NewzIntel.com

Category: Taxation

  • MIL-OSI Security: Shakopee Woman Pleads Guilty in $250 Million Feeding Our Future Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – A Shakopee woman pleaded guilty for her role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, at times between October 2020 and January 2022, Mekfira Hussein knowingly and willfully conspired with others to participate in a fraudulent scheme to obtain and misappropriate millions in federal child nutrition funds. Specifically, Hussein and her husband, Abduljabar Hussein, fraudulently obtained millions of dollars in federal child nutrition program funds by falsely claiming to have served meals to thousands of children per day.

    According to court documents, in October 2020, the defendant enrolled her non-profit, Shamsia Hopes, in the Federal Child Nutrition Program under the sponsorship of Feeding Our Future, at the direction of one of its employees, Abdikerm Eidleh. The defendant submitted her application to Aimee Bock, Feeding Our Future’s executive director. In December 2020, and also at the direction of Abdikerm Eidleh, the defendant’s husband registered his company, Oromia Feeds LLC, with the State of Minnesota as a food vendor. Abduljabar Hussein’s company, Oromia Feeds, had a contract to prepare meals to be served by Shamsia Hopes sites run by Mekfira Hussein.

    According to the plea agreement entered today, Hussein submitted fraudulently inflated invoices for reimbursement—including inflated meal counts and false attendance rosters. As part of their scheme, the defendant and her husband paid at least $140,000 in kickbacks to Eidleh and least $12,000 in kickbacks to Aimee Bock.  In some instances, these kickback payments were disguised as “consulting fees,” when, in fact, neither Eidleh nor Aimee Bock provided any service to justify these payments.  In other instances, Feeding Our Future billed hundreds of thousands of dollars in Federal Child Nutrition Program claims under the name of the defendant’s organization, Shamsia Hopes, without the defendant’s knowledge or authorization, and Feeding Our Future siphoned those funds to others involved in the conspiracy.

    Throughout the fraudulent conspiracy, the Husseins obtained up to $8.8 million in federal child nutrition program funds some of which they used to pay for personal expenditures unrelated to feeing children. For instance, the defendant and her husband used $173,438 of their proceeds to pay off the mortgage on their home in Shakopee, Minnesota, and also purchased a 2021 Porsche for $93,250, a 2022 GMC truck for $61,722.

    Hussein pleaded guilty last Friday in U.S. District Court before Judge Nancy E. Brasel to one count of conspiracy to commit wire fraud. Her sentencing hearing will be scheduled at a later date.

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Matthew S. Ebert, Joseph H. Thompson, and Harry M. Jacobs are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI –

  • MIL-OSI: 2024 financial statements: significant reduction in net loss

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE

    2024 financial statements: significant reduction in net loss

    Evry, 03 February 2025 – 5:45pm: Global Bioenergies’ Board of Directors today approved the 2024 annual financial statements, which have been audited by the Statutory Auditor and show a significantly reduced loss of €-5.9M.

    Samuel Dubruque, Chief Financial Officer of Global Bioenergies, comments: “In two years, we have managed to halve our net loss (€-12.0M in 2022, €-8.7M in 2023 and €-5.9M in 2024). The Company has reorganized itself to match its new partnership development model, which enables us to reduce expenses by optimizing allocated resources. We anticipate that 2025 will result in a further reduced net loss.

    We are also holding discussions with our banking partners to negotiate the payment schedule of our debts, aiming at postponing any repayments beyond 2025, which would extend our financial visibility with our current cash position until September 2025. If we were unable to reach an agreement with our banking partners in the coming months, new financing would be required to meet our debt repayments”.

    Marc Delcourt, co-founder and CEO of Global Bioenergies, adds: “Our new technical approach, which will combine our technology with the one of a major international industrialist, will enable us to drastically reduce the CAPEX1and OPEX2of isobutene production and its conversion into SAF. We can now set our sights very high in this field: to take over from HEFA, the only commercially exploited technology to date, but which will soon plateau because it relies on limited resources (used cooking oil and tallow oil). We are more convinced than ever of the need to provide decarbonizing solutions in a world that sometimes seems resigned to global warming and its many consequences”.

    • Group Profit & Loss Account
    € thousands from 01/01/24
    to 30/12/2024
    12 months    		 from 01/01/23
    to 31/12/2023
    12 months    		 from 01/01/22
    to 31/12/2022
    12 months
           
    Operating income 4,692 8,910 1,715
    Operating expenses -11,436 -18,621 -14,907
    Operating profit (loss) -6,744 -9,711 -13,192
           
    EBITDA -4,428 -6,878 -11,383
           
    Financial profit 59 107 -95
    Non-recurring items -428 -239 -147
    Income tax (CIR) -1,251 -1,187 -1,447
           
    Net income (loss) -5,861 -8,656 -11,986
    • Details of operating income
    Details of operating income (€ thousands) 2024 2023 2022
    Sales 361 3,249 698
    Operating subsidies 4,188 2,698 895
    Change in inventories -312 1,530 -118
    Other 455 1,432 240
    TOTAL 4,692 8,910 1,715

    Operating income consists mainly of operating subsidies recognized under the Isoprod and Prénidem projects from ADEME.

    • Details of operating expenses
    Details of operating expenses (€ thousands) 2024 2023 2022
    Staff 4,174 4,553 4,287
    Laboratory 390 346 343
    Industrialization/Commercialization 1,506 8,778 6,713
    Rentals and maintenance 1,060 1,034 850
    Intellectual property 320 390 323
    Amortization 2,386 1,590 703
    Other 1,600 1,931 1,688
    TOTAL 11,436 18,621 14,907

    Operating expenses have decreased mainly on industrialization and production items, as the work carried out during the first half of the year on the demo plant at Pomacle Bazancourt was brought to completion. No such expenditure was necessary in the second half of the year.

    • Group Balance Sheet
    Assets (€ thousands) 31/12/24 31/12/23 31/12/22   Liabilities (€ thousands) 31/12/24 31/12/23 31/12/22
                     
    Intangible assets 69 327 539   Capital 908 906 749
    Tangible assets 486 2,471 3,612   Share premium – 10,538 16,029
    Assets under construction – 77 401   Balance carried forward -918 -2,769 -2,708
    Financial assets 349 341 1,546   Profit (loss) -5,861 -8,656 -11,986
              Equipment subsidies 129 2,758 463
                     
    NON-CURRENT ASSETS 904 3,217 6,097   EQUITY -5,742 2,778 2,547
                     
    Inventories 402 219 2,592   PROVISIONS 198 53 110
    Receivables 3,144 2,247 3,647   Conditional advances and loans 13,088 12,451 11,486
    Cash 4,692 11,673 8,768   Trade payables 1,475 2,411 5,580
    Marketable securities 171 171 173   Tax and social security liabilities 625 559 502
    Prepaid expenses 338 378 300   Other debts and deferred income 7 3 1,352
                     
    CURRENT ASSETS 8,746 15,038 15,480   PAYABLES and DEFERRED INCOME 15,195 15,423 18,921
                     
    TOTAL ASSETS 9,651 18,254 21,577   TOTAL LIABILITIES 9,651 18,254 21,577

    The Group’s balance sheet shows a gross cash position of €4.7M at 31 December 2024. The Company is currently holding discussions with its banking partners to negotiate the payment schedule of debts. Excluding bank repayments, monthly cash consumption is around €0.6M.

    • 2024 highlights and recent events

    2024 was marked by the efforts made and then the decision to stop the search for financing the project to build a 2,500-ton plant dedicated to cosmetics, in a general context that was highly unfavorable to financing first industrial projects. The Company then decided to redirect its efforts in SAF by forging partnerships with major manufacturers to strengthen the competitiveness of its process by 2030. In the meantime, the Company is maintaining its ambitions in the cosmetics sector, which serves as a steppingstone for the SAF market (same molecules, same process).

    As a reminder, the Company’s process is one of only a dozen solutions to be ASTM certified. The Company has developed a process for producing SAF from plant-based resources, and has also demonstrated through a proof-of-concept that its process could be used to produce e-SAF, i.e. from a resource derived from the combination of CO2 and hydrogen produced from renewable electricity, in this case e-acetic acid, which could be produced by industrial players in the future. Europe favors the use of e-SAFs going forward, as they have the advantage over bio-SAFs of not requiring plant products or agricultural or forestry land.

    As part of its strategic repositioning, the Company announced today3 that it has signed a Term Sheet with a major international industrialist to co-develop a SAF production process combining its technology with the partner’s proprietary technology. This combination will significantly reduce capital expenditure and production costs, making it the most promising technology to take over after the HEFA4 process.

    About GLOBAL BIOENERGIES

    As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L’Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 – ALGBE).

    Contacts

    1 CAPEX: Capital Expenditures
    2 OPEX: Operational Expenses
    3 Press Release: Signature of a term sheet to combine two technologies and bring SAF production to the next level, 03 February 2025
    4 HEFA: Hydroprocessed Esters and Fatty Acids

    Attachment

    The MIL Network –

  • MIL-OSI Security: Three Mexican Nationals Sentenced for $4.7 Million Methamphetamine, Heroin Conspiracy

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Mexican Drug-Trafficking Organization Distributed Over 335 Kilos of Meth, 22 Kilos of Heroin

    KANSAS CITY, Mo. – Three Mexican nationals were sentenced in federal court this week for their roles in a $4.7 million conspiracy to distribute more than 335 kilograms of methamphetamine and 22 kilograms of heroin.

    Jesus Morales-Garcia, also known as “Don Jesus,” 46, was sentenced by U.S. District Judge Beth Phillips on Wednesday, Jan. 29, to 18 years in federal prison without parole. Co-defendant Santiago Raul Mendieta-Sanchez, 43, also was sentenced to seven years in federal prison without parole.

    On Tuesday, Jan. 28, co-defendant Baltazar Flores-Norzagaray, 53, was sentenced to 16 years and three months in federal prison without parole.

    On Aug. 28, 2024, Morales-Garcia pleaded guilty to one count of participating in a continuing criminal enterprise, one count of conspiracy to distribute methamphetamine and heroin, and one count of illegally reentering the United States after having been deported. Mendieta-Sanchez and Flores-Norzagaray also have pleaded guilty to their roles in the drug-trafficking conspiracy that continued from Feb. 28, 2020, to Sept. 20, 2022. Flores-Norzagaray also pleaded guilty to possessing firearms in furtherance of a drug-trafficking crime.

    Morales-Garcia admitted that he was a chief local operative of a drug-trafficking organization that distributed hundreds of kilograms of illegal drugs sourced from Mexico into the Kansas City region.

    Morales-Garcia also admitted that he was found in the United States after having been deported twice in 2016.

    Flores-Norzagaray also admitted that he was in possession of a Hammerli .22-LRcaliber rifle, a Taurus 9mm handgun, and a Taurus .38-caliber revolver when he was arrested on Oct. 7, 2021. Flores-Norzagaray sold hundreds of grams of methamphetamine to a confidential informant on at least four separate occasions.

    The conspiracy involved the distribution of more than 335.5 kilograms of methamphetamine, with an average street price of $300 per ounce, and more than 22.1 kilograms of heroin, with an average street price of $1,500 per ounce.

    On June 8, 2022, Homeland Security Investigations (HSI) led an operation that involved 140 officers and agents from 14 state, local and federal law enforcement agencies. On the day of the takedown, officers executed 16 search warrants and seized 84.4 kilograms of methamphetamine, 4.5 kilograms of heroin, 10.4 kilograms of fentanyl, 7.6 kilograms of cocaine, 10.5 kilograms of marijuana, 687 Xanax pills, 3.1 kilograms of unknown pills, a quantity of bulk cash, five firearms, a 3D printer with manufactured ghost gun parts, and a liquid methamphetamine conversion lab.

    With these sentencings, 24 defendants have now been sentenced in this case in which 44 defendants were indicted.

    This case is being prosecuted by Assistant U.S. Attorney Megan A. Baker. It was investigated by Homeland Security Investigations, U.S. Customs and Border Protection, the Drug Enforcement Administration, the Jackson County Drug Task Force, IRS-Criminal Investigation, the Kansas Bureau of Investigation, the Kansas City, Mo., Police Department, the Kansas City, Kan., Police Department, the Missouri State Highway Patrol, the Kansas Highway Patrol, the Independence, Mo., Police Department, the Minnesota Bureau of Criminal Apprehension, the Minnesota State Patrol, the Olmsted County, Minn., Sheriff’s Office, the Texas Department of Public Safety, the FBI, the Clay County, Mo., Sheriff’s Department, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the U.S. Marshals Service.

    Organized Crime and Drug Enforcement Task Force

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    KC Metro Strike Force

    This prosecution was brought as a part of the Department of Justice’s Organized Crime Drug Enforcement Task Forces (OCDETF) Co-located Strike Forces 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 against a continuum of priority targets and their affiliate illicit financial networks. These prosecutor-led co-located Strike Forces capitalize on the synergy created through the long-term relationships that can be forged by agents, analysts, and prosecutors who remain together over time, and they epitomize the model that has proven most effective in combating organized crime. The principal mission of the OCDETF program is to identify, disrupt, and dismantle the most serious drug trafficking organizations, transnational criminal organizations, and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    MIL Security OSI –

  • MIL-OSI Global: Front-of-package food labels: A path to healthier choices

    Source: The Conversation – Canada – By Zahra Saghafi, PhD Candidate, Management, University of Guelph

    The way you see nutrition labels on food packaging is about to change. By 2025, new front-of-package labels will start appearing on grocery store shelves, and by January 2026, they’ll be mandatory.

    Over the past two decades, nutrition labelling has evolved into a cornerstone of public health strategies worldwide. Traditional back-of-package labels, which provide comprehensive nutritional details, are often overlooked due to their complexity and placement, making them less effective in guiding consumer choices.

    Front-of-package labels address this issue by simplifying key nutritional information and positioning it in a more prominent, visible space. This streamlined approach has proven successful in leading consumers toward healthier choices, as research indicates that simplified, visible labels can influence purchasing decisions.

    Globally, front-of-package systems vary, with some countries employing warning symbols to flag excessive nutrient levels, while others use colour-coded “traffic light” systems or endorsement icons to promote healthier options.

    Canadian policy

    The Canadian government’s new policy requiring front-of-package nutrition symbols aims to guide consumers toward healthier food choices by highlighting foods high in sodium, sugars or saturated fats. These nutrients are closely linked to chronic conditions such as heart disease, diabetes and hypertension.

    Designed for simplicity and consistency, the labels feature a black-and-white magnifying glass icon. This design’s uniformity in size, placement and bilingual presentation is intended to make it easily recognizable and understandable.

    Fresh produce, plain dairy products and raw, single-ingredient meats are exempt from the regulations, acknowledging their inherent nutritional benefits.

    The policy is intended to promote transparency and improve public health by helping Canadians make more informed food choices. With full implementation set for January 2026, further research and targeted actions such as meetings and correspondence on healthy eating by Health Canada are required to ensure the effectiveness of the policy.

    Health Canada’s development of these front-of-package labels has been shaped by years of research and stakeholder consultations.

    Since 2016, extensive consumer testing, including focus groups, online surveys and in-store experiments, has informed decisions regarding the labels’ design, size and placement. As a result, the labels have been refined to better meet their goal of providing consumers with clearer, more actionable nutritional information.

    While the initiative holds promise, several gaps could undermine its overall effectiveness. Varying levels of health literacy may hinder consumers’ ability to fully comprehend and act on the front-of-package labels, with some potentially unaware of the health risks associated with flagged nutrients like sodium, sugars and saturated fats.

    Additionally, manufacturers face challenges in adhering to new labelling standards, reformulating products to meet healthier benchmarks and overcoming potential consumer resistance.

    Addressing these issues requires significant investment in consumer education, alongside targeted support for manufacturers from the Canadian government in form of consultation in adapting to the new requirements.

    The policy also presents an opportunity to engage consumers more deeply in their health choices. Education campaigns such as community workshops and public health initiatives, and point of sale posters that explain the purpose and interpretation of front-of-package labels, can empower consumers to make informed decisions.

    These campaigns should address disparities in health literacy, ensuring that all Canadians benefit from the initiative regardless of socioeconomic status. Collaborative efforts among government agencies, health-care providers and community organizations could amplify these educational initiatives, reaching a wider audience.

    Industry response

    For manufacturers, the introduction of front-of-package labels often triggers efforts to reformulate products, reducing sodium, sugars or saturated fats to avoid negative labelling.

    This process frequently involves ingredient substitution, recipe adjustments or portion size reductions. However, retaining the taste, texture and overall consumer satisfaction of a product while meeting nutritional targets requires significant innovation. If reformulated products fail to meet consumer expectations, brands risk losing loyalty and market share.

    The stakes are particularly high for manufacturers whose flagship products are most at risk of being flagged. To overcome these challenges, collaboration with food scientists, ingredient suppliers and regulatory bodies is essential. Research and development efforts must focus on finding innovative solutions that meet regulatory requirements without sacrificing consumer preferences.

    Beyond reformulation, compliance with front-of-package labelling requirements presents logistical and financial challenges. Packaging must be redesigned to incorporate the bilingual, standardized labels, often at significant cost. Smaller manufacturers with limited resources may find these changes particularly burdensome.

    Updating supply chains to include new packaging materials and ensuring consistent application across product lines add further complexity. In addition to these financial and operational pressures, reformulation may affect production processes and shelf life, necessitating further adjustments.

    Potential impact

    Despite these challenges, front-of-package labelling has the potential to drive significant change within the food industry. By prioritizing healthier formulations, companies can gain a competitive advantage, particularly as consumer demand for health-conscious products grows.

    Over time, this shift could lead to broader industry trends, pushing manufacturers toward greater transparency and accountability in their product offerings.

    However, these positive outcomes require supportive policies. Tax incentives, subsidies for reformulation and clear regulatory guidance can help ease the financial and operational burdens faced by manufacturers, particularly smaller businesses.

    While front-of-package labelling shows promise in promoting healthier choices and encouraging innovation, its long-term impact remains to be fully understood.

    Key areas for future research include examining how manufacturers prioritize reformulation, tracking changes in nutrient composition over time, and analyzing consumer behaviour in response to labelled products. Studies that link front-of-package labels to dietary intake and health outcomes could provide a comprehensive view of their effectiveness in achieving public health goals.

    This story was co-authored by Christopher Marinangeli. He is a nutrition scientist and regulatory expert with the Centre for Regulatory Research and Innovation at Protein Industries Canada, a not-for-profit organization and one of Canada’s five Global Innovation Clusters.

    Zahra Saghafi receives funding from Arrell Food Institute, Protein Industries Canada, and Mitacs for her PhD research. She is affiliated with the Lang School of Business and Economics at the University of Guelph.

    – ref. Front-of-package food labels: A path to healthier choices – https://theconversation.com/front-of-package-food-labels-a-path-to-healthier-choices-245115

    MIL OSI – Global Reports –

  • MIL-OSI Security: Gardner business owner sentenced to prison for failing to pay taxes

    Source: Office of United States Attorneys

    KANSAS CITY, KAN. – A Kansas business owner was sentenced to 17 months in prison for failing to forward more than one million dollars in employment tax collections to the Internal Revenue Service (IRS).

    According to court documents, Marvin Vail, 53, of Gardner pleaded guilty to one count of failure to account for and pay over employment taxes. 

    As the owner and operator of Marvin’s Tow Service, Inc. in Gardner, Kansas, Vail failed to pay employment taxes for at least 23 calendar quarters between 2012-2017. Employers are required to withhold Federal Insurance Contribution Act (FICA) taxes and income taxes from the wages paid to their employees then forward the withheld amounts to the IRS. IRS-Criminal Investigation agents interviewed the office administrator for Marvin’s Tow Service and were told Vail wouldn’t allow the office administrator to pay the owed federal taxes.

     As part of his sentence, a federal judge ordered Vail to pay the IRS $1,512,283 in restitution. 

    The IRS-Criminal Investigation investigated the case.

    Assistant U.S. Attorney Scott Rask prosecuted the case.

    ###
     

    MIL Security OSI –

  • MIL-OSI: Altcoin.University Empowers Crypto Startups with Revenue-Sharing Guide Submissions

    Source: GlobeNewswire (MIL-OSI)

    Cheyenne , WY , Feb. 03, 2025 (GLOBE NEWSWIRE) — Altcoin.University, a premier educational hub for blockchain and cryptocurrency learning, is launching an innovative opportunity for crypto startups to showcase their projects while generating revenue. Through its new Project Course Submission Program, startups can submit educational guides about their projects on a revenue-sharing basis, providing valuable insights to learners while gaining visibility in the crypto community.

    This initiative is designed to bridge the gap between emerging blockchain projects and an audience eager to understand and engage with the latest innovations in the industry. By offering founder-led or expert-curated courses, startups can educate users on their project’s mission, technology, tokenomics, and real-world applications—all while earning a share of the course revenue.

    How It Works:
        1.    Submit a Guide – Crypto startups can propose and develop a structured educational guide tailored to their project.
        2.    Get Featured on Altcoin.University – Approved guides will be hosted on the platform, exposing them to a growing audience of blockchain learners.
        3.    Earn Revenue – Instructors and project teams will receive a percentage of the guides sales, creating a sustainable and educational promotional channel.

    We believe that education is key to adoption. By allowing startups to create and monetize educational content, we’re fostering a more informed crypto ecosystem while giving projects a new way to connect with their audience

    Altcoin.University invites Web3 projects, DeFi protocols, NFT platforms, and blockchain innovators to participate in this unique program. Whether launching a new token or building a decentralized application, startups can leverage this initiative to educate, engage, and expand their community.

    Interested projects that are listed or about to be listed on an exchange can apply now at Altcoin.University to submit their guides submission for review. We will announce the chosen startups monthly underneath the submission form on the submission page.

    For media inquiries, partnership opportunities, or more information, please contact:

    Press Contact:
    Email Support@altcoin.university
    Telegram https://t.me/+xZblvGVxqF01ZDRh
    Website  https://Altcoin.University

    The MIL Network –

  • MIL-OSI Security: Federal Jury Convicts Former Bureau of Prisons Correctional Officer in Bribery, Drug Scheme

    Source: Office of United States Attorneys

    FLORENCE, S.C. — Angela Crosland, 51, of Elgin, has been convicted of bribery, money laundering, distribution of methamphetamine and suboxone, and filing false income tax returns. A federal jury returned the guilty verdict following two days of trial.

    Evidence presented to the jury showed that Crosland worked as a correctional officer at Federal Correctional Institution Williamsburg in Salters. While employed as a correctional officer, Crosland smuggled contraband into FCI Williamsburg in exchange for money. The contraband included suboxone, methamphetamine, K-2-soaked paper, marijuana, tobacco, food, and other items. Evidence presented to the jury included Crosland’s Cash App accounts records which reflected payments to her account totaling $56,791 from family and associates of inmates housed at FCI Williamsburg. These payments occurred over approximately a nine-month time period. In addition, Crosland failed to report this substantial income on her federal tax returns. 

    “Those who work in public service, especially in law enforcement and corrections, must be held to a higher standard,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “Crosland’s actions damage trust in our prison systems while compromising the safety of Williamsburg FCI’s staff and inmates.”

    “Crosland smuggled drugs and other contraband into the federal prison in exchange for tens of thousands of dollars in bribes,” said Eric Fehlman, Special Agent in Charge of the Department of Justice Office of the Inspector General Southeast Region. “Her corrupt actions jeopardized the safety and security of the entire facility.”

    “The IRS is committed to working alongside our law enforcement partners to provide financial expertise while investigating individuals who engage in corruption, money laundering, and tax fraud,” said Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, Internal Revenue Service Criminal Investigation.

    United States District Judge Joseph Dawson, III, presided over the trial and will sentence Crosland after receiving and reviewing a pre-sentence report from the U.S. Probation office.

    This case was investigated by the Office of Inspector General for the Department of Justice and the Internal Revenue Service Criminal Investigation. Assistant U.S. Attorneys Bill Watkins and Winston Marosek are prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI United Kingdom: Over £69 billion confirmed for council budgets

    Source: United Kingdom – Executive Government & Departments

    Final Settlement confirms over £69 billion government funding for councils, a 6.8% cash-terms increase in Core Spending Power 

    More than £69 billion in funding for England’s councils has been confirmed today as the government delivers on its commitment to restore trust and stability in public services.   

    Following the provisional Settlement in December, today’s final Settlement provides a 6.8% in cash terms increase in councils’ Core Spending Power compared to 2024-25. With increased demand and running costs rising, this money is a lifeline and will guarantee no council sees a decrease in their Core Spending Power.   

    Families across the country rely on crucial council services such as social care, which is why the government is providing up to £3.7 billion additional funding to social care authorities to deliver this. This includes an £880 million uplift to the Social Care Grant, compared to 2024-25.  

    A new £270 million Children’s Social Care Prevention Grant will support the national roll out of vital family help, keeping children safe and ensuring they get the best start in life as set out in the Plan for Change.  

    While fundamental change cannot happen overnight, the government is working at pace with the sector to deliver the ambitious reform needed to spread power, money and resources more fairly across the country.   

    Today, £60 million has also been confirmed to fund long-term improvements to the local government sector over the next year, including empowering mayoral areas leading the devolution revolution in delivering local priorities and supporting councils’ financial reporting with a fit and legal audit system to ensure transparency.  

    Rebuilding the sector from the ground up is a crucial step towards the national Plan for Change to bring better value for money, sustained economic growth and fix our country’s public services.  

    The government has maintained the 5% referendum principles on council tax increases – the same level set by the previous administration- to protect taxpayers from excessive increases. 

    Unlike previous years, this government has introduced a stricter approach to the inherited arrangements that allowed councils to request higher council tax increases if they need Exceptional Financial Support and see increases as critical to maintaining their financial sustainability. 

    This approach puts taxpayers at the forefront, for example by only agreeing increases where councils are amongst the lowest existing levels for tax. In fact, taxpayers in these areas are still expected to be paying less than the average council tax compared to similar councils. This approach has limited the number and scale of additional increases, with the government not agreeing where councils have asked to increase council tax by a very high amount or by high amounts in successive years. 

    Deputy Prime Minister, Angela Rayner said:   

    Councils deliver vital services across the country – driving growth and local economies and providing a lifeline for those that need it most.  

    Through our Plan for Change we are determined to fix the foundations of local government; investing where it is needed, trusting local leaders and working together to deliver growth, better health and social care services and the affordable homes people need. 

    Minister of State for Local Government and English Devolution, Jim McMahon OBE said:   

    We have been clear we will fix the foundations of local government. That means an end to short-term solutions and instead rebuilding the sector to put councils on a more stable and secure footing.    

     >Local leaders play a crucial role in delivering the day-to-day services communities across the country rely on, which is why we want to work with them towards a fairer funding model that tackles regional inequality and prioritises outcomes for local people.

    This final Settlement marks an important step towards a government focused on efficiency, value-for-money and a community first approach. For the first time, a new £600 million Recovery Grant will help support places most in need, which maximises public spending to ensure it delivers more meaningful outcomes.   

    The sector is already having its say via an open consultation on how to best streamline the outdated funding model and distribute taxpayer’s money more fairly, based on an updated assessment of need, enabling every council to deliver high quality services to their communities.   

    As part of handing local leaders more power and control of their funding, the government will end outdated processes and bureaucracy of bidding for different funding pots and bring forward the first multi-year settlement in a decade in 2026-27 to provide certainty and economic security to councils setting budgets.    

    The provisional settlement consultation was open for 4 weeks and closed on 15 January 2024.    

    Notes to Editors   

    Further details on all of the above, including allocations for individual councils can be found on the Final Local Government Finance Settlement page 2025-26 here.   

    See the Deputy Prime Minister’s full Written Ministerial Statement here: Written statements – Written questions, answers and statements – UK Parliament   

    The Final Settlement will be debated in the House of Commons on Wednesday 5th February.  

    The government’s consultation on funding reform from 2026-27 can be found here, and remains open until 12 February.     

    Two statutory reports have also been published:   

    A record number of councils asked the government for support this year to help them set their budgets, and a record number of these councils have asked for additional council tax increases to aid their financial recovery. 

    For councils that require Exceptional Financial Support, the government has considered requests from councils for bespoke council tax referendum principles on a case-by-case basis and has agreed bespoke referendum principles for six local authorities. All six of the councils have been clear they will not be able to set a balanced budget without government support. The government has not agreed to all requests and has not agreed to any request in its entirety, to reduce the impact on taxpayers. In the areas where we have made the difficult decision to allow limited council tax rises,  we expect that no taxpayer will see their bills reach higher than the average compared to similar authorities. 

    Core Spending Power is a measure of the resources available to local authorities to fund service delivery. It sets out the money that has been made available to councils through the local government finance settlement.   

    The government confirmed unringfenced allocations of the £515m of funding announced at the provisional local government finance settlement to support to local government meet the increased costs of directly employed staff arising from changes to employer National Insurance Contribution (NICs).   

    The previous government’s referendum threshold for council tax will be maintained at 3% with 2% for the adult social care precept to protect local taxpayers.    

    Several grants including the Rural Services Delivery Grant and the Services Grant will be repurposed. The government will ensure the impact of rurality on the cost of service delivery and demand is reflected in the public consultation next year. Places with a significant rural population will on average receive almost a 6% increase in their Core Spending Power. No council will see a reduction.  

    Councils will also receive over £1 billion in total through the Extended Producer Responsibility for Packing scheme (pEPR) which will cover the existing costs they incur for managing household packaging waste, provide additional funding for new legal duties, and support much needed investment in the waste and recycling industry.

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: New education module available – Running an SMSF

    Source: Australian Department of Revenue

    The Running a self-managed super fund (SMSF) online education moduleExternal Link is now available.

    This module is part of a suite of education tools that help you navigate the various stages of your SMSFs lifecycle, making it easy to learn your responsibilities and obligations.

    Why should you use the module?

    This module will teach you important things like:

    • How to manage contributions and rollovers
    • Managing your fund’s investments
    • Paying super benefits
    • Keeping up with reporting and administration.

    The module is easy to use and lets you learn at your own pace. You can track your progress, go back to sections if needed, and receive a certificate when you’re done.

    Explore all our SMSF education tools

    This module is part of our suite of education products including Starting an SMSFOpens in a new window and Winding up an SMSFOpens in a new window. These resources support you in meeting your regulatory and reporting obligations. Completing all three builds a comprehensive understanding of every stage of running your SMSF.

    Get started today at ato.gov.au/SMSFeducation.

    Looking for the latest news for SMSFs? You can stay up to date by visiting our SMSF newsroom and subscribingOpens in a new window to our monthly SMSF newsletter.

    MIL OSI News –

  • MIL-OSI Australia: Thin capitalisation in focus for justified trust reviews

    Source: Australian Department of Revenue

    The new thin capitalisation and debt deduction creation rules are likely to have a significant impact on the affairs of some taxpayers. The application of these new rules will be a key focus area of our Top 100 and Top 1,000 justified trust compliance and assurance programs when we review years where the new rules apply.

    Justified trust gives the community confidence that large businesses are paying the right amount of tax.

    If you’re in these programs and subject to a justified trust review, we’ll engage with you about thin capitalisation and the debt deduction creation rules to understand the impact of the new rules on your affairs. We’ll ask for information that is relevant and tailored to your individual circumstances, having regard for reporting you already provide.

    Broadly, the information we’ll commonly require will include, but not be limited to:

    • calculations and working papers that support reported thin capitalisation information
    • information in relation to how restructuring may have impacted the application of the thin capitalisation and debt deduction creation rules
    • a copy of the signed and dated approved form for entities that have chosen to apply the third party debt test or group ratio test.

    By understanding your circumstances, we’re building confidence that Australia’s largest taxpayers are complying with the new thin capitalisation rules.

    These reviews are undertaken by the Tax Avoidance Taskforce. The Taskforce plays a critical role to ensure multinational enterprises, large public and private businesses, and wealthy individuals pay the right amount of tax in Australia.

    To find out more, visit Thin Capitalisation or Large business justified trust.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI Australia: From 1 July 2024 to 30 June 2025

    Source: Australian Department of Revenue

    Fuel tax credit rates

    You need to use the rate that applies on the date you acquired the fuel.

    Use the fuel tax credit calculator to easily work out the amount to report on your business activity statement (BAS).

    The following tables contain the fuel tax credit rates for businesses from:

    Table 1: Rates for fuel acquired from 3 February 2025 to 30 June 2025

    Eligible fuel type

    Used in heavy vehicles for travelling on public roads (see note 1)

    All other business uses (including to power auxiliary equipment of a heavy vehicle) (see note 2)

    Liquid fuels – for example, diesel or petrol
    Unit: cents per litre

    20.3 (see note 3)

    50.8

    Blended fuels: B5, B20, E10
    Unit: cents per litre

    20.3 (see note 3)

    50.8

    Blended fuel: E85
    Unit: cents per litre

    0 (see note 3)

    21.73

    Liquefied petroleum gas (LPG) (duty paid)
    Unit: cents per litre

    0 (see note 3)

    16.6

    Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid)
    Unit: cents per kilogram

    0 (see note 4)

    34.8

    B100
    Unit: cents per litre

    0 (see note 3)

    15.2
    Table 2: Rates for fuel acquired from 5 August 2024 to 2 February 2025

    Eligible fuel type

    Used in heavy vehicles for travelling on public roads (see note 1)

    All other business uses (including to power auxiliary equipment of a heavy vehicle) (see note 2)

    Liquid fuels – for example, diesel or petrol
    Unit: cents per litre

    20.1 (see note 3)

    50.6

    Blended fuels: B5, B20, E10
    Unit: cents per litre

    20.1 (see note 3)

    50.6

    Blended fuel: E85
    Unit: cents per litre

    0 (see note 3)

    21.7

    Liquefied petroleum gas (LPG) (duty paid)
    Unit: cents per litre

    0 (see note 3)

    16.5

    Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid)
    Unit: cents per kilogram

    0 (see note 4)

    34.7

    B100
    Unit: cents per litre

    0 (see note 3)

    15.2
    Table 3: Rates for fuel acquired from 1 July 2024 to 4 August 2024

    Eligible fuel type

    Used in heavy vehicles for travelling on public roads (see note 1)

    All other business uses (including to power auxiliary equipment of a heavy vehicle) (see note 2)

    Liquid fuels – for example, diesel or petrol
    Unit: cents per litre

    19.1 (see note 3)

    49.6

    Blended fuels: B5, B20, E10
    Unit: cents per litre

    19.1 (see note 3)

    49.6

    Blended fuel: E85
    Unit: cents per litre

    0 (see note 3)

    21.295

    Liquefied petroleum gas (LPG) (duty paid)
    Unit: cents per litre

    0 (see note 3)

    16.2

    Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid)
    Unit: cents per kilogram

    0 (see note 4)

    34.0

    B100
    Unit: cents per litre

    0 (see note 3)

    14.9

    Note 1: From 1 November 2019, this rate includes fuel used to power passenger air-conditioning of buses and coaches.

    Note 2: Claims for packaging or supplying fuel can use the ‘all other business uses’ rate for the appropriate eligible fuel type.

    Note 3: Fuel tax credit rates change for liquid fuels used in a heavy vehicle for travelling on a public road due to changes in the road user charge, which increases by 6% each year over 3 years, from:

    • 28.8 cents per litre in 2023–24, to
    • 30.5 cents per litre in 2024–25, and to
    • 32.4 cents per litre in 2025–26.

    Fuel tax credits are reduced to nil where the road user charge exceeds the fuel tax credit rate.

    Note 4: Fuel tax credit rates change for gaseous fuels due to changes in the road user charge, which increases by 6% each year over 3 years, from:

    • 38.5 cents per kilogram in 2023–24, to
    • 40.8 cents per kilogram in 2024–25, and to
    • 43.2 cents per kilogram in 2025–26.

    Currently, the road user charge reduces fuel tax credits for gaseous fuels to nil.

    MIL OSI News –

  • MIL-OSI Australia: Excise duty rates for alcohol

    Source: Australian Department of Revenue

    How to use these tables

    Save this page to your favourites to make sure you use the correct rate for each product in every excise return you lodge.

    The tables on this page are a simplified version of the Schedule to the Excise Tariff Act 1921. For terms, refer to Alcohol excise and key terms.

    We express excise duty rates per litre of alcohol (LAL) for alcoholic products.

    When rates change

    The law indexes the excise duty rates for alcohol twice a year, based on the upward movement of the consumer price index (CPI). The Australian Bureau of Statistics (ABS) is responsible for determining and publishing the CPI on or before the last Wednesday of the month following the relevant quarter. The current schedule of release dates can be found on the ABS websiteExternal Link.

    Usually, indexation occurs on 1 February and 1 August. However, when the ABS doesn’t publish the CPI figure at least 5 days before indexation day, under the law, indexation day is effectively pushed back to the fifth day after publication.

    As the CPI for this quarter was published on 29 January 2025, indexation day is 3 February. Table 1 below reflects the release dates and the relevant indexation days.

    Table 1: CPI publication dates for 2025

    Date of CPI publication

    Date of CPI publication + 5 days

    Indexation day

    29 Jan 2025

    3 Feb 2025

    3 Feb 2025

    30 July 2025

    4 Aug 2025

    4 Aug 2025

    The CPI indexation factor for rates from 3 February 2025 is 1.004. Find out how rates are determined.

    The excise duty rates may also change due to other law changes. The items in the following tables don’t apply to beverages you make for personal use, using non-commercial facilities and equipment, except for distilled spirits and beverages containing distilled spirits.

    Wine is not an excisable beverage – it is subject to wine equalisation tax (WET).

    Use the right rate

    There are different excise duty rates for your alcoholic products depending on the alcohol content.

    For beer, it also depends on the size and design of the container you package it in and if you produce it in commercial premises or a brew on premises shop.

    Remember to apply the right rate to product that is delivered before and from the effective date (that is, the date the excise duty rate changes) when you lodge your return.

    See how to calculate excise duty on excisable alcohol.

    Alcohol rates for beer

    Excise duty on beer is payable on the alcohol content above 1.15% by volume in your finished product.

    Table 2: Alcohol rates – beer

    Tariff subitem

    Unit: $ per litre of alcohol

    Description

    From 5 Aug 2024 to 2 Feb 2025

    From 3 Feb 2025 to 3 Aug 2025

    1.1

    Alcohol volume not exceeding 3%, individual container:

    • less than 8 litres
    • 8–48 litres (inclusive), and not designed to connect to a pressurised gas delivery system or pump delivery system.

    52.66

    52.87

    1.2

    Alcohol volume not exceeding 3%, individual container over 48 litres.

    10.53

    10.57

    1.2

    Alcohol volume not exceeding 3%, individual container of 8–48 litres (inclusive) and designed to connect to a pressurised gas delivery system or pump delivery system.

    10.53

    10.57

    1.5

    Alcohol volume exceeding 3% but not exceeding 3.5%, individual container:

    • less than 8 litres
    • 8–48 litres (inclusive) and not designed to connect to a pressurised gas delivery system or pump delivery system.

    61.32

    61.57

    1.6

    Alcohol volume exceeding 3% but not exceeding 3.5%, individual container over 48 litres.

    32.98

    33.11

    1.6

    Alcohol volume exceeding 3% but not exceeding 3.5%, individual container of 8–48 litres (inclusive) and designed to connect to a pressurised gas delivery system or pump delivery system.

    32.98

    33.11

    1.10

    Alcohol volume exceeding 3.5%, individual container:

    • less than 8 litres
    • 8–48 litres (inclusive) and not designed to connect to a pressurised gas delivery system or pump delivery system.

    61.32

    61.57

    1.11

    Alcohol volume exceeding 3.5%, individual container over 48 litres.

    43.22

    43.39

    1.11

    Alcohol volume exceeding 3.5%, individual container of 8–48 litres (inclusive) and designed to connect to a pressurised gas delivery system or pump delivery system.

    43.22

    43.39

    1.15

    Produced for non-commercial purposes using commercial facilities or equipment, alcohol volume not exceeding 3%.

    3.70

    3.71

    1.16

    Produced for non-commercial purposes using commercial facilities or equipment, alcohol volume over 3%.

    4.26

    4.28

    Alcohol rates for spirits and other excisable beverages

    Table 3: Alcohol rates – Other excisable beverages not exceeding 10% by volume of alcohol

    Tariff item

    Unit: $ per litre of alcohol

    Description

    From 5 Aug 2024 to 2 Feb 2025

    From 3 Feb 2025 to 3 Aug 2025

    2

    Other excisable beverages not exceeding 10% by volume of alcohol.

    103.89

    104.31
    Table 4: Alcohol rates – Spirits and other excisable beverages exceeding 10% by volume of alcohol

    Tariff subitem

    Unit: $ per litre of alcohol

    Description

    From 5 Aug 2024 to 2 Feb 2025

    From 3 Feb 2025 to 3 Aug 2025

    3.1

    Brandy (a spirit distilled from grape wine in such a manner that the spirit possesses the taste, aroma and other characteristics generally attributed to brandy).

    97.02

    97.41

    3.2

    Other excisable beverages exceeding 10% by volume of alcohol.

    103.89

    104.31

    3.5

    Spirit that you have approval from us to use for fortifying Australian wine or grape must under section 77FD of the Excise Act 1901.

    Free

    Free

    3.6

    Spirit purchased in quantities by particular groups or professions we specified (such as pharmacists and universities) for an industrial, manufacturing, scientific, medical, veterinary or educational purpose under section 77FE of the Excise Act 1901.

    Free

    Free

    3.7

    Spirit that you have approval from us to use for an industrial, manufacturing, scientific, medical, veterinary or educational purpose under section 77FF of the Excise Act 1901.

    Free

    Free

    3.8

    Spirit denatured according to the formula we determined (except spirit used as fuel in an internal combustion engine).

    Free

    Free

    3.10

    Spirit not elsewhere included.

    103.89

    104.31

    How rates are determined

    We determine the new rates by applying the indexation factor to the most recently published rates.

    The indexation factor is calculated by dividing the most recent June or December quarter CPI number (determined and published by the ABSExternal Link) by the previous highest June or December quarter CPI number occurring after the June 1983 quarter.

    For example, the indexation factor for February 2025 was determined by dividing the December quarter 2024 (most recent to February 2025; 139.4) by the June quarter 2024 (June or December quarter with the highest value prior to December 2024; 138.8) to get 1.004.

    Table 5: Calculating indexation factor for February 2025

    Most recent CPI number

    Highest previous June or Dec quarter

    Indexation factor

    December 2024 quarter

    June 2024 quarter

    February 2025

    139.4

    138.8

    1.004

    This indexation factor is applied to the current duty rate to determine the new duty rate.

    For example, the duty rate for tariff item 2 ‘other excisable beverages not exceeding 10% by volume of alcohol’ was $103.89 for the period 5 August 2024 to 2 February 2025. This rate of $103.89 is multiplied by the indexation factor of 1.004 to determine the rate of $104.31 applicable from 3 February 2025.

    Table 6: Calculating the new duty rate for February 2025 for tariff item 2

    5 Aug 2024 to 2 Feb 2025

    Indexation factor

    Duty rate from 3 Feb 2025

    $103.89

    1.004

    $104.31

    Historical excise duty rates

    The Australian Government data.gov.au website lists Historical excise duty ratesExternal Link.

    MIL OSI News –

  • MIL-OSI Australia: Rates – non-business

    Source: Australian Department of Revenue

    Fuel tax credit rates for non-business

    Fuel tax credit rates vary depending on:

    • when you acquired the fuel
    • the type of fuel you use
    • the activity you use it in.

    You don’t need to include the rates in your claim. We will work out the amount of your fuel tax credit for your claim based on the date you acquired the fuel.

    Rates are indexed twice a year – in February and August – in line with the consumer price index (CPI). The CPI indexation factor for rates from 3 February 2025 is 1.004.

    Fuel excise duty was temporarily reduced from 30 March 2022 to 28 September 2022. This reduction applied to excise and excise equivalent customs duty rates for petrol, diesel and all other fuel and petroleum-based products (except aviation fuels). This affected the fuel tax credit rates during that period.

    Current fuel tax credit rates

    For current fuel tax rates, see From 1 July 2024 to 30 June 2025.

    Claiming past fuel tax credits

    There are time limits for claiming fuel tax credits or making adjustments and correcting errors.

    You need to claim your fuel tax credits within 4 years of the due date of the earliest fuel tax return in which you could have made your claim. If you don’t claim the credits within that time, you’ll no longer be eligible to claim them.

    You can access historical fuel tax credit rates by downloading the data file on the Australian Government data.gov.au website at Historical FTC ratesExternal Link.

    MIL OSI News –

  • MIL-OSI: DSS, Inc. Issues Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — DSS, Inc. (NYSE American: DSS) a multinational company operating businesses within diversified market sectors that strategically acquires and develops assets to increase shareholder value, today issued the following letter to shareholders:

    Dear Esteemed Shareholders,

    I am pleased to provide you with significant updates regarding the leadership of DSS, Inc. and to outline the strategic direction we are pursuing as a Company.

    It is with great honor that I announce my appointment as Interim Chief Executive Officer of DSS, Inc., effective August 23, 2024. With over 25 years of experience in leadership roles across diverse sectors—ranging from Chief Operating Officer of DSS to President at Premier Packaging Corporation, CEO and Director of DSS Biohealth Holdings, and Chief Business Officer at Impact Biomedical, Inc.—I am eager to guide DSS through its next phase of growth, operational refinement, and market leadership.

    A Clear Vision for the Future

    As we embark on this new chapter, my immediate focus is to optimize operational efficiencies, realign resources, and position DSS, Inc. for sustainable long-term growth. To this end, we have already initiated a series of decisive actions, the results of which are reflected in our most recent earnings report. Below, I have highlighted our key accomplishments and prioritized initiatives moving forward:

    Q3 Financial Performance Highlights – Strengthening Our Business Model

    • Immediate executive action and swift decision making, allowed for DSS to report operating loss for the nine months ended September 30, 2024 had decreased by approximately $1.3 million (8%) compared to the same period in 2023, with a $0.4 million (8%) reduction for the three months ended September 30, 2024, relative to the same period in 2023.
    • The net loss for the nine months ended September 30, 2024, declined by $17.3 million (52%) year-over-year, with a reduction of $1.0 million (15%) for the three-month period.
    • Cash flow from operations showed marked improvement, increasing by $11.8 million (56%) for the nine months ended September 30, 2024. Our net cash position strengthened from $6.9 million to $11.6 million.
    • The successful spin-off of Impact BioMedical, Inc. in September has positioned both entities for future growth within their respective markets.

    Driving Revenue Growth and Operational Excellence

    • Expanding High-Impact Business Lines: We are focusing on the strategic expansion of promising business units, such as Premier Packaging, to fuel continued growth.
    • Exploring Untapped Markets: Our commitment to identifying and investing in high-growth markets will drive the creation of scalable and recurring revenue streams.
    • Enhancing Accountability: We will institute robust, metrics-driven accountability systems across business units to ensure consistent execution on high-priority opportunities.

    Eliminating Inefficiencies and Optimizing Cost Structure

    • Comprehensive Review and Streamlining: A thorough evaluation of all business units is underway to identify underperforming segments. We will restructure, streamline, or divest from non-core areas to reinforce our primary strengths.
    • Process and Technology Optimization: New operational tools and processes will be introduced to reduce inefficiencies, eliminate waste, and increase productivity in procurement, production, and logistics.
    • Targeted Cost Reduction: Our goal is to reduce costs by 15-20% in the upcoming fiscal year, significantly enhancing profitability and reinforcing our financial stability.

    Pioneering Innovation for Competitive Advantage

    • Advancing R&D Initiatives: We will leverage our research and development capabilities to drive cutting-edge solutions in emerging sectors, such as biomedical technologies and sustainable packaging.
    • Cultivating Strategic Partnerships: We are actively forging alliances with key industry players to accelerate the market introduction of innovative products and solutions.
    • Pilot Program Launches: We plan to deploy targeted pilot programs in select regions or sectors to validate new initiatives, enabling us to scale these innovations company-wide.

    Maximizing Shareholder Value with Discipline and Transparency

    • Disciplined Financial Stewardship: We remain unwavering in our focus on delivering consistent growth, profitability, and returns for our shareholders.
    • Commitment to Transparency: You can expect regular, transparent updates on our progress, milestones, and strategic objectives to ensure you remain well-informed at every stage.
    • Exploring Shareholder Rewards: We are actively exploring initiatives designed to directly reward our shareholders for their continued trust and support.

    Leadership Transition

    This moment marks a pivotal turning point for DSS, Inc. With a clear vision, a focused strategy, and an unwavering commitment to execution, we are poised to unlock new opportunities and create sustainable, long-term value for our shareholders.

    Thank you for your ongoing support and confidence in DSS, Inc. I look forward to keeping you informed on our progress in the months ahead. Should you require additional information, please do not hesitate to reach out to our Investor Relations team.

    Sincerely,

    Jason Grady
    Interim Chief Executive Officer
    DSS, Inc.

    Contact: DSS Inc. Investor Relations
    Email: IR@dssworld.com
    Phone: +1 (585) 565-2422

    The MIL Network –

  • MIL-OSI: illumin to Present at the Small Cap Growth Virtual Investor Conference on February 6th

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (“illumin” or “Company”), a leader in digital marketing technology, today announced that Simon Cairns, Chief Executive Officer, and Elliot Muchnik, Chief Financial Officer, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6th, 2025.

    DATE: February 6th
    TIME: 10:00 am ET
    LINK: https://bit.ly/40Wa3fj
    Available for 1:1 meetings

    This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Partnership with Adsquare to Deliver Advanced Footfall Attribution
    • Record Third Quarter 2024 Revenue of $36.3 Million, up 23% YoY
    • Self-Service Revenue Rose 64% YoY in Q3 2024 to $8.4 Million

    About illumin
    illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Steve Hosein
    Investor Relations
    illumin Holdings Inc.
    416-218-9888 x5313
    investors@illumin.com

    David Hanover
    Investor Relations – U.S.
    KCSA Strategic Communications
    212-896-1220
    dhanover@kcsa.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Outbrain Completes the Acquisition of Teads

    Source: GlobeNewswire (MIL-OSI)

    Highlights:

    • The combination will merge two open internet category leaders to create a unified omnichannel platform that delivers outcomes from branding to performance across all screens, including CTV, mobile and web. The new company will operate under the name Teads.
    • The union creates one of the largest open internet companies, with combined advertising spend of approximately $1.7 billion (FY24), reaching 2.2 billion consumers.
    • The company will unite two of the richest contextual and interest data sets on the open internet, powering an advanced AI prediction engine to optimize advertiser outcomes.
    • Outbrain CEO, David Kostman, will serve as CEO of the combined company, with Jeremy Arditi and Bertrand Quesada, former Teads CEOs, assuming the roles of Co-President, Chief Business Officer of the Americas and International respectively.
    • The two companies are preliminarily reporting a combined Ex-TAC Gross Profit of $623 million and Adjusted EBITDA of $230 million in 2024 including $65-75 million of estimated synergies1.
    • Transaction value of approximately $900 million, comprised of $625 million in cash and 43.75 million Outbrain shares.
    • Altice, selling shareholder of Teads, will nominate two out of a total of 10 board members.
    • Outbrain is providing selected preliminary results for the fourth quarter, in line with previously issued guidance in Outbrain’s November 2024 earnings call, and selected preliminary results for Teads and the combined company.

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB) today announced the closing of its acquisition of Teads, following receipt of all necessary regulatory approvals. The two companies will merge their respective branding and performance offerings to create the omnichannel outcomes platform for the open internet, and will operate under the name Teads.

    The new Teads will create one of the largest optimized supply paths on the premium open internet, with a focus on connecting curated, exclusive media environments with elevated, data-driven creative experiences. The combined company offering will be strengthened by Outbrain’s proprietary predictive technology and AI optimization. It will provide a solution for marketers to leverage a single partner to deliver concrete outcomes at every step of the marketing funnel— offering unique ways to combine advertising solutions from awareness to sales. The company’s combined data set will power expanded contextual, audience and purchase-based targeting capabilities, connecting CTV experiences to digital moments to drive measurable outcomes.

    “I am extremely excited about this new chapter in our journey. This transformative merger creates a company that directly addresses a large gap in the advertising industry: a scaled end-to-end platform that can drive outcomes, from branding to consideration to purchase, across screens,” said CEO, David Kostman.

    “Together, we are creating an extraordinary new company, combining the best of both organizations’ deep expertise in omnichannel video branding solutions and performance advertising. The new Teads’ mission is to drive lasting value with an offering that invites marketers to expect better outcomes, media owners to expect sustainable value, and consumers to expect elevated experiences. I want to thank the teams of both Outbrain and Teads, who have pioneered major advertising categories, and have built leading global companies over more than a decade. It is their innovation and commitment that have brought us to this moment and will propel us to new heights,” added Kostman.

    Co-President & Chief Business Officer, Jeremy Arditi, added: “We’re committed to creating a solution that will harness the untapped opportunity of the open internet, and allow all of its constituents to thrive. We believe that by prioritizing beautiful creative experiences, trust and transparency in media, and delivery of meaningful outcomes, we can create a stronger ecosystem that provides value for all.”

    “The merger between Teads and Outbrain makes a lot of sense strategically. We look forward to exploring the new possibilities this provides us with to reach our audiences in a new and interesting way, to deliver full funnel solutions and better business outcomes,” said Sital Banerjee, Global Head of Integrated Media, Performance Marketing, and BMI Management at Lipton Teas and Infusions.

    Key Combined Strengths

    With the completion of the combination, the new Teads will offer clients and partners:

    • Exceptional reach at great scale, across exclusive environments
      • 96 percent open internet audience reach*
      • Number one most direct supply path, as rated by Jounce**
      • Direct access to 10,000 media environment
      • Connected to the top 4 OEMs and several of the top Streaming Apps unlocking access to 50bn CTV Monthly Ad Opportunities, including unique CTV homescreen inventory
      • Proprietary code-on-page relationships with premium editorial properties globally, providing access to incremental inventory and yielding extensive audience interest and engagement insights
    • Creatives built for outcomes
      • Data-driven, beautiful creative solutions designed to connect brand moments across the marketing funnel — from CTV to editorial and beyond
      • Proven impact from unique experiences, with 74 percent higher attention for unique CTV native creative
      • Strategic Joint Business Partnerships with more than 50 of the world’s most premium brands
    • AI-powered predictive technology
      • Proprietary prediction engine, cultivated over 18+ years to drive performance outcomes, making 1 billion predictions each minute
      • 4 billion signals processed each minute via AI and machine learning
      • 50 live AI models
    • Expansive omnichannel graph, expanded on the Teads Omnichannel Graph foundation
      • The Teads Omnichannel Graph (OG), a proprietary tool extending contextual and audience-targeting capabilities into the CTV environment, will be further expanded by Outbrain engagement, interest, and conversion data
      • Extensive data signals feeding an understanding of audiences across screens, including:
        • 130,000 articles scanned per minute
        • 500,000 CTV programs enriched with data per month
        • 1 billion engagement and contextual signals processed each minute

    *According to Comscore, Media Metrix, Key Metrix, US, December 2024 for Teads.
    **According to 2024 Jounce SPO analyses, specific to Teads platform.

    Transaction Details

    Outbrain, Altice and Teads have amended the previously announced share purchase agreement, dated August 1, 2024. Under the terms of the revised agreement, Outbrain will be paying a total consideration of approximately $900 million, consisting of $625 million upfront cash and 43.75 million shares of common stock of Outbrain (valued at approximately $263 million based on the closing price of Outbrain’s common stock as of January 31, 2025, of $6.01).

    Under the revised terms, there is no deferred cash payment or convertible preferred equity component. The revised terms have meaningfully reduced the level of required debt financing and simplified the transaction structure.

    Outbrain intends to finance the transaction with existing cash resources and $625 million in committed debt financing from Goldman Sachs Bank USA, Jefferies Finance LLC and Mizuho Bank, Ltd., subject to customary funding conditions. Outbrain will also issue to Altice 43.75 million shares of common stock. Altice will nominate two directors to the board of Outbrain and will be bound by a stockholder agreement with Outbrain containing arrangements and restrictions concerning voting and disposition of the shares issued to Altice.

    Financial Highlights

    Preliminary Estimated Unaudited Financial Information for the Quarter and Year Ended December 31, 2024

    Today Outbrain is furnishing on Form 8-K selected preliminary estimated unaudited financial information for each of Outbrain and Teads on a standalone basis and on a combined company basis for the quarter and year ended December 31, 2024. Excerpts of such financial information can be found below. You are encouraged to refer to the Form 8-K and other documents filed or furnished by Outbrain with the SEC through the website maintained by the SEC at www.sec.gov.

    The Company previously announced its expectation to achieve $50 – 60 million of annual revenue and cost synergies in the second full year following completion of the acquisition, with further opportunities for expanded synergies in the following years. The Company now expects to realize approximately $65 – 75 million of annual synergies in FY 2026 with further opportunities for expanded synergies in the following years. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation related expenses. The Company plans to action approximately 70% of the compensation related expense savings during the first month post-closing. The upsize in expected synergies follows a robust integration planning process, enabling a larger and more rapid synergy capture.

    Outbrain is providing selected preliminary results for the fourth quarter and full year 2024, as follows:

    • Ex-TAC gross profit of $68.3 million for Q4 2024, and $236.1 million for FY 2024
    • Adjusted EBITDA of $17.0 million for Q4 2024, and $37.3 million for FY 2024

    For Teads, we are providing the following selected preliminary results for the fourth quarter and full year 2024, as follows:

    • Ex-TAC gross profit of $119.9 million for Q4 2024, and $386.6 million for FY 2024
    • Adjusted EBITDA of $52.2 million for Q4 2024, and $122.7 million for FY 2024

    The two companies are preliminarily reporting a combined Ex-TAC Gross Profit of approximately $623 million and Adjusted EBITDA of approximately $230 million in 2024, including $65-75 million of estimated synergies2.

    Conference Call and Webcast:
    Outbrain will host an investor conference call this morning, Monday, February 3rd at 9:00 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13751603. The replay will be available until February 17, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Cautionary Note About Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the U.S. federal securities laws and the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. These statements are based on current expectations, estimates, forecasts and projections about the industries in which Outbrain and Teads operate, and beliefs and assumptions of Outbrain’s management. Forward-looking statements may include, without limitation, statements regarding possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, expected synergies and statements of a general economic or industry-specific nature. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions, or are not statements of historical fact. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: risks that the acquisition disrupts current plans and operations or diverts management’s attention from its ongoing business; the initiation or outcome of any legal proceedings that may be instituted against Outbrain or Teads, or their respective directors or officers, related to the acquisition; unexpected costs, charges or expenses resulting from the acquisition; the ability of Outbrain to successfully integrate Teads’ operations, technologies and employees; the ability to realize anticipated benefits and synergies of the acquisition, including the expectation of enhancements to Outbrain’s services, greater revenue or growth opportunities, operating efficiencies and cost savings; overall advertising demand and traffic generated by Outbrain and the combined company’s media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of Outbrain and the combined company’s control, such as U.S. and global recession concerns; geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East; supply chain issues; inflationary pressures; labor market volatility; bank closures or disruptions; the impact of challenging economic conditions; political and policy uncertainties; and other factors that have and may further impact advertisers’ ability to pay; Outbrain and the combined company’s ability to continue to innovate, and adoption by Outbrain and the combined company’s advertisers and media partners of expanding solutions; the success of Outbrain and the combined company’s sales and marketing investments, which may require significant investments and may involve long sales cycles; Outbrain and the combined company’s ability to grow their business and manage growth effectively; the ability to compete effectively against current and future competitors; the loss or decline of one or more large media partners, and Outbrain and the combined company’s ability to expand advertiser and media partner relationships; conditions in Israel, including the ongoing war between Israel and Hamas and other terrorist organizations, may limit Outbrain and the combined company’s ability to market, support and innovate their products due to the impact on employees as well as advertisers and advertising markets; Outbrain and the combined company’s ability to maintain revenues or profitability despite quarterly fluctuations in results, whether due to seasonality, large cyclical events or other causes; the risk that research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of Outbrain or the combined company’s recommendation engine to accurately predict attention or engagement, any deterioration in the quality of Outbrain or the combined company’s recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on Outbrain and the combined company’s ability to collect, use and disclose data to deliver advertisements; Outbrain and the combined company’s ability to extend their reach into evolving digital media platforms; Outbrain and the combined company’s ability to maintain and scale their technology platform; the ability to meet demands on our infrastructure and resources due to future growth or otherwise; the failure or the failure of third parties to protect Outbrain and the combined company’s sites, networks and systems against security breaches, or otherwise to protect the confidential information of Outbrain and the combined company; outages or disruptions that impact Outbrain or the combined company or their service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which Outbrain and the combined company operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on Outbrain and the combined company’s business or strategy; and the other risk factors and additional information described in the section entitled “Risk Factors”, and under the heading “Risk Factors” in Item 1A of Outbrain’s Annual Report on Form 10-K filed with the SEC on March 8, 2024 for the year ended December 31, 2023, Outbrain’s Form 10-Q filed with the SEC on August 8, 2024 for the period ended June 30, 2024, Outbrain’s Form 10-Q filed with the SEC on November 7, 2024 for the period ended September 30, 2024 and in subsequent reports filed with the SEC.

    Accordingly, you should not rely upon forward-looking statements as an indication of future performance. Outbrain cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Outbrain and the combined company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. Outbrain undertakes no obligation, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    For more information, visit https://thenewteads.com/.

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com
    (332) 205-8999

    Non-GAAP Reconciliations

    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit, for the periods presented:

        Three Months Ended December 31, 2024   Year Ended December 31, 2024
        Outbrain   Teads   Combined   Outbrain   Teads   Combined
    Revenue   $ 234,586     $ 188,953     $ 423,539     $ 889,875     $ 617,435     $ 1,507,310  
    Traffic acquisition costs     (166,247 )     (69,091 )     (235,338 )     (653,731 )     (230,831 )     (884,562 )
    Other cost of revenue (a)     (12,277 )     (26,441 )     (38,718 )     (44,042 )     (106,414 )     (150,456 )
    Gross profit     56,062       93,421       149,483       192,102       280,190       472,292  
    Other cost of revenue (a)     12,277       26,441       38,718       44,042       106,414       150,456  
    Ex-TAC Gross Profit   $ 68,339     $ 119,862     $ 188,201     $ 236,144     $ 386,604     $ 622,748  

    ___________
    (a) Other cost of revenue for Teads is subject to accounting policy harmonization.

    The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

        Three Months Ended December 31, 2024   Year Ended December 31, 2024
        Outbrain   Teads   Combined   Outbrain   Teads   Combined
    Net (loss) income   $ (167 )   $ 69,613     $ 69,446     $ (711 )   $ 89,318     $ 88,607  
    Interest expense/financial costs     699     $ 116       815       3,649       1,176       4,825  
    Interest income and other income, net     (1,522 )   $ –       (1,522 )     (9,209 )     –       (9,209 )
    Gain related to convertible debt     –       –       –       (8,782 )     –       (8,782 )
    Other financial income and (expenses)     –       (13,973 )     (13,973 )     –       (26,404 )     (26,404 )
    Provision for income taxes     3,525       16,143       19,668       2,415       38,256       40,671  
    Depreciation and amortization     4,985       3,027       8,012       19,479       12,834       32,313  
    Share-based compensation     3,974       (28,089 )     (24,115 )     15,461       –       15,461  
    Severance costs     –       393       393       742       1,593       2,335  
    Merger and acquisition costs     5,469       4,930       10,399       14,256       5,890       20,146  
    Adjusted EBITDA, excluding synergies   $ 16,963     $ 52,160     $ 69,123     $ 37,300     $ 122,663     $ 159,963  
    The Company expects to realize approximately $65 – 75 million of annual synergies in the second full year following completion of the Acquisition. (midpoint)                         70,000  
    Combined company Adjusted EBITDA (incl. synergies)                       $ 229,963  

    1Represents estimated full year 2026 Adjusted EBITDA synergies, with further opportunities for expanded synergies in the following years. Ex-TAC Gross Profit and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Reconciliations” below.
    2Represents estimated full year 2026 Adjusted EBITDA synergies, with further opportunities for expanded synergies in the following years

    The MIL Network –

  • MIL-OSI United Kingdom: Transfer of homes from National Trust of Scotland to Perth and Kinross Council complete

    Source: Scotland – City of Perth

    Former NTS tenants will now become tenants of the Council and will enjoy a range of associated benefits as a result, including reduced rent levels and a 24-hour emergency repairs service.

    Council Leader, Councillor Grant Laing, visited Dunkeld today and met some of the tenants to mark the handover of their tenancy.

    The National Trust for Scotland, which cares for and shares Scotland’s heritage, has been responsible for the management of the residential homes, an office and two commercial units in Dunkeld since the 1950s.

    The charity stepped in to save the 17th and 18th century buildings, which were at risk of demolition, taking ownership, restoring the buildings and then letting them to tenants, preserving the unique historic character of Dunkeld town centre which is widely regarded as one of the most attractive in Scotland.

    The charity and Perth and Kinross Council have been working to transfer the homes into the ownership of the Council’s Housing Revenue Account since October 2024.

    Councillor Laing said: “I am delighted that the Council has taken ownership of these homes in a historic part of Dunkeld, securing their future and providing the local community with social housing for affordable rent. We have worked very hard with the National Trust for Scotland to make the transfer as seamless as possible for tenants. I would like to thank the National Trust for Scotland and the tenants for working positively and constructively with us over the last few months.

    “As a large social landlord we will be able to offer tenants lower levels of rent and access to the wide range of Council services enjoyed by all our other tenants, including 24-hour emergency repairs and a programme of investment that will see regular improvements made to the homes.

    “These properties will be a fantastic addition to the stock social housing for the people of Dunkeld, now and into the future.”

    Housing and Social Wellbeing Convener, Councillor Tom McEwan, also attended today. He added: “The tenants here will enjoy a secure tenancy that they can enjoy for as long as they want to, with regular investment to improve their homes to the highest standard possible.

    “I am very happy that we can now offer our services to our new tenants. We have also put arrangements in place that will see people with a connection to Dunkeld given priority consideration should a vacant tenancy arise in one of the properties.” 

    Stuart Maxwell, Regional Director for Edinburgh & East said: “The National Trust for Scotland has been proud to play a part in protecting Dunkeld for many decades and we are confident that these new arrangements will ensure the continued protection of this beautiful town and provide benefits to its tenants. Our conservation charity will continue to take an active role in ensuring that Dunkeld retains the nature, beauty and heritage that makes it so special.”

    MIL OSI United Kingdom –

  • MIL-OSI: OTC Markets Group Welcomes Digital Domain Holdings Limited to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Digital Domain Holdings Limited (Hong Kong Stock Exchange: 547; OTCQX: DDHLY), a global leader in visual effects and transformative experiences, has qualified to trade on the OTCQX® Best Market. Digital Domain Holdings Limited upgraded to OTCQX from the Pink® market.

    Digital Domain Holdings Limited begins trading today on OTCQX under the symbol “DDHLY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for trading on OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    “We are pleased with the upgrade to the OTCQX Market, as it underscores our commitment to transparency and strengthens investor confidence,” says William Wong, Executive Director and the CEO of Digital Domain. “This milestone reflects our ongoing strategy to build trust and provide sustainable, long-term value for our shareholders.”

    About Digital Domain Holdings Limited
    Digital Domain is a pioneer in creating transportive experiences. Over the last 30 years, the company has solidified its position as a leader in the visual effects industry, expanding its expertise in virtual humans and visualization on a global scale. Digital Domain boasts an impressive legacy that includes contributions to hundreds of feature films and television episodes, advertisements, game cinematics, and groundbreaking immersive experiences. Renowned for its creative innovation in cutting-edge technology, Digital Domain has delivered exceptional artistry to Academy Award-winning films such as “Titanic,” “What Dreams May Come,” and “The Curious Case of Benjamin Button.” The skilled artists at Digital Domain have collectively earned over 100 prestigious awards, including Academy Awards, Clios, BAFTA awards, and Cannes Lions.

    Digital Domain is listed on the Hong Kong Stock Exchange (Stock code: 547) and is headquartered in Hong Kong. Digital Domain maintains operations in multiple cities, including Los Angeles, Vancouver, Montreal, Beijing, Shanghai, Hyderabad, and more.

    To learn more about Digital Domain, visit www.digitaldomain.com.

    Digital Domain PR Contact:

    Kavita Smith
    Director of Marketing Communications and PR
    kavita@d2.com

    Angela Yang
    Sr. PR Manager
    angela.yang@ddhl.com

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Nuvini Group Limited Reports Strong Growth in First Half 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Nuvini Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), a leading acquirer of private SaaS B2B companies in Latin America, today announced its unaudited financial results for the first half of 2024, reflecting continued revenue growth, operational efficiencies, and financial resilience. The company will file a 6-K with the SEC today.

    Key Financial Highlights:

    • Operating Profit: R$14.2 million, a dramatic increase from R$0.3 million in the prior year period, demonstrating improved operational efficiencies and cost management.
    • Adjusted EBITDA: R$26.5 million, a 25% increase from R$21.2 million in H1 2023, reflecting improved profitability and disciplined cost control.
    • Net Revenue: R$92.2 million, a 12.5% increase compared to R$81.9 million in H1 2023.
    • Net Cash from Operating Activities: R$16.3 million, further reinforcing the Company’s ability to generate strong cash flow from its growing operations.

    “Nuvini’s H1 2024 results showcase our ability to drive sustainable growth and optimize operational performance,” said Pierre Schurmann, CEO of Nuvini. “We have made significant strides in improving profitability while continuing to expand our revenue base. Our disciplined acquisition strategy and operational enhancements are positioning Nuvini as a leader in the Latin American SaaS market.”

    Operational and Strategic Highlights:

    • Revenue Growth Across Portfolio: Increased customer retention and a growing client base contributed to the double-digit revenue growth.
    • Improved Cost Management: Sales and marketing expenses decreased by 11.6%, demonstrating greater efficiency in customer acquisition.
    • Enhanced Cash Flow: The Company’s strong net cash from operations of R$16.3 million further solidifies its ability to fund future growth initiatives.
    • Technology and Product Enhancements: Continued investments in AI-driven solutions and platform improvements, aimed at delivering enhanced value to customers.

    About Nuvini

    Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector. Its business philosophy is to invest in established companies and foster an entrepreneurial environment that would enable companies to become leaders in their respective industries. The Nuvini Group’s goal is to buy, retain and create value through long-term partnerships with the existing management of its acquired companies.

    Nuvini Investor Relations and Media Contact:

    Deb Toledo
    ir@nuvini.co

    Forward-Looking Statements

    Some of the statements contained in this press release include or may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Nuvini. There can be no assurance that future developments affecting Nuvini will be those that we have anticipated. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan,” “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this press release include, but are not limited to, statements about the ability of Nuvini to: realize the benefits expected from this strategic partnership; achieve projections and anticipate uncertainties relating to the business, operations and financial performance of Nuvini, including (i) expectations with respect to financial and business performance, including financial projections and business metrics and any underlying assumptions, (ii) expectations regarding market size, future acquisitions, partnerships or other relationships with third parties, (iii) expectations on Nuvini’s proprietary technology and related intellectual property rights, and (iv) future capital requirements and sources and uses of cash, including the ability to obtain additional capital in the future; enhance future operating and financial results; comply with applicable laws and regulations; stay abreast of modified or new laws and regulations applying to its business, including privacy regulation; anticipate rapid technological changes; and effectively respond to general economic and business conditions.

    While forward-looking statements reflect Nuvini’s good faith beliefs, they are not guarantees of future performance. Nuvini disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could cause Nuvini’s future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section “Risk Factors” of the Registration Statement in Form F-4 filed by Nuvini with the U.S. Securities and Exchange Commission on September 6, 2023 under number 333-272688. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Nuvini.

    The MIL Network –

  • MIL-OSI United Kingdom: Get free advice and support at Help at the Hub day in Lanesfield

    Source: City of Wolverhampton

    Help at the Hub will see a wide variety of city organisations offer advice and information. The event will take place on Tuesday 11 February between 11am and 2pm at Top Hall, Lanesfield Methodist Church, Laburnum Road, WV4 6PG.

    The event has been organised by officers at the council’s Public Protection Scams Team who will be handing out free scams awareness and prevention packs.

    Residents with concerns can speak with advisors from ACCI, Act on Energy, Alzheimer’s Society, Barclays, Carer Support, Cost of Living, Healthwatch, Neighbourhood Safety Co-ordinator, NHS Talking Therapies, Public Protection, Revenue & Benefits, SUIT, The Haven, The Sanctuary Hub, Welfare Rights, West Midlands Police, Wolves Foundation and Wolverhampton Homes.

    Residents are welcome to drop in and speak to any number of the organisations for free help and assistance.

    Councillor Bhupinder Gakhal, City of Wolverhampton Council’s cabinet member for resident services, said: “Incredibly, this is our 17th Help at the Hub event, and they have proven to be a real lifeline for residents.

    “By taking free advice and support out into our communities, we have been able to help people who may otherwise have found it trickier to speak to people in a face to face environment.

    “We know that these past few years have been difficult time for many residents and worries can build up. Please don’t struggle alone, join us on 11 February for a chat about your concerns.”

    Residents do not have to book an appointment but are asked to please be prepared to wait if the event is busy.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: 11.5 million file Self Assessment by 31 January deadline

    Source: United Kingdom – Executive Government & Departments

    Millions of taxpayers filed their Self Assessment tax return for the 2023 to 2024 tax year by the deadline.

    • More than 11.5 million taxpayers filed their Self Assessment tax return by midnight on 31 January.
    • 97.36% of tax returns were filed online.
    • 90.53% of expected filers filed their Self Assessment.

    More than 11.5 million taxpayers beat the Self Assessment deadline to file their tax return for the 2023 to 2024 tax year by 31 January and avoid a £100 late filing penalty, HM Revenue and Customs (HMRC) can reveal.

    The number of people who filed their return on deadline day was 732,498, with the most common time being 16:00 to 16:59 when 58,517 people filed. Thousands left submitting their return until the very last minute when 31,442 filed between 23:00 and 23:59.

    HMRC is urging anyone who has missed the deadline to file their tax return now and pay any tax owed. One of the quickest ways to pay is via the free and secure HMRC app. Time to Pay arrangements are available for those who cannot pay their tax bill in full. Late filing and late payment penalties are charged for failure to meet the deadline.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

    Thank you to the millions of people and agents who filed their Self Assessment tax return and paid any tax owed by 31 January. I’m urging anyone who missed the deadline, to submit their return as soon as possible to avoid any further penalties. Search ‘Self Assessment’ on GOV.UK to find out more.

    The penalties for filing a tax return late are:

    • an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
    • after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
    • after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
    • after 12 months, another 5% or £300 charge, whichever is greater

    There are also additional penalties for paying late – 5% of the tax unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late.

    If someone regularly sells goods or provides services through an online platform, they may need to pay tax on their income. Customers can find out more about selling online and paying taxes on GOV.UK by searching ‘online platform income’ or by downloading the HMRC app. The guidance will help them decide if their activity should be treated as a trade and if they need to complete a Self Assessment tax return.

    Further information

    Self Assessment 2025 facts summary:

    • 12,026,540 Self Assessment returns expected
    • 11,509,810 returns received by 31 January. This includes expected returns, voluntary returns and late registrations
    • 10,887,810 expected returns received by 31 January
    • An estimated 1.1 million customers missed the deadline
    • 11,205,810 returns were filed online (97.36% of returns, following adjustments)
    • 304,000 paper tax returns were filed (2.64% of returns, following adjustments)

    Voluntary returns/late registrations are an estimate based on returns received by early January and previous filing behaviour.

    These figures are indicative and may be subject to further adjustments once all figures have been ratified.

    Previous Self Assessment statistics:

    • 11,581,962 returns received for the 2022 to 2023 tax year by 31 January 2024
    • 11,351,289 returns received for the 2021 to 2022 tax year by 31 January 2023

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: TD launches bus safety roving exhibition with first stop at West Kowloon Government Offices (with photos)

    Source: Hong Kong Government special administrative region

    TD launches bus safety roving exhibition with first stop at West Kowloon Government Offices (with photos)
    TD launches bus safety roving exhibition with first stop at West Kowloon Government Offices (with photos)
    ******************************************************************************************

         The Transport Department (TD) will hold the “Safe Journey Begins with You and Me” bus safety roving exhibition at nine government buildings from today (February 3) to mid-May to feature the efforts of both the Government and franchised bus operators (FBOs) in improving bus safety and enhancing public awareness on passenger safety. Its first stop is the G/F Lobby, South Tower, West Kowloon Government Offices. Members of the public are most welcome to visit.     The Commissioner for Transport, Ms Angela Lee, said, “Franchised buses carry over 3.7 million passenger journeys per day on average, accounting for about 30 per cent of the total public transport patronage. Safe and convenient bus services are key to the public’s daily commuting. Enhancing the safety of franchised buses is the shared priority of the Government and FBOs. We are committed to improving bus and passenger safety through four major areas, namely bus captains and passengers, technology, safety performance management, and road safety, with a view to preventing accidents.”     The rich content of the exhibition panels and educational videos covers bus captains’ daily work to uphold passenger safety, passenger safety tips, Safety Performance Indicators drawn up by the TD to assess FBO’s performance, FBOs’ extensive application of technology to enhance bus safety as well as an array of road safety and bus-friendly measures implemented by the Government. Visitors can participate in quiz games on site and receive souvenirs.     The bus safety roving exhibition will be open from 9am to 7pm. Admission is free. Details are as follows: 

    Date
    Venue

    February 3 to 8
    G/F Lobby, South Tower, West Kowloon Government Offices

    February 10 to 15
    2/F, Harbour Building

    February 17 to 22
    G/F Lobby, Revenue Tower

    February 24 to March 1
    1/F, Trade and Industry Tower

    March 3 to 8
    G/F Lobby, North Point Government Offices

    March 10 to 15
    G/F Lobby, Cheung Sha Wan Government Offices

    April 14 to 18
    2/F, Tsuen Wan Government Offices

    April 28 to May 3
    G/F Lobby, Tung Chung Municipal Services Building

    May 12 to 16
    G/F Lobby, Tuen Mun Government Offices

         To engage with the community to promote bus safety, the TD has held interactive sharing sessions and game activities at primary schools and District Elderly Community Centres in various districts since late 2024, aiming to raise the awareness of students and the elderly on bus and pedestrian safety. Publicity has also been regularly rolled out via the Agent T Facebook page (www.facebook.com/AgentT.hk) in the past month. This exhibition is part of the TD’s series of bus safety promotion measures.

     
    Ends/Monday, February 3, 2025Issued at HKT 14:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    Source: Government of India (2)

    Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    India’s Aspirational Population Is No Less Than Nuclear Power, Emphasizes VP

    Budget Booster for Taxpaying Populace Has Generated Radiance All Around, Highlights VP

    Achieving Developed Nation Status Requires Eightfold Per Capita Income Rise, Asserts VP

    Chartered Accountants Must Nurture the Spirit of Economic Nationalism, says VP

    Vice-President Addresses 75th Annual Function of ICAI at World Forum of Accountants at New Delhi

    Posted On: 02 FEB 2025 9:32PM by PIB Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, today said, “There has been a budget booster and for me, there has been a Kumbh booster. The two are coupled.” He explained that the budget booster, particularly for the taxpaying populace, has generated radiance all around. Reflecting on his visit to the Kumbh Mela—an event of unparalleled consequence for humanity—he noted, “When I took the holy dip in an event that celestially occurs after 144 years, the population beyond America had already visited the place. Excellent Management!”

    Drawing a unique parallel, He further elaborated that world-level arrangements were evident at the Kumbh. “How in such a small area, such a large human congregation has been taken care of, reflects India’s inclusivity and peace within us,” he said. While acknowledging a mishap during the event, Shri Dhankhar praised the management’s swift and effective response: “The management thereof, the response was electric, nuclear. It was done in a moment.” He commended the health facilities, law and order arrangements, and the availability of helping hands, concluding, “I, therefore, as an Indian, take pride that we as a nation have come of age where such a large human gathering, infatuated by commitment to religiosity, sublimity, spirituality, and our civilizational ethos, has come together and peacefully handled situations. I salute everyone associated with such exemplary management.”

    Addressing the gathering at the 75th Annual Function of the Institute of Chartered Accountants of India (ICAI) at the World Forum of Accountants held at Yashobhoomi, New Delhi, the Vice-President observed that the people of India have now entered an aspirational mode. “This aspirational mode is premised on the fact that in the last decade, no nation has progressed as much on the development aspect as Bharat,” he stated. He pointed out that when people witness development, they naturally desire more, and this has converted one-sixth of humanity into the most aspirational population. “Therefore, this descending, demanding population is an asset. But it is also a challenge. If it is restive, it is a ticking time bomb. And if energy is channelised, it is no less than nuclear power,” he emphasized.

    He further highlighted that India has had an unparalleled and remarkable economic rise and upsurge, alongside significant infrastructure development, technology penetration, and deep digitization in the last few years. Amongst large economies, its growth stands out. He emphasized that an environment of hope and possibility is all-pervasive.

    Expressing his confidence in the role of professional bodies, Shri Dhankhar stated, “I strongly feel bodies like yours have the capacity to convert the youth dividend into nuclear power and keep it away from restive temperament.”

    Shifting focus to economic concerns, the Vice-President shared his apprehensions: “I am deeply concerned when I notice that when balance sheets shine, premised on avoidable imports, and finances blossom on raw material exports, the national economy bleeds as there is an avoidable drain of foreign exchange, loss of employment, and impeding of entrepreneurial growth.” He emphasized that this was a challenge that only the chartered accountants could address. “There is a need to imbibe the spirit of economic nationalism. As a distinguished class, chartered accountants are imminently positioned and suited to propagate and nurture this spirit of nationalism. Such an approach will be highly beneficial to the economy and save us billions in foreign exchange—billions of dollars—while creating millions of jobs and accounting for the growth of entrepreneurship,” he asserted.

    Recognizing the pivotal role of chartered accountants, Shri Dhankhar remarked, “As the architects of economic stability, watchdogs of financial integrity, and guardians of fiscal discipline, you are particularly enjoined to contribute optimally to the nation’s march towards unprecedented growth and prosperity.” He highlighted that in contemporary times, influencers from various walks of life matter significantly, but as a professional class, chartered accountants are the most potent influencers for transformative change in the economy.

    “There is no other class other than chartered accountants who can bring about revolutionary positive change in business ethics and business promotion,” he added. He further noted, “Your unique position at the intersection of business, finance, and governance enables you to bring about and catalyse reforms from the grassroots to the highest corporate achievements. You have the potential to be the nerve centre for big changes that will contribute to our economy.”

    Concluding his address, the Vice-President emphasized the challenge and importance of achieving developed nation status. “A challenge to be a developed nation has to be understood at your level,” he stated. He explained that while a developed nation status is not explicitly defined, certain global parameters can be identified. “In my modest understanding of economics, our per capita income has to rise eightfold. A daunting challenge, but achievable,” Shri Dhankhar affirmed.

    CA. N.D. Gupta, MP, Rajya Sabha, Shri P.C. Mody, Secretary-General, Rajya Sabha, CA. Ranjeet Kumar Agarwal, President, ICAI, CA. Abhinav Aggarwal, Chairman, NIRC and other dignitaries were also present on the occasion.

    ****

    JK/RC/SM

    (Release ID: 2099020) Visitor Counter : 15

    MIL OSI Asia Pacific News –

  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 4th quarter and 12 months 2024

    Source: GlobeNewswire (MIL-OSI)

    Fund manager’s comment

    Despite the challenging economic environment, EfTEN Real Estate Fund AS managed to increase both total rental income and portfolio EBITDA in 2024. The fund’s portfolio was expanded by two new logistics properties in the fourth quarter and we are also planning to expand in the nursing home segment. EfTEN Real Estate Fund AS is primarily a dividend share. The fund aims to distribute 1.1 euros of dividends per share for 2024. In the spring of 2025, the fund management plans to increase the financial leverage of investment properties that that are currently significantly below the financial leverage principles set out in the fund’s financing policy. While the usual leverage ratio of real estate funds in Europe is on average 50% of the market value of assets, EfTEN Real Estate Fund AS’s portfolio-wide LTV (Loan-to-value) was 40% at the end of 2024.

    For the first time since spring 2023, the weighted average interest rate on the fund’s bank loans has fallen below 5% by the end of the year. Due to the expected further decline in EURIBOR, the interest rate on the Fund’s loans will continue to decrease in 2025.

    The priority for 2025 is vacancy management. As of the end of the year, the portfolio’s total vacancy rate was 2.6%, with the office segment vacancy rate at 11.3%. This elevated vacancy in the office sector is primarily attributable to the ongoing renovation of the Menulio 11 office building in Vilnius, which alone accounts for 47% of the office segment’s total vacancy. In line with market expectations, the Menulio 11 office building fit-out will be changed to include smaller offices which are expected to be handed over to tenants in the first half of this year.

    After the balance sheet date, the tenant of the Laagri Hortes gardening center, which belongs to the fund’s subsidiary and was previously undergoing reorganization, filed for bankruptcy. Harju County Court accepted the tenant’s bankruptcy petition for processing, and the hearing is scheduled for March of this year. Given the strong market interest in the property, there are multiple alternatives for further action. The share of Laagri Hortes in the group’s consolidated real estate investments is less than 1%, and according to the group’s management, the tenant’s bankruptcy proceedings are not expected to cause a significant decrease in the fair value of the property. As of December 31, 2024, the free funds available in the subsidiary’s bank account cover the scheduled loan and interest payments for Laagri Hortes for the next 17 months.

    In November and December 2024, the fund carried out a secondary public offering of shares, raising a total of €11.8 million in capital at €19 per share.

    Financial overview

    EfTEN Real Estate Fund AS’ consolidated sales revenue for the fourth quarter of 2024 was 8.314 million euros, an increase of 211 thousand euros (2.6%) compared to the fourth quarter of 2023. EfTEN Real Estate Fund AS’ consolidated sales revenue for the first 12 months of 2024 was 32.238 million euros, an increase of 421 thousand euros (1%) compared to the previous year. The Group’s net rental income for the first 12 months of 2024 totalled 29.977 million euros, i.e. 369 thousand euros more than in 2023. The Group’s net profit for the same period was 13.564 million euros (2023: 1.0 million euros).

    The consolidated net rental income margin was 93% in 2024 (2023: same), thus costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and marketing costs accounted for 7% (2023: same) of sales revenue.
    The Group’s assets as of 31.12.2024 were 398.763 million euros (31.12.2023: 380.944 million euros), including the fair value of investment properties accounting for 94% of the assets (31.12.2023: the same). 
    Investment portfolio

    As of the end of 2024, the Group has 36 (31.12.2023: 35) commercial real estate investments, the fair value of which at the balance sheet date is 373.815 million euros (31.12.2023: 357.916 million euros) and the acquisition cost is 370.561 million euros (31.12.2023: 354.408 million euros). In addition to the investment properties owned by the Fund’s subsidiaries, the Group’s 50% joint venture owns the Palace Hotel in Tallinn, the fair value of which as of 31.12.2024 was 8.630 million euros (31.12.2023: 9.0 million euros).

    Investments in 2024

     The Group made investments in both new properties and the existing portfolio in 2024 totaling 21.6 million euros, including the acquisition of a logistics center in Tallinn, Härgmäe 8, by the Group’s subsidiary EfTEN Härgmäe OÜ in the autumn of 2024, paying a total of 8.8 million euros for the property, and the acquisition of a logistics center under development in Tallinn, Paemurru tee 3, by the Group’s subsidiary EfTEN Paemurru OÜ in the autumn of 2024, paying a total of 1.2 million euros for the property. In addition, the Group paid a total of 2.76 million euros for the development of the Paemurru logistics center in 2024.

    In 2024, the group completed the first phase of development at the Ermi nursing home in Tartu, where a total of 3.19 million euros were invested in the reporting year. In addition, construction on the C-building of the Valkla nursing home began, with investments reaching 788 thousand euros in 2024.

    Major investments in existing buildings were made in 2024 in the Saules Miestas shopping center, where the public areas were renovated for 1.8 million euros, and in the AirBaltic office building in Riga, where 665 thousand euros were invested in the building’s insulation work. Of the remaining investments, 1.6 million euros was spent on the reconstruction and modernization of rental spaces in various office buildings.

    Sales in 2024

    In September 2024, the Group sold the Tähesaju Hortes property for 4.675 million euros. Despite the payment difficulties of the tenant of the Tähesaju property, the Group earned nearly 300 thousand euros in net cash flow from the investment since its completion in 2018. The Group invested the funds received from the sale of the Tähesaju property in the acquisition of the Härgmäe logistics center.

    Rental income

    In 2024, the group earned a total of 31.076 million euros in rental income, which is 2% more than in 2023. Rental income increased the most in shopping centers. Rental income in the office segment decreased mainly due to the expiration of the lease agreement with the anchor tenant of the Menulio 11 office building in Vilnius and the related vacancy. In 2024, renovation works of the vacant rental premises in the Menulio 11 office building began, which are planned to be completed during 2025.
    The Group’s investment property vacancy rate per portfolio was 2.6% as of 31 December 2024 (unchanged from 31 December 2023). The highest vacancy rate was in the office segment (11.3%), where filling vacant rental properties has taken longer than previously expected.      

    Financing

    In the fourth quarter of 2024, two new subsidiaries of the fund, EfTEN Härgmäe OÜ and EfTEN Paemurru OÜ, signed loan agreements for the acquisition and development of real estate. In 2024, the fund’s subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended the loan agreements concluded with the bank. The loan agreements of six subsidiaries of the group will expire within the next 12 months, the balance of which as of 31.12.2024 was 20,380 thousand euros. The LTV of the expiring loan agreements ranges from 27% to 48%, and the real estate investments have a stable rental cash flow, therefore, according to the group’s management, there will be no obstacles to extending the loan agreements.

    The weighted average interest rate of the Group’s loan agreements as of 31.12.2024 was 4.89% (31.12.2023: 5.91%) and the LTV (Loan to Value) was 40% (31.12.2023: 42%). All loan agreements of the Fund’s subsidiaries were linked to a floating interest rate in 2024.

    The Fund’s interest coverage ratio (ICR) for loans was 3.0 in 2024. Due to the increase in EURIBOR in the first half of 2024 and the increase in liabilities, the interest coverage ratio was 10% lower than in 2023.

    Information on shares

    In the last quarter of 2024, the fund carried out a share issue, during which 620,544 new shares were subscribed for at a price of 19 euros, of which the nominal value was 10 euros and the share premium was 9 euros. A total of 11.79 million euros was raised during the issue, including an increase in the fund’s share capital by 6.205 million euros and a share premium of 5.585 million euros. There were 0.159 million euros in expenses directly related to the issue. As of 31.12.2024, the fund had 11,440,340 shares.

    The net asset value (NAV) of EfTEN Real Estate Fund AS shares as of 31.12.2024 was 20.37 euros (31.12.2023: 20.21 euros). EfTEN Real Estate Fund AS’s net asset value per share increased by 0.8% in 2024. The fund distributed dividends in the total amount of 10.82 million euros in April 2024. Without the distribution the net asset value of EfTEN Real Estate AS shares would have increased by 4.9% in 2024.

    During 2024, the group has earned free cash flow of 11.109 million euros (2023: 11.314 million euros), of which 8.887 million euros (77.68 eurocents per share) could be considered gross dividends according to the fund’s dividend policy The fund’s management plans to refinance bank loans in the spring of 2025, where the LTV (Loan-to-Value) has fallen significantly below the fund’s financing policy threshold, and the operating cash flow exceeds loan and interest payments by more than twice. According to the management’s estimate, the refinancing would allow to increase the distributed dividend up to 1.1 euros per share (net).

    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

      IV quarter 12 months
      2024 2023 2024 2023
    € thousands        
    Revenue 8,314 8,103 32,238 31,817
    Cost of services sold -337 -506 -1,569 -1,626
    Gross profit 7,977 7,597 30,669 30,191
             
    Marketing costs -203 -190 -692 -583
    General and administrative expenses -987 -978 -3,666 -3,546
    Profit / loss from valuation of investment properties 831 -7,759 -1,038 -13,941
    Other operating income and expense 1 -2 46 21
    Operating profit/loss 7,619 -1,332 25,319 12,142
             
    Profit / loss from joint ventures 53 -474 -118 -499
    Interest income 62 87 278 184
    Other finance income and expense -2,052 -2,277 -8,696 -7,970
    Profit before income tax 5,682 -3,996 16,783 3,857
             
    Income tax expense -2,222 -1,884 -3,219 -2,857
    Net profit for the reporting period 3,460 -5,880 13,564 1,000
    Net comprehensive profit for the reporting period 3,460 -5,880 13,564 1,000
    Earnings per share        
       – basic 0.32 -0.54 1.25 0.09
       – diluted 0.32 -0.54 1.25 0.09

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      31.12.2024 31.12.2023
    € thousands    
    ASSETS    
    Cash and cash equivalents 18,415 14,712
    Short-term deposits 2,092 3,400
    Receivables and accrued income 2,055 2,360
    Prepaid expenses 138 106
    Total current assets 22,700 20,578
         
    Long-term receivables 154 214
    Shares in joint ventures 1,960 2,078
    Investment property 373,815 357,916
    Property. plant and equipment 134 158
    Total non-current assets 376,063 360,366
    TOTAL ASSETS 398,763 380,944
         
    LIABILITIES AND EQUITY    
    Borrowings 25,625 16,907
    Liabilities and prepayments 3,245 3,417
    Total current liabilities 28,870 20,324
         
    Borrowings 123,795 130,849
    Other long-term liabilities 1,928 1,790
    Deferred income tax liability 11,097 9,283
    Total non-current liabilities 136,820 141,922
    Total liabilities 165,690 162,246
         
    Share capital 114,403 108,198
    Share premium 90,306 84,721
    Statutory reserve capital 2,799 2,749
    Retained earnings 25,565 23,030
    TOTAL EQUITY 233,073 218,698
    TOTAL LIABILITIES AND EQUITY 398,763 380,944

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    The MIL Network –

  • MIL-OSI USA: Congresswoman Lizzie Fletcher Celebrates Completion of Meyerland Area Flood Infrastructure Project

    Source: United States House of Representatives – Congresswoman Lizzie Fletcher (TX-07)

    Today, Congresswoman Lizzie Fletcher (TX-07) celebrated the completion of the Meyergrove Detention Basin with a ribbon cutting and walk through of the basin with Harris County Commissioner Rodney Ellis, Houston City Council Member Abbie Kamin, and Harris County Flood Control District Executive Director Dr. Tina Petersen.  Completed in December 2024, the Meyergrove Detention Basin is a 7.5-acre stormwater detention basin that will support water overflow for more than 27 million gallons of stormwater during heavy rain events to prevent flooding of nearby residences, commercial buildings, and roadways.  The project is a result of a partnership between the City of Houston, Harris County, Harris County Flood Control District, and Congresswoman Fletcher.

    “The Meyergrove Detention Basin project is a much-needed improvement in Texas’ Seventh Congressional District that will have a real impact on the people of this community, and I was so glad to join Councilmember Kamin, Commissioner Ellis, and Director Petersen today in celebrating its completion,” said Congresswoman Lizzie Fletcher.  “The Meyergrove Detention Basin reminds us why infrastructure investments are so important, what they can do, and why having government that works efficiently, effectively, and collaboratively is what we need, deserve, and can have.”

    “I am grateful for Congresswoman Fletcher’s bold leadership and her commitment to protecting our neighborhoods,” said Council Member Abbie Kamin.  “This project, years in the making, is an important step for a more resilient Houston.  As we tackle flood mitigation efforts head on, today is a reminder of how critical these dollars are for our community.  As we continue to push for progress, this project serves as an example of what is possible when we all work together to protect residents from extreme weather and flooding.”

    “This is so much more than a flood control project,” said Harris County Commissioner Rodney Ellis.  “This is an investment in public safety, quality of life, and access to green space for our community.  I am grateful to Congresswoman Fletcher and everyone who made this transformative project a reality.”

    “The completion of the Meyergrove Stormwater Detention Basin marks a major step in our efforts to reduce flood risks and build a more resilient community,” said Dr. Tina Petersen, executive director of the Harris County Flood Control District. “This project, made possible through strong partnerships and federal support, will provide critical stormwater storage to help protect homes and businesses. The success of this project is a testament to what we can achieve when we work together. We look forward to continuing this work, further strengthening flood mitigation for Harris County.”

    In 2021, Congresswoman Fletcher requested and secured nearly $10 million in federal funding to design and construct the Meyergrove Stormwater Detention Basin through the Community Funded Projects process in Congress.  The funding was included in the Funding for the People Act, a bipartisan government funding bill that funds essential programs and projects, including the Meyergrove Stormwater Detention Basin.  President Biden signed the bill into law on March 15, 2022.  Later that month, she held a press conference to highlight funding for this project.  In February 2024, Congresswoman Fletcher joined community leaders at the project’s groundbreaking.  In July 2024, although the project was not yet complete, the basin captured water during Hurricane Beryl that would have otherwise ended up in the streets. 

    The 24.31 square miles of flood reduction will benefit areas that have experienced repeated flooding events and severe damage, including from the Tax Day and Memorial Day Floods, and from Hurricane Harvey.  The basin is part of a 2018 Bond Project to reduce flooding in the area and will be located between Brays Bayou and North Braeswood Boulevard adjacent to Interstate 610. 

    MIL OSI USA News –

  • MIL-OSI USA: Dingell Requests Update from IRS on Employee Retention Tax Credit

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) today sent a letter to Internal Revenue Service (IRS) Acting Commissioner Douglas O’Donnell requesting answers regarding the slow pace of authorizing, processing, and disbursing the Employee Retention Tax Credit (ERC). The letter comes in response to concerns from local businesses who are depending on the program to retain employees.

    “As a pandemic-era relief program, eligible businesses and tax-exempt organizations could claim ERCs to assist with retaining employees,” Dingell wrote. “It is the end of January of 2025, marking nearly 5 years after the declaration of the COVID-19 pandemic and the subsequent enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which implemented this tax incentive program.”

    “A moratorium for new ERC claims was announced in September 2023, and it has had a clear impact on eligible businesses and tax-exempt organizations. It is known that the ERC program was a target for significant widespread fraud, which also affected other pandemic-era programs and led to the enforcement of the moratorium,” Dingell continued. “However, the moratorium has had a punitive effect on entities that are lawfully qualified for this program. Though the moratorium was initially implemented to prevent the processing of new claims, it appears that since September 2023, very little progress has been made on the unresolved ERC claims that were filed before the moratorium was implemented.”

    “Several of the businesses in my district have reported that without the refunds from their tax credit claims, they are in jeopardy of being able to retain their employees,” Dingell concluded. “I urge the Internal Revenue Service to conduct a comprehensive review of its current procedures and provide a detailed update on the steps being taken to ensure qualifying employers receive the credits guaranteed to them through the CARES Act. Thank you for your prompt attention to this matter.”

    Specifically, Dingell requested answers to the following questions:

    1. How many entities have claimed ERCs, especially in the past few tax years?
    2. Of those who have claimed ERCs, how many entities have received refunds?
    3. On August 8th, 2024, the IRS announced that it had identified 50,000 valid, low-risk ERC claims and would be moving them forward for payment processing in coming weeks. What is the status of this effort?
    4. The IRS additionally announced that the moratorium’s coverage had shifted, and that the agency would begin judiciously processing claims filed between September 14th, 2023, and January 31st, 2024. When can businesses expect this work to be completed?

    View the full text of the letter here. 

    MIL OSI USA News –

  • MIL-OSI USA: Trump Launches Trade War That Will Raise Prices, Hurt Jobs

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Trump Launches Trade War That Will Raise Prices, Hurt Jobs

    Bellevue, WA, February 1, 2025

    Today, Representatives Suzan DelBene (WA-01) and Don Beyer (VA-08) released the following statement after President Trump imposed sweeping tariffs on some of our largest trading partners.

    “President Trump just started a trade war that will raise prices on American families and invite retaliation against American businesses, workers, and farmers. This is a tax on everyday goods that will hit the pocketbooks of middle-class families at the grocery store, the gas station, and the pharmacy counter. Trump says this is a negotiating tactic, but everyday Americans and small businesses will suffer while he and his billionaire friends are insulated from the economic pain this will cause.

    “This is a blatant abuse of executive power. No president should unilaterally be able to put in place these broad-based tariffs that will have far-reaching economic impacts in communities across the country – Red, Blue, and everything in between. Congress must reassert its authority by reining in this egregious misuse of the law.”

    Background

    • Today, Trump put 25% tariffs on all goods from Canada and Mexico, with a 10% tariff on Canadian oil exports. He also placed a 10% tariff on Chinese goods.
    • These tariffs are similar to the ones Trump proposed on the campaign trail and are estimated to directly raise prices on consumer goods by $2,600 to $4,000 a year for the average American family.
    • The Wall Street Journal Editorial Board called Trump’s tariffs, “The Dumbest Trade War in History.”
    • Sen. Rand Paul posted today, “Taxing trade will mean less trade and higher prices.”
    • In January, DelBene and Beyer reintroduced legislation that would prevent the President of the United States from imposing import tariffs under the guise of a national emergency without Congressional approval.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Bush Joins Congresswoman Ramirez, Local Leaders Call for an End to the Tax Evasion Driving Puerto Rico’s Crisis of Displacement

    Source: United States House of Representatives – Congresswoman Cori Bush (MO-01)

    October 25, 2024

    Washington, D.C. (October 25, 2024) — Yesterday, Congresswoman Cori Bush (MO-01) joined Representatives Delia C. Ramirez (IL-03), Congresswoman Nydia Velázquez (NY-07) and Alexandria Ocasio-Cortez (NY-14), in announcing the introduction of United with Puerto Ricans Opposed to Act 22 Risks (UPROAR) Act. The UPROAR Act urges the Puerto Rican and federal governments to address Act 22 and stop the exploitation of federal tax loopholes that result in millions in lost revenues for local communities.

    Created to incentivize investment in the Puerto Rican economy, Act 22, now part of Act 60, has created a tax haven for American millionaires and billionaires, allowing them to avoid federal and local taxes. According to reports, Act 22 beneficiaries are raising housing costs and displacing Puerto Ricans, endangering important nature reserves and historical sites, destabilizing the island’s already weak electrical grid, and influencing local elections through unprecedented donations.

    Recently, the IRS revealed to Congress that 647 Americans who received the benefits of Act 22 paid $557,978,112 in federal taxes during the five years before moving to Puerto Rico, representing million-dollar losses for the federal government and the social programs that are supported by them. Likewise, the government of Puerto Rico estimates that the island will lose around $4.5 billion in income between 2020 and 2026 due to Act 22. 

    “I proudly join in solidarity with my colleagues and the advocates and community members from across the Puerto Rican diasporas who are speaking out against the Act 22 tax loophole,” said Congresswoman Bush. “This policy is a handout to wealthy tax evaders moving to Puerto Rico and could cost the island an estimated $4.5 billion in tax revenues from 2020 to 2026. The loophole has exacerbated the housing crisis and increased displacement of Puerto Rican residents. This Resolution is a crucial step toward protecting the future of Puerto Rico and its communities. It’s time for Congress to demand accountability for the tax evasion created by Act 22 while supporting the self-determination of the Puerto Rican people.”

    “As Congress prepares to debate the funds available for safety net programs, we must urgently address Act 22 in Puerto Rico and the exploitation of federal tax loopholes that allow wealthy Americans to avoid their responsibility to pay local and federal taxes. I am proud to join a community of organizers in my district and Puerto Rico to introduce a resolution that puts tax evaders on notice. Enough is enough,” said Congresswoman Ramirez. “From Puerto Rico to IL-03, our communities deserve accessible housing, access to their lands, and an economy and democracy that works for them.”

    “Act 22 has caused unprecedented damage in Puerto Rico, fueling displacement, rising prices, and reckless development across the island. At the same time, the law has led to tax avoidance on the mainland, depriving the federal government of billions of dollars of critical revenue. From the IRS to Congress, we need a whole of government approach to examine how this law is hurting Puerto Ricans and take action to mitigate its damage. I was proud to work with Representatives Ramirez and Ocasio-Cortez to elevate this issue and urge the federal government to increase oversight and transparency around this predatory law,” said Congresswoman Nydia M. Velázquez. 

    In addition to Congresswoman Bush, the resolution is cosponsored by Reps. Ro Khanna (CA-17), Raul Grijalva (AZ-07), Dan Goldman (NY-10), Adriano Espaillat (NY-13), Rashida Tlaib (MI-12), Barbara Lee (CA-12), Jim McGovern (MA-02).

    “Wealthy Americans moving to Puerto Rico are driving up the cost of living while not having to pay their fair share due to federal tax loopholes. I’m proud to join Congresswoman Ramirez to close these loopholes that are depriving Puerto Rico’s schools and infrastructure of critical funding,” said Congressman Ro Khanna. 

    The UPROAR resolution is endorsed by local, national, and Puerto Rican organizations like Alianza for Progress, Power 4 Puerto Rico, Puerto Rican Agenda, Puerto Rican Cultural Center, Losing Puerto Rico, El Otro Puerto Rico, the National Puerto Rican Agenda, Esperanza, Popular Democracy, Construyamos Otro Acuerdo, Ayuda Legal Puerto Rico, Sembrando Sentido, Coalición PR No Se Vende, Vamos PR, Sindicato Puertorriqueño de Trabajadores (SPT), Mi Patria, Boricuas Unidos en la Diáspora (BUDPR), New York Communities for Change (NYCC), Vocal New York, Churches United for Fair Housing (CUFFH), and Hedge Clippers.

    Read the full resolution here. 

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    MIL OSI USA News –

  • MIL-OSI USA: Strickland Statement on Tax Penalties Vote

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, D.C. – Today, Congresswoman Marilyn Strickland (WA-10) issued the following statement on her recent vote against the Stop Terror-Financing and Tax Penalties on American Hostages Act (H.R. 9495):

    “The Stop Terror-Financing and Tax Penalties on American Hostages Act is a pragmatic bill. It passed the Ways and Means Committee unanimously in September 2024 and has been voted on three times on the House floor since April 2024.

    My support for the underlying policy has been consistent as I firmly believe that Americans should not face tax penalties for being taken hostage by terrorists. Organizations that have clearly given ‘material support’ to terrorists should have their tax-exempt status revoked and they should not receive federal funding.  

    The president-elect’s decision to put forth several questionable cabinet nominees, however, has given me pause. There is justifiable concern that the appeals process set forth in H.R. 9495 would be misapplied by the incoming administration. That is why I voted NO on H.R. 9495 this week and will continue to do what’s best for my district, and our national security.”

    U.S. Representative Marilyn Strickland serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is whip for the Congressional Black Caucus, a member of the New Democrat Coalition, and one of the first Korean-American women elected to Congress.

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    MIL OSI USA News –

  • MIL-OSI USA: Strickland, Moore Introduce Bipartisan Legislation to Address Military Housing Affordability

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, DC –Today, Congresswoman Marilyn Strickland (D-WA-10) and Congressman Blake Moore (R-UT-01) introduced the Low Income Housing for Defense Communities Act of 2024, a bipartisan piece of legislation to address military housing affordability by diversifying housing options for servicemembers serving in high-cost areas.

    “Servicemembers and their families should be able to afford to live where they are stationed. This is important for their quality of life, and affects readiness,” said Congresswoman Marilyn Strickland. “This credit encourages the building of more affordable housing near large military installations.”

    “When I got onto the Ways and Means Committee, Clearfield Mayor Mark Shepherd approached me with an idea to address the housing affordability challenges burdening our lower-enlisted servicemembers. Since then, my team and I ran with his idea and drafted legislation that we are introducing today. The Low Income Housing for Defense Communities Act will bring much needed relief and productivity to military families serving near major bases. I am so grateful Mayor Shepherd approached me with this idea, and I’m proud of the work we’ve done advancing it to this point,” said Congressman Blake Moore. “Housing has become a national security issue, as it impacts the readiness of Hill Air Force Base (HAFB) in Utah’s First District. As hundreds of lower-enlisted servicemembers are struggling to afford housing near the base and officers are being forced to turn down assignments in Utah because of the difficult real estate market, this bill will spur development interest for Low-Income Housing Tax Credit construction near large installations like HAFB. I thank Congresswoman Marilyn Strickland (WA-10) for her partnership in introducing this bill, and I look forward to seeing this bill make a meaningful impact in the lives of our servicemembers in Utah and across the nation.”

    This legislation will diversify the housing options available to lower-enlisted servicemembers serving in high-cost areas while also creating an increased Low-Income Housing Tax Credit (LIHTC) for buildings located within 15 miles of large military installations. Reps. Moore and Strickland have partnered with local stakeholders to create an additional arm of the LIHTC program to stimulate developer interest in building affordable housing near military installations.

    “The introduction of the Low Income Housing for Defense Communities Act that Congresswoman Strickland co-sponsors addresses an acute affordable housing shortage impacting lower enlisted service members at Joint Base Lewis McChord,” stated Bill Adamson, Program Director for the South Sound Military & Community Partnership (SSMCP).

    “Across the nation, our military members continue to struggle with housing. Their Basic Allowance for Housing (BAH) continues to fall short of the rents in the surrounding communities, and as such, two, three and even four Airmen are forced to share an apartment so they can afford the rent. While there may be low-income housing in the areas surrounding the installations, the list of applicants for these units is long and the military members either won’t qualify because their BAH is included in their income calculations or they are so far down the list that they have been relocated to their next assignment before they make it to the top of the list,” said Clearfield Mayor Mark Shepard. “This bill will allow developers using Low Income Housing Tax Credits to build high quality rental units where the military members can have priority for the units. It also allows those military members to qualify for existing housing, in areas where it is available, by changing the income calculation to exclude their housing allowance. Having our military members who have volunteered to put their lives on the line to defend our nation live in sub-par housing, or struggle to afford food because all of their available income goes to housing, sends the wrong message to the military members and to the communities in which they live. I applaud Congressman Moore on his commitment to ensure our military members are treated with dignity and respect when it comes to their housing needs.”

    “We appreciate Congressman Moore’s attention to the growing affordable housing crisis, and his commitment to finding a solution based on what we know works – the Low-Income Housing Tax Credit,” said Emily Cadik, CEO of the Affordable Housing Tax Credit Coalition. “Military families are experiencing the same challenges finding affordable housing faced by millions of Americans, and expanding affordable housing supply through this proven program would provide sorely needed relief.”

    Background:

    Constrained by geographic limitations and military installation footprint, housing development around many growing defense communities is unaffordable for lower-enlisted service members. At the same time, the MILCON backlog and military dormitory crisis has resulted in servicemembers being forced off base to seek housing they cannot afford. Fueled by pandemic population shifts and Department of Defense programs at Hill Air Force Base, Utah experienced a 27% increase in housing costs and 18% increase in population in 2021 alone. Accordingly, approximately 70% of Joint Base Lewis-McChord’s population in Washington, which consists of nearly 55,000 personnel, live off base.

    The bill excludes BAH from the income calculation for LIHTC purposes. While BAH provides uniformed service members compensation based on housing costs in local markets, this provision would help military members secure housing in existing and future LIHTC properties for which they may not otherwise qualify. With anecdotal evidence suggesting that military members are hesitant to self-identify as “low-income,” the bill’s intent is to help classify lower-enlisted military members as low-income households.  

    The bill also provides any development within 15 miles of a qualifying military installation with a 30% “basis boost” under Section 42D of the Internal Revenue Code. This would encourage additional new LIHTC development near “Large Site” military bases such as Hill Air Force Base and Joint Base Lewis-McChord. “Large Sites” are defined in the DOD’s Annual Base Structure Report as having a total Plant Replacement Value of greater than $2.833 billion.

    The bill text can be found here.

    U.S. Representative Marilyn Strickland serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is whip for the Congressional Black Caucus, a member of the New Democrat Coalition, and one of the first Korean-American women elected to Congress.

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    MIL OSI USA News –