merger costs, net of tax (non-GAAP)   1,529       —       —  
    Adjusted tangible assets (non-GAAP) $ 6,252,973     $ 6,147,930     $ 5,757,278  
               
    Adjusted tangible common equity / Adjusted tangible assets (non-GAAP)   8.38 %     8.28 %     8.28 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of efficiency ratio:          
    Non-interest expense $ 41,038     $ 37,805     $ 37,424  
               
    Non-interest income $ 8,507     $ 10,321     $ 8,955  
    Net interest income   48,431       49,044       45,222  
    Total revenue $ 56,938     $ 59,365     $ 54,177  
    Efficiency ratio   72.07 %     63.68 %     69.08 %
               
    Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):          
    Non-interest expense $ 41,038     $ 37,805     $ 37,424  
    Less: core deposit intangible amortization   17       16       20  
    Adjusted non-interest expense (non-GAAP) $ 41,021     $ 37,789     $ 37,404  
               
    Non-interest income $ 8,507     $ 10,321     $ 8,955  
               
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)   1,464       1,508       1,337  
    Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)   2,076       2,111       1,932  
    Adjusted net interest income (fully tax equivalent basis) (non-GAAP)   49,043       49,647       45,817  
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550     $ 59,968     $ 54,772  
               
    Efficiency ratio (fully tax equivalent basis) (non-GAAP)   71.28 %     63.02 %     68.29 %
               
    Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):          
    Adjusted non-interest expense (non-GAAP) $ 41,021     $ 37,789     $ 37,404  
    Less: Merger costs (non-GAAP)   1,529       —       —  
    Adjusted non-interest expense (non-GAAP) $ 39,492     $ 37,789     $ 37,404  
               
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550     $ 59,968     $ 54,772  
               
    Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)   68.62 %     63.02 %     68.29 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of return on average assets:          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Average total assets $ 6,220,575     $ 6,085,277     $ 5,729,779  
               
    Return on average assets (GAAP) (annualized)   0.75 %     0.98 %     0.88 %
               
    Adjusted calculation of return on average assets (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted net income $ 12,968     $ 15,064     $ 12,600  
               
    Average total assets $ 6,220,575     $ 6,085,277     $ 5,729,779  
               
    Adjusted return on average assets (non-GAAP) (annualized)   0.85 %     0.98 %     0.88 %
                           
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Calculation of return on average tangible common equity (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Less: preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Average shareholders’ equity $ 619,409     $ 612,184     $ 576,528  
    Less: average goodwill & intangibles   44,074       44,091       44,147  
    Less: average preferred equity   57,785       57,785       57,785  
    Average tangible common shareholders’ equity (non-GAAP) $ 517,550     $ 510,308     $ 474,596  
               
    Return on average equity (GAAP) (annualized)   7.52 %     9.79 %     8.79 %
    Return on average common equity (GAAP) (annualized)   7.51 %     10.04 %     8.94 %
    Return on average tangible common equity (non-GAAP) (annualized)   8.15 %     10.90 %     9.77 %
               
    Adjusted calculation of return on average equity (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted net income (non-GAAP) $ 12,968     $ 15,064     $ 12,600  
               
    Average shareholders’ equity $ 619,409     $ 612,184     $ 576,528  
               
    Adjusted return on average equity (non-GAAP) (annualized)   8.49 %     9.79 %     8.79 %
               
    Adjusted calculation of return on average tangible common equity (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487       —       —  
    Adjusted net income available to common shareholders $ 11,893     $ 13,988     $ 11,525  
               
    Average tangible common shareholders’ equity (non-GAAP) $ 517,550     $ 510,308     $ 474,596  
               
    Adjusted return on average tangible common equity (non-GAAP) (annualized)   9.32 %     10.90 %     9.77 %
                           

    The MIL Network –

  • MIL-OSI USA: Murray, Colleagues Introduce Legislation to Expand Child Care Relief to Families

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    To alleviate childcare costs for working families, Murray, Smith, Shaheen, Warnock, and Wyden introduce Child and Dependent Care Tax Credit Enhancement Act to permanently expand child care tax credits
    Washington, D.C. — Today, Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, joined Senator Tina Smith (D-MN), and Senate Democratic colleagues to introduce the Child and Dependent Care Tax Credit Enhancement Act, legislation to help more working families cover a greater share of the high cost of child care.
    The Child and Dependent Care Tax Credit Enhancement Act would permanently expand the Child and Dependent Care Tax Credit (CDCTC). This bill would help ease the burden of high childcare costs on working families by increasing the maximum tax credit to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses. It would also make the credit refundable to ensure low-income working families can benefit. The credit would also be indexed to inflation to retain its value over time.
    “Instead of addressing the growing child care crisis, Trump is indiscriminately firing the very workers who help child care and Head Start centers keep their doors open—making child care more expensive and harder to get for working parents,” said Senator Murray. “While Trump raises families costs by nearly $4000 a year and pushes child care even farther out of reach, my Democratic colleagues and I are continuing to fight to lower families’ costs in every possible way, and I am proud to reintroduce the Child and Dependent Care Tax Credit Enhancement Act as one additional way to help get families some additional relief to afford the child care they need.”
    “I constantly hear from families in Minnesota who are struggling with the high cost of childcare. For some, it rivals mortgages and is even higher than tuition at the University of Minnesota. Families need real relief and this bill will lower costs and put more money back into the pockets of parents,” said Senator Smith. “When childcare works, everything else does, too—families thrive, the economy grows, and our communities get stronger. That’s why I’m committed to fighting to lower costs and improve access to childcare.”
    “No matter where I go in New Hampshire, families tell me about how much they struggle to access affordable child care,” said Senator Shaheen. “The Child and Dependent Care Tax Credit is a proven and effective tool for bringing quality, affordable child care within reach for more families. Expanding this credit to keep up with the rising cost of child care is the right thing to do for workers, families and our nation’s economy.”
    “American families have to deal with hefty expenses when raising a child or caring for a loved one. That’s why the Child and Dependent Care Tax Credit Enhancement Act is so crucial, especially right now,” said Senator Reverend Warnock. “It will help parents and caregivers afford caretaking costs in a time when margins are tight for many families across the country. Tax cuts should go to hardworking Americans, not the wealthiest people in the nation.”
    “The cost of raising a family in this country is already way too high, and it’s getting even more expensive as Trump’s global tariffs jack up the cost of food, cars and products families use every day,” said SenatorWyden. “This proposal is a commonsense, pro-family policy aimed at helping parents and people caring for loved ones, and it’s striking that this kind of bill is nowhere to be found in the Republican tax agenda that costs a staggering $7 trillion. Trump and Republicans are locked in on giving trillions in new handouts to corporations and the wealthy and sticking everybody else with the bill, but pro-family proposals like this one prove that there’s a better way forward.”
    The Child and Dependent Care Tax Credit Enhancement Act would:
    Increase the maximum credit amount to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses;
    Automatically adjust it to keep pace with inflation;
    Save money by phasing out the credit for families making more than $400,000; and
    Ensure low-income families can benefit from the tax credit by making it refundable.
    Senator Murray has led the fight to tackle the child care crisis in Congress. She was instrumental in ensuring Congress took action when the COVID pandemic forced the child care sector to the brink of collapse. She authored the stabilization provisions in the American Rescue Plan alongside Congresswoman Rosa DeLauro (D-CT-03) and helped secure a historic $24 billion in stabilization funds and an additional $15 billion for CCDBG in the legislation. One third of child care providers who received a stabilization grant said their child care program would have closed permanently without the grants. She introduced legislation and pushed to extend the stabilization grants—and has continued to push to deliver supplemental funding to address the child care crisis, particularly given the tight fiscal constraints the Fiscal Responsibility Act has imposed on annual appropriations. Critically, Senator Murray has introduced and continues working to build the support needed to pass her Child Care for Working Families Act, comprehensive legislation to tackle the child care crisis and ensure families across America can find and afford the high-quality child care they need.
    In addition to Senators Murray, Smith, Shaheen, Warnock, and Wyden, the Child and Dependent Care Tax Credit Enhancement Act is cosponsored by Senators John Fetterman (D-PA), Brian Schatz (D-HI), Tammy Duckworth (D-IL), Mazie Hirono (D-HI), Chris Van Hollen (D-MD), Dick Durbin (D-IL), Amy Klobuchar (D-MN), Martin Heinrich (D-NM), Maria Cantwell (D-WA), Angus King (I-ME), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Elissa Slotkin (D-MI), Jack Reed (D-RI), Michael Bennet (D-CO), Chris Murphy (D-CT), Peter Welch (D-VT), Ruben Gallego (D-AZ), Chuck Schumer (D-NY), Adam Schiff (D-CA), Tammy Baldwin (D-WI), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI).
    The bill is also endorsed by the National Women’s Law Center Action Fund, Child Care Aware of America, Save the Children, First Focus Campaign for Children, First Five Years Fund, Center for Law and Social Policy (CLASP), Moms Rising, National Association for the Education of Young Children (NAEYC), Zero to Three, Society for Human Resource Management (SHRM) and the Early Care and Education Consortium (ECEC).
    Read more about the Child and Dependent Care Tax Credit Enhancement Act HERE.

    MIL OSI USA News –

  • MIL-OSI Economics: Summer just got better: Visible+ Pro members can now get tickets to the hottest events of the summer

    Source: Verizon

    Headline: Summer just got better: Visible+ Pro members can now get tickets to the hottest events of the summer

    NEW YORK – Visible is giving its customers even more to look forward to this summer. Starting today, customers who sign up for the new Visible+ Pro plan can receive tickets to some of the biggest music festivals and sporting events across the country, just by being on the plan.

    That’s right—your ticket to the biggest music festivals and hottest games of the summer is the new Visible+ Pro plan. Both new and existing customers who upgrade to the Visible+ Pro plan can receive a limited number of first-come, first served tickets* to some of summer’s most in- demand live events. To participate, customers can visit enterpromo.com/visible/, verify that they’re on the Visible+ Pro plan, and follow the instructions to claim that day’s featured event, while supplies last.

    Thanks to Visible, consumers will be able to dance the night away at top-tier music festivals like EDC Las Vegas, Sueños Music Festival (Chicago), BottleRock Napa Valley Music Festival, Festival La Onda By BottleRock (Napa Valley), The Governors Ball (New York City), and Sea.Hear.Now. (Asbury Park). With festivals that have something for everybody, Visible is rewarding its customers with a chance to experience some of the best of live music, just for being on its newest plan.

    Plus, it is not just music lovers who benefit. Sports fans on the Visible+ Pro plan can get in on the action, too. For those who crave high-speed thrills, tickets to premier racing events like the INDYCAR Sonsio Grand Prix and the 109th Running of the Indianapolis 500 at Indianapolis Motor Speedway are up for grabs. Visible also has New Jersey Devils fans covered with tickets to their final regular season game. It’s all part of Visible’s commitment to putting its members first by delivering premium wireless and unforgettable experiences, all at an unbeatable cost.

    “We’re always looking for ways to bring more value to our customers, and now, to celebrate the launch of our newest plan we’re taking our commitment to the next level,” said David Kim, Chief Revenue Officer at Verizon Value. “It’s just one more reason Visible+ Pro is the best wireless plan in the market today—premium features, unbeatable cost, and now a chance to gain access to some of the best events of the season.”

    How to get Visible tickets:

    1. Establish Service on the Visible+ Pro plan

    • If you’re a new customer, go to visible.com/plans and sign up for the Visible+ Pro plan.
    • If you’re an existing customer, you must have already upgraded to Visible+ Pro or do so before submitting.

    2. Visit the promo site

    • Go to enterpromo.com/visible between April 14, 2025 – April 24, 2025.

    3. Validate your plan status

    • Enter your information in the fields provided, including your name, email, address, and Visible+ Pro Plan Order Number.

    4. Try to score tickets 

    • Each day features a different event. Tickets are limited and will be given out on a first-come, first-served basis, while supplies last, to eligible customers who complete the steps. Submitting does not guarantee a ticket.
    • You can submit as many times as you would like, however, each customer can only receive tickets once during the giveaway, so act fast!

    Visit here for a full list of daily event, and more details.

    This activation builds on the recent enhancements to Visible’s wireless plans. Earlier this month, Visible introduced its best plan yet: Visible+ Pro. For $45/month (taxes and fees included), customers get unlimited premium data, access to Verizon’s fastest network, 5G Ultra Wideband, and our fastest mobile hotspot, with speeds up to 15 Mbps. Unlike the competition, our hotspot won’t slow down based on how much you use, so you can get peak performance across all your devices. It’s premium wireless without the premium cost.

    Visible also upgraded its existing Visible+ plan, increasing premium data from 50GB to unlimited, while still offering unlimited access to 5G Ultra Wideband and unlimited mobile hotspot,, all now at a lower monthly rate of $35/month, with no promotion needed.

    To check out the new plans, please visit visible.com/plans.

    *Note: Selection is based on first-come, first served basis until all 88 tickets are dispersed to customers. Customers can only be selected for one event and this is not a sweepstakes or contest.  Full eligibility criteria, terms and conditions can be found at enterpromo.com/visible.

    Note: The festivals are each not a Sponsor of this offer and is in no way responsible for the administration of the offer, the verification of qualified consumers or distribution of the festival rewards. All inquiries regarding the offer should be directed to Valuemediarelations@verizon.com.

    Sea.Hear.Now, BottleRock, La Onda and The Governors Ball are trademarks of Live Nation Worldwide, Inc.

    Sueños Chicago is a trademark of Collective PBB LLC.

    EDC is a registered trademark of Insomniac Holdings, LLC.

    About Visible

    Visible is the first all-digital wireless service in the US, offering unlimited data, messages, minutes, and hotspot, powered by Verizon, 5G included. On a mission to dramatically change the wireless service experience, Visible has been named to Fast Company’s Most Innovative Companies list and has been named “Best Telecom Brand” in Adweek’s Challenger Brand Awards. Known for its commitment to giving back to the community it serves, Visible’s social impact platform, Connection Protection, offers three months of wireless service to eligible members at no cost to ensure those who get laid off won’t lose their wireless plan, too.

    Visible is a division of Verizon and powered by Verizon’s award-winning networks. For more information, visit www.visible.com or search for our service in the App Store or the Play Store.

    MIL OSI Economics –

  • MIL-OSI Europe: Written question – Need for a revision of the Tobacco Taxation Directive – E-001408/2025

    Source: European Parliament

    Question for written answer  E-001408/2025
    to the Commission
    Rule 144
    Marlena Maląg (ECR)

    During the recent meeting of the Subcommittee on Tax Matters (FISC) with Commissioner Hoekstra, a discussion ensued regarding the revision of Directive 2011/64/EU on the structure and rates of excise duty applied to manufactured tobacco.

    It should be stressed that the Directive has not been amended since its inception in 2011, while the tobacco market has undergone profound changes. The lack of uniform regulation is contributing to increasing market fragmentation and distortions of competition between countries.

    In its conclusions of 2 June 2020, the Council of the EU also noted that amendments to the Directive are necessary for the proper functioning of the internal market and to ensure health protection in the EU.

    In light of the foregoing:

    • 1.Does the Commission recognise these problems, and what specific measures does it intend to take to counter them?
    • 2.Is the Commission planning to revise Directive 2011/64/EU and, if so, when?
    • 3.Is it true that the Commission already prepared a draft of a new directive in 2022 based on the evaluation of the functioning of the Directive and public consultations? If so, why has further action been halted?

    Submitted: 7.4.2025

    Last updated: 14 April 2025

    MIL OSI Europe News –

  • MIL-OSI USA: ICE investigation results in US seizing assets related to $126 million illegal staffing, money laundering case

    Source: US Immigration and Customs Enforcement

    DAYTON, Ohio – U.S. Immigration and Customs Enforcement and the U.S. Attorney’s Office for the Southern District of Ohio announced April 14 that the United States filed a civil forfeiture complaint against assets related to an investigation into a potential $126 million illegal staffing and money laundering operation.

    In July 2024, ICE Homeland Security Investigations, in collaboration with Internal Revenue Service – Criminal Investigations and other law enforcement agencies, executed federal search warrants at Fuyao Glass America in Moraine, Ohio, and 27 other locations in the Dayton area.

    The civil complaint alleges that multiple suspects created roughly 40 entities (the “target entities”) that facilitate the harboring, transportation and employment of illegal aliens at various factories. The suspects used these target entities to augment the workforces of several factories with individuals who illegally entered the United States, who are unlawfully present in the United States and/or who are working without required employment authorizations. One of these factories is FGA in Moraine.

    It is alleged that many of the workers were illegally smuggled into the United States, primarily through Mexico, and encouraged to travel to the Dayton area to be employed by one of the target entities and serve as a workforce at the various factories. Most of the workers are of Chinese or Hispanic nationality. Workers allegedly lived at “family style hotels” (boarding houses) owned by the target entities and were driven to and from work in transportation provided by the target entities.

    “We will continue to investigate allegations of unfair labor practices,” said ICE HSI Detroit acting Special Agent in Charge Jared Murphey. “Collaboration across multiple law enforcement agencies helps to ensure accountability for both employers and the workforce.”

    The 74-page complaint details that the target entities allegedly engaged in money laundering to conceal the multi-million-dollar income generated by the workers. Within days of receiving direct payments from FGA, the suspects would extensively wire funds between their various LLCs. In total, FGA has paid more than $126 million to LLCs controlled by the suspects. The money was allegedly used by the suspects for private financial gain and to purchase real estate, vehicles and luxury goods.

    In the civil complaint filed on April 2, the United States alleges that the following property is subject to forfeiture: seven bank accounts, 12 properties in the Dayton area, two properties outside of Ohio, 15 vehicles and luxury goods, including a Cartier watch.

    Jared Murphey, Acting Special Agent in Charge, ICE Homeland Security Investigations Detroit; Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; and Karen Wingerd, Special Agent in Charge, Internal Revenue Service (IRS) Criminal Investigations; announced the filing. The FBI, U.S. Border Patrol, U.S. Customs and Border Protection Office of Field Operations, ICE Enforcement and Removal Operations, Air Force Office of Special Investigations, Ohio State Highway Patrol and Montgomery County Sheriff’s Office have assisted in the criminal investigation. Assistant United States Attorneys Adam C. Tieger and Deborah D. Grimes are representing the United States in the civil forfeiture action.

    MIL OSI USA News –