Category: Taxation

MIL-OSI USA: Honduran national sentenced in $14+ million payroll scheme to defraud IRS, workers’ compensation insurance company

Source: US Immigration and Customs Enforcement

JACKSONVILLE, Fla. — A Mexican national was sentenced to more than two years in prison and ordered to pay more than $3.5 million in restitution to the Internal Revenue Service (IRS) for conspiracy to commit wire fraud and conspiracy to defraud the United States following a Homeland Security Investigations (HSI) Jacksonville investigation.

Jose Molina-Herrera, 27, of Honduras, was sentenced to 27 months in federal prison. The court also ordered Molina-Herrera to forfeit $867,005, which are proceeds of the wire fraud offense. In addition, Molina-Herrera was ordered to pay a total of $3,558,579.42 in restitution to the IRS. Molina-Herrera entered a guilty plea on Nov. 1, 2024.

“Wire fraud and the facilitation of ‘off the books’ payments not only undermine the integrity of our legal and economic systems but also supports unlawful employment activities,” said HSI Jacksonville Assistant Special Agent in Charge Tim Hemker. “Homeland Security Investigations, alongside our partners at the Internal revenue Service – Criminal Investigations and the Florida Department of Financial Services – Bureau of Insurance Fraud, is committed to holding those who facilitate these complex fraud schemes accountable for their actions.”

According to court documents, between 2019 and 2020, Molina-Herrera conspired with others to facilitate the payment of construction workers “off the books” to avoid paying premiums for workers’ compensation insurance and payroll taxes. Construction contractors and subcontractors entered arrangements with the conspirators, through which All National Remodeling LLC — a shell company formed by Molina-Herrera — facilitated both the distribution of proof of insurance and the payment of workers with cash. In exchange for 6 percent to 8 percent of the contractors’ and subcontractors’ payroll, Molina-Herrera and others caused the distribution of certificates of liability insurance in the name of All National Remodeling, which contractors and subcontractors then used as nominal proof that workers were supposedly insured. In reality, All National Remodeling’s insurance policy was issued based on a fraudulent application that never disclosed that contractors and subcontractors would be employing workers who were ostensibly insured under the shell company’s barebones insurance policy. As a result of contractors and subcontractors using All National Remodeling’s proof of insurance, but never paying any insurance premiums, the insurance company was defrauded more than $2.2 million.

Molina-Herrera and others also facilitated the deposit of checks into the shell company’s bank accounts, as well as the withdrawal of cash to be paid to workers — all without withholding, or paying over, payroll taxes to the IRS. Through these arrangements with the conspirators, the construction contractors and subcontractors could disclaim responsibility for withholding and paying payroll taxes to the IRS or ensuring that the workers were legally authorized to work in the United States. By facilitating payments to workers of over $14 million without payroll taxes being withheld, Molina-Herrera and his co-conspirators caused the U.S. Treasury to lose more than $3.5 million in tax receipts.

One of Molina-Herrera’s co-conspirators, Oscar Molina-Avila, was previously sentenced to 52 months’ imprisonment for his role in the scheme.

“Using shell companies to pay workers under the table is not only illegal, it gives an unfair competitive advantage that businesses who do things the right way can’t match,” said Ron Loecker, Special Agent in Charge of IRS-Criminal Investigation’s Tampa Field Office. “We will continue to investigate these schemes to ensure compliance with the law and return competitive balance to the industry.”

This case was investigated by the Internal Revenue Service – Criminal Investigation, HSI Jacksonville, and the Florida Department of Financial Services – Bureau of Insurance Fraud. It was prosecuted by Assistant U.S. Attorney Michael J. Coolican.

HSI Tampa’s area of responsibility, which includes 10 geographically strategic offices, covers more than 51,600 square miles of the total 65,757 square miles in the state of Florida. This region has more than 14.2 million people and includes 58 of the 67 counties. HSI Tampa also includes five of the 10 largest cities in Florida, 15 primary commercial service airports, and 11 seaports.

Learn more about HSI Tampa’s mission to increase public safety in Florida communities on X, formerly known as Twitter, at @HSITampa.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: HSI investigation leads to guilty pleas for Chinese nationals in fraudulent gift card conspiracy

Source: US Immigration and Customs Enforcement

CONCORD, N.H. — Three Chinese nationals pleaded guilty Jan. 14 for their roles in a large-scale fraud conspiracy based in China after their activity was uncovered during a Homeland Security Investigations (HSI) probe.

Naxin Wu, 26, Mengying Jiang, 34, and Mingdong Chen, 28, pleaded guilty in federal court in Concord to conspiracy to commit wire fraud. Judge Landya B. McCafferty scheduled Wu’s sentencing for April 8, 2025 and Jiang’s sentencing for April 22, 2025. Judge Joseph N. Laplante scheduled Chen’s sentencing for April 11, 2025.

According to HSI’s investigation, organized criminal elements in China acquire gift cards through multiple fraudulent means. For example, gift cards are obtained by hacking U.S. companies, and targeting U.S. citizens through romance and elder fraud schemes. The criminal elements then send the gift card data to multiple cells of Chinese nationals operating in the United States through a Chinese-based messaging platform.

Once U.S.-based cells receive the gift card data, they then spend the gift cards to purchase high-value electronics, principally Apple products. After purchasing the Apple products, cell members consolidate the electronics in warehouses for shipment to China, Hong Kong, or countries in Southeast Asia. The cells primarily operate in states with no sales tax, such as New Hampshire, to maximize their profits.

Wu, Jiang, and Chen are members of one cell in New Hampshire. Wu and Jiang purchased fraudulent gift cards at a discount from their face value. They then either personally used the cards or disseminated them to others, including Chen, to use. Wu was responsible for $1.4 million, Jiang for $3 million, and Chen for $400,000 of fraudulent gift cards.

The charge of conspiracy to commit wire fraud provides for a sentence of up to 20 years in prison and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

HSI New England’s Manchester Resident Agent in Charge office, Internal Revenue Service’s Criminal Investigations, the U.S. Postal Inspection Service, and the Concord Police Department led the investigation. The Merrimack County Attorney’s Office has provided valuable assistance.

Gift card fraud has become a growing concern for consumers and businesses alike. Under Project Red Hook, HSI is teaming up with our law enforcement partners and businesses to raise awareness of how Chinese organized crime groups are exploiting gift cards to launder money.

Follow us on X, formerly known as Twitter, at @HSINewEngland to learn more about HSI’s global missions and operations.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: Jeweler sentenced to 30 months for multimillion-dollar international trade fraud scheme following a multi-agency investigation

Source: US Immigration and Customs Enforcement

NEWARK, N.J. — Homeland Security Investigations (HSI) Newark led an investigation with law enforcement partners spanning from India to New York and New Jersey, resulting in the discovery of a jeweler running a multimillion-dollar international trade fraud scheme and unlicensed money transmitting.

Monishkumar Kirankumar Doshi Shah, a/k/a “Monish Doshi Shah” (Shah), 40, of Mumbai, India and Jersey City, New Jersey, who operated jewelry companies in New York City’s Diamond District was sentenced to 30 months for spearheading a scheme to illegally evade customs duties for more than $13.5 million of jewelry imports into the United States and for illegally processing more than $10.3 million through an unlicensed money transmitting business. He previously pleaded guilty at the U.S. District Court for the District of New Jersey to a two-count Information charging him with conspiracy to commit wire fraud and operating and aiding and abetting the operation of an unlicensed money transmitting business.

“Monishkumar Kirankumar Doshi Shah disregarded our nation’s trade laws and defrauded the U.S. government of millions of dollars in customs duties through his brazen international financial fraud scheme,” said HSI Newark acting Special Agent in Charge Sprios Karabinas. “Through HSI’s investigation, we were able to uncover the mislabeled tracks of jewelry shipments and illegal transactions Shah hoped to conceal. We are thankful for the collaboration with partners across the globe who helped us bring this case to successful prosecution.”

According to the investigation, from approximately December 2019 to approximately April 2022, Shah engaged in a scheme to evade duties for shipments of jewelry from Turkey and India to the United States. Shah would ship and/or instruct his co-conspirators to ship goods from Turkey or India — which would have been subject to an approximately 5.5% duty if shipped directly to the United States — to one of Shah’s companies in South Korea. Shah’s co-conspirators in South Korea would change the labels on the jewelry to state that they were from South Korea instead of Turkey or India, and then ship them to Shah or his customers in the United States, thereby unlawfully evading the duty. Shah would also make and instruct his customers to make fake invoices and packing lists to make it look like Shah’s South Korean companies were actually ordering jewelry from Turkey or India. Shah also instructed a third-party shipping company to provide false information to U.S. Customs and Border Protection concerning the origin of the jewelry. During the scheme, Shah shipped approximately $13.5 million of jewelry from South Korea to the United States without paying the appropriate duty.

In addition, from approximately July 2020 through approximately November 2021, Shah owned and/or operated numerous jewelry companies in New York City’s Diamond District, including MKore LLC, MKore USA Inc, and Vruman Corp. Shah used these entities to conduct more than $10.3 million in illegal financial transactions for customers — including converting cash to checks or wire transfers. Shah would also collect cash from customers and use other individuals’ jewelry companies to convert the cash into wires or checks. At times, Shah and other members of the money transmitting business moved hundreds of thousands of dollars in a single day. In exchange for their services, certain members of the money transmitting business charged a fee. None of Shah’s or his associates’ companies were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network.

In addition to the prison term, Judge Salas ordered restitution in the amount of $742,500 for the wire fraud scheme and forfeiture in the amount of $11,126,982.33 for the wire fraud and unlicensed money transmitting schemes. In addition, the Court imposed a two-year term of supervised release.

HSI Newark partnered with HSI New York, the Internal Revenue Service – Criminal Investigation in Newark, the U.S. Customs and Border Protection in the investigation leading to the sentence. International partners included the HSI attaché office in Seoul, and the Korea Customs Service, the Seoul Customs Special Investigation Office in South Korea. The DEA, the Parsippany -Troy Hills Police Department, the Morristown Police Department, the Federal Deposit Insurance Corporation – Office of Inspector General and the Justice Department’s Money Laundering and Asset Recovery Section assisted in the investigation.

Follow us on X, formerly known as Twitter, at @HSINewark to learn more about HSI’s global missions and operations.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: HSI Miami-Key West investigation leads to 2 Ukrainian nationals sentenced for $25m tax evasion, money laundering and labor exploitation conspiracy

Source: US Immigration and Customs Enforcement

MIAMI — Two Ukrainian nationals who were extradited from the Kingdom of Thailand to the United States in September 2024 were sentenced Jan. 27 on charges related to labor-staffing companies they operated in Florida.

Oleg Oliynyk and Oleksandr Yurchyk were each sentenced to 15 years in prison for conspiracy to defraud the United States and conspiracy to commit money laundering after a joint investigation between Homeland Security Investigations (HSI) Miami-Key West and IRS Criminal Investigation.

According to court documents, Oliynyk, Yurchyk and others owned and operated a series of labor-staffing companies in South Florida — including Paradise Choice LLC, Paradise Choice Cleaning LLC, Tropical City Services LLC and Tropical City Group LLC — from at least April 2008 and August 2021. Through these staffing companies, Oliynyk, Yurchyk and co-defendants Oleksandr Morgunov, Mykhaylo Chugay and Volodymyr Ogorodnychuk facilitated the employment of non-resident aliens in the hospitality industry who were not authorized to work in the United States and helped evade the assessment and collection of more than $25 million of federal income and employment taxes.

In addition to the term of imprisonment, U.S. District Court Judge Jose E. Martinez ordered Oliynyk and Yurchyk to each serve three years of supervised release, pay $10,863,233.05 in restitution to the United States and to forfeit $11 million.

Oliynyk and Yurchyk are the latest defendants sentenced as part of Operation RoomKey, a joint criminal investigation initiative led by the Tax Division, the U.S. Attorney’s Office for the Southern District of Florida, Homeland Security Investigations and IRS Criminal Investigation.

Acting U.S. Attorney Michael S. Davis for the Southern District of Florida and acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

Senior Litigation Counsel Chris Clark of the U.S. Attorney’s Office for the Southern District of Florida, Senior Litigation Counsel Sean Beaty, and Trial Attorneys Jessica A. Kraft, Matthew C. Hicks, and Wilson Rae Stamm of the Tax Division are prosecuting the case.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida or on Pacer under case number 21-cr-10009.

Members of the public with information about criminal activity in your community are encouraged to contact the HSI Tip Line at 877-4-HSI-TIP.

Learn more about HSI’s mission to increase public safety in your community on X, formerly known as Twitter, at @HSI_Miami.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: HSI Newark investigation leads to conviction of New Jersey man on financial crimes and trafficking fentanyl-related substances

Source: US Immigration and Customs Enforcement

NEWARK, N.J. — A New Jersey man was convicted by a jury in connection with his role in a drug trafficking organization following an investigation by Homeland Security Investigations (HSI) Newark.

On Jan. 29, William Panzera, 51, of North Haledon, New Jersey was convicted of drug trafficking conspiracy and international promotional money laundering conspiracy at the U.S. District Court for the District of New Jersey. The drug trafficking organization is responsible for the importation and distribution of hundreds of kilograms of fentanyl analogues Eight other defendants have previously pleaded guilty in related cases.

HSI Newark is investigating the case with support from HSI Philadelphia, the FBI Newark Field Office, the U.S. Postal Inspection Service Newark Field Office, IRS Criminal Investigation, U.S. Customs and Border Protection, the Newark Police Department, and the Essex County Prosecutor’s Office provided valuable assistance.

According to the investigation, from approximately January 2014 through September 2020, Panzera and other members of the drug trafficking organization, agreed to import and distribute controlled substances and controlled substance analogues, including fentanyl analogues, methylenedioxymethamphetamine (MDMA), methylone, and ketamine. Co-conspirators ordered controlled substances and analogues from a source in China and paid those sources hundreds of thousands of dollars via wire transfer and cryptocurrency. The conspirators distributed the substances in bulk and in the form of counterfeit pharmaceutical pills that actually contained fentanyl analogues throughout New Jersey.

The jury convicted Panzera of conspiracy to distribute and possess with intent to distribute 100 grams or more of furanyl fentanyl and 4 fluoro isobutyryl fentanyl and international promotional money laundering conspiracy. Panzera faces a mandatory minimum penalty of 10 years in prison, a maximum penalty of life in prison, and a fine of up to $10 million for the drug trafficking conspiracy charge, and a maximum penalty of 20 years in prison and a fine of up to $500,000 for the money laundering conspiracy charge. He is scheduled to be sentenced on June 25. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Follow us on X, formerly known as Twitter, at @HSINewark to learn more about HSI’s global missions and operations.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: Governor Lamont Announces 2025 Legislative Proposal: Reduce Prescription Drug Costs
Source: US State of Connecticut

(HARTFORD, CT) – Governor Ned Lamont today announced that the package of legislative proposals he is presenting to the Connecticut General Assembly for consideration this session includes comprehensive reforms to improve healthcare affordability and mitigate out-of-pocket costs for patients, particularly those related to prescription drugs.

“Families across America are simply paying too much for essential prescription drugs, and these rising costs make accessing health coverage a barrier for far too many people,” Governor Lamont said. “I am urging the state legislature to make lowering prescription drug costs a priority this session. The proposals I’ve presented to them contain wide-ranging steps to lower prescription drug costs and put limits on future price increases.”

Recently, through an initiative launched between the Lamont administration and Comptroller Sean Scanlon, Connecticut joined the ArrayRx prescription drug discount card program, which enables all residents in Connecticut to receive a discount card at no cost that gives them discounts at the pharmacy on certain medications. Working in collaboration with Comptroller Scanlon, Governor Lamont is proposing to expand the use of this card in Connecticut, enabling consumers to receive credit for “cash” prescription drug purchases toward their annual deductible if they paid a lower price than they would have under their insurance coverage.

“Skyrocketing drug prices are forcing too many people into impossible choices, like skipping doses or cutting pills in half,” Comptroller Scanlon said. “That’s just wrong, and it must end. If drug makers and pharmacy benefit managers won’t lower prices for the people of our state, we will. I am proud to be working with Governor Lamont on innovative solutions that will rein in costs and improve healthcare affordability in Connecticut.”

“It’s nearly impossible for someone to follow their healthcare provider’s treatment plan if they can’t afford the out-of-pocket cost for the prescriptions they need,” Dr. Deidre Gifford, commissioner of the Connecticut Office of Health Strategy and Governor Lamont’s senior advisor for health and human services, said. “This proposal focuses on making prescription drugs more affordable for Connecticut residents. It’s good healthcare and it’s good public policy.

Governor Lamont’s proposal, House Bill 6870 (An Act Addressing Patients’ Prescription Drug Costs), contains the following actions:
- Permits patients to claim low-cost drug purchases toward deductibles: Establishes a patient’s right to receive credit for out-of-pocket and out-of-network prescription drug expenses toward their annual deductible if they paid a lower price than they would have at an in-network pharmacy with insurance.
- Limits annual generic drug price increases to inflation: Limits price increases for generic and off-patent drugs to the annual rate of inflation and authorizing the Connecticut Department of Revenue Services to levy a civil penalty on manufacturers that raise prices above that threshold. By focusing on generic drugs and those that drugs that are coming off patent, Connecticut can respect and encourage innovation yet help clamp down on unfair price spikes for many commonly used drugs.
- Establishes a pathway for safe Canadian prescription drug importation: Requires the Connecticut Department of Consumer Protection to assess feasibility of establishing a Canadian prescription drug importation program within Connecticut after reviewing quality, safety, and operational needs.
**Download: Fact sheet on Governor Lamont’s proposed legislation (House Bill 6870)

MIL OSI USA News –
February 7, 2025
MIL-OSI Security: Out of state man pleads guilty to laundering email scam proceeds

Source: Office of United States Attorneys

HOUSTON – A California man has admitted to operating an illegal money transmitting business, announced U.S. Attorney Nicholas J. Ganjei.

Victor Rubio Jr. admitted that from 2021 to 2022, he operated an unlicensed money transmitting business that received and transmitted funds from a business email compromise (BEC) scheme. Rubio ran the unlicensed money transmitting business by using shell companies that existed only on paper.

As part of the plea, Rubio acknowledged opening and maintaining bank accounts to collect money from at least two victims in a BEC scheme, including a healthcare liability insurance company headquartered in Georgia and a township in New Jersey. Then, for a fee, he transmitted the fraud proceeds to co-conspirators.

In response to fraudulent wire instructions from spoofed email accounts, victims sent interstate wire transfers for payment to Rubio instead of to the true creditors to whom the victims owed money.

More than 45 people in multiple states, including Rubio and seven others in the Southern District of Texas, have been charged in separate business email compromise schemes that affected numerous victims.

U.S. District Judge George Hanks will impose sentencing April 22. At that time, Rubio faces up to five years in federal prison and a $250,000 maximum possible fine.

He was permitted to remain on bond pending that hearing.

The FBI – Bryan Resident Agency and IRS Criminal Investigation conducted the investigation. Assistant U.S. Attorneys Belinda Beek and Thomas Carter are prosecuting the case.

MIL Security OSI –

February 7, 2025
MIL-OSI USA: HSI San Diego, multiagency case sends trafficker to 19.5 years in prison for supplying weapons and ammunition to Sinaloa Cartel

Source: US Immigration and Customs Enforcement

SAN DIEGO — Keith Octavio Rodriguez Padilla, a prolific firearms trafficker, was sentenced in federal court Jan. 13, to 19.5 years in custody for his role in supplying weapons and tens of thousands of rounds of ammunition to the Sinaloa Cartel.

This case is part of a long-running investigation targeting the Valenzuela Transnational Criminal Organization (TCO), which was a significant component of the Sinaloa Cartel. Homeland Security Investigations (HSI) investigated this case with assistance from multiple federal, state and local law enforcement partners*.

“Today’s sentencing is a direct result of the hard work and collaboration between HSI and our law enforcement partners. This extensive investigation highlights our unwavering commitment to protecting our country and communities from the dangers of illegal firearms trafficking,” said Shawn Gibson, Special Agent in Charge of HSI San Diego. “We will continue to work tirelessly to ensure that the drug trafficking organizations are disrupted and held accountable.”

“Guns and ammunition smuggled into Mexico support cartels and empower drug traffickers,” said U.S. Attorney Tara McGrath. “This case continues to deal blow after blow to that infrastructure, sending a clear message: DOJ will prosecute every angle of cartel operations — from drug importation to money laundering to arms trafficking — to combat death and destruction on both sides of the border.”

The Valenzuela TCO was one of the largest importers of cocaine into the United States. The TCO sourced cocaine and other controlled substances (including fentanyl, heroin, methamphetamine, and marijuana) from South America and Mexico, transported the drugs to multiple locations along the U.S.-Mexico border using commercial trucking companies, smuggled the drugs into the country, and distributed them throughout the United States. The TCO then smuggled the bulk cash proceeds from its drug trafficking activities back to the TCO’s leadership in Mexico.

According to court records, throughout 2020, the Valenzuela TCO, including one of its leaders, Jorge Alberto Valenzuela Valenzuela, was engaged in violent conflict with another component of the Sinaloa Cartel led by Ivan Archivaldo Guzman-Salazar. During this conflict, Jorge’s brother and previous TCO leader, Gabriel Valenzuela-Valenzuela, was killed. This led the Valenzuela TCO to procure large quantities of firearms, ammunition, tactical gear, armored vehicles, and ballistic vests. A considerable number of these items were sourced from within the United States and clandestinely smuggled into Mexico, using numerous arms trafficking networks.

During the multi-year investigation, agents identified Keith Octavio Rodriguez Padilla as a firearms and ammunition trafficker and broker for the TCO. Rodriguez Padilla and his co-conspirators worked with high-ranking organization members to supply firearms to the TCO. These firearms ranged from .50 caliber rifles, submachine guns, and grenade launchers to assault style rifles (AK-47s, AR-15s, FN SCARs) and handguns. In addition to the weapons, Rodriguez Padilla and his co-conspirators supplied tens of thousands of rounds of ammunition to the TCO. Some of these weapons and ammunition were acquired in the United States, including from California, Arizona, and Nevada, and then smuggled through the Ports of Entry in San Diego and Arizona to Mexico.

For example, on Nov. 20, 2020, DEA and HSI agents initiated surveillance at a commercial truck yard being operated by the Valenzuela TCO in the Otay Mesa area of San Diego. Agents ultimately obtained a search warrant for this truck yard and during the search, seized approximately $3,078,880 in bulk U.S. currency, approximately 685 kilograms of cocaine, 24 kilograms of fentanyl, and a pickup truck with a trap gas tank the size of half the truck bed were discovered. The truck yard contained numerous tractors-trailers, along with numerous other vehicles. Inside one of the trailers, agents seized approximately 20,000 rounds of .50 caliber ammunition, along with approximately 427 ballistic plate carriers, approximately 1,000 rounds of .40 caliber ammunition, and approximately 104 magazines for .50 caliber ammunition. Agents learned that Rodriguez Padilla had purchased the .50 caliber ammunition on behalf of the TCO.

To date, this investigation has resulted in charges against 109 defendants and the seizure of approximately 2,000 kilograms of cocaine and fentanyl, more than $16 million in cash, and 21,000 rounds of ammunition.

“Weapons trafficking fuels drug-related violence,” said DEA Special Agent in Charge Brian Clark. “Money and greed are the foundation of the Sinaloa cartel business model and Padilla provided a lifeline by trafficking firearms. This sentence underscores our commitment to aggressively pursue the Sinaloa Cartel at every level, to include all facilitators who profit from drug-related violence. Strong relationships between law enforcement agencies have proven invaluable as we work together to save lives.”

“This multi-year investigation and lengthy federal prison sentence highlights the hard work, dedication, and cooperation of multiple law enforcement agencies to disrupt and dismantle violent transnational criminal organizations,” said FBI Acting Special Agent in Charge Travis Holland. “Today’s sentence serves as a reminder, we will continue to leverage the strength of federal, state, and local law enforcement to bring justice against the Cartels and individuals working on their behalf.”

“Mr. Padilla’s role in trafficking weapons and ammunition not only facilitated violence between cartel organizations, but also facilitated the endangerment of American citizens as these transnational criminal organizations bring dangerous and deadly drugs into the United States,” said Special Agent in Charge Tyler Hatcher, IRS Criminal Investigation, Los Angeles Field Office. “This sentencing demonstrates the result of well-coordinated investigations and the effectiveness of our partnered investigations. Protecting American citizens is the number one priority for every law enforcement organization, and IRS-CI is proud to be a partner in this investigation.”

This case is being prosecuted by Assistant U.S. Attorneys Matthew J. Sutton and Mikaela Weber.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

*DEA, FBI, IRS – Criminal Investigation, United States Marshals Service, Customs and Border Protection (CBP) Office of Field Operations, CBP’s Office of Border Patrol, Department of Justice (DOJ), Organized Crime Drug Enforcement Task Forces, DOJ Office of Enforcement Operations, DOJ Office of International Affairs, San Diego County Sheriff’s Department, San Diego Police Department, Border Crime Suppression Team and San Diego County District Attorney’s Office.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: Maine Return Preparer Charged with Preparing False Tax Returns for Clients

Source: US State of California

A grand jury returned an indictment yesterday charging a Maine man with preparing false tax returns for clients and scheming to defraud clients, among other crimes.

According to the indictment, Thierry Musese, a paid return preparer, ran a tax preparation business out of a barbershop he owned and operated in Auburn, Maine. During the 2021 and 2022 tax years, Musese allegedly prepared and filed with the IRS false tax returns on behalf of 17 taxpayers. These tax returns allegedly included false business losses, fuel tax credits and residential energy credits, resulting in tax refunds these clients were not entitled to receive. For the 2023 tax year, Musese allegedly continued to prepare false tax returns for clients even after his electronic filing identification number was revoked by the IRS. According to the indictment, Musese also falsified his own tax returns for 2021 and 2022.

Musese also allegedly defrauded some of his clients by diverting to himself a portion of their tax refunds without their permission. According to the indictment, he provided these clients with copies of their tax returns that differed from the versions he filed with the IRS.

Musese will make his initial court appearance before a U.S. Magistrate Judge for the District of Maine at a later date. If convicted, Musese faces up to three years in prison for each count of filing a false tax return and a maximum penalty of up to 20 years in prison for each count of wire fraud. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division and U.S. Attorney Darcie N. McElwee for the District of Maine made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Likhitha Butchireddygari of the Tax Division and Assistant U.S. Attorney Daniel Perry for the District of Maine are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: California CPA Indicted for Filing False Tax Returns

Source: US State of California

A grand jury in San Francisco returned an indictment yesterday charging a California man with filing false tax returns with the IRS.

According to the indictment, Michael M. Gilbert, of San Rafael, filed false tax returns for himself and two business entities he controlled. Gilbert, a Certified Public Accountant since 1985, allegedly underreported the total income his accounting and tax preparation business, M.M. Gilbert & Company Inc. (M.M. Gilbert), received during the years 2017 through 2020. Gilbert allegedly solicited payments from clients of M.M. Gilbert for “tax strategies” and “donations,” among other things, which the clients paid to White Mountain Properties Inc. (White Mountain), another entity Gilbert controlled. Gilbert allegedly did not report these payments as income on White Mountain’s 2017 through 2021 business tax returns. According to the indictment, in 2020 and 2021, Gilbert also transferred more than $5 million from White Mountain to himself and then did not report that income on his individual tax returns.

Gilbert is scheduled for his initial court appearance on Feb. 19 before U.S. Magistrate Judge Laurel Beeler for the Northern District of California. If convicted, Gilbert faces a maximum penalty of three years in prison for each count of filing a false tax return. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Julia M. Rugg and Patrick Burns of the Tax Division are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

February 7, 2025
MIL-OSI Security: California CPA Indicted for Filing False Tax Returns

Source: United States Department of Justice Criminal Division

A grand jury in San Francisco returned an indictment yesterday charging a California man with filing false tax returns with the IRS.

According to the indictment, Michael M. Gilbert, of San Rafael, filed false tax returns for himself and two business entities he controlled. Gilbert, a Certified Public Accountant since 1985, allegedly underreported the total income his accounting and tax preparation business, M.M. Gilbert & Company Inc. (M.M. Gilbert), received during the years 2017 through 2020. Gilbert allegedly solicited payments from clients of M.M. Gilbert for “tax strategies” and “donations,” among other things, which the clients paid to White Mountain Properties Inc. (White Mountain), another entity Gilbert controlled. Gilbert allegedly did not report these payments as income on White Mountain’s 2017 through 2021 business tax returns. According to the indictment, in 2020 and 2021, Gilbert also transferred more than $5 million from White Mountain to himself and then did not report that income on his individual tax returns.

Gilbert is scheduled for his initial court appearance on Feb. 19 before U.S. Magistrate Judge Laurel Beeler for the Northern District of California. If convicted, Gilbert faces a maximum penalty of three years in prison for each count of filing a false tax return. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Julia M. Rugg and Patrick Burns of the Tax Division are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 7, 2025
MIL-OSI Security: Maine Return Preparer Charged with Preparing False Tax Returns for Clients

Source: United States Department of Justice Criminal Division

A grand jury returned an indictment yesterday charging a Maine man with preparing false tax returns for clients and scheming to defraud clients, among other crimes.

According to the indictment, Musese, a paid return preparer, ran a tax preparation business out of a barbershop he owned and operated in Auburn, Maine. During the 2021 and 2022 tax years, Musese allegedly prepared and filed with the IRS false tax returns on behalf of 17 taxpayers. These tax returns allegedly included false business losses, fuel tax credits and residential energy credits, resulting in tax refunds these clients were not entitled to receive. For the 2023 tax year, Musese allegedly continued to prepare false tax returns for clients even after his electronic filing identification number was revoked by the IRS. According to the indictment, Musese also falsified his own tax returns for 2021 and 2022.

Musese also allegedly defrauded some of his clients by diverting to himself a portion of their tax refunds without their permission. According to the indictment, he provided these clients with copies of their tax returns that differed from the versions he filed with the IRS.

Musese will make his initial court appearance before a U.S. Magistrate Judge for the District of Maine at a later date. If convicted, Musese faces up to three years in prison for each count of filing a false tax return and a maximum penalty of up to 20 years in prison for each count of wire fraud. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division and U.S. Attorney Darcie N. McElwee for the District of Maine made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Likhitha Butchireddygari of the Tax Division and Assistant U.S. Attorney Daniel Perry for the District of Maine are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 7, 2025
MIL-OSI USA: Polis Administration Announces Higher Purpose Homes and VeroTouch as Latest IHIP Grant Recipients

Source: US State of Colorado

VeroTouch Unveils First Homes 3D Printed in Colorado

DENVER – Today, Governor Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced two new recipients of the Innovative Housing Incentive Program (IHIP) grant to support the development of the off-site construction industry and create more housing at a lower cost across the state: Higher Purpose Homes and VeroTouch. The announcement comes the same day VeroTouch unveils the first houses 3D-printed in Colorado.

“We are proud to accelerate innovation in housing to better address Colorado’s housing needs,” said Governor Jared Polis. “The unveiling of the first 3D-printed homes in the state is a great example of our state’s efforts to support new construction methods and create more housing now.”

Compared to traditional building practices, off-site construction can produce housing more efficiently and at a lower cost while creating stable, year-round, high-quality jobs. Early results suggest that state support of construction methods like modular, manufactured, panelized and 3-D printed homes are growing the industry and generating new homes in Colorado. The annual percentage of Colorado’s modular housing units produced by out of state manufacturers has decreased from 91% to less than 50%.

The funding announced today will directly incentivize the creation of over 160 attainable housing units. With this latest round of grants, the Polis Administration has awarded 14 IHIP grants directly incentivizing the creation of 2,300 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over three years. To date, 705 housing units have been produced with support from IHIP.

“It’s exciting to see the statewide impact of the Innovative Housing Incentive Program as it continues to support the growth of innovative housing manufacturers located across the state, including the Buena Vista and Durango recipients announced today,” said Eve Lieberman, Executive Director of OEDIT. “We commend these companies for their efforts to help increase the supply of housing which, over time, will enable more Coloradans to live in the communities they love and be close to their jobs”

The recipients announced today include:

Higher Purpose Homes – Durango – This panelized housing manufacturer constructs floors, walls and roofs in a manufacturing facility and then uses a crane to place the pieces. The company estimates that 30% of its homes will be deed-restricted and affordable. In 2023, the Colorado Economic Development Commission approved Higher Purpose Homes for the Rural Jump-Start program, which encourages economic development and job creation in rural communities across the state. Through IHIP, Higher Purpose Homes is approved for up to $590,000 for constructing a projected 95 units over three years.

VeroTouch Construction – Buena Vista – This 3D printed housing manufacturer uses robots to print single- and multi-family concrete homes on-site. Today, the company is unveiling the first two homes 3-D printed in Colorado: two-bed, two-bath, 1,100 square foot units in downtown Buena Vista as part of a 31-unit development. VeroTouch Construction is approved for up to $618,000 for constructing a projected 67 units over three years.

About the Innovative Housing Incentive Program

The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP is part of an emerging suite of OEDIT-affiliated programs that offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority, work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs and incentivizing housing units with the Historic Preservation Tax Credit.

About Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.

###

MIL OSI USA News –

February 7, 2025
MIL-OSI Security: Harbour Breton — Man charged with drugs offences by Harbour Breton RCMP
Source: Royal Canadian Mounted Police

Following an investigation conducted by Harbour Breton RCMP, 46-year-old Sheldon Cribb is charged with a number of criminal offences.

The investigation began in September, 2024. In continuing with the investigation, a search warrant, obtained under the Controlled Drugs and Substances Act, was obtained and vehicle associated to Cribb was searched in October, 2024. Inside the vehicle, officers located a quantity of cocaine, cash, contraband tobacco and other items consistent with drug trafficking.

On February 4, 2025, in support of evidence gained during the course of this investigation, the following charges were laid against Cribb:
- Possession of cocaine for the purpose of trafficking – Controlled Drugs and Substances Act
- Possession of unstamped tobacco – Excise Act 2001
- Possession of contraband tobacco – Revenue Administration Act
He is set to appear in court to answer to all of these charges on February 18, 2025.

The investigation is continuing.

Harbour Breton RCMP thanks the public for continuing to report suspected drug-trafficking and other illegal activities in the community. If you have information about illegal drug activities in your community, please contact your local police or crime stoppers to make a report.

RCMP NL continues to fulfill its mandate to protect public safety, enforce the law, and ensure the delivery of priority policing services in Newfoundland and Labrador.

MIL Security OSI –
February 7, 2025
MIL-OSI United Kingdom: £1.3million investment could see improvements to parks, splash pools and sports facilities across Portsmouth
Source: City of Portsmouth

Portsmouth City Council’s administration has included a number of initiatives within its budget proposals, which it believes will enhance the quality of life for residents and visitors alike.

Parks and open spaces are the green lungs of the city. Funding has been allocated to improve them, including a biological dredging project to remove sediment and improve water quality at Baffins Pond, a project many residents are keen to see. A two-year project to improve irrigation and biodiversity at Southsea Common, ensuring it remains a vibrant space for public events, will also get the go-ahead.

Playing outdoors allows children to develop self-confidence, independence, fitness and self-esteem. If adopted, the proposals will enable the Council to continue the planned programme of renewal of play equipment across Portsmouth, in both parks and adventure playgrounds. In addition, the splash pools at Canoe Lake and Clarence Esplanade will be fully refurbished, and splash pools at four other sites will undergo relining.

There is match funding for the Playzones project bid, which could see new multi-use games areas created at five sites across the city if the bid is successful. The £300k investment from the Council would then unlock £1.3m of funding from the Football Foundation towards the scheme. There is also money for enhancements to the city’s green infrastructure, which will help promote environmental sustainability.

The city’s heritage is also recognised, with funding proposed for essential treatments to preserve key bronze statues, including the Grade II-listed Nelson statue, Queen Victoria, and Charles Dickens. The plans also include the installation of memorial plaques to honour the historic contributions and sacrifices made during World War II, as part of plans to commemorate the 80th anniversaries of VE Day and VJ Day.

Cllr Steve Pitt, Leader of Portsmouth City Council, said:

“Because of our prudent approach to the Council’s finances, we can make these commitments despite the funding issues affecting local authorities across the country. These investments reflect our commitment to maintaining and improving Portsmouth’s public spaces for future generations.

“From playgrounds to historic statues, these projects will provide residents with enhanced recreational opportunities and will ensure the city continues to be a welcoming, vibrant, and inclusive place to live, work, and visit.”

These proposals are in addition to the £20m invested into sports facilities across the city since 2017. There are future investments planned, including £22m towards creating a new hub in Bransbury Park, which will bring sports, swimming, and healthcare together, including a learner pool that can be utilised by many nearby schools.

The council is also leading the renovation of Hilsea Lido, which is funded by the UK government and will open this year, 90 years since it first opened in 1935.

These proposals are part of the Council’s capital budget, which can be used for major one-off projects and statutory improvements. The capital funding can’t be used for funding the ongoing delivery of council services such as pressures arising from temporary accommodation and social care.

The budget proposals will be considered at the council’s Cabinet meeting on 11 February and if accepted will then go to the Full Council meeting on 25 February for approval.
- The proposed locations for the Playzones project are Beacon View School, Stamshaw Park, Baffins Pond, Mayfield School and the Charles Dickens Centre.
- The splash pools that would be relined are in Stamshaw, Buckland, Portsea and Paulsgrove.
- The playgrounds that would receive new play equipment include Victoria Park, College Park, Southsea Common & Drayton Park.
- The adventure playgrounds that would receive new play equipment are Landport, Somerstown, Portsea, Paulsgrove, Stamshaw and Buckland.
- The budget papers are available here, and the appendices with a full breakdown can be found here.
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI United Kingdom: Historic milestone in major New Park Village estate regeneration

Source: City of Wolverhampton

It is part of a major redevelopment of council housing in the area that will see 205 outdated residential properties flattened and replaced with 188 new energy efficient homes.

Poor quality bungalows on Valley Road have already been removed by contractor DSM Demolition and now the main flats at Ellerton Walk, which sit within 8 linked deck access blocks each with integral garages at ground floor level are being pulled down.

The regeneration will provide new 2, 3 and 4 bedroom homes for rent, as well as increased car parking and improved public open space at the heart of the estate, which will include a children’s play area, green gym and seating.

Under phase 1 of the masterplan 98 new homes will be constructed, while phase 2 will deliver 83 new properties. A site on Longford Road is earmarked for 7 new bungalows.

The demolition works will pave the way for construction partner, Keon Homes, appointed through the council’s new development framework, to begin development of the new homes in summer 2025.

The £40million programme will be funded from the council’s Housing Revenue Account (HRA) capital budget.

Steven Spencer, New Park Village resident, Member of New Park Village Committee and Resident Steering Group Member, said: “I have lived on New Park Village coming up to 27 years and I’m over the moon to see the demolition works well underway.

“The maisonettes are in a state of disrepair and I’m not sad to see them go. Residents are looking forward to new homes that are fit for families.”

Councillor Steve Evans, City of Wolverhampton Council Deputy Leader and Cabinet Member for City Housing, said: “This is a truly historic milestone for housing in our city that will transform the lives of residents at New Park Village.

“We are continuing to invest heavily in new and replacement council housing and these demolition works will pave the way for a very different looking New Park Village that will make a major difference to its residents.

“It forms part of our commitment to deliver good homes in well connected neighbourhoods across the city.

“In the long term, the redevelopment will contribute to the improvement of tenants living conditions with the provision of highly energy efficient new homes, better play areas and green space creating an environmentally friendly estate.”

The redevelopment scheme will be phased over several years to minimise disruption to residents.

MIL OSI United Kingdom –

February 7, 2025
MIL-OSI: Digital Assets Backoffice Tech Company Formidium Launches CryptoTax360 For Tax Data Calculations and Forms

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 06, 2025 (GLOBE NEWSWIRE) — A pioneer in accounting and tax reporting solutions for digital assets, Formidium Corp, based in Chicago, Illinois has launched its portal CryptoTax360.io. It’s an extensive platform designed to simplify digital asset and cryptocurrency tax reporting. With its powerful automated tools, seamless integrations, and robust reporting, CryptoTax360.io makes capital gain/loss calculations and tax forms preparation quick and effortless for crypto traders, enthusiasts, and industry professionals.

Crypto tax reporting has long been a headache for investors and traders, largely due to the complexity of digital asset transactions. From navigating multiple wallets and exchanges to calculating capital gains and losses across varied transaction types—staking, margin trading, and DeFi activities—the process can be overwhelming. Adding to the challenge, tax reporting requirements leave no room for error. Manual reporting increases the risk of mistakes, consumes hours of effort, and leaves users frustrated, especially during tax season.

CryptoTax360.io steps in to streamline this process. Designed with simplicity and comprehensive coverage in mind, the platform eliminates the tedious aspects of crypto tax reporting through automated tools and seamless integrations. Users can consolidate data across exchanges, wallets, and DeFi protocols effortlessly. The platform offers capital gain/loss calculations using multiple methods like FIFO, LIFO, HIFO, and more.

CryptoTax360.io offers an instant generation of forms like Schedule D and Form 8949, streamlining the tax preparation process. Its robust dashboard provides insights into portfolio performance, helping users stay organized without stress.

“Crypto tax reporting has always been a daunting task due to the complexity of digital asset transactions’ bookkeeping, financial reporting and tax reporting. Managing multiple wallets, exchanges, and varied transaction types, can feel overwhelming. Our goal with CryptoTax360 is to eliminate this frustration by providing a seamless and effortless reporting solution for everyone.” said Nitin Somani, Co-Founder of Formidium.

Crypto Tax Reporting with CryptoTax360 in 3 Easy Steps:

1️. Effortless Trade Imports – Seamlessly connect wallets and exchanges via API, public addresses, or by uploading files directly.

2️. Comprehensive Portfolio Insights – Review auto-synced transactions, dashboards, and gain and loss breakdowns for complete transparency.

3️. Quick Report Generation – Instantly generate and export tax-filing-ready reports in PDF or Excel formats, making tax preparation smooth and stress-free.

About CryptoTax360.io

Cryptotax360.io is a technology platform developed by Formidium Corp, provides a 360-degree view of cryptocurrency trades, transactions, tax and portfolio reporting. Whether you’re an individual investor, professional trader, or CPA, CryptoTax360.io provides seamless integrations, automated tax data calculations, and portfolio reporting. CryptoTax360 transforms tax season into a stress-free experience. Visit www.cryptotax360.io for more information and to sign up.

About Formidium

Formidium is a pioneer in digital assets accounting and tax reporting. Since 2016, the firm has built a global presence with offices in the U.S., India, Canada, and Singapore, supporting over 600 client relationships. It’s cloud-native, scalable SaaS platform enables automated workflows, real-time data access, and modular capabilities for seamless growth.

Media Contact

Krishna Priya Gupta
info@cryptotax360.io

The MIL Network –

February 7, 2025

MIL-OSI: Equasens: 2024 annual revenue

Source: GlobeNewswire (MIL-OSI)

Villers-lès-Nancy, 6 February 2025 – 6:00 p.m. (CET)

PRESS RELEASE

2024 annual revenue: €216.8 million including €58.6 million in Q4 (+2.6% on a reported basis and -0.4% like-for-like)

Revenue (€&)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth		Of which Ségur¹ 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Q1	56.2	53.3	-2.9	-5.2%	2.0	0.3		-1.4	-3.8	-6.7%
Q2	56.4	54.7	-1.7	-3.0%	1.7	0.3		-1.2	-2.6	-4.6%
Q3	50.1	50.2	0.1	0.3%	1.8	0.2		-0.3	-1.5	-3.0%
Q4	57.0	58.6	1.5	2.6%	1.7	0.2		-0.3	-0.2	-0.4%
Total	219.7	216.8^(*)	-3.0	-1.4%	7.2	1.1		-3.2	-8.2	-3.7%

^(*)unaudited

Note: Acquisitions in 2023 and 2024 (Atoopharm, Speach2Sense, Pratilog, ADV in Germany – now Pharmagest Germany) and Digipharmacie) have been restated in the scope of consolidation.
Maintaining a strategy of external growth, in December 2024 Equasens Group acquired 90% of the capital of Calimed SAS, a software publisher for private practitioners and surgeons (with no consolidated revenue in Q4 2024).

Equasens Group, (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported full-year revenue for the 12-month period ending 31 December 2024 of €216.8m, contracting 1.4% on a reported basis. Like-for-like (organic growth), i.e. excluding the effects of acquisitions and the impact of the Ségur digital healthcare investment programme, revenue decreased by 3.7%.

Annual revenue at 12/31/24 / Division (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth	Of which Ségur 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Pharmagest	162.7	163.5	0.8	0.5%	7.1	0.5	-1.5	-5.3	-3.3%
Axigate Link	31.1	32.1	1.0	3.2%		0.3	-1.0	1.7	5.5%
e-Connect	15.0	11.2	-3.8	-25.3%				-3.8	-25.3%
Medical Solutions	8.9	7.9	-1.0	-10.9%	0.1	0.3	-0.7	-0.7	-8.1%
Fintech	2.0	2.0	0.0	-2.1%				0.0	-2.1%
Total	219.7	216.8	-3.0	-1.4%	7.2	1.1	-3.2	-8.2	-3.7%

No businesses were transferred between Divisions in FY 2024.

FY revenue for the 12 month period ending 31 December 2024 / Activities (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis
Sale of configurations and hardware	93.5	86.1	-7.4	-7.9%
Scalable maintenance and professional training services	78.1	81.0	2.8	3.6%
Software solutions and subscriptions	45.4	46.8	1.4	3.0%
Other services (including intermediation)	2.7	2.9	0.2	7.9%
Total	219.7	216.8	-3.0	-1.4%

In Q4 2024 alone, Equasens Group registered sales of €58.6m, up 2.6% on a reported basis at 31 December 2023 (-0.4% like-for-like).

Q4 2024 revenue / Division (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth	Of which Ségur 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Pharmagest	42.2	43.4	1.2	2.9%	1.7	0.1	-0.2	-0.5	-1.1%
Axigate Link	8.9	9.5	0.7	7.6%		0.1	-0.1	0.7	7.7%
e-Connect	3.3	2.9	-0.3	-10.1%				-0.3	-10.1%
Medical Solutions	2.2	2.2	0.0	-0.9%		0.1	-0.1	0.0	-2.1%
Fintech	0.6	0.5	-0.1	-11.6%				-0.1	-11.6%
Total	57.1	58.6	1.5	2.6%	1.7	0.3	-0.4	-0.2	-0.4%

Q4 2024 revenue highlights by type of business	2023 Reported basis	2024 Reported basis	Change / Reported basis
Sale of configurations and hardware	23.2	23.5	0.1	0.4%
Scalable maintenance and professional training services	19.8	20.4	0.6	3.1%
Software solutions and subscriptions	13.2	13.8	0.5	4.1%
Other services (including intermediation)	0.8	1.0	0.2	27.5%
Total	57.1	58.6	1.5	2.6%

In a year marked by political instability, particularly in France, configuration and equipment sales were again heavily impacted on a full-year basis (-7.9%). The recovery initially anticipated in Q3 got off to a slower than expected start with marginal growth in Q4 (+0.4%).
Scalable maintenance services and business training continued to display positive momentum with stable growth (+3.1 % in Q4 2024 and +3.6% for the full year).
Software solutions and subscriptions performed particularly well in H2 after declining in the first half (reflecting the base effect from Ségur) to achieve 3% growth for the full year.

The PHARMAGEST Division recorded annual sales of €163.5m (+0.5%) for the year ended 31 December 2024 on a reported basis, including €7.1m of restated sales arising from acquisitions in 2023 and 2024. On a like-for-like basis, sales for the division declined 3.3% for the full year.

In Q4 2024, the Division grew 2.9% to €43.4m on a reported basis compared with Q4 2023, including €1.7m in restated sales linked to acquisitions in Q4 2023 and 2024. Like-for-like, the division’s sales declined 1.1% in the last quarter.

The Division’s strategy of innovation and bringing new software, hardware and services to market has strengthened its value proposition in terms of pharmacy productivity and automation solutions starting in the third quarter, with, for example, the id.Express payment terminal deployed in France, Germany and Belgium, the new id.Genius module integrating AI into dispensing, and id.Assistance, a new service facilitating the use and adoption of the id. offering on a day-to-day basis.
Based on these advances, the Pharmacy business now has a differentiating offering capable of generating revenue from its customer base (€2m at 31/12/2024) and contributing to growth in market share with more than 500 new customers in France and Italy (+€3.5m at 31/12/2024).
Digipharmacie, a provider of digital accounts payable management solutions for pharmacies, recently approved as a partner of the French e-reporting platform (Plateforme de Dématérialisation Partenaire or PDP), recorded annual growth of 27%.
The shift of the Division to SaaS offering culminated in the launch in September 2024 of the ASCA Dynamics solution, a cloud based version of the electronic label management software developed by Equasens Group. Nearly 250 of the 500 pharmacies added to ASCA’s customer base in 2024 are already equipped with this solution.

This Division accounts for 75.4% of total revenue.

The AXIGATE LINK division registered €32.1m in revenue for the 12 month period ended 31 December 2024 (+3.2% on a reported basis and +5.5% like-for-like). In Q4 2024, the Division grew 7.6% to €9.5m on a reported basis compared with the same period in 2023. Like-for-like, the division’s revenue grew 7.7% in the last quarter.
- The nursing home sector, which accounts for 53% of the Division’s revenues, experienced a strong growth in 2024, with the addition of 104 new establishments (excluding the UK), bringing its installed base to a total of 3,400 sites. The Titanlink SaaS offering was a resounding success, more than 600 sites equipped out of a total of 2,500 in France and 90 in Belgium out of a total of 932.
- The Homecare sector also delivered a very solid performance, with a net gain of 20 customers, including 5 Hospital-at-Home programmes. In addition, the sector started rolling out the first version of a software package for regional elderly and disabled homecare centres (Centres de Ressources Territoriales or CRTs) to coordinate patient care. This activity accounts for 22% of the Division’s revenue.
- The Hospital sector, 12% of the Division’s revenue, grew 4.1% in 2024 compared with 2023 with a net increase of 7 facilities, including 3 major psychiatric establishments. A portion of these orders signed in 2024 will be implemented and recognised in revenue for 2025.
- The PandaLab Pro secure messaging system recently passed the milestone of 50,000 independent users or private organisations and 360,000 messages sent per month. 2024 experienced a growth in the number of use cases, particularly in teleconsultation, remote assistance and outpatient prescriptions, with the latter reaching 85,000 prescriptions exchanged in December 2024 alone.

This Division accounts for 14.8% of total revenue.

The E-CONNECT division had revenue of €11.2m for the year ended 31 December 2024 (down 25.3% on a reported basis). Revenue in Q4 2024 was down 10.1% in relation to the same quarter in 2024 to €2.9m, representing a decline significantly less than in previous quarters.
- Despite challenging market conditions, 2024 remained a year of investment, following an exceptional period in 2023 which benefited from a one-off regulatory development (the discontinuation of Application Reader Terminal sales).
- In Q4 2024, Kapelse’s eS-KAP+ mobility solution was authorised for all prescribing healthcare professionals, midwives and health centres. This latest certification completes the “auxiliary health practitioners” approval obtained in 2024 and extends the number of partner software publishers who are starting to integrate eS-KAP+ into their business applications.
- Sales of KAP-eCV (the electronic French health insurance card reader) got off to a promising start, with several thousand readers sold in Q4.
- In November 2024, the new NOVIAcare offering (entailing a switch to modular sales) met with considerable success when it was unveiled at the Silver Economy Expo international exhibition in Cannes, confirming the potential of the first scalable and modular telecare solution on the market.

This Division accounts for 5.2% of total revenue.

The MEDICAL SOLUTIONS Division recorded revenue of €2.2m in Q4 2024, down slightly (-0.9%) on Q4 2023. Reflecting the diminishing impact of the base effect from the Segur digital healthcare investment programme, the decline for the full year was limited to -10.9% to €7.9m, compared with -19.1% in H1 2024.
- The launch of LOQUii, the AI voice consultation assistant, in November 2024, provides further confirmation of the recovery. By adopting a “Try Before You Buy” formula, more than 500 doctors used the solution in Q4, highlighting the potential for significant growth from Q1 2025 onwards, once the initial trial period is over.
- At the same time, the roll-out of the MS.Safe online backup solution that combines safety and ease of use attracted around 50 users in less than two months.

The Division accounts for 3.6% of total revenue.

The FINTECH Division recorded revenue of €0.5m (-11.6%) in Q4 2024, and €2.0m for the full year (-2.1% compared with 2023).
- The new Dispay digital bankcard payment service now integrated into the medical software solution of healthcare professionals resulted in subscriptions by 80 customers in Q4 and the Division remains confident that it will generate additional revenues as its customer base expands.

The Division accounts for 1.0% of total revenue.

2025 outlook
Based on the encouraging indicators for Q4 2024, the Group is looking ahead to 2025 with confidence. Positive momentum is expected for the first half of the year, benefiting notably by a favourable base effect at the start of the year. A significant acceleration is expected in the second half with nominal growth of nearly 10%, driven by the capital expenditures and the roll-out of new solutions (software, hardware and services).

In this context, Equasens Group is in the process of implementing a major strategic transformation to SaaS (Software as a Service) business model. This transition entails the gradual migration from solutions hosted at healthcare professionals’ premises to solutions hosted in the Group’s data centers which are certified Health Data Hosting (HDS) and ISO 27001. The new add-on modules are now developed almost exclusively for SaaS solutions which will increase the proportion of recurring revenues. This transformation is driven by a robust cloud infrastructure and customised support to assist our customers with their digital transition.

At the same time, the Group is continuing to invest in Artificial Intelligence and accelerating its integration into its business tools to enhance its range of decision-making tools. This development brings real added value to healthcare professionals by making the prescription process more secure, providing personalised patient support and optimized time management.

Backed by a solid financial structure, the Group will continue to monitor potential opportunities for external growth.

This guidance does not take into account the potential effect of cyclical or macro-economic events that could have a direct or indirect impact on the healthcare sector.

Financial calendar:

FY 2024 results: 29 March 2025
Presentation of 2024 annual results (SFAF): 31 March 2025, Paris
Q1 2025 revenue: 12 May 2025
Annual General Meeting: 26 June 2025
Q2 2025 revenue: 31 July 2025
H1 2025 results: 26 September 2025
Presentation of H1 2025 results to analysts (SFAF): 29 September 2025
Q3 2025 revenue: 5 November 2025
FY 2025 revenue: 5 February 2026

About Group Equasens

Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1,300 people across Europe.
Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

Listed on Euronext Paris™ – Compartment B

Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC^®SMALL and CAC^®All-Tradable
Included in the Euronext Tech Leaders segment and the European Rising Tech label

Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
ISIN: FR 0012882389 – Ticker Code: EQS

Get all the news about Equasens Group www.equasens.com and on LinkedIn

CONTACTS

EQUASENS Group
Analyst and Investor Relations:
Chief Administrative and Financial Officer: Frédérique Schmidt
Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

Financial communications agency:
FIN’EXTENSO – Isabelle Aprile

Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

Forward-looking statements
This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2024 under number D.24-0366. These forward-looking statements are valid only as of the date of this press release.

1 An investment programme rolled out by the French government to support the national strategy for eHealth acceleration.

Attachment

EQUASENS_PR_20250206_2024-FY-revenue_EN

The MIL Network –

February 7, 2025

MIL-OSI United Kingdom: A926 Emergency Gas Repair Works

Source: Scotland – City of Perth

Due to emergency gas repair works, it has been necessary to close a 420-metre section of the A926 to all traffic between Rattray and Alyth at Pictfield, from 9.30am on Thursday 6 February 2025 until such times as the repairs are completed by SGN.

Vehicles will be diverted during the closure via the A93, A923, A94 and B954. Emergency service access will be maintained throughout.

Unfortunately, the closure will have a significant impact on local Stagecoach bus services 57 and 57A. Dundee and Perth bound services will operate to/from Blairgowrie Wellmeadow and will not operate via Rattray, New Alyth, and Alyth. The operator has advised it will only be able to offer a limited shuttle bus service for Alyth to link passengers with services which will be diverted via Coupar Angus and Meigle during the closure. As a result, there will be no early morning commuter journeys or late evening service available. Please see the shuttle bus timetable (PDF, 110 KB) for further details.

A number of school transport contracts will also be affected, as outlined in the table below:

Contract	Revised Operation
XBG/003 (Stagecoach): Alyth (Fire Station) – New Alyth – Blairgowrie High School	Contract will operate New Alyth (0810-15) – Alyth Fire Station (0820) then diversion route via B954 – A94 – Coupar Angus – A923 to/from Blairgowrie High School.
XBG/004 (Stagecoach): Alyth Square – Blairgowrie High School	Contract will operate from Alyth Square (Usual pickup time, will be monitored if time change is required) then diversion route via B954 – A94 – Coupar Angus – A923 to/from Blairgowrie High school. Feeder contracts ABG/001 & ABG/002 (KM Taxis) will be revised to meet any change to connecting times.
XBG/005 (Stagecoach): Alyth – Rattray – Blairgowrie – St Johns Academy	Alyth will not be served, and contract will commence from Rattray Cross (0747). Alternative arrangements have been made for pupils from Alyth on Contract XSB/011 departing Alyth Square (0740).
XBG/011 (Smith and Sons): Meigle – Alyth – A926 – St Stephens Primary School	Contract will operate A926/Thorn Farm road end – Alyth – Meigle – then diversion route via B954 – A94 – Coupar Angus – A923 to/from St Stephens Primary School. Operator/Driver to liaise with parents regarding any revised pick-up times.
Service 57 (Stagecoach): Dundee – Alyth – Rattray – Blairgowrie (High School) – Perth	Service will not operate between Meigle (0814), Alyth (0823) & Rattray for Blairgowrie High School (0850). Pupils from Alyth are requested to travel on the Contract buses they are allocated to.

Last modified on 06 February 2025

MIL OSI United Kingdom –

February 7, 2025

MIL-OSI USA: Padilla, Sheehy, Hickenlooper, Daines Introduce Bipartisan Bill to Establish Unified National Wildfire Intelligence Center

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Sheehy, Hickenlooper, Daines Introduce Bipartisan Bill to Establish Unified National Wildfire Intelligence Center

Modeled after National Weather Service and NOAA Water Center, would coordinate fire response amongst various federal, state, and academic institutions

WASHINGTON, D.C. — As Southern California rebuilds from devastating fires, U.S. Senators Alex Padilla (D-Calif.), Tim Sheehy (R-Mont.), John Hickenlooper (D-Colo.), and Steve Daines (R-Mont.) announced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. The joint office, created between the Department of Agriculture, the Department of Commerce, and the Department of the Interior, would facilitate coordination and information sharing across federal and state departments and agencies, tribal entities, academia, and the private sector on wildland fires.

At the federal level, various departments and agencies have their own fire management goals, firefighters, and jurisdictions on which they respond to fires. The current division of responsibilities leaves gaps for cross-department collaboration and is unnecessarily burdensome. A national Wildfire Intelligence Center would compile comprehensive information on wildfires to better inform and streamline wildfire responses and recovery by providing states with a central command within the federal government. This center would also increase monitoring and imaging capabilities that land management agencies currently cannot achieve.

“The devastating Southern California fires are the latest example of increasingly intense and frequent fires ravaging communities within both local jurisdictions and on federal land,” said Senator Padilla. “Wildfires don’t distinguish between our boundaries, and we can’t afford to be siloed in our response. The scale of the wildfire crisis demands a singular, whole-of-government wildfire intelligence center to foster cross-agency collaboration and save lives.”

“We can all agree that the federal government must do a better job protecting our people, property, public lands, and communities from wildfires, and this bill will go a long way in streamlining our wildland firefighting efforts and best leveraging all available resources to accomplish our shared mission. As the only aerial firefighter in the Senate, I’m proud to be working with folks on both sides of the aisle to deliver commonsense solutions to more effectively fight the devastating threat of wildfires and protect the American people,” said Senator Sheehy.

“Wildfires don’t care about state lines or forest service boundaries,” said Senator Hickenlooper. “A centralized wildfire intelligence center will speed our response to fires and promote cross-agency collaboration to tackle them.”

“As fire season rapidly approaches for Montana, we need all hands on deck to prevent catastrophic disasters. Sharing information and resources between agencies will undoubtedly help Montana communities take preventive measures and better combat fires and coordinate response efforts,” said Senator Daines.

“The Wildfire Intelligence Center established by this bill will harness cutting-edge technology to give decision-makers real-time insights across jurisdictions and landscapes, enhancing coordination at every stage of a fire. The tools to tackle the megafire crisis already exist — this bill brings us closer to putting them in the hands of firefighters and land managers where they can make a real impact,” said Matt Weiner, CEO of Megafire Action. “Senators Padilla and Sheehy understand the urgent need to modernize our wildfire management system, and we look forward to working with them to get this bill signed into law and turn that vision into reality.”

“FAS applauds Senators Padilla and Sheehy for introducing this bill, which would take a crucial step forward in protecting our communities from increasingly severe wildfires. The Wildfire Intelligence Center would bring together expertise at all levels of government to give our firefighters and first responders access to cutting-edge tools and the decision support they need to confront this growing crisis,” said James Campbell, Wildfire Policy Specialist at the Federation of American Scientists.

“APCIA supports the Wildfire Intelligence Collaboration and Coordination Act introduced by Senator Padilla (D-CA) and Senator Sheehy (R-MT). This bill reflects the bipartisan recommendations of the Wildland Fire Mitigation and Management Commission to create a joint interagency center to improve fire assessment and prediction in the wildland and built environment. With the risk of catastrophic wildfires increasing, Congress must take action to pass bills like this one that will lead to better land and fuels management, reduce risk to communities, and improve fire management and response,” said David A. Sampson, APCIA’s President and CEO.

Advances in wildfire technology hold great promise, however available technological services are highly fragmented across more than 50 federal programs. Simply put, the technology is available, but the government currently lacks the ability to get these tools in the hands of those who desperately need it, when they need it. The Wildfire Intelligence Center will leverage cutting-edge technology and improve the effectiveness of the many entities engaged in wildfire work.

Specifically, the Wildfire Intelligence Center would study, coordinate, and implement fire suppression and mitigation strategies among the Agriculture, Commerce, and Interior departments, including providing comprehensive assessment and modeling of wildfires to inform response, risk reduction, land and fuels management, post-wildfire recovery, and rehabilitation. This center would be modeled after similar information sharing centers like the National Weather Service and the National Oceanic and Atmospheric Administration’s (NOAA) Water Center, which coordinate information sharing to educate people, improve understanding, and foster collaboration amongst various federal, state, and academic units.

The Wildfire Intelligence Collaboration and Coordination Act is endorsed by Megafire Action, Federation of American Scientists, Association of FireTech Innovation, Alliance for Wildfire Resilience, Climate and Wildfire Institute, Rural Voices for Conservation Coalition, The Stewardship Project, Tall Timbers, Grassroots Wildland Firefighters, American Forests, Environmental Defense Fund, and American Property Casualty Insurance Association.

Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Earlier this week, Padilla announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. Last month, he introduced another suite of three bipartisan bills to strengthen wildfire resilience and rebuilding efforts through legislation including the Wildland Firefighter Paycheck Protection Act, the Fire Suppression and Response Funding Assurance Act, and the Disaster Housing Reform for American Families Act. Padilla’s legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.

A one-pager on the Wildfire Intelligence Collaboration and Coordination Act is available here.

Full text of the bill is available here.

MIL OSI USA News –

February 7, 2025
MIL-OSI Canada: Tariff Response Survey, Hotline
Source: Government of Canada regional news

The Province has created channels for Nova Scotian business owners dealing with the United States to get quick access to the latest information related to tariffs.

“Now more than ever, we need to be Nova Scotia loyal. Our local businesses know this, and they’re looking for ways to grow their business across Canada and internationally. They’ll have questions, and we’re here to help,” said Premier Tim Houston. “If the Trump Tax returns, it will raise costs for everyone on both sides of the border. Our hope is the United States will not reinstate this harmful policy. In the meantime, we are fighting for Nova Scotian businesses, and we’ll take strong action to help them stay strong and competitive.”

A survey is at https://novascotia.ca/tariffs . Business people who fill out the online survey will be able to share information about barriers to expanding into interprovincial or international markets. The Province will take that information into account as it moves forward with its tariff response.

There is also a tariff information line at: 1-800-670-4357. If a business person calls and needs follow up, a business navigator will contact them. Other Nova Scotians with questions that require follow up should leave their name, email address and phone number.

Quick Facts:
- in 2023, Nova Scotia exports to the U.S. were $4.4 billion and imports were $682.7 million; the leading exports were tires, fish/prepared seafood, forest products, aerospace products, and plastics
- Nova Scotia exports to Mexico were $28.5 million in 2023, and imports were $47.6 million
- Canada is the largest export market for 36 U.S. states and ranks among the top three for 46 states; 43 states export more than $1 billion annually to Canada
- nearly 70 per cent of Canadian goods exported to the U,S, are integral to manufacturing other products, directly supporting American manufacturing
- more than 29,000 Nova Scotian jobs depend on exports to the U.S. – about one in every 16 jobs and more than half (54 per cent) of all jobs in Nova Scotia that are supported by international exports
Additional Resources:

Producers and retailers can register for Nova Scotia Loyal by visiting https://www.nsloyal.ca

Other than cropping, CNS photos are not to be altered in any way

MIL OSI Canada News –
February 7, 2025
MIL-OSI: UnitedLex Partners with Infinnium to Elevate Cyber Incident Response Services with Cutting-Edge Information Governance and Data Protection Tools
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — UnitedLex, a leading tech-enabled legal services company specializing in incident response, litigation, intellectual property, and legal operations, with decades of experience serving clients facing complex investigations related to cybersecurity incidents, today announces it has partnered with Infinnium, integrating their comprehensive Information Governance & Data Protection solution as an enhancement to the company’s Cyber Incident Response services.

Infinnium’s purpose-built, AI-powered platform, combined with UnitedLex’s Incident Response data mining expertise, revolutionizes breach response with unmatched speed, precision, and efficiency. By eliminating error-prone handoffs and redundant data copies, UnitedLex delivers clients faster, more accurate insights—while significantly reducing costs and mitigating risks.

“Our clients expect speed, accuracy, and security in their incident response efforts,” said Renee Meisel, CEO of UnitedLex. “The innovative AI tools that Infinnium has created, joined with UnitedLex’s optimized process workflows and top-tier professional services give our clients faster insight into their data, allowing for early assessments of matters with faster and more accurate reporting of potential timelines and budgets.”

Infinnium’s solution integrates seamlessly into UnitedLex’s robust Cyber Incident Response framework, ensuring:
- Accelerated Breach Reviews: Streamlined processes reduce response times, providing faster insights and outcomes.
- Seamless Investigation Management: One unified platform eliminates redundancies and enhances data accuracy.
- Cost-Effectiveness at Scale: Optimized workflows and automated tasks reduce operational costs while maintaining compliance and quality.
“UnitedLex’s leadership in this space aligns perfectly with Infinnium’s proven experience in simplifying and securing data-driven processes such as data breach review,” said Doug Kaminski, Chief Revenue Officer, Infinnium. “Together, we’re delivering an unparalleled, AI-driven solution that addresses the complexities of modern data challenges.”

Experts from UnitedLex and Infinnium will be demonstrating their Cyber Incident Response services at the NetDiligence Cyber Risk Summit from February 10-12 in Miami. For more information about how UnitedLex is helping clients respond and determine the best path forward in the early and critical timeframes of an incident, visit https://unitedlex.com/incident-response/.

About UnitedLex
UnitedLex is the preeminent business partner for legal delivering services that achieve value and drive growth for corporate legal departments and law firms in the areas of litigation and investigations, intellectual property, legal operations, and incident response.

Founded in 2006, we co-create solutions that mitigate risk, drive revenue, and optimize business investment—transforming the legal function into a catalyst for success. Our team of 3,000+ legal and business professionals, data analysts, technologists, and engineers supports our clients from operational centers around the world.

About Infinnium
Infinnium is a pioneer in Information Governance and Data Protection, offering advanced solutions for breach response, DSAR management, and investigation workflows. Infinnium’s platform empowers organizations to navigate complex data environments with speed, accuracy, and confidence.

Press Inquiries:
Susan Hammann
Director, Strategic Communications
press@unitedlex.com

The MIL Network –
February 7, 2025
MIL-OSI: Correction: Agillic A/S publishes preliminary results for 2024 and guidance for 2025 – date changed
Source: GlobeNewswire (MIL-OSI)

Announcement no. 02 2025
Inside information

Copenhagen – 6 February 2025 – Agillic A/S

Correction: Date changed to 6 February 2025

Preliminary results for 2024
ARR from subscriptions is expected to be DKK 54.3m in 2024, which is 3% below the guidance of DKK 56-60m.
ARR from transactions is expected to be DKK 11.2m in 2024, which is in line with the guidance of DKK 10-14m.
Total ARR is therefore expected to be DKK 65.5m in 2024 compared to the guidance of DKK 66-74m.
As a result of the development in revenue from subscriptions, total revenue is expected to be DKK 60.2m in 2024, which is 3% below the guidance of DKK 62–66m.
EBITDA is expected to be DKK 1.0m, which is in line with the guidance of DKK 0-2m.

2024 was a challenging year that led to a reorganisation, reductions in costs and staff, and a redefinition of company focus. In 2025, a new management team is in place focusing on improved sales in core markets, new product offerings and features, and a robust organization.

Annual Report release
Please note that figures referenced above are unaudited. The Annual Report 2024 is scheduled to be released on 25^th February 2025 followed by a management presentation

Guidance for 2025
In 2025, revenue is expected to amount to DKK 60-63m (2024 prelim: DKK 60.2m) with an EBITDA of DKK 5-8m (2024 prelim: DKK 1.0m). ARR from subscriptions is expected to grow to DKK 56-60m (2024 prelim: DKK 54.3m).

Financial guidance 2025

Revenue DKK 60-63m

EBITDA DKK 5-8m

ARR Subscriptions DKK 56-60m

For further information, please contact:
Christian Samsø, CEO
+45 24 88 24 24
Christian.samsoe@agillic.com

Claus Boysen, CFO
+45 28 49 18 46
claus.boysen@agillic.com

Certified Adviser
HC Andersen Capital
Pernille Friis Andersen

Disclaimer
The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk. which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore. some of these expectations are based on assumptions regarding future events. which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

About Agillic A/S
Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.

Published on 6 February 2025

Attachment
- Agillic CA_no 2 06022025
The MIL Network –
February 7, 2025
MIL-OSI Global: Trump’s offshore wind energy freeze: What states lose if the executive order remains in place

Source: The Conversation – USA – By Barbara Kates-Garnick, Professor of Practice in Energy Policy, Tufts University

The offshore wind industry brings jobs and economic development. AP Photo/Seth Wenig

A single wind turbine spinning off the U.S. Northeast coast today can power thousands of homes – without the pollution that comes from fossil fuel power plants. A dozen of those turbines together can produce enough electricity for an entire community.

The opportunity to tap into such a powerful source of locally produced clean energy – and the jobs and economic growth that come with it – is why states from Maine to Virginia have invested in building a U.S. offshore wind industry.

But much of that progress may now be at a standstill.

One of Donald Trump’s first acts as president in January 2025 was to order a freeze on both leasing federal areas for new offshore wind projects and issuing federal permits for projects that are in progress.

The U.S. Northeast and Northern California have the nation’s strongest offshore winds.
NREL

The order and Trump’s long-held antipathy toward wind power are creating massive uncertainty for a renewable energy industry at its nascent stage of development in the U.S., and ceding leadership and offshore wind technology to Europe and China.

As a professor of energy policy and former undersecretary of energy for Massachusetts, I’ve seen the potential for offshore wind power, and what the Northeast, New York and New Jersey, as well as the U.S. wind industry, stand to lose if that growth is shut down for the next four years.

Expectations fall from 30 gigawatts by 2030

The Northeast’s coastal states are at the end of the fossil fuel energy pipeline. But they have an abundant local resource that, when built to scale, could provide significant clean energy, jobs and supply chain manufacturing. It could also help the states achieve their ambitious goals to reduce their greenhouse gas emissions and their impact on climate change.

The Biden administration set a national offshore wind goal of 30 gigawatts of capacity in 2030 and 110 gigawatts by 2050. It envisioned an industry supporting 77,000 jobs and powering 10 million homes while cutting emissions. As recently as 2021, at least 28 gigawatts of offshore wind power projects were in the development or planning pipeline.

With the Trump order, I believe the U.S. will have, optimistically, less than 5 gigawatts in operation by 2030.

That level of offshore wind is certainly not enough to create a viable manufacturing supply chain, provide lasting jobs or deliver the clean energy that the grid requires. In comparison, Europe’s offshore wind capacity in 2023 was 34 gigawatts, up from 5 gigawatts in 2012, and China’s is now at 34 gigawatts.

What the states stand to lose

Offshore wind is already a proven and operating renewable power source, not an untested technology. Denmark has been receiving power from offshore wind farms since the 1990s.

The lost opportunity to the coastal U.S. states is significant in multiple areas.

Trump’s order adds deep uncertainty in a developing market. Delays are likely to raise project costs for both future and existing projects, which face an environment of volatile interest rates and tariffs that can raise turbine component costs. It is energy consumers who ultimately pay through their utility bills when resource costs rise.

The potential losses to states can run deeper. The energy company Ørsted had estimated in early 2024 that its proposed Starboard Offshore Wind project would bring Connecticut nearly US$420 million in direct investment and spending, along with employment equivalent to 800 full-time positions and improved energy system reliability.

Massachusetts created an Offshore Wind Energy Investment Trust Fund to support redevelopment projects, including corporate tax credits up to $35 million. A company planning to build a high-voltage cable manufacturing facility there pulled out in January 2025 over the shift in support for offshore wind power. On top of that, power grid upgrades to bring offshore wind energy inland – critical to reliability for reducing greenhouse gas emissions from electricity – will be deferred.

Atlantic Coast wind-energy leases as of July 2024. Others wind energy lease areas are in the Gulf of Mexico, off the Pacific coast and off Hawaii.
U.S. Bureau of Safety and Environmental Enforcement

Technology innovation in offshore wind will also likely move abroad, as Maine experienced in 2013 after the state’s Republican governor tried to void a contract with Statoil. The Norwegian company, now known as Equinor, shifted its plans for the world’s first commercial-scale floating wind farm from Maine to Scotland and Scandinavia.

Sand in the gears of a complex process

Development of energy projects, whether fossil or renewable, is extremely complex, involving multiple actors in the public and private spheres. Uncertainty anywhere along the regulatory chain raises costs.

In the U.S., jurisdiction over energy projects often involves both state and federal decision-makers that interact in a complex dance of permitting, studies, legal regulations, community engagement and finance. At each stage in this process, a critical set of decisions determines whether projects will move forward.

The federal government, through the Department of Interior’s Bureau of Offshore Energy Management, plays an initial role in identifying, auctioning and permitting the offshore wind areas located in federal waters. States then issue requests for proposals from companies wishing to sell wind power to the grid. Developers who win bureau auctions are eligible to respond. But these agreements are only the beginning. Developers need approval for site, design and construction plans, and several state and federal environmental and regulatory permits are required before the project can begin construction.

Trump targeted these critical points in the chain with his indefinite but “temporary” withdrawal of any offshore wind tracts for new leases and a review of any permits still required from federal agencies.

Jobs and opportunity delayed

A thriving offshore wind industry has the potential to bring jobs, as well as energy and economic growth. In addition to short-term construction, estimates for supply chain jobs range from 12,300 to 49,000 workers annually for subassemblies, parts and materials. The industry needs cables and steel, as well as the turbine parts and blades. It requires jobs in shipping and the movement of cargo.

To deliver offshore wind power to the onshore grid will also require grid upgrades, which in turn would improve reliability and promote the growth of other technologies, including batteries.

The U.S. has offshore wind farms operating off Virginia, Rhode Island and New York. Three more are under construction.
AP Photo/Steve Helber

Taken all together, an offshore wind energy transition would build over time. Costs would come down as domestic manufacturing took hold, and clean power would grow.

While environmental goals drove initial investments in clean energy, the positive benefits of jobs, technology and infrastructure all became important drivers of offshore wind for the states. Tax incentives, including from the Inflation Reduction Act, now in doubt, have supported the initial financing for projects and helped to lower costs.

It’s a long-term investment, but once clear of the regulatory processes, with infrastructure built out and manufacturing in place, the U.S. offshore wind industry would be able to grow more price competitive over time, and states would be able to meet their long-term goals.

The Trump order creates uncertainty, delays and likely higher costs in the future.

Barbara Kates-Garnick receives funding as an Outside Director for Anbaric Transmission, which has no operating projects related to offshore wind. She has received funding for a research project through Tufts University jointly funded by NOWRDC and the Massachusetts Clean Energy Center. She serves on the board of several nonprofits that are not politically active organizations.

– ref. Trump’s offshore wind energy freeze: What states lose if the executive order remains in place – https://theconversation.com/trumps-offshore-wind-energy-freeze-what-states-lose-if-the-executive-order-remains-in-place-249125

MIL OSI – Global Reports –

February 7, 2025
MIL-OSI United Kingdom: Don’t miss your chance to win up to £1,000 off your Council Tax bill
Source: City of Derby

Time is running out for Derby residents to be in with a chance to win up to £1000 off next year’s Council Tax bill.

Electronic billing is another way to receive your Council Tax bill. Instead of getting a paper bill in the post, you can view your bill online. Those who make the switch by 14 February 2025 will be entered in to a prize draw.

The first prize is up to £1000 off your Council Tax bill for the 2025/26 year. There are four runner-up prizes of up to £500 off your next full year’s Council Tax bill.

Available 24 hours a day, seven days a week, the secure online system means you can check your Council Tax bill 24 hours a day, seven days a week. You can also set up or change a Direct Debit, make a payment arrangement or update your contact details.

Council Tax payers first to register for myAccount. As soon as this account is activated, you can select the electronic billing option. If you’re already registered for e-billing, you’re automatically entered.

How to enter
- Sign in or Register to myAccount
- Select the option to “Manage Council Tax and Benefits”
- Then select “Manage Your Services”
- If you’re already subscribed to the Council Tax online service, choose “Show Account Details” then select the “Paperless e-billing Sign Up” option.
- If you haven’t subscribed to the Council Tax online service before, choose “Add Service” and then “Council Tax”. You will need to enter your 9-digit Council Tax reference number (you can find this on your previous Council Tax bill) and answer a few questions about your bill to confirm your identity.
- Once you’ve linked your Council Tax account you’ll be asked “Would you like to go Paperless?” Follow the link to complete your e-billing sign up.
Councillor Hardyal Dhindsa, Cabinet Member for Digital and Organisational Transformation, said:

E-billing is a great way to manage your Council Tax account. It’s quick and secure, giving you 24/7 access to your information.

By not receiving paper bills, you’ll also help to reduce paper waste and keep costs down. Every time someone switches to e-billing, the Council saves money on print and postage, and those savings go directly to maintaining essential services.

With the deadline fast approaching, I encourage all residents to sign up for e-billing today for a chance to win a significant discount on their Council Tax.

Terms and Conditions apply. See the prize draw details
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI: Agillic A/S publishes preliminary results for 2024 and guidance for 2025
Source: GlobeNewswire (MIL-OSI)

Announcement no. 01 2025
Inside information

Copenhagen – 5 February 2025 – Agillic A/S

Preliminary results for 2024
ARR from subscriptions is expected to be DKK 54.3m in 2024, which is 3% below the guidance of DKK 56-60m.
ARR from transactions is expected to be DKK 11.2m in 2024, which is in line with the guidance of DKK 10-14m.
Total ARR is therefore expected to be DKK 65.5m in 2024 compared to the guidance of DKK 66-74m.
As a result of the development in revenue from subscriptions, total revenue is expected to be DKK 60.2m in 2024, which is 3% below the guidance of DKK 62–66m.
EBITDA is expected to be DKK 1.0m, which is in line with the guidance of DKK 0-2m.

2024 was a challenging year that led to a reorganisation, reductions in costs and staff, and a redefinition of company focus. In 2025, a new management team is in place focusing on improved sales in core markets, new product offerings and features, and a robust organization.

Annual Report release
Please note that figures referenced above are unaudited. The Annual Report 2024 is scheduled to be released on 25^th February 2025 followed by a management presentation

Guidance for 2025
In 2025, revenue is expected to amount to DKK 60-63m (2024 prelim: DKK 60.2m) with an EBITDA of DKK 5-8m (2024 prelim: DKK 1.0m). ARR from subscriptions is expected to grow to DKK 56-60m (2024 prelim: DKK 54.3m).

Financial guidance 2025

Revenue DKK 60-63m

EBITDA DKK 5-8m

ARR Subscriptions DKK 56-60m

For further information, please contact:
Christian Samsø, CEO
+45 24 88 24 24
Christian.samsoe@agillic.com

Claus Boysen, CFO
+45 28 49 18 46
claus.boysen@agillic.com

Certified Adviser
HC Andersen Capital
Pernille Friis Andersen

Disclaimer
The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk. which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore. some of these expectations are based on assumptions regarding future events. which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

About Agillic A/S
Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.

Published on 5 February 2025

Attachment
- Agillic CA_no 1 06022025
The MIL Network –
February 7, 2025
MIL-OSI United Kingdom: Construction boss jailed after fraudulently obtaining two maximum-value Covid loans
Source: United Kingdom – Executive Government & Departments

Director jailed for Bounce Back Loan fraud and transferring criminal property
Arti Deda overstated the turnover of his Knight Workers Limited company to secure two Bounce Back Loans when companies were only entitled to one

Money from the loans was transferred to associates and third parties, not to benefit his business

Deda was jailed for two-and-a-half years and banned as a company director for 10 years

A Berkshire-based director who fraudulently obtained two Covid loans for his construction firm has been jailed.

Arti Deda, 31, overstated the turnover of his Knight Workers Limited company to obtain maximum-value Bounce Back Loans worth £50,000 each from the bank in 2020, when companies were only entitled to one.

None of the £100,000 was used for the economic benefit of the business as was required under the terms of the scheme.

Deda, of Littleport Spur, Slough, was sentenced to two-and-a-half years in prison at Reading Crown Court on Wednesday 5 February.

He was also disqualified as a company director for 10 years.

David Snasdell, Chief Investigator at the Insolvency Service, said:

This significant jail term and director disqualification reflects the seriousness of Covid-related fraud.

Bounce Back Loans were designed to support small and medium-sized businesses through the pandemic. Taxpayers’ money should not have been used for personal purposes by company directors.

The Insolvency Service is committed to investigating these crimes, which have a substantial impact on the public purse, and prosecuting those responsible.

Knight Workers was incorporated in December 2017 with Deda as its sole director.

The company claimed to be in the business of construction of domestic buildings.

However, Insolvency Service investigators found minimal evidence of any trading in the construction industry.

Deda made the fraudulent applications to two separate banks for Bounce Back Loans for the company during the same week in July 2020, falsely declaring its annual turnover was both £390,000 and £495,000 for 2019.

He also claimed in securing the second Bounce Back Loan that this was his only application.

A total of £44,500 was transferred to an associate just days after Deda received the funds. A further £13,000 was later transferred to a third party and £20,000 was transferred from the account with the reference ‘material’.

Deda applied to have Knight Workers liquidated in November 2021 in an attempt to avoid having to repay the loan.

The company was eventually dissolved in April 2023, with Deda having made no repayments.

Deda also failed in his duties as a company director to provide accounting records to the liquidator on request.

The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002.

Further information

Arti Deda is of Littleport Spur, Slough. His date of birth is 9 September 1993

Sentenced for: Fraud, contrary to section 1 of the Fraud Act 2006, transferring criminal property, contrary to section 327 of the Proceeds of Crime Act 2002 and failing to preserve accounting records, contrary to section 389(1) of the Companies Act 2006

Knight Workers Limited (company number 11119663)

Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct 

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 6 February 2025
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI: Mixed Martial Arts (MMA) Market is Substantially Growing, Morphing into a Billion Dollar Opportunity
Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The mixed martial arts (MMA) equipment market has been substantially growing over the past several years and is projected to continue in the coming years. The increasing public participation, easy availability of advanced training facilities, and the integration of advanced technologies represent some of the key factors driving the market. A report from IMARC Group projected that the global mixed martial arts equipment market size reached USD 1.39 Billion in 2024 and is looking forward to reach USD 2.13 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033. The report said: “Mixed martial arts (MMA) refer to a hybrid combat sport that employs various fighting skills and techniques. It is performed using various equipment to facilitate the training or fight, such as a mouth and groin guard, punching bag, gloves, shorts, shin guards, hand wraps, ankle, elbow, and knee pads, and headgear. Amongst these, hand wraps help protect hands during training and fighting competitively, while the headgear is used for sparring to shield the skull from harsh strikes. At present, leading players operating worldwide are launching MMA equipment in various materials, types, and designs. These players are offering customizations to meet the requirements of the consumers and expanding their product portfolio.” Active Companies in the markets today include Mixed Martial Arts Group Limited (NYSE: MMA), Sphere Entertainment Co. (NYSE: SPHR), Meta Platforms, Inc. (NASDAQ: META), Live Nation Entertainment, Inc. (NYSE: LYV), Peloton Interactive, Inc. (NASDAQ: PTON).

IMARC Group continued: “Presently, the increasing participation of individuals in recreational sports and fitness and athletic activities represents one of the major factors driving the demand for MMA equipment around the world. Moreover, the rising awareness about the health benefits associated with MMA, such as improving heart health, reducing stress, and enhancing the overall strength, and the surging prevalence of chronic diseases on account of sedentary lifestyles, are favoring the market growth. In addition, the growing number of professional training camps and the easy availability of advanced training facilities for fighters are influencing the market positively. Apart from this, the increasing number of fitness centers that offer MMA training is also contributing to the market growth. Furthermore, key players are financing advertising campaigns, such as celebrity and social media influencer endorsements, for improving their profitability. Besides this, the expansion of the e-commerce sector is resulting in the increasing sales of MMA equipment on account of easy equipment availability, flexible payment options, secure transactions, and convenient return policies.”

Mixed Martial Arts Group Limited (NYSE American:MMA) – MMA.inc on Track to Achieve US$0.75 Million in Warrior Training Program Gross Sales for the March 25 Quarter, Driven by Record-Breaking 200% YoY Growth – Key Highlights:
- Explosive Growth: Sales have surged 200% year-over-year and are on track to achieve $0.75 Million in Warrior Training Program Gross Sales which is above total gross sales for FY24.
- Record-Breaking Quarter: With over 750 confirmed sales in Q1 alone, MMA.inc is on the cusp of exceeding its quarterly target of 800 participants, with 7 weeks remaining in the quarter to achieve the target.
- Revenue Per Participant: Consistent with prior fiscal year averages, each participant has historically generated an average of US$1,004 in gross revenue, reinforcing the program’s strong unit economics.
- Strategic Expansion: In 2025 the Warrior Training Program is live across 30 gyms spanning the US, Europe, Australia and New Zealand, with new gym partnerships fueling expansion.
- Additional Revenue Streams: SaaS subscriptions and monthly transaction revenue from the recently acquired Hype and BJJLink platforms are not included in the above Warrior Training Program sales numbers, delivering further upside to MMA.inc revenue over the year.
- Growing Ecosystem: MMA.inc continues to scale its platform with 5 million social media followers, 530,000 user profiles, 50,000 active students, and 802 active gym partners across 16 countries.
Mixed Martial Arts Group Limited (“MMA.inc” or the “Company”), a leading technology company at the forefront of combat sports participation, today announced 200% year-over-year growth in Warrior Training Program sales, with over 750 participants confirmed in Q1 alone. This sales surge underscores MMA.inc’s ability to convert global MMA fandom into active participation while delivering substantial revenue growth for partner gyms.

This milestone marks the most successful quarter in the program’s history, reflecting both the rising global demand for MMA training experiences and the strength of MMA.inc’s platform driven approach. By providing participants with a 20 week training subscription, designed by the world’s best MMA coaches, and culminating in a fully sanctioned amateur MMA bout, MMA.inc continues to redefine the combat sports landscape for participants, gym owners and coaches.

“Our ability to achieve 200% growth year over year speaks volumes about the strength of our platform and the demand for authentic MMA training experiences,” said Nick Langton, Founder and CEO of MMA.inc. “With over 750 confirmed participants in Q1 alone, we’re not just selling training programs, we’re building an ecosystem that empowers over 640 million MMA fans to step into a gym to learn and train martial arts.”

“The success of the UFC and other professional combat sports leagues has driven fanbase growth, which has in turn led to unprecedented interest in learning martial arts. At MMA.Inc we are building a platform to make the participation “on ramp” easily accessible for all MMA fans and fitness consumers who want to find a great gym where they can start their training journey.” Continued… Read the MMA full press release and supporting notes by going to:   https://ir.mma.inc/news-events/press-releases

Other recent developments in the markets include:

Meta Platforms, Inc. (NASDAQ: META) has recently appointed three new members to its board of directors, including Dana White, the president and CEO of Ultimate Fighting Championship (UFC) and a familiar figure in the orbit of the incoming president, Donald Trump.

The social media company, which owns Facebook, Instagram and WhatsApp, is also adding the auto tycoon John Elkann and the tech investor Charlie Songhurst, Meta’s CEO, Mark Zuckerberg, said in a Facebook post.

Live Nation Entertainment, Inc. (NYSE: LYV) – Hard Rock® recently announced that it was named #1 and #5 in the Newsweek Top 10 Readers’ Choice Best Casinos with Live Entertainment in the U.S. Newsweek describes this award as “…some of the best live entertainment options at casinos from around the country for when you need a break from the gambling floor.”

“We are humbled that the public voted for Hard Rock Live Sacramento to take the #1 spot in this year’s Top 10,” explained Randy Maddocks, Director of Entertainment for Hard Rock Live Sacramento. “We dedicate our programming to reaching the largest audience with diverse shows that represent all genres.”

Sphere Entertainment Co. (NYSE: SPHR) recently announced that Glenn Derry, an Academy Award winning technologist with over 30 years of industry-defining entertainment technology experience, has joined the Company as Executive Vice President of MSG Ventures.

In this role, Mr. Derry will oversee a wide range of technology initiatives across MSG Ventures, a wholly-owned subsidiary of Sphere Entertainment focused on developing advanced technologies for live entertainment. MSG Ventures also supports Sphere Studios, the immersive content studio dedicated to creating multi-sensory entertainment experiences exclusively for Sphere, and the Sphere platform overall, including future Sphere venues. Mr. Derry will work across the organization to deploy both new and existing technologies that enhance Sphere’s live entertainment and experiential content, which has been redefining immersive experiences since the first Sphere opened in Las Vegas in September 2023.

Peloton Interactive, Inc. (NASDAQ: PTON) recently announced that it will release its second quarter 2025 financial results before the U.S. stock market opens on Thursday, February 6, 2025. The company will host a conference call and live audio webcast to discuss the financial results at 8:30 a.m. (Eastern Time) that day.   To access the conference call by phone, please visit this phone registration link to receive dial-in details. To avoid delays, we encourage participants to register a day in advance or at least 15 minutes before the start of the call.

A live audio webcast of the conference call will also be available on the company’s investor relations website at https://investor.onepeloton.com/news-and-events/events.   For those unable to participate in the conference call live, a replay will be available on the investor relations page of the company’s website for 30 days.

About FN Media Group:

At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Mixed Martial Arts Group Limited by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

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SOURCE: FN Media Group

The MIL Network –
February 7, 2025
MIL-OSI: Byrna Expands Retail Footprint with Nashville Store Opening

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., Feb. 06, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced the opening of its second company-owned retail store, located in Franklin, Tennessee, part of the Greater Nashville Area. This new location advances Byrna’s vision of normalizing less-lethal solutions as a mainstream personal safety choice, establishing a broader physical presence, and amplifying brand recognition in key markets.

The Nashville store builds on the success of Byrna’s Las Vegas location, which validated the potential of company-owned retail with an annual run rate exceeding $1 million and gross profit margins over 60%. The Nashville store features an in-store shooting range where customers can experience Byrna’s less-lethal launchers firsthand. In the Las Vegas store, conversion rates are approximately 80%, compared to approximately 1% online. Byrna expects the hands-on and interactive experience of its new stores to deliver similarly high conversion rates, foster deeper customer trust, and reinforce the company’s reputation as a leader in the less-lethal market.

“The Nashville store represents an important step in Byrna’s strategic retail expansion,” said Byrna CEO Bryan Ganz. “Our retail store rollout is designed to strengthen customer connections, provide unique hands-on experiences, and expand overall brand awareness. Positioned in a vibrant retail hub, the Nashville store is well-suited to drive strong demand and further the adoption of Byrna’s less-lethal solutions. While we recognize new stores take time to reach their optimal performance, we are confident in the potential of our brick-and-mortar strategy and look forward to tracking the impact of our future locations.”

Byrna’s retail strategy reflects a deliberate, phased approach to scaling its store model. The Nashville store is one of four new locations planned in the first part of 2025, with additional stores in Fort Wayne, Indiana, Scottsdale, Arizona, and Salem, New Hampshire set to open in coming weeks. These initial locations will provide valuable insights to refine store operations, finalize employee training programs, and optimize marketing strategies ahead of a potential broader rollout.

Luan Pham, Byrna Chief Revenue Marketing Officer, added: “Our retail expansion is a transformational step in making less-lethal solutions accessible and mainstream. These new stores enable us to build stronger, more personal connections with our customers through workshops and in-store events, ensuring they are confident in using our products when it matters most.”

The grand opening of the Nashville store featured local officials, law enforcement representatives, and media. Byrna will continue prioritizing community engagement and education as it expands its physical footprint across the United States.

Byrna Nashville
330 Mayfield Dr.
D-3
Franklin, TN 37067

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

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5feb5941-b01f-4175-941b-5c3ad99702ee

The MIL Network –

February 7, 2025

MIL-OSI: Live Ventures Reports Fiscal First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, Feb. 06, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal first quarter 2025 ended December 31, 2024.

Fiscal First Quarter 2025 Key Highlights:

Revenue was $111.5 million, compared to $117.6 million in the prior year period
Net income was $0.5 million and diluted earnings per share (“EPS”) was $0.16, compared to the prior year period net loss of $0.7 million and loss per share of $0.22. Net income for the first quarter 2025 includes a $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of PMW seller notes
Adjusted EBITDA¹ was $5.7 million, compared to $8.7 million in the prior year period
Total assets of $395.5 million and stockholders’ equity of $73.3 million as of December 31, 2024
Approximately $31.1 million of cash and availability under the Company’s credit facilities as of December 31, 2024

“Both our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the first quarter, with increases in operating income and operating margins as compared to the prior year period. However, high interest rates and a slowdown in the housing market continued to impact our Retail-Flooring and Flooring Manufacturing segments, as reduced consumer demand weighed on performance,” commented David Verret, Chief Financial Officer of Live Ventures.

“We are pleased with the operating improvements achieved in our Retail-Entertainment and Steel Manufacturing segments during the first quarter. That said, industry-specific headwinds are impacting our Retail-Flooring and Flooring Manufacturing segments. To address this, we are implementing additional measures to enhance the efficiency of our flooring businesses,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite these challenges, we remain confident in the long-term strength of our businesses.”

First Quarter FY 2025 Financial Summary (in thousands except per share amounts)
	For the three months ended December 31,
		2024		2023		% Change
Revenue	$	111,508	$	117,593		-5.2	%
Operating income	$	762	$	3,541		-78.5	%
Net income (loss)	$	492	$	(682	)	172.1	%
Diluted earnings (loss) per share	$	0.16	$	(0.22	)	172.7	%
Adjusted EBITDA¹	$	5,744	$	8,696		-33.9	%

Revenue decreased approximately $6.1 million, or 5.2%, to approximately $111.5 million for the quarter ended December 31, 2024, compared to revenue of approximately $117.6 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $6.7 million in the aggregate.

Operating income was approximately $0.8 million for the quarter ended December 31, 2024, compared with operating income of approximately $3.5 million in the prior year period. The decrease in operating income is primarily attributable to the decrease in revenue and increased general and administrative expenses in the Retail-Flooring segment. The decrease in operating income was partially offset by increased operating income in the Retail-Entertainment and Steel Manufacturing segments.

For the quarter ended December 31, 2024, net income was approximately $0.5 million, and diluted EPS was $0.16, compared with net loss of approximately $0.7 million and loss per share of $0.22 in the prior year period. The increase in net income is primarily attributable to a $2.8 million gain on the settlement of the earnout liability related to the PMW acquisition and a $0.7 million gain on the settlement of PMW seller notes.

Adjusted EBITDA¹ for the quarter ended December 31, 2024 was approximately $5.7 million, a decrease of approximately $3.0 million, or 33.9%, compared to the prior year period. The decrease in adjusted EBITDA is primarily due to an overall decrease in operating income.

As of December 31, 2024, the Company had total cash availability of $31.1 million, consisting of cash on hand of $7.4 million and availability under its various lines of credit of $23.7 million.

First Quarter FY 2025 Segment Results (in thousands)

	For the three months ended December 31,
		2024			2023		% Change
Revenue
Retail – Entertainment	$	21,273		$	20,586		3.3	%
Retail – Flooring		31,747			34,319		-7.5	%
Flooring Manufacturing		25,996			29,245		-11.1	%
Steel Manufacturing		32,435			33,354		-2.8	%
Corporate & Other		57			89		-36.0	%
Total Revenue	$	111,508		$	117,593		-5.2	%

	For the three months ended December 31,
		2024			2023		% Change
Operating Income (loss)
Retail – Entertainment	$	3,408		$	3,143		8.4	%
Retail – Flooring		(2,174	)		90		N/A
Flooring Manufacturing		(81	)		945		-108.6	%
Steel Manufacturing		1,166			982		18.7	%
Corporate & Other		(1,557	)		(1,619	)	3.8	%
Total Operating Income	$	762		$	3,541		-78.5	%

	For the three months ended December 31,
		2024			2023		% Change
Adjusted EBITDA¹
Retail – Entertainment	$	3,810		$	3,667		3.9	%
Retail – Flooring		(971	)	$	1,303		-174.5	%
Flooring Manufacturing		750			1,877		-60.0	%
Steel Manufacturing		2,801			2,802		0.0	%
Corporate & Other		(646	)		(953	)	32.2	%
Total Adjusted EBITDA¹	$	5,744		$	8,696		-33.9	%

Adjusted EBITDA¹ as a percentage of revenue
Retail – Entertainment		17.9	%		17.8	%
Retail – Flooring		-3.1	%		3.8	%
Flooring Manufacturing		2.9	%		6.4	%
Steel Manufacturing		8.6	%		8.4	%
Corporate & Other	N/A			N/A
Total Adjusted EBITDA¹		5.2	%		7.4	%
as a percentage of revenue

Retail – Entertainment

Retail-Entertainment segment revenue for the quarter ended December 31, 2024 was approximately $21.3 million, an increase of approximately $0.7 million, or 3.3%, compared to prior year period revenue of approximately $20.6 million. Revenue increased primarily due to increased consumer demand for used products. The increase in used products contributed to the increase in gross margin to 56.6% for the quarter ended December 31, 2024, compared to 56.0% for the prior year period. Operating income for the quarter ended December 31, 2024 was approximately $3.4 million, compared to operating income of approximately $3.1 million for the prior year period.

Retail – Flooring

The Retail-Flooring segment revenue for the quarter ended December 31, 2024, was approximately $31.7 million, a decrease of approximately $2.6 million, or 7.5%, compared to the prior year period revenue of approximately $34.3 million. The decrease was primarily due to reduced demand. Gross margin for the quarter ended December 31, 2024 was 37.2%, compared to 38.0% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $2.2 million, compared to operating income of approximately $0.1 million for the prior year period. The increase in operating loss was primarily due to additional wages and other general and administrative costs during the quarter ended December 31, 2024.

Flooring Manufacturing

Revenue for the quarter ended December 31, 2024 was approximately $26.0 million, a decrease of approximately $3.2 million, or 11.1%, compared to prior year period revenue of approximately $29.2 million. The decrease in revenue was primarily due to reduced consumer demand. Gross margin was 21.2% for the quarter ended December 31, 2024, compared to 22.0% for the prior year period. The decrease in gross margin was primarily due to changes in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $0.1 million, compared to operating income of approximately $0.9 million for the prior year period.

Steel Manufacturing

Revenue for the quarter ended December 31, 2024 was approximately $32.4 million, a decrease of approximately $0.9 million or 2.8%, compared to prior year period revenue of approximately $33.4 million. The decrease was primarily due to reduced customer demand, partially offset by incremental revenue of $3.1 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 18.3% for the quarter ended December 31, 2024, compared to 15.8% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the quarter ended December 31, 2024 was approximately $1.2 million, compared to operating income of approximately $1.0 million in the prior year period.

Corporate and Other

Revenue for the quarter ended December 31, 2024 was approximately $57,000, a decrease of approximately $32,000, or 36.0%, compared to prior year period revenue of approximately $89,000. Operating loss for the quarters ended December 31, 2024 and 2023 were approximately $1.6 million.

Non-GAAP Financial Information

Adjusted EBITDA

We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

Forward-Looking and Cautionary Statements

The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

About Live Ventures Incorporated

Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com
www.liveventures.com

Source: Live Ventures Incorporated

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(dollars in thousands, except per share amounts)

	December 31, 2024			September 30, 2024
	(Unaudited)
Assets
Cash	$	7,407		$	4,601
Trade receivables, net of allowance for doubtful accounts of $1.4 million at December 31, 2024 and $1.5 million at September 30, 2024		38,040			46,861
Inventories, net		123,389			126,350
Prepaid expenses and other current assets		3,594			4,123
Total current assets		172,430			181,935
Property and equipment, net		81,527			82,869
Right of use asset – operating leases		55,113			55,701
Deposits and other assets		1,455			787
Intangible assets, net		23,847			25,103
Goodwill		61,152			61,152
Total assets	$	395,524		$	407,547
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable	$	28,478		$	31,002
Accrued liabilities		30,548			31,740
Income taxes payable		1,483			948
Current portion of lease obligations – operating leases		13,219			12,885
Current portion of lease obligations – finance leases		467			368
Current portion of long-term debt		39,595			43,816
Current portion of notes payable related parties		7,670			6,400
Seller notes – related parties		—			2,500
Total current liabilities		121,460			129,659
Long-term debt, net of current portion		54,339			54,994
Lease obligation long term – operating leases		46,566			50,111
Lease obligation long term – finance leases		42,200			41,677
Notes payable related parties, net of current portion		6,871			4,934
Seller notes – related parties		41,119			40,361
Deferred tax liability, net		5,812			6,267
Other non-current obligations		3,882			6,655
Total liabilities		322,249			334,658
Commitments and contingencies
Stockholders’ equity:
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2024 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding		—			—
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,115,674 and 3,131,360 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively		2			2
Paid in capital		69,743			69,692
Treasury stock common 710,373 and 694,687 shares as of December 31, 2024 and September 30, 2024, respectively		(9,229	)		(9,072	)
Treasury stock Series E preferred 80,000 shares as of December 31, 2024 and September 30, 2024		(7	)		(7	)
Retained earnings		12,766			12,274
Total stockholders’ equity		73,275			72,889
Total liabilities and stockholders’ equity	$	395,524		$	407,547

LIVE VENTURES, INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share)

	For the Three Months Ended December 31,
		2024			2023
Revenue	$	111,508		$	117,593
Cost of revenue		76,146			81,266
Gross profit		35,362			36,327

Operating expenses:
General and administrative expenses		30,071			27,679
Sales and marketing expenses		4,529			5,107
Total operating expenses		34,600			32,786
Operating income		762			3,541
Other expense:
Interest expense, net		(4,162	)		(4,163	)
Gain on settlement of seller notes		713			—
Gain on settlement of earnout liability		2,840			—
Other income (expense)		420			(284	)
Total other expense, net		(189	)		(4,447	)
Income (loss) before provision for income taxes		573			(906	)
Provision (benefit) for income taxes		81			(224	)
Net Income (loss)	$	492		$	(682	)

Income (loss) per share:
Basic and diluted	$	0.16		$	(0.22	)

Weighted average common shares outstanding:
Basic		3,124,581			3,163,541
Diluted		3,124,820			3,163,541

LIVE VENTURES INCORPORATED
NON-GAAP MEASURES RECONCILIATION

Adjusted EBITDA

The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

	For the Three Months Ended
	December 31, 2024			December 31, 2023
Net income (loss)	$	492		$	(682	)
Depreciation and amortization		4,415			4,295
Stock-based compensation		50			50
Interest expense, net		4,162			4,163
Income tax expense (benefit)		81			(224	)
Debt refinancing costs		—			183
Gain on extinguishment of debt		(713	)		—
Gain on write-off of earnout		(2,840	)		—
Acquisition costs		97			406
Adjusted EBITDA	$	5,744		$	8,696

The MIL Network –

February 7, 2025

Revenue	DKK	60-63m
EBITDA	DKK	5-8m
ARR Subscriptions	DKK	56-60m

Revenue	DKK	60-63m
EBITDA	DKK	5-8m
ARR Subscriptions	DKK	56-60m

Category: Taxation

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