Category: Trade

  • MIL-OSI USA: Alabama Man Pleads Guilty in Connection with Securities and Exchange Commission X Account Hack

    Source: US State Government of Utah

    An Alabama man pleaded guilty today in connection with the January 2024 unauthorized takeover of the U.S. Securities and Exchange Commission (SEC)’s social media account on X, formerly known as Twitter, in which hackers posted a fraudulent message in the name of the then-SEC Chairman, temporarily causing the value of Bitcoin (BTC) to increase by more than $1,000.

    According to court documents, Eric Council Jr., 25, of Athens, conspired with others who took unauthorized control of the SEC’s X account and falsely announced that the SEC approved BTC Exchange Traded Funds, a decision highly anticipated by the market. Immediately following the false announcement, the price of BTC increased by more than $1,000 per bitcoin. Shortly after this unauthorized post, the SEC regained control over its X account and confirmed that the announcement was false and the result of a security breach. Following the correction, the value of BTC decreased by more than $2,000 per bitcoin.

    The conspirators gained control of the SEC’s X account through an unauthorized Subscriber Identity Module (SIM) swap carried out by Council. A SIM swap refers to the process of fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user’s SIM card to a SIM card controlled by a criminal actor. As part of the scheme, Council used an identification card printer to create a fraudulent identification card with a victim’s personally identifiable information obtained from his co-conspirators. Council used the fraudulent identification card to impersonate the victim and gain access to the victim’s cellular phone number for the purpose of accessing the SEC’s account. Council’s co-conspirators then accessed the account and posted in the name of the SEC Chairman. Council received payment in bitcoin from his co-conspirators for his role.   

    Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He is scheduled to be sentenced on May 16 and faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; U.S. Attorney Edward R. Martin Jr. for the District of Columbia; Special Agent in Charge Sean Ryan of the FBI Washington Field Office, Criminal and Cyber Division; and SEC Inspector General Deborah Jeffrey made the announcement.

    The FBI Washington Field Office and SEC Office of Inspector General are investigating the case.

    Trial Attorney Ashley Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section, Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section, and Assistant U.S. Attorney Kevin Rosenberg for the District of Columbia are prosecuting the case. Substantial assistance was provided by Cyber Fellow Paul M. Zebb III.

    For more information on SIM swapping, visit www.ic3.gov/PSA/2024/PSA240411.

    MIL OSI USA News

  • MIL-OSI Security: Alabama Man Pleads Guilty in Connection with Securities and Exchange Commission X Account Hack

    Source: United States Attorneys General 6

    An Alabama man pleaded guilty today in connection with the January 2024 unauthorized takeover of the U.S. Securities and Exchange Commission (SEC)’s social media account on X, formerly known as Twitter, in which hackers posted a fraudulent message in the name of the then-SEC Chairman, temporarily causing the value of Bitcoin (BTC) to increase by more than $1,000.

    According to court documents, Eric Council Jr., 25, of Athens, conspired with others who took unauthorized control of the SEC’s X account and falsely announced that the SEC approved BTC Exchange Traded Funds, a decision highly anticipated by the market. Immediately following the false announcement, the price of BTC increased by more than $1,000 per bitcoin. Shortly after this unauthorized post, the SEC regained control over its X account and confirmed that the announcement was false and the result of a security breach. Following the correction, the value of BTC decreased by more than $2,000 per bitcoin.

    The conspirators gained control of the SEC’s X account through an unauthorized Subscriber Identity Module (SIM) swap carried out by Council. A SIM swap refers to the process of fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user’s SIM card to a SIM card controlled by a criminal actor. As part of the scheme, Council used an identification card printer to create a fraudulent identification card with a victim’s personally identifiable information obtained from his co-conspirators. Council used the fraudulent identification card to impersonate the victim and gain access to the victim’s cellular phone number for the purpose of accessing the SEC’s account. Council’s co-conspirators then accessed the account and posted in the name of the SEC Chairman. Council received payment in bitcoin from his co-conspirators for his role.   

    Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He is scheduled to be sentenced on May 16 and faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; U.S. Attorney Edward R. Martin Jr. for the District of Columbia; Special Agent in Charge Sean Ryan of the FBI Washington Field Office, Criminal and Cyber Division; and SEC Inspector General Deborah Jeffrey made the announcement.

    The FBI Washington Field Office and SEC Office of Inspector General are investigating the case.

    Trial Attorney Ashley Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section, Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section, and Assistant U.S. Attorney Kevin Rosenberg for the District of Columbia are prosecuting the case. Substantial assistance was provided by Cyber Fellow Paul M. Zebb III.

    For more information on SIM swapping, visit www.ic3.gov/PSA/2024/PSA240411.

    MIL Security OSI

  • MIL-OSI Europe: Press release – President Metsola: “Örebro shooting was a senseless act of violence”

    Source: European Parliament 3

    President Metsola opened the 10-13 February session with a minute’s silence for the victims of last week’s shooting in Örebro – the worst in Sweden’s history.

    Örebro Shooting

    Calling on MEPs to observe a minute’s silence for the victims of the mass shooting at Risbergska school in Örebro on Tuesday 4 February 2025, President Metsola called the tragedy “a senseless act of violence that claimed innocent lives, shattering families, and scarring communities. Europe mourns those who have been lost, and our thoughts are with their loved ones, with all those who have been injured, and with the people of Sweden in this moment of profound sorrow.” She added that “hatred and violence have no place in Europe. The values that unite us – peace, democracy, and the dignity of human life – will always prevail.”

    Three years since Russian invasion of Ukraine

    President Metsola marked the third anniversary of Russia’s full-scale invasion of Ukraine by saying that “Ukraine remains resilient. And this Parliament stands with it.” President Metsola informed MEPs that Parliament will welcome Chairman Ruslan Stefanchuk of the Verkhovna Rada on Tuesday 11 February to mark this sombre anniversary.

    Interruptions during International Holocaust Remembrance Day

    Referring to interruptions that took place during Parliament’s solemn session on 29 January 2025 to honour International Holocaust Remembrance Day, President Metsola extended her deepest apologies for the “disgraceful” incident. “The gravity of such behaviour cannot be overstated. It is a stark reminder of why remembrance is not just a symbolic act, but a fundamental duty that this Parliament – that we all must – uphold,” she said. “The appropriate consequences will be drawn after the relevant procedures are followed. I thank all of you for being present that day.”

    Changes to the agenda

    MONDAY

    Parliament’s statements on the Situation in Sweden in the midst of the recent mass shooting in Örebro, with one round of political group speakers, is added as the first point today.

    TUESDAY

    A formal sitting with an address by Ruslan Stefanchuk, Speaker of the Verkhovna Rada of Ukraine, is added at 12:00. As a consequence, the voting session will start at 12:30.

    THURSDAY

    The order of debates in the morning is changed as follows:

    • the debate on EU-Mercosur Trade Agreement is taken as the first point on the agenda, whereas
    • the debate on Threats to EU sovereignty through strategic dependencies in communication infrastructure follows as the second point.

    Request by several committees to start negotiations with Council and Commission

    Decisions by committees to enter into inter-institutional negotiations (Rule 71) are published on the plenary website.

    If no request for a vote in Parliament on the decision to enter into negotiations is made by Tuesday at midnight, the committees may start negotiations.

    MIL OSI Europe News

  • MIL-OSI USA: Federal Court Orders Florida Man to Pay Over $7.6 Million for Digital Asset Fraud

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Massachusetts entered a consent order against Randall Crater of Heathrow, Florida. 
    The order requires Crater to pay over $7.6 million in restitution to defrauded victims in connection with his digital asset fraud scheme, with dollar-for-dollar credit for restitution payments to victims in satisfaction of the restitution ordered in a parallel criminal action. The order also imposes a permanent injunction against Crater and bans him from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests or digital asset commodities, and registering with the CFTC. 
    The consent order finds from at least January 2014 through January 2018, Crater, together with other defendants named in CFTC’s amended complaint, operated a digital asset scheme in which they fraudulently offered the sale of a fully functioning virtual currency, My Big Coin, a commodity in interstate commerce. 
    Crater obtained more than $7.6 million from at least 28 customers through fraudulent solicitations, including false and misleading claims and omissions about MBC’s value, use and trade status, and that MBC was backed by gold. He spent the misappropriated money to purchase, among other things, a home, antiques, fine art, jewelry, and other luxury goods.
    The consent order resolves the claims against Crater in the CFTC’s enforcement action against him and co-defendants Mark Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., John Roche, and Michael Kruger. [See CFTC Press Release 7678-18.] The enforcement action remains pending against the co-defendants.
    The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure wrongdoers are held accountable.
    Parallel Criminal Action
    On Jan. 18, 2022, a grand jury returned an eight-count superseding indictment charging Crater with wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business based on the same conduct alleged in CFTC’s amended complaint. [United States v. Randall Crater, No. 1:19-cr-10063-DJC (D. Mass. Jan. 18, 2022)).] Crater was found guilty of those charges on July 21, 2022, and was sentenced to over eight years in prison and ordered to pay $7.6 million in restitution to defrauded customers and to forfeit $7.6 million, which represented the proceeds he received from his violations.
    The CFTC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, the U.S. Department of Justice Criminal Division’s Fraud Section, and the FBI.
    Division of Enforcement staff responsible for this case are Traci Rodriguez, Jonah E. McCarthy, Patricia Gomersall, Daniel Ullman II, Paul G. Hayeck, and former staff members Jason Mahoney, John Einstman, Kyong J. Koh, and Hillary Van Tassel.

    MIL OSI USA News

  • MIL-OSI: Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 January 2025

    Paris, 10 February 2025 – 17.45

    Total Number of
    Shares Capital
    Theoretical Number of Voting Rights1 Number of Real
    Voting Rights2
    150,179,792 150,179,792 149,405,017

    (1)   including own shares
    (2)   excluding own shares

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    About Coface

    COFACE SA is a société anonyme (joint-stock corporation), with a Board of Directors (Conseil d’Administration) incorporated under the laws of France, and is governed by the provisions of the French Commercial Code. The Company is registered with the Nanterre Trade and Companies Register (Registre du Commerce et des Sociétés) under the number 432 413 599. The Company’s registered office is at 1 Place Costes et Bellonte, 92270 Bois Colombes, France.

    At the date of 31 December 2024, the Company’s share capital amounts to €300,359,584, divided into 150,179,792 shares, all of the same class, and all of which are fully paid up and subscribed.

    All regulated information is available on the company’s website (http://www.coface.com/Investors).

    Coface SA. is listed on Euronext Paris – Compartment A
    ISIN: FR0010667147 / Ticker: COFA

    Attachment

    The MIL Network

  • MIL-OSI Security: Smyrna Man Sentenced to 20 Years in Federal Prison on Child Exploitation Charges

    Source: Office of United States Attorneys

    NASHVILLE – Peter Allen Snyder, 43, of Smyrna, Tennessee, was sentenced last Thursday to 20 years in federal prison after having pled guilty to one count of sexual exploitation of a minor and one count of distribution of child pornography, announced Robert E. McGuire, Acting United States Attorney for the Middle District of Tennessee. Snyder also is required to register as a sex offender.

    “One of our office’s highest priorities is the aggressive prosecution of crimes against children,” said Acting United States Attorney Robert E. McGuire. “We will seek to hold these criminals accountable in order to protect the most vulnerable members of our community.”

    According to court records, on November 21, 2019, Snyder created at least nine sexually explicit images of the Minor Victim on his cell phone which depicted her naked from the waist down. Snyder’s hand was visible in one of the images.  Snyder later distributed these photographs through the internet. The creation and distribution of these sexually explicit images came to light in December 2021, when Yahoo submitted a CyberTip to the National Center for Missing and Exploited Children regarding the possession and distribution of child sexual abuse material. The CyberTip contained twenty-five images of child sexual abuse material, including nine of the Minor Victim, which had been sent by e-mail from a Russian-based e-mail service, with the subject header reading “Trade.”

    The images of the Minor Victim contained gps data confirming the images were produced at or near the vicinity of Snyder’s residence in Cannon County.  These images also included data about the cell phone used to create the sexually explicit images of the Minor Victim.  When Snyder was questioned about the cell phone following his arrest, he said he had disposed of it at a recycling kiosk.

    After serving his sentence, Snyder will be on supervised release for the remainder of his life.

    This case was investigated by Homeland Security Investigations, the Tennessee Bureau of Investigation, and the Woodbury Police Department. Assistant U.S. Attorney Monica R. Morrison prosecuted the case.

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    MIL Security OSI

  • MIL-OSI USA: Federal Court Orders New York Resident to Pay Over $1.5 Million in Digital Assets Trading Scheme

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for the Eastern District of New York entered an order against Rashawn Russell, a New York resident, in a CFTC action charging Russell with fraudulent solicitation and misappropriation of investor assets obtained for the purported purpose of trading digital assets on behalf of customers. 
    The order requires Russell to pay over $1.5 million in restitution to defrauded victims. The order also permanently enjoins Russell from engaging in conduct that violated the Commodity Exchange Act and CFTC regulations, as charged, permanently bans him from registering with the CFTC and from solicitation for and trading in any CFTC-regulated markets on behalf of third parties, and bans him from trading for himself for a period of eight years. The order resolves the CFTC’s action against Russell.  [See CFTC Press Release No. 8686-23]       
    Case Background
    The order, stemming from a CFTC complaint filed April 11, 2023, finds from November 2020 to August 2022 Russell engaged in a fraudulent digital assets trading scheme in which he solicited more than two dozen retail customers to contribute bitcoin, ether, and fiat currency to invest in his purported proprietary digital assets trading fund. The order further finds Russell intentionally and/or recklessly made false and misleading statements regarding the fund’s structure, size, and performance to obtain and retain investors; failed to trade the money and assets as represented; and, falsely promised to pay withdrawal requests. The order finds Russell misappropriated over $1.5 million in customers assets through his fraudulent scheme, which he used, among other things, to pay personal expenses, entities associated with gambling activities, and Ponzi-like payments to current customers. 
    Parallel Criminal Action
    On Sept. 19, 2023, Russell pled guilty to one count of wire fraud arising from the same digital assets trading scheme alleged in the CFTC’s complaint and to one count of access device fraud arising from unrelated conduct.  [United States v. Rashawn Russell, Case No. 23-CR-152 (E.D.N.Y. 2023)] Russell was subsequently sentenced to over three years in prison, an additional term of three years of supervised release, and ordered to pay over $1.5 million in restitution to the victims of his trading scheme.
    The CFTC appreciates the assistance of the Department of Justice, Fraud Section.
    Division of Enforcement staff responsible for this case are Rebecca Jelinek, Steve Turley, Tom Simek, Chris Reed, and Charles Marvine. 

    MIL OSI USA News

  • MIL-OSI USA: Gov. Kemp Announces 104 Appointments to Boards, Authorities, and Commissions

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced 104 appointments and reappointments to various state boards, authorities, and commissions.

    Board of Regents of the University System of Georgia

    Patrick Jones was reappointed. 

    Thomas Chris Cannon is a business owner, business leader, and an active member of the Albany community and the State of Georgia. Early in his career, Cannon was the President and Chief Operating Officer of an entity that had varied business interests throughout Georgia, including a multi-divisional Caterpillar Tractor Distributorship, corporate farming operations and real estate development. In 1992, Cannon founded and developed a business group whose mission was to provide a variety of environmental services to businesses and city and county governments in Georgia, Florida, and Alabama. The business group consisted of a multi-location residential and commercial waste service company, a petroleum equipment company, a solid waste landfill developer and operator, and an environmental consulting and remediation firm. In 1998, Cannon completed a merger transaction of his waste service company with a publicly traded company – Waste Industries – based in Raleigh, North Carolina. For several years, Cannon served on the board of directors of the publicly traded company, until 1992 when he sold his shares in Waste Industries to pursue other business interests. Also in 1992, he founded Flint Holdings, Inc. Today, Cannon continues to own and operate Flint Equipment Company consisting of Flint Ag and Turf, Flint Power Systems, and Barber Petroleum Equipment Company. Over the years, Cannon has served as the president of many civic organizations, including the Albany Technical College Foundation Board, the Albany YMCA Board, and the Boys and Girls Club Board. He also served on the boards of the Darton College Foundation, the State of Georgia Department of Industry and Trade, NoVab Inc., Waste Industries Inc., Deerfield Windsor School, the Governors Council on Economic Development, the Georgia Mining Association, the Albany Museum of Art, Nations Bank, and regional Sun Trust Bank. Cannon is a graduate of the University of Georgia with a B.S.A. degree in Business. He has two children that are active in the businesses and continues to reside in Albany.

    Haynes (Maier) Studstill is a partner in the Valdosta law firm Studstill Firm, LLP, where her practice is focused on representing individuals and families in disputes with insurance companies. Studstill is originally from Rome, where she attended Darlington School before graduating the Culver Academies in Culver, Indiana. She earned her B.S. degree from Vanderbilt University in human & organizational development. After graduating from Vanderbilt, Haynes worked in the journalism industry for several years. She worked at WRC-TV/NBC4 in Washington, D.C. and NBC-affiliate WSMV in Nashville, Tennessee. She also served as the life editor of The Brunswick News before joining her uncle, William S. Morris, III, of Augusta, at his equine publications, Quarter Horse News and Barrel Horse News, in Fort Worth, Texas. Morris is a former regent, as is his father and Haynes’s grandfather, William S. Morris, Jr., thus making Haynes the 3rd generation in her family to serve the University System of Georgia on the Board of Regents. Studstill attended Mercer University’s Walter F. George School of Law, where she met her husband, Justin D. Studstill. She and Justin both graduated from Mercer. She is a former barrister in the William Augustus Bootle Inn of Court. Studstill clerked for the Hon. C. Ashley Royal in the U.S. District Court for the Middle District of Georgia and worked as an associate for King & Spalding, LLP in Atlanta, before joining her father-in-law, Danny Studstill, and her husband in practice in South Georgia at the Studstill Firm, LLP.  She currently serves as a board member on the State Botanical Garden of Georgia Board of Advisors in Athens and on the Judicial Nominating Commission, having been appointed by Gov. Kemp in 2021. She also serves as a Special Master, appointed by the Georgia Supreme Court, on attorney discipline cases. She is the immediate past president of the Valdosta Bar Association, and former president of both the Alapaha Judicial Circuit Bar Association and the Valdosta Chapter of the Georgia Association of Women Lawyers (GAWL). She is a former board member of: Vanderbilt University Peabody College Young Alumni Board; the Museum of Arts & Sciences in Macon; SafeKids Lowndes County; and The Verdict magazine of the Georgia Trial Lawyers Association (GTLA). She has been admitted to practice in all State Appellate Courts in Georgia, all U.S. District Courts in Georgia, and the Supreme Court of the United States. She and her husband have four children and live in Lakeland, Georgia.

    State Board of Pardons and Paroles

    Robert Markley is a dedicated and experienced law enforcement professional with a proven track record of leadership and service to the community. Markley served as the elected Sheriff of Morgan County from 2001 to 2024, overseeing all aspects of law enforcement operations. Prior to his role as Sheriff, Markley held various positions within the Morgan County Sheriff’s Office, including jailer, patrolman, investigator, and administrative officer. Committed to maintaining public safety, upholding the law, and fostering positive community relationships. During his tenure as Sheriff, he served as member of the Board of Trustees for the Sheriffs’ Retirement Fund of Georgia.

    Georgia Composite Medical Board 

    Judy Lynn Gardner and Barby J. Simmons were reappointed.

    Board of Natural Resources

    Nancy Addison was reappointed. 

    Mike Peavy is a native of Hawkinsville, Georgia, and is a graduate of the University of Georgia. After teaching for several years, he transitioned into concrete and masonry supply sales, ultimately joining Cherokee Brick. At Cherokee, Peavy became vice president of sales and later assumed the role of president in 2008. In 2021, Peavy was named president of CBEL, the parent company overseeing Cherokee Brick, Cherokee Block, Cherokee Masonry, Stratton Stone and other complimentary businesses. With a history of leadership in the industry, Peavy served many years on the Brick Industry Association (BIA) Board, BIA Region 9 and as past president of Brick Southeast. He currently serves on the Georgia Mining Association (GMA) board and the Southeast Concrete Masonry Association (SCMA). Peavy resides in Macon with his wife, Kate. They have two children and are awaiting the arrival of twin granddaughters on the way.

    Georgia Peace Officer Standards and Training Council

    Andy Hester and Ray Paulk were reappointed.

    State Board of Education

    Leonte Benton and Rich Valladares were reappointed. 

    Courtney Dove attended the University of Georgia where she earned a B.A. in political science and master’s in teaching. She went on to teach United States history, world history, government and Georgia studies at Winder-Barrow High School and Dodgen Middle School. She has served as department chair and a county representative of her department. Dove has also worked at Riverstone Church as the preschool and kindergarten lead and regularly volunteers at her children’s schools in various capacities. Additionally, she advocates for congenital heart defect awareness and serves as a heart swap chair for Children’s Healthcare of Atlanta.  Courtney lives in Marietta with her husband David and their three children.

    Kristi Garrett has been with RA-LIN & Associates, Inc. since 2008, where she is the chief marketing officer. A graduate of Auburn University with a degree in business administration-marketing, Garrett initially worked in the healthcare industry before taking time to focus on her family. In 2018, she became a managing partner of Southern Home & Garden/ACE Hardware until its sale in 2021. At RA-LIN, she focuses on building relationships, fostering growth, and inspiring success. Beyond her professional career, Garrett is a dedicated community leader, serving on the Carroll County Chamber Board, the Tanner Foundation Board of Trustees, and participating in local organizations. A Carrollton, Georgia native, Garrett is married to Ben Garrett, and together they have four children. 

    Melanie Stockwell has had a longstanding passion for Georgia public education, beginning with her role as general counsel for the Department of Education from 1996 to 2003. She then served in various capacities in the Georgia State Senate, including as chief of staff to President Pro Tempore Eric Johnson, where she provided legal counsel and policy expertise, particularly in education. After her time in the Senate, Stockwell worked on policy initiatives for political candidates and later held a position at the Georgia Department of Labor before leaving full-time work in 2013 to focus on family. She became deeply involved in school volunteering, serving on PTSA boards and local school councils. After her youngest child graduated, she worked as a front desk receptionist at Lakeside High School for five years, supporting teachers and administrators. She holds a B.A. in political science from Carson-Newman College and a law degree from the University of Virginia. Melanie and her husband, Mitch, reside in DeKalb County with their two young adult children.

    Lake Lanier Islands Development Authority

    Alan Gravel and Stephen Syfan were reappointed.

    Walter “Bill” Frobos is CEO and one of the owners of Lanier Treatment Center. He graduated from the University of Georgia with a B.S.A. Frobos worked for Leon Farmer & Co. for 20 years in management and marketing. He is also a licensed real estate agent with Southern Heritage Land Co. In 2005, he saw a need to help those that had inadvertently became addicted to opiates. Frobos founded Lanier Treatment Center with a local physician and another business partner to offer medication assisted treatment. His goal and philosophy have always been to focus on providing the best outpatient treatment by using quality and well-trained counselors to help the clients to live a healthy, sober life.

    Georgia Council on Aging

    Kenneth Brooks, Maureen Kelly, Ruth Lee, Patricia Lyons, Adrienne Mims, and Ashton Windham were reappointed. 

    Pamela Cushenan is an experienced dental hygienist and educator based in Marietta, Georgia. She holds an associate of science in dental hygiene from Tennessee State University and MeHarry Medical College, a bachelor’s and master’s in health arts and training & development from the University of St. Francis, and a graduate certificate in Gerontology from Georgia State University. With over 30 years of experience in dental hygiene, Cushenan has served in various clinical roles, from private practice to teaching at Georgia State University, where she has been a faculty member since 2005. She is involved in numerous professional organizations, including the Georgia Dental Hygienists’ Association (GDHA) and the Special Care Dentistry Association (SCDA), where she has held leadership positions. Her research contributions include serving as principal investigator on studies related to oral health and aging, and she has received several accolades for her work, including the Georgia Dental Award of Merit and the 2020 Carl V. Patton President’s Award for Community Service & Social Justice. Cushenan is passionate about advancing dental hygiene through education, advocacy, and specialized care for seniors and individuals with special needs.

    Elizabeth Schulze is the long-term care ombudsman program coordinator and CEO of North Georgia Programs and Services. In her role, she advocates for long-term care residents through routine facility monitoring, facility consultation, providing information and assistance to the public and other agency officials, training for facility staff, and community education. Schulze has a bachelor’s in biology and is working towards her Master of Public Administration at the University of Georgia. While earning her undergrad degree, Schulze worked as a caregiver for people with developmental disabilities and older adults. Her interest in the aging population deepened during her time as a caregiver in Assisted Living and Nursing Homes, which led her to earn an A.S. in Gerontology. She has previously held positions as program coordinator at Athens Community Council on Aging and as a Medicaid case manager for an Oregon Area Agency on Aging.

    Board of Juvenile Justice

    Danny Lee Blackmon and Sandra Heath Taylor were reappointed.

    Gary McGiboney is executive director of the government and education program with Sharecare. Prior to his role at Sharecare, McGiboney worked for over 30 years in the advancement of education and educational services as the Deputy Superintendent at the Georgia Department of Education and as the Deputy Superintendent of Support Services for Dekalb County Schools. McGiboney has a Ph.D. in psychology from Georgia State University. Throughout his career, he has been the recipient of many awards and accolades. McGiboney currently serves on the Council of Alcohol and Drugs.

    Western Circuit Public Defender Supervisory Panel 

    William “Billy” Rennie graduated from the University of Georgia in 2005 with a degree in speech communications and the University of Georgia School of Law in 2011. Billy began his legal career representing indigent defendants in Athens-Clarke and Oconee Counties. In 2014, Rennie opened the Law Office of William R. Rennie, LLC and joined the Law Office of Russell W. Wall, LLC as of counsel, working primarily as the firm’s lead litigator. Rennie has won jury trials in Athens-Clarke, Oconee, Greene, Morgan, Putnam, Oglethorpe, and other surrounding Counties. He is a graduate of and a former facilitator for the Oconee Chamber of Commerce’s Leadership Oconee program, and previously served on the Oconee County Chamber of Commerce’s Board of Directors, the Oconee County Arts Foundation’s Board of Directors, and the University of North Georgia Advisory Board. Billy’s hobbies include golf, soccer, and reading. He lives in Watkinsville with his wife and daughters.

    Coweta Circuit Public Defender Supervisory Panel

    Brian Lewis is a partner with the Kam, Ebersbach and Lewis, P.C Law Office and has been practicing there for over 20 years. He specializes in plaintiff personal injury and criminal defense. Before going into private practice, he served as an assistant district attorney for the Cowette Judicial Circuit. Lewis has a bachelor’s in finance and real estate, and a Juris Doctorate from the Emory School of Law. He is an active member of St. Paul’s Episcopal Church in Newnan, where he served two terms as senior warden and currently serves as the chair of the Strategic Planning Committee. Brian is a member of the Board of Trustees for The Heritage School and is the chair of the Governance Committee, is a former chairman of the Board of Trustees for the Carolyn Barron Montessori School in Newnan, and supports local organizations and charities, such as The Coweta Samaritan Clinic, One Roof, Coweta Food Pantry, and the Lindsey Riggs Memorial Foundation.

    Georgia Board of Private Detective and Security Agencies

    Pamela Griggs, Tripp Mitchell, and Joel Peacock were reappointed. 

    David Sawyer is a forensic accountant and financial crimes investigator with extensive experience in both civil litigation and criminal prosecution. Sawyer currently works for Sawyer & Company as a private investigator. With over 300 investigations involving fraud, corruption, financial damages, and various legal disputes, he has provided expert witness testimony in more than 20 cases. He has also contributed to the development of software designed to detect fraud, waste, and white-collar crime, and has advised on global initiatives to combat issues such as economic espionage, terrorist financing, and money laundering. Sawyer attended the University of Auburn and received a bachelor of science in accounting. He has had roles as a partner at a top 50 regional CPA/advisory firm and a managing consultant with two big four accounting firms. He also has experience as an internal auditor for Fortune 500 companies. Additionally, Sawyer is a licensed private investigator. He is an active member of several professional organizations, including the Georgia Chapter of Certified Fraud Examiners, the Georgia Society of CPA’s Fraud and Forensic Services Advisory Council, and the Association of Certified Anti-Money Laundering Specialists (ACAMS). He also serves as co-chairman of the Atlanta Chapter of ACAMS and is on the Executive Committee of Business Executives for National Security (BENS). A graduate of Auburn University, Sawyer has also served as an adjunct professor and guest lecturer on fraud examination and forensic accounting.

    Stone Mountain Memorial Association

    Joan Thomas was reappointed. 

    Georgia Board of Landscape Architects 

    Betsey Norton and Jon Williams were reappointed.

    State Licensing Board for Residential and General Contractors

    Devell Frady is the owner of Devell Frady Homes. He is a custom home builder based out of Ellijay. Frady has been in the construction business for over 20 years. He is the former president of the Georgia High Country Builders Association and has extensive knowledge of the licensing and permit process.

    North Georgia Mountains Authority

    Charles DePriest serves as the executive vice president of Summit Materials’ East Segment. He brings more than 25 years of extensive experience in finance, operations, and executive leadership to his role. In 2016, he co-founded Georgia Stone Products, a construction materials producer in Georgia. Georgia Stone Products was acquired by Summit Materials in 2017 and has emerged as a cornerstone component in Summit’s greenfield growth strategy. His previous roles at Summit include East Region CFO, Leader of Enterprise Standardization, and Central Region President. A veteran of the U.S. Army, Charles holds a bachelor of professional accountancy from Mississippi State University, an MBA from Mercer University, and is an active CPA and Chartered Global Management Accountant. DePriest is an at-large representative on the Board of Natural Resources.

    Mark Hennessey works for Hennessy Automobile Cos. in Atlanta, Georgia. Hennessy has served on the Board of Trustees for the Marist School in Atlanta and is a member of the Buckhead Coalition. He served on the first BRAC Commission for Fort McPherson. He was a member of the North Fulton CID for over eight years. He had the pleasure to serve on the Board of the Technical College System of Georgia from April 2020 until spring of 2023, when he was appointed to serve on the Board of Natural Resources.  

    Lesley Reynolds is the chair of the Board of Natural Resources. She is a native of Baldwin County, Georgia, and a graduate of Georgia Military College and Georgia College and State University. Reynolds taught elementary school at Midway Elementary in Milledgeville. She has and is engaged with several organizations that focus on education, Judeo-Christian values, and women’s safety and security.

    Harley Yancey is the president of State Mutual Insurance Company in Rome, Georgia, where he also serves on the company’s Board of Directors. He joined State Mutual in 2018 after practicing law at Brinson, Askew, Berry, Seigler, Richardson & Davis, LLP. Prior to becoming president, he served as the company’s general counsel and now manages its day-to-day operations. Yancey holds a bachelor of business administration from the University of Georgia’s Terry College of Business, a Juris Doctor from the University of Georgia School of Law, a master of laws from the University of Alabama School of Law, and a master of business administration from the University of North Carolina. Outside of his role at State Mutual, Yancey is the chairman of the Georgia Life & Health Insurance Guaranty Association, a director for the Oklahoma Life & Health Insurance Guaranty Association, and serves on the Board of Directors for United Community Bank of Rome. He is also involved with the YMCA Board of Trustees, the Darlington School Alumni Council, and the Georgia School of Law Alumni Council. He is the 14th Congressional District representative on the Board of Natural Resources.

    Georgia Commission for the Deaf and Hard of Hearing

    Chelsea Tehan was reappointed.

    Stormey Cone is currently the director of the deaf and hard of hearing family engagement and education program at the Georgia Department of Education. Cone is particularly passionate about ensuring access to services in rural Georgia and has a wealth of experience in the education of deaf and hard of hearing students, especially those enrolled in rural school districts. Cone is a former educator that worked with deaf and hard-of-hearing students in public schools for many years. Recently, she has specialized in improving Georgia’s early identification and intervention for young deaf and hard-of-hearing infants. Cone was the inaugural parent navigator for the Georgia Mobile Audiology, traveling around the state to develop a better understanding of parents’ experiences with diagnosing infants with hearing loss. 

    Russell Fleming has held many leadership positions in agencies that serve deaf and deafblind communities. Among other positions, he was state coordinator for Vocational Rehabilitation Services for the deaf, hard of hearing, and deafblind consumers and dean of students and interim superintendent at the Georgia School for the Deaf.  In his retirement, he serves as vice president of the Georgia Association of the Deaf and works part time as a deafblind Specialist. 

    Byron Smith is the father of a deaf child who uses ASL. He and his wife are hearing and had no contact with the deaf community before adopting their daughter. They are learning ASL as adults to provide the best language and learning environment for their daughter. He has been a fire fighter since 1993, working for U.S. Army, the U.S. Navy, the U.S. Airforce, and the National Park Service.

    DeAnna Swope has held several positions of leadership in the deaf community. She currently works in the field of domestic violence where she educates hearing agencies on how to offer more culturally and linguistically accessible services for deaf and hard of hearing survivors of domestic violence survivors. Swope has received accolades, such as the prestigious Gender Justice Award from the Georgia Commission on Family Violence as well as Collaborate awards from the Georgia Coalition Against Domestic Violence. In 2020, she was honored with a distinguished deaf community leader position at Hamilton Relay. She is a past president of the Georgia Association of the Deaf.

    State Forestry Commission 

    Ken Sheppard was reappointed.

    State Board of Occupational Therapy

    Deborah Hinerfeld is the owner and director of Tic Tok Occupational Therapy Services in Roswell, GA. Hinerfeld holds a Ph.D. in Health Science with a concentration in health care administration and public policy from Trident International University. She also earned a master’s in health care policy and administration from Mercer University and a bachelor’s in occupational therapy from Utica College. Hinerfeld has extensive experience in occupational therapy, having worked in various roles including private practice owner, adjunct professor, and staff therapist at several institutions. She holds certifications in sensory integration, behavioral intervention for tics, hippotherapy, and youth mental health. Additionally, she has contributed to research, presented at numerous conferences, and held leadership positions within professional organizations such as the American Occupational Therapy Association. 

    Georgia Superior Court Clerks’ Cooperative Authority

    Trevor Addison is the clerk of Putnam County’s Superior and Juvenile Courts and has since taken on additional roles as clerk of State Court, Juvenile Court, appeal administrator to the Board of Equalization, and jury manager. Previously, Addison served as a commissioner for Putnam County. During his tenure he served on multiple boards, including the Sinclair Water Authority and the Central Georgia Joint Development Authority, and was appointed vice chairman of the Board of Commissioners. He also serves as treasurer of the Putnam County Law Library Board of Trustees and is active on the Putnam General Hospital Foundation Board, the Legislative Committee of the Georgia Superior Court Clerk Cooperative Authority, and the Executive Board of the Putnam County Republicans. Trevor remains dedicated to serving his community at both the local and state levels.

    Board of Directors of the Georgia Regional Transportation Authority

    Dick Anderson, Frank Auman, Jace Brooks, William Tate, Jr. and BobVoyles were reappointed.

    Himanshu Karnwal is the founder and CEO of ISHTECH INC, an IT Solutions architecture and design company that has been successfully operating for over 12 years. With 25 years of experience in the information technology industry, he has worked alongside Fortune 100 companies, including Sony Pictures, NBC Universal, eBay, and Nike, helping to design and manage global IT infrastructures. In addition to his business achievements, Karnwal is an active community leader. He serves as a planning commissioner for Johns Creek and is a member of the board of directors for the Johns Creek Chamber of Commerce. He is also involved with several other organizations, including Rotary Johns Creek North Fulton and the advisory boards of Quantiphi and Waypoint 2 Space. Karnwal is a strong advocate for the Indian and Asian communities in North Fulton, Johns Creek, and South Forsyth. He is the founder and chairman of a National Indian Association in the greater Atlanta area and serves on the board of the Georgia chapter of U.S. Impact, an organization that represents the Indian American community.

    Jai Bum Park immigrated to the United States from Korea in the late 1980s and quickly transitioned into the telecommunications industry. He made the decision to leave college and focus on growing his business, starting in Chicago and later expanding his operations. In the early 2000s, Park relocated to Georgia, where he became a Master Coin Operated Amusement Machine (COAM) license holder and played a key role in generating millions of dollars for the Georgia Lottery Corporation, supporting the Georgia HOPE Scholarship. In 2009, Park served as chairman of the Korean Association of Augusta, working to integrate Korean-Americans into American society. In addition to his business endeavors, he has invested in real estate across Georgia. A strong believer in the concept of the “whole person,” Park is committed to personal growth and fostering meaningful connections. 

    State Board of Pharmacy 

    Michael Azzolin was reappointed.

    Board of Directors of the Georgia Lottery Corporation 

    Missy Burgess was reappointed. 

    Board of Economic Development

    Sandra Bland is the president of Vidalia Brands, Inc. and director of marketing for Bland Farms, where she has been instrumental in popularizing the Vidalia Sweet Onion. Her innovations include incorporating Vidalia onions into processed foods and expanding their reach across the U.S. Bland’s early entrepreneurial efforts included running a mail-order business that helped Vidalia onions gain widespread recognition. Under her leadership, Vidalia Brands champions sustainability by minimizing food waste. Before her role at Bland Farms, she attended College of Coastal Georgia where she received a degree in nursing. Bland built a career in healthcare, holding significant nursing positions. She is actively involved in Southern Roots Women in Produce and supports various philanthropic causes, including St. Jude Children’s Research Hospital. Bland, a devoted community member and family matriarch, resides in St. Simons Island with her husband, Delbert, and their three children and ten grandchildren.

    Board of Corrections

    Bruce Carlisle, Donnie Pope, W.D. Strickland and Rose Williams were reappointed.

    Chris Clark will now serve as the Seventh Congressional District Representative. 

    Luis Solis will now serve as the Ninth Congressional District Representative. 

    Ester Fleming will now serve as the Thirteenth Congressional District Representative. 

    Barry Babb will now serve as an At-Large Representative

    Stacy Jarrard will now serve as an At-Large Representative.

    Kellie Brownlow is the VP of development and community relations at First Step Staffing. First Step Staffing is a 501C3 that uses an alternative staffing model to provide individuals who are homeless, citizens returning from prison, and veterans with immediate employment. Brownlow is responsible for community partnerships and resource development in all five states in which the company has offices, including the headquarter office in Atlanta. Previously, she served as the executive director of the Georgia Alliance of the Boys & Girls Clubs. Before joining Boys & Girls Clubs, Brownlow was the deputy chief to the Cobb County Commission Chairman and director of economic development for Partnership Gwinnett. She holds a bachelor’s degree in communications and political science from Rhode Island College and a master’s degree in public administration for the University of Georgia. Brownlow serves on the State Workforce Development Board. She lives in DeKalb County with her husband and two daughters.

    Rodney Bryant is a retired law enforcement executive with over 34 years of law enforcement experience. Bryant has held numerous key roles, culminating in his position as Chief of Police for the Atlanta Police Department. Throughout his career, he has demonstrated expertise in a wide range of areas including community engagement, crime reduction, crisis management, and public safety leadership. Known for his strong communication, negotiation, and strategic planning skills, he has successfully led teams, improved community relations, and managed multi-million-dollar budgets. Bryant’s achievements include serving as the President of the National Organization of Black Law Enforcement Executives, overseeing the security operations for Hartsfield-Jackson Atlanta International Airport, and managing large-scale events such as the College Football Playoff Championship and Super Bowl LIII. Bryant holds a master of science in administration from Central Michigan University and a bachelor of science in criminal justice from Georgia State University. He is also a graduate of various prestigious law enforcement leadership programs, including the Police Executive Leadership Institute and the FBI LEEDA.

    Georgia Rural Development Council

    Betts Berry, Gabe Evans, Jim Matney, and Stuart Rayfield were reappointed.

    Bárbara Rivera Holmes is president and CEO of the Albany Area Chamber of Commerce. Holmes is likewise CEO of the Albany Area Chamber Foundation. In 2018, Holmes was appointed by then Georgia Gov. Nathan Deal to serve on the Board of Regents of the University System of Georgia, for which she chaired the Committee on Economic Development. In 2020, Holmes was appointed by then Georgia Lt. Gov. Geoff Duncan to co-chair the Rural Initiatives Subcommittee of the Georgia Innovates Task Force to help design the state’s innovation blueprint. Holmes is a former journalist whose work has earned four awards for excellence in journalism from the Georgia Associated Press. Prior to her role at the Albany Area Chamber, Holmes was vice president of the Albany-Dougherty Economic Development Commission, where she developed the organization’s business retention and expansion program to facilitate existing industry job creation and capital investment in Albany-Dougherty County, and its marketing programs. Holmes is a 2014 graduate of Leadership Georgia, and served on the organization’s Board of Trustees; a 2022 participant of the U.S. Chamber Foundation Business Leads Fellowship Program; and a 2023 graduate of the U.S. Chamber Foundation’s Institute for Organization Management. She serves on the boards of the Georgia Chamber of Commerce and the Commodore Conyers College and Career Academy. She graduated from Florida Southern College in Lakeland, Florida, with degrees in journalism and in Spanish. She continued her studies at Estudio Sampere Internacional in Madrid and Alicante, Spain. She lives in Albany with her husband, David, and their daughter.

    Sheriff’s Retirement Fund

    Dan Kilgore is the elected Sheriff of Upson County, a position he has held since January 2013. With over 40 years of experience in law enforcement, Kilgore’s career has spanned a variety of roles, including serving as a sheriff’s deputy, city police officer, county police officer, and district attorney’s investigator. Prior to his election as Sheriff, he dedicated more than 21 years of service as the chief deputy sheriff of Upson County. Kilgore is deeply involved in the law enforcement community and holds several leadership positions. He serves as vice chairman on the Board of the Peace Officer’s Annuity and Benefit Fund and is an advisory member of the Georgia POST Council. Additionally, he is the Georgia Sheriff’s Association Area 4 regional vice president. In 2023, he earned his certification as a retirement plan fiduciary, awarded by the Georgia Association of Public Pension Trustees. Outside of his professional endeavors, Kilgore is a devoted family man, married to his wife, Renae, and the proud father of three adult children and one grandson. The Kilgore family are active members of the First Methodist Church of Thomaston.

    Horace “Billy” Hancock started his career in public safety in 1976, and he is currently serving his 3rd term as Sheriff of Crisp County. He has also served as the emergency management director of Crisp County since 2014. Hancock began his career as an emergency medical technician with Crisp County EMS. He has spent over 40 years in law enforcement, first sworn in in 1979 as a part-time deputy with the Crisp County Sheriff’s Office. He later went to work for the Georgia State Patrol. He returned to the Crisp County Sheriff’s Office in 1990. He held the position of chief deputy for 19 years and served as the deputy director of the Crisp County Emergency Management Agency for 14 years. He is a graduate of the 57th Georgia State Patrol Academy. He has an associate degree in criminal justice, a master’s certificate in emergency management, and a bachelor’s from Columbia Southern University in homeland security. Hancock was appointed and has served as a board member of the Georgia Peace Officer’s Standards and Training Council (the ABAC Region). He is past vice president of the Georgia Peace Officers Association and is an active member of both the Georgia and National Sheriff’s Association. He continues to teach on the state and federal levels. Hancock began serving as a lion with the Cordele Lions Club in 2001 and has received numerous awards from the organization. In 2018, Governor Nathan Deal appointed Hancock to the Georgia Emergency Communications Authority (GECA) Board. Hancock was also reappointed to the GECA Board by Governor Brian Kemp. Hancock is a member of the Cordele Church of Christ.

    Frank Reynolds was sworn into office on January 1, 2017, as the 39th Sheriff of Cherokee County, Georgia. Reynolds has been a resident of Cherokee County since 1981. He began his law enforcement career in 1994 with the Cherokee Sheriff’s Office. Reynolds is committed to serving Cherokee County with honesty, transparency, and integrity. As a Georgia Constitutional Officer, Reynolds is mandated to oversee warrant service and civil process, maintain the adult detention center, courthouse security and provide general law enforcement within Cherokee County. He is a graduate of Riverside Military Academy, earned a bachelor’s degree from Reinhardt University and holds a master of public administration from Columbus State University. Reynolds is a graduate of the FBI National Academy in Quantico, Virginia class 244, and the Georgia Law Enforcement Command College. He is married to Dr. Jennifer DeBord Reynolds and is the proud father of three.

    Georgia Technology Authority

    Marie Mouchet is an accomplished technology and cybersecurity executive currently serving as a member of the Board of Advisors for Mimic and HData and managing director of Mouchet Ventures LLC. Her extensive experience and leadership on various boards demonstrates her exceptional talent and commitment to driving innovation and education across industries and also exemplifies her dedication to leveraging her knowledge and insights to make a positive impact in the community. Previous roles include senior vice president and CIO at Colonial Pipeline Company, where Mouchet led technology strategy and operations across both IT and OT domains, vice president and CIO at Southern Company Operations & Southern Nuclear, and director of financial and contract services at Southern Company’s Southern Wholesale Energy. She has served in various board positions, including board advisor and chairman of Georgia CIO and board secretary of the Women In Technology (WIT) Foundation. Marie holds advanced degrees from Georgia State University and completed executive education at the Stanford University Graduate School of Business. Her remarkable contributions to the industry and community led to her being honored with the highly regarded and prestigious Ed Steineke CIO Award by TechBridge in 2020.

    Board of Commissioners of the Judges of the Probate Courts Retirement Fund of Georgia

    Annie Doris Holder has served as the Probate and Chief Magistrate Judge of Calhoun County for the past 24 years, dedicating her career to providing fair and courteous service to the citizens of her community. A committed public servant, she strives to ensure that all individuals receive just and equitable treatment under the law. Holder is a proud graduate of Calhoun County High School and holds an associate degree from Darton College, a bachelor’s degree from Albany State University, and a master’s degree from LaGrange College. Beyond her judicial responsibilities, she is actively engaged in community service. She currently serves as the president of the missionary department of the Southwest Georgia Missionary Baptist Association, the district associate matron of Cuthbert District #13 OES, and a board member of Albany Technical College. Holder is married to Rev. Julian Holder and they share three daughters, as well as nine beloved grandchildren. 

    State Board of Veterinary Medicine 

    Matthew Bradley and Wendy Cuevas-Espelid were reappointed.

    Seth Stowers grew up on a small family farm in Dawsonville, Georgia. In 2005, he began his own small beef cattle operation that he continues to grow today. Stowers graduated from the University of Georgia in 2014 where he received a bachelor of science in poultry science. While at UGA he was active in UGA Cattleman’s Association, Block and Bridle, UGA Poultry Science Club, and competed on UGA’s Poultry Judging Team. Dr. Stowers attended the University of Georgia College of Veterinary Medicine where his studies were emphasized in food animal medicine and production. He graduated with his doctor of veterinary medicine in 2018. Throughout the curriculum at UGA CVM, he lived and worked at Rose Creek Farm, UGA’s Veterinary School farm. To gain a better knowledge and develop his skills in cattle medicine he completed externships at Krebs Ranch in Nebraska and bovine veterinary practices in Texas, West Virginia, North Carolina, and Georgia. Stowers began Hillside Veterinary Services in May of 2018. His professional interests encompass anything involving beef cows, especially herd health and preventative medicine. Stowers is excited to have an opportunity to give back to FFA and 4-H, two programs that provided him with numerous opportunities, through working with local youth. In 2023, he was elected to serve as the district 1 Commissioner on the Dawson County Board of Commissioners.

    John Tarabula is a seasoned veterinary professional with over 30 years of experience in small animal and exotic medicine. He earned his D.V.M. and B.S. degrees from the University of Georgia and has served as the medical director at the Animal Medical & Surgical Center in Canton, Georgia, since 1988. Additionally, he is the owner of Creekside Animal Hospital in Cumming, Georgia, where he has been practicing since 2015. Tarabula’s extensive career also includes roles as an associate veterinarian at Beach St. John Animal Hospital in Jacksonville, Florida, and as an emergency clinician at Jacksonville Veterinary Emergency Clinic. Beyond clinical practice, Tarabula is actively involved in professional service, having served on the Board of Directors for Cobb and Cherokee Emergency Veterinary Clinics, as well as holding leadership positions within the Georgia Veterinary Medical Association. He also has a history of public service, having been a city councilman and Mayor Pro-Tem in Holly Springs, Georgia. Tarabula has participated in medical missions with the Flying Doctors of America, providing veterinary care in Ecuador, Peru, and Bhutan. 

    OneGeorgia Authority Overview Committee 

    Senator Larry Walker, III and Representative Butch Parrish were reappointed. 

    Georgia Board of Behavior Analyst Licensing Board 

    Christina “Nina” Holland is an experienced office administrator with nearly 20 years of expertise in managing operations both in-office and remotely. She has spent eight years with ICB Construction Group, overseeing contracts, financial management, and accounts, and has worked with Southern Structures Fencing for the past decade. In addition to her professional success, Holland is a passionate advocate for children with autism. After recognizing early on that her son had unique needs, she became dedicated to navigating complex medical and governmental systems to ensure her son received the therapies and care required for his development. Holland’s personal journey through autism advocacy has fueled her desire to help other families, offering support in early intervention, Medicaid, and ABA therapy, while striving to improve access to essential services for children in need.

    Board of Public Safety 

    Neal Jump is currently serving his fourth term as the Sheriff of Glynn County. Jump has been in law enforcement since he was 17 years old. Prior to being elected sheriff, Jump worked with the Georgia State Patrol for more than 30 years, beginning his career as a radio operator in 1975.  Jump studied criminal justice at South Georgia College.

    Georgia Board of Nursing 

    Lydia Watkins is the Dean of the School of Nursing and Health Sciences at College of Coastal Georgia, as well as a professor of nursing. She has worked as a registered nurse since 1997, first in pediatric hematology/oncology at the Children’s Hospital of Alabama, and then as a pediatric hematology/oncology nurse practitioner at Sparrow Health System in Lansing, Michigan. She was an adjunct instructor with the Department of Pediatrics and Human Development at Michigan State University’s College of Human Medicine prior to joining the faculty at College of Coastal Georgia. Since joining the college, Watkins has served in other roles such as the BSN program coordinator, interim program director of radiologic sciences, and chair of nursing and health sciences, prior to becoming the dean. Watkins holds a doctor of nursing practice from the University of Alabama at Birmingham, a master of science in nursing from the University of Alabama at Birmingham, a bachelor of science in nursing and an associate of science in nursing from Samford University. She is also a certified nurse educator (CNE) through the National League for Nursing.

    Metropolitan Atlanta Rapid Transit Overview Committee 

    Senator Tonya Anderson, Senator Steve Gooch, Representative Demetrius Douglas, Representative Scott Hilton, and Representative Martin Momtahan were reappointed. 

    Senator Sonya Halpern represents Senate District 39 and is the Minority Caucus Vice Chair. Halpern was elected to the General Assembly in 2020. She is the vice chair for the Committee on Urban Affairs and a member of Senate Appropriations, the Committee on Banking and Financial Institutions, the Committee on Education and Youth, the Committee on Health and Human Services, and the Committee on Public Safety.

    Soil and Water Conservation Commission 

    Jim Waters is a local farmer from Blackshear, Georgia. He is the elected Pierce County Supervisor for Satilla River Conservation District. He also serves as the chairman. He is a full-time farmer, planting crops that consist of cotton and peanuts. He is passionate about educating the community on conservation efforts and farmers on good conservation practices to protect our croplands.

    Nonpublic Postsecondary Education Commission 

    P.K. Martin, Doug Roper, Jim Squire, and Pranay Udutha were reappointed. 

    Michael Foor is the president of state operations for Georgia for Kinetic. Foor previously served as vice president of state government affairs in Georgia, building relationships with legislators, electric cooperatives, and communities to support the deployment of rural broadband. Prior to joining Kinetic, Foor was the president of Georgia Communications Cooperative and part of Habersham Electric Membership’s efforts to build fiber-to-the-premise broadband service to communities in North Georgia. In addition to his responsibilities at Kinetic, Foor currently serves as chair for White County Development Authority and is a past president of Habersham Rotary Club, where he remains an active member. Foor holds an M.B.A. from Brenau University. He lives in Cleveland with his wife. They have three daughters and twin grandsons

    MIL OSI USA News

  • MIL-OSI Video: Helping small businesses go global

    Source: World Trade Organization – WTO (video statements)

    In today’s interconnected world, small businesses have the potential to reach global markets, but they often face significant challenges, from scalability issues to complex trade regulations. Mohammed Amine Sabibi from the Marrakech-Safi Regional Investment Center shares how businesses can overcome these obstacles through streamlined processes, aggregation programmes and specialized financing solutions designed to support international growth.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=FPhfRT7JlSg

    MIL OSI Video

  • MIL-OSI Global: Poor sleep and addiction go hand in hand − understanding how could lead to new treatments for opioid use disorder

    Source: The Conversation – USA – By Ryan Logan, Professor of Psychiatry, UMass Chan Medical School

    Whether sleep disorders worsen addiction or addiction worsens sleep disorders is unclear. Maria Korneeva/Moment via Getty Images

    A good night’s sleep often sets the stage for a positive day. But for the nearly quarter of American adults struggling with mental illness, a good night’s rest is often elusive.

    For patients with psychiatric conditions from addiction to mood disorders such as depression, disrupted sleep can often exacerbate symptoms and make it harder to stay on treatment.

    Despite the important role circadian rhythms and sleep play in addiction, neuroscientists like me are only now beginning to understand the molecular mechanisms behind these effects.

    Sleep and addictive drugs have an entangled relationship. Most addictive drugs can alter sleep-wake cycles, and sleep disorders in people using drugs are linked to addiction severity and relapse. While this poses a classic “chicken-or-egg” dilemma, it also presents an opportunity to understand how the sleep-addiction connection could unlock new treatments.

    Circadian rhythms and health

    At the center of the connection between sleep and mental health lies circadian rhythms: your body’s internal clock.

    These rhythms align your bodily functions with your environment, synchronizing your body to day and night down to the molecular level. It does this through a series of proteins that interact in a feedback loop, turning genes on and off in regular patterns to support specific functions. Although your sleep-wake cycles are the most visible expression of circadian rhythms, these rhythms orchestrate most of your physiology.

    If you have ever traveled across time zones, you have likely experienced a common form of circadian disruption called jet lag. This misalignment impairs your sleep and concentration, and can leave you feeling irritable.

    While jet lag is a temporary nuisance, chronic circadian disruption such as frequent night shifts can lead to long-term health consequences, including an increased risk of cardiovascular disease and diabetes.

    Circadian rhythms, sleep and opioid use

    A major focus of my lab is on opioid addiction, a disease that has claimed nearly 80,000 lives a year since 2021 in the U.S. and has limited treatment options.

    People addicted to opioids often experience disruptions to circadian rhythms, such as in their sleep and their levels of corticotropin, a key hormone that regulates stress. These disruptions are associated with many negative health consequences. In the short term, these disruptions can impair cognitive functions such as attention and increase negative emotions. Over time this can worsen mental and physical health. Studies of opioid addiction in mice reveal similar disruptions in sleep and various hormonal rhythms.

    Importantly, poor sleep is common throughout a person’s experience with opioid use disorder, from actively using to withdrawal from opioids, and even while on treatment. This complication can have profound consequences. Studies have linked sleep disruption to a 2.5-fold increased risk of relapse among those undergoing treatment.

    Unlocking the clock for opioid addiction

    Using brain tissue from deceased donors and experiments in mice, my team is identifying molecular changes associated with psychiatric disorders in people. We model these changes in mice to explore how they affect disease severity and behavior.

    Through genetic sequencing and computer modeling, my lab is able to profile all the RNA molecules in a brain region and understand how their rhythmicity – the peaks and troughs of their activity across the day – changes due to opioids. This provides a complete snapshot of which genes change at what time, allowing my team to peer into the molecular mechanics that may drive opioid addiction.

    Opioids can alter the activity of genes involved with sleep.
    Robert Reader/Moment via Getty Images

    For example, we looked at two brain regions strongly associated with addiction: the nucleus accumbens and the dorsolateral prefrontal cortex. We found that patients with opioid addiction had completely different gene expression patterns in these brain regions compared with those without addiction. Some genes had adopted a completely different rhythm of activity, while others had lost their rhythmicity altogether.

    Genes that lost rhythmicity included those involved in various components of the molecular clock and those linked to sleep duration. This further highlights how circadian disruption is a symptom of opioid use while beginning to uncover its underlying mechanisms.

    In work that is pending peer review, my team focused on one major gene that lost rhythmicity in patients with opioid addiction: NPAS2. This component of the molecular clock is highly active in the nucleus accumbens and important for sleep and circadian regulation. We found that blocking functional NPAS2 formation led to increased fentanyl-seeking behavior in mice. Interestingly, we observed that female mice were willing to press a lever more times than male mice to obtain fentanyl, reflecting documented sex differences in opioid addiction among people. In another study, we also found that lack of NPAS2 exacerbated sleep disruption in mice that were administered fentanyl.

    Together, our findings reinforce the role circadian rhythms play in addiction. Future work may clarify whether targeting NPAS2 could treat opioid addiction symptoms. Quality sleep isn’t just about waking up refreshed – it could also lead to reduced opioid use and fewer overdoses.

    Ryan Logan receives funding from National Institutes of Health.

    Mackenzie Gamble does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Poor sleep and addiction go hand in hand − understanding how could lead to new treatments for opioid use disorder – https://theconversation.com/poor-sleep-and-addiction-go-hand-in-hand-understanding-how-could-lead-to-new-treatments-for-opioid-use-disorder-242664

    MIL OSI – Global Reports

  • MIL-OSI Global: Russia’s shrinking world: The war in Ukraine and Moscow’s global reach

    Source: The Conversation – USA – By Ronald H. Linden, Professor Emeritus of Political Science, University of Pittsburgh

    Russia President Vladimir Putin sent a guarded message of congratulations to Donald Trump on inauguration day, but then held a long direct call with his “dear friend,” Chinese leader Xi Jinping.

    From Putin’s perspective, this makes sense. Russia gets billions of dollars from energy sales to China and technology from Beijing, but from Washington, until recently, mostly sanctions and suspicion.

    Moscow is hoping for a more positive relationship with the current White House occupant, who has made his desire for a “deal” to end the Ukraine war well known.

    But talk of exit scenarios from this 3-year-old conflict should not mask the fact that since the invasion began, Putin has overseen one of the worst periods in Russian foreign policy since the end of the Cold War.

    Transatlantic unity

    The war in Ukraine has foreclosed on options and blunted Russian action around the world.

    Unlike the annexation of Crimea in 2014, the 2022 invasion produced an unprecedented level of transatlantic unity, including the expansion of NATO and sanctions on Russian trade and finance. In the past year, both the U.S. and the European Union expanded their sanction packages.

    And for the first time, the EU banned the re-export of Russian liquefied natural gas and ended support for a Russian LNG project in the Arctic.

    EU-Russian trade, including European imports of energy, has dropped to a fraction of what it was before the war.

    The two Nordstrom pipelines, designed to bring Russian gas to Germany without transiting East Europe, lie crippled and unused. Revenues from energy sales are roughly one-half of what they were two years ago.

    At the same time, the West has sent billions in military and humanitarian aid to Ukraine, enabling a level of resilience for which Russia was unprepared. Meanwhile, global companies and technical experts and intellectuals have fled Russia in droves.

    While Russia has evaded some restrictions with its “shadow fleet” – an aging group of tankers sailing under various administrative and technical evasions – the country’s main savior is now China. Trade between China and Russia has grown by nearly two-thirds since the end of 2021, and the U.S. cites Beijing as the main source of Russia’s “dual use” and other technologies needed to pursue its war.

    Since the start of the war in Ukraine, Russia has moved from an energy-for-manufactured-goods trade relationship with the West to one of vassalage with China, as one Russia analyst termed it.

    Hosting an October meeting of the BRICS countries – now counting 11 members, including the five original members: Brazil, Russia, India, China and South America – is unlikely to compensate for geopolitical losses elsewhere.

    Russian President Vladimir Putin and China President Xi Jinping toast their friendship in March 2023.
    Pavel Byrkin/AFP via Getty Images

    Problems at home …

    The Russian economy is deeply distorted by increased military spending, which represents 40% of the budget and 25% of all spending. The government now needs the equivalent of US$20 billion annually in order to pay for new recruits.

    Russian leaders must find a way to keep at least some of the population satisfied, but persistent inflation and reserve currency shortages flowing directly from the war have made this task more difficult.

    On the battlefield, the war itself has killed or wounded more than 600,000 Russian soldiers. Operations during 2024 were particularly deadly, producing more than 1,500 Russian casualties a day.

    The leader who expected Kyiv’s capitulation in days now finds Russian territory around Kursk occupied, its naval forces in the Black Sea destroyed and withdrawn, and its own generals assassinated in Moscow.

    But probably the greatest humiliation is that this putative great power with a population of 144 million must resort to importing North Korean troops to help liberate its own land.

    … and in its backyard

    Moscow’s dedication to the war has affected its ability to influence events elsewhere, even in its own neighborhood.

    In the Caucasus, for example, Russia had long sided with Armenia in its running battle with Azerbaijan over boundaries and population after the collapse of the Soviet Union.

    Moscow has brokered ceasefires at various points. But intermittent attacks and territorial gains for Azerbaijan continued despite the presence of some 2,000 Russian peacekeepers sent to protect the remaining Armenian population in parts of the disputed territory of Nagorno-Karabakh.

    In September 2023, Azerbaijan’s forces abruptly took control of the rest of Nagorno-Karabakh. More than 100,000 Armenians fled in the largest ethnic cleansing episode since the end of the Balkan Wars. The peacekeepers did not intervene and later withdrew. The Russian military, absorbed in the bloody campaigns in Ukraine, could not back up or reinforce them.

    The Azeris’ diplomatic and economic position has gained in recent years, aided by demand for its gas as a substitute for Russia’s and support from NATO member Turkey.

    Feeling betrayed by Russia, the Armenian government has for the first time extended feelers toward the West — which is happy to entertain such overtures.

    Losing influence and friends

    Russia’s loss in the Caucasus has been dwarfed by the damage to its military position and influence in the Middle East. Russia supported the Syrian regime of Bashar al-Assad against the uprisings of the Arab Spring in 2011 and saved it with direct military intervention beginning in 2015.

    Yet in December 2024, Assad was unexpectedly swept away by a mélange of rebel groups. The refuge extended to Assad by Moscow was the most it could provide with the war in Ukraine having drained Russia’s capacity to do more.

    Russia’s possible withdrawal from the Syrian naval base at Tartus and the airbase at Khmeimim would remove assets that allowed it to cooperate with Iran, its key strategic partner in the region.

    More recently, Russia’s reliability as an ally and reputation as an armory has been damaged by Israeli attacks not only on Hezbollah and other Iranian-backed forces in Lebanon and Syria, but on Iran itself.

    Russia’s position in Africa would also be damaged by the loss of the Syrian bases, which are key launch points for extending Russian power, and by Moscow’s evident inability to make a difference on the ground across the Sahel region in north-central Africa.

    Dirty tricks, diminishing returns

    Stalemate in Ukraine and Russian strategic losses in Syria and elsewhere have prompted Moscow to rely increasingly on a variety of other means to try to gain influence.

    Disinformation, election meddling and varied threats are not new and are part of Russia’s actions in Ukraine. But recent efforts in East Europe have not been very productive. Massive Russian funding and propaganda in Romania, for example, helped produce a narrow victory for an anti-NATO presidential candidate in December 2024, but the Romanian government moved quickly to expose these actions and the election was annulled.

    Nearby Moldova has long been subject to Russian propaganda and threats, especially during recent presidential elections and a referendum on stipulating a “European course” in the constitution. The tiny country moved to reduce its dependency on Russian gas but remains territorially fragmented by the breakaway region of Transnistria that, until recently, provided most of the country’s electricity.

    Despite these factors, the results were not what Moscow wanted. In both votes, a European direction was favored by the electorate. When the Transnistrian legislature in February 2024 appealed to Moscow for protection, none was forthcoming.

    When Moldova thumbs its nose at you, it’s fair to say your power ranking has fallen.

    Wounded but still dangerous

    Not all recent developments have been negative for Moscow. State control of the economy has allowed for rapid rebuilding of a depleted military and support for its technology industry in the short term. With Chinese help and evasion of sanctions, sufficient machinery and energy allow the war in Ukraine to continue.

    And the inauguration of Donald Trump is likely to favor Putin, despite some mixed signals. The U.S. president has threatened tariffs and more sanctions but also disbanded a Biden-era task force aimed a punishing Russian oligarchs who help Russia evade sanctions. In the White House now is someone who has openly admired Putin, expressed skepticism over U.S. support for Ukraine and rushed to bully America’s closest allies in Latin America, Canada and Europe.

    Most importantly, Trump’s eagerness to make good on his pledge to end the war may provide the Russian leader with a deal he can call a “victory.”

    The shrinking of Russia’s world has not necessarily made Russia less dangerous; it could be quite the opposite. Some Kremlin watchers argue that a more economically isolated Russia is less vulnerable to American economic pressure. A retreating Russia and an embattled Putin could also opt for even more reckless threats and actions – for example, on nuclear weapons – especially if reversing course in Ukraine would jeopardize his position. It is, after all, Putin’s war.

    All observers would be wise to note that the famous dictum “Russia is never as strong as she looks … nor as weak as she looks” has been ominously rephrased by Putin himself: “Russia was never so strong as it wants to be and never so weak as it is thought to be.”

    Ronald H. Linden has in the past received funding from Fulbright, DAAD, German Marshall Fund, National Council for Eurasian and East European Research, Woodrow Wilson Center, US Institute of Peace.

    ref. Russia’s shrinking world: The war in Ukraine and Moscow’s global reach – https://theconversation.com/russias-shrinking-world-the-war-in-ukraine-and-moscows-global-reach-247754

    MIL OSI – Global Reports

  • MIL-OSI: Viridien: Information on the total number of voting rights and shares

    Source: GlobeNewswire (MIL-OSI)

    Viridien

    A French société anonyme
    with a share capital of € 7,161,465
    Registered office: 27 avenue Carnot, 91300 Massy, France
    Evry Trade and Companies Register 969 202 241

    Information on the total number of voting rights and shares

    Pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the French Financial markets authority
    (AMF- Autorité des Marchés Financiers)

    Date of the information Total number of issued shares Number of actual voting rights* Number of theoretical voting rights**
    January 31, 2025 7,161,465 7,186,734 7,186,983

    *         All of the Company shares have the same voting rights, except for treasury shares which do not have voting rights and registered shares held for more than two years, which have double voting rights.

    **         Pursuant to Article 223-11 of the General Regulation of the French Financial markets authority, the number of theoretical voting rights is calculated based on the shares having either single or double voting rights, including treasury shares which are deprived of voting rights.

    Attachment

    The MIL Network

  • MIL-OSI: Diamond Equity Research Releases Update Note on Genius Group Ltd. (NYSE: GNS)

    Source: GlobeNewswire (MIL-OSI)

    New York, Feb. 10, 2025 (GLOBE NEWSWIRE) — Diamond Equity Research Releases Update Note on Genius Group Ltd. (NYSE: GNS)

    New York, NY

    Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has released an update note on Genius Group Ltd. (NYSE: GNS). The update note includes information on Genius Group Ltd.’s recent developments, management commentary, future outlook, and risks.

    The update note is available below.

    Genius Group February 2025 Update Note

    Highlights from the note include:

    • Genius Group Launches $33 Million Rights Offering to Strengthen Its Bitcoin Treasury: Genius Group’s Board approved a rights offering aimed at raising up to $33 million to expand the company’s Bitcoin Treasury, with 100% of net proceeds dedicated to purchasing Bitcoin. The offering provides shareholders with the opportunity to acquire additional ordinary shares at a fixed subscription price, reinforcing the company’s commitment to its Bitcoin-first strategy. Key terms of the Rights Offering include:
      • Shareholder Rights Allocation: Each shareholder received one transferable right for every ordinary share held as of the record date on January 24, 2025, with the number rounded up to the nearest whole right. The company’s ordinary shares began trading ex-rights on January 24, 2025.
      • Subscription Details: Each right entitles the holder to purchase one ordinary share at a subscription price of $0.50. Shareholders fully exercising their basic subscription rights are eligible for an over-subscription privilege, which allows them to subscribe for additional ordinary shares on a pro rata basis. Rights holders may also choose to sell any rights they opt not to exercise.
      • Trading and Expiration Details: Rights trading commenced on a “when-issued” basis on January 23, 2025, under the symbol “GNS RTWI.” Regular trading of the rights began on January 27, 2025, under the symbol “GNS RT” and will continue until the close of trading on February 13, 2025. The offering expires at 4:30 p.m. Eastern Time on February 14, 2025, unless extended by the company. Registered shareholders received rights certificates based on the company’s stockholder registry, while those holding shares in “street name” will see the rights reflected in their brokerage accounts.
      • Additional Potential Funding: In addition to the $33 million rights offering, the company plans to pursue additional loan financings of up to approximately $22 million. If fully secured, this combined funding is expected to boost the Bitcoin Treasury from current levels, reported between $40 million and $45 million, to a range between $86 million and $100 million.
      • Management Participation: Complementing this initiative, Founder and CEO Roger Hamilton has completed his planned transactions, having acquired 500,000 shares under the pre-approved plan and subsequently purchasing an additional 500,000 shares on January 15, 2025, resulting in a holding of approximately 6.8 million shares. Mr. Hamilton has also notified the Company that he will fully subscribe to his rights under this Rights Offering, which will entitle him to acquire an additional 6.8 million shares on the same terms as all shareholders on the Record Date.

    This rights issue follows Genius Group’s established Bitcoin treasury approach and can be positive for shareholders if Bitcoin’s momentum persists-currently trading above $96,000 and recently peaking at $108,000. However, should Bitcoin’s price fall, the impact on shareholders could be less favorable, as the benefits of this initiative are closely tied to Bitcoin’s continued upward performance, which some analyst reports suggest is likely to persist.

    • Genius Group Expands Bitcoin Treasury to $42 Million Amid Strategic Financial Milestones: Genius Group has further advanced its Bitcoin-first strategy by acquiring an additional $12 million of Bitcoin, bringing its Bitcoin Treasury to 440 Bitcoin at a new average price of $95,519 per Bitcoin. This $42 million purchase, completed within three months of the November 12, 2024 announcement to allocate 90% or more of its current and future reserves to Bitcoin (with an initial target of $120 million), builds on an earlier milestone where the company secured 319.4 Bitcoin for $30 million at an average price of $93,919 per Bitcoin within two months. At an earlier date, as of Friday, January 31, 2025, Genius Group’s 440-Bitcoin holding was valued at $46 million, while the company’s market capitalization was $33.1 million (derived from 68.8 million issued shares trading at $0.48), resulting in a BTC/Price ratio of 139%, making Genius Group one of the highest among its peers. This ratio tells us that 139% of Genius Group’s market value is directly backed by its Bitcoin holdings, a stark contrast to the industry average of approximately 40% observed among other popular Bitcoin treasury companies, such as Microstrategy, Marathon Digital Holdings, and Riot Platforms. Funding for these purchases has been sourced from a mix of internal reserves, the use of its ATM facility, and debt financing from crypto-backed loan platform Arch Lending. In addition, the company has approved a Founder Compensation Plan with Founder and CEO Roger Hamilton that sets forth long-term milestones, including goals to reach a $1 billion market cap and to grow the Bitcoin Treasury’s net asset value to $1 billion within the next 10 years.

    About Genius Group Limited

    Genius Group Ltd. (NYSE: GNS) is a Bitcoin treasury company with an AI powered education platform engaged in providing AI training and AI tools to 5.4 million students in over 200 countries worldwide. It aims to develop an AI-powered lifelong learning curriculum and make its educational products accessible worldwide to all age groups.

    For more information, visit https://www.geniusgroup.net/

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com.

    Disclosures:

    Diamond Equity Research LLC is being compensated by Genius Group Limited for producing research materials regarding Genius Group Limited, and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 02/10/2025, the issuer had paid us $81,000 for our research services, which commenced 04/16/2022 and was billed annually for the first year for $27,000 and after in equal installments of $13,500 for six-month semi-annual periods with $13,500 received in April 2023 for six-month terms. $27,000 was paid in May 2024 (payment was for two outstanding six-month payment terms of October 2023 and April 2024, allocated to the following six-month periods of research coverage in each respective period), and $13,500 received in November 2024 for the October 2024 six-month semi-annual period of coverage. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has paid us for non-research related services as of 02/10/2025 consisting of $3,000 for presenting at a virtual investment conference and $2,000 for organizing an investment dinner. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Genius Group Limited. Please consult the attached research report for disclosures.

    Contact:

    Diamond Equity Research
    research@diamondequityresearch.com

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    The MIL Network

  • MIL-OSI: Wearable Devices Unveils Future AI-Powered Gesture Personalization Technology, Paving the Way for Next-Gen User Interactions

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, is developing cutting-edge methods for gesture personalization that will transform user interactions in the near future. By harnessing biopotential signals from the human wrist, Wearable Devices is working towards redefining how people interact with digital devices, creating an intuitive, personalized experience for the AI era.

    The Future of Personalized AI-Driven Gestures

    As AI continues to shape our digital landscape, the way we interact with technology is evolving. Traditional input methods – keyboards, touchscreens, and voice commands – are expected to give way to more natural, seamless interactions. Wearable Devices is developing an AI-powered neural wristband technology for detection of user specific micro-gestures, enabling a future of personalized controls tailored to individual users.

    Leveraging Large MUAP Models (“LMMs”), Wearable Devices is enhancing its ability to create truly personalized gesture experiences that improve and adapt more effectively with continued use.

    A New Era for AI-Powered Devices and XR Platforms

    Wearable Devices’ neural-based gesture personalization is being developed to revolutionize extended reality (XR), smartwatches, and other AI-driven interfaces. The technology aims to enable:

    • Micro-Gesture Precision: AI refining recognition of tiny movements, such as a finger swipes or pinches, ensuring reliable, real-time responsiveness.
       
    • Context-Aware Interactions: A system that is adaptive to user habits.
       
    • Cross-Device Integration: Personalized gestures seamlessly operating across augmented reality (“AR”)/virtual reality headsets, AR glasses, smartwatches, and other AI-powered devices, creating a unified interaction experience.

    Wearable Devices is focused on taking it a step further by developing adaptive, user-specific models rather than one-size-fits-all solutions. This approach is expected to enhance accessibility, usability, and engagement in AI-driven environments.

    A Call to AI and XR Innovators

    As AI-powered devices become more ubiquitous, Wearable Devices is actively developing next-generation intuitive and personalized user interactions. With over a decade of research and development and a growing portfolio of patents, the Company invites industry leaders to explore collaboration opportunities.

    “We believe AI-driven gesture personalization is the next frontier in human-device interaction,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “By seamlessly integrating AI with biopotential sensing, we are developing innovations that will revolutionize the way people engage with technology.”

    For more information about Wearable Devices’ AI-powered gesture control solutions under development, visit www.wearabledevices.co.il.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss that we are developing cutting-edge methods for gesture personalization that will transform user interactions in the near future, the benefits and advantages of our technology, including the aims of our technology, that our approach is expected to enhance accessibility, usability, and engagement in AI-driven environments, and our belief that AI-driven gesture personalization is the next frontier in human-device interaction. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network

  • MIL-OSI: Varonis Announces $100 Million Share Repurchase Authorization

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, announced that its board of directors authorized a share repurchase program allowing repurchases of up to $100.0 million of Varonis’ common stock expected to be completed over the next 12 months.

    Under the share repurchase program, Varonis is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The number of shares to be purchased and the timing of purchases will be based on Varonis’ trading windows, available liquidity, and general business and market conditions.

    Forward-Looking Statements

    This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network

  • MIL-OSI: Wärtsilä introduces next-generation engine to balance renewables and improve power plant performance

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 10, 2025 (GLOBE NEWSWIRE) — Technology group Wärtsilä launches today its next generation 46TS engine, which is designed to balance renewable energy, provide highly efficient baseload power, and can run on sustainable fuels in future.

    The Wärtsilä 46TS large-bore engine has evolved from a long line of proven and reliable power plant engines, including the Wärtsilä 50 engine platform. The W50 engine is one of the world’s most successful power generating engines of all time, having delivered 55 million running hours around the world since 2008.

    Using balancing engines to support intermittent renewables is a more viable path towards a net zero power system than a renewables-only pathway. Balancing power can reduce costs, emissions, and land use, as revealed in Wärtsilä’s recent global power system modelling report, Crossroads to Net Zero, which detailed the vital role of balancing power in delivering the energy transition.

    Anders Lindberg, President of Wärtsilä Energy, says: “The energy transition cannot be achieved by renewable power alone – we need flexible, highly efficient engines to support wind and solar power during times of low generation. The flexible 46TS engine offers exactly that, expanding our existing technology offering to balance renewables and operate cost- effectively on baseload power.

    “This engine is built on our 85 years of engine expertise, incorporating everything we have learned to develop our latest and greatest solution.”

    The Wärtsilä 46TS is designed with sustainable fuels in mind, to ensure that when they become readily available, these engines can play an essential role in delivering 100% renewable power systems.

    The engine provides a myriad of benefits for power producers, including:

    • Next level efficiency and performance: Significantly improved over 51% engine efficiency saves fuel and reduces emissions, with excellent performance in extreme ambient conditions and at high altitudes.
    • Improved output: The 46TS generates 23.4 MW/unit, meaning that fewer engines are needed to achieve large plant sizes.
    • Greater flexibility: Rapid response to fluctuations with even faster ramp-up time (2 minutes) and no minimum up- or down-time requirements.
    • Fast and cost-efficient installation: Fast and easy modular plant installation with high-quality, factory-tested modules bringing significant savings in total installed cost.

    To support the W46TS, Wärtsilä provides tailored high-quality services to maximise reliability and profitability. Wärtsilä Lifecycle services, with optimised operations and guaranteed performance, ensure the power plant’s performance and competitiveness. A technical service network provides expertise and support near customer and via remote monitoring.

    The Wärtsilä 46TS engine will be available from 2025. Last month, Wärtsilä announced the first order for the 46TS engines placed by Kazakhstan Caspian Offshore Industries (KCOI). The engines will support KCOI’s new 120 MW power plant and additionally, the first hybrid power project of its kind in Kazakhstan, which integrates the engine power plant with wind and solar power.

    Media kit

    Media contacts:

    Katri Pehkonen
    Communications Manager
    Wärtsilä Energy
    Mob: +358 50 591 6180
    katri.pehkonen@wartsila.com

    Elena Hale
    Wärtsilä Energy
    Mob: +1 865 329 0553
    elena@piper-communications.com

    All Wärtsilä releases are available at www.wartsila.com/media/news-releases and at news.cision.com/wartsila-corporation where also the images can be downloaded. Use of the image(s) is allowed only in connection with the contents of this press release. Wärtsilä images are available at www.wartsila.com/media/image-bank.

    Wärtsilä Energy in brief
    Wärtsilä Energy is at the forefront of the transition towards a 100% renewable energy future. We help our customers and the power sector to accelerate their decarbonisation journeys through our market-leading technologies and power system expertise. Our solutions include flexible engine power plants, energy storage and optimisation technology, and services for the whole lifecycle of our installations. Our engines are future-proof and can run on sustainable fuels. Our track record comprises of 79 GW delivered power plant capacity and over 130 energy storage systems in 180 countries around the world. Over 30% of our operating installed base is under service agreements.
    www.wartsila.com/energy

    Wärtsilä in brief
    Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve environmental and economic performance. Our dedicated and passionate team of 17,800 professionals in more than 280 locations in 79 countries shape the decarbonisation transformation of our industries across the globe. In 2023, Wärtsilä’s net sales totalled EUR 6.0 billion. Wärtsilä is listed on Nasdaq Helsinki.
    www.wartsila.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1313b4ea-2fcb-4d25-8bb1-f6c7d6ad3691

    The MIL Network

  • MIL-OSI: Vantage Drilling International Ltd. – New incentive awards

    Source: GlobeNewswire (MIL-OSI)

    Dubai, Feb. 10, 2025 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (the “Company“) has awarded certain management employees and PDMRs of the Company with restricted stock units, pursuant to the Company’s Management Incentive Plan, and as elaborated on below and in the enclosed forms:

    • Sarah French, General Counsel, Chief Compliance Officer & Company Secretary, has been awarded a total of 60,000 restricted stock units vesting in October 2028 subject to certain conditions, consisting of 30,000 time-based restricted stock units and 30,000 performance based restricted stock units.;
    • Thomas R. Bates Jr., Chairman of the Board, Jørn Peter Madsen, Board member, L. Spencer Wells, Board member, Nils E. Larsen, Board member and Scott McReaken, Board member, has each been awarded 2,576 restricted stock units, all of which will vest on Effective Date + one year, or a sooner date, subject to certain conditions.

    This information is disclosed in accordance with article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

    About the Company
    Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore drilling contractor. Vantage Drilling’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage Drilling also markets, operates and provides management services in respect of drilling units owned by others. For more information about the Company, please refer to the Company’s website, www.vantagedrilling.com  

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    The MIL Network

  • MIL-OSI United Kingdom: Northumbrian manufacturer wins data-centre work with UKEF backing

    Source: United Kingdom – Executive Government & Departments

    Salem Tube is moving into the rapidly-growing sector thanks in part to support from the government’s export credit agency.

    • Based in Prudhoe, County Durham, Salem Tube has traded for over 30 years and makes industrial tubing.

    • It has traditionally served the energy sector but is taking on more and more orders from developers of data-centres.

    • Data-centres have high energy requirements and cannot function without cooling equipment provided by Salem Tube.

    A manufacturer from Northumberland is taking on new business with data-centre developers after securing the support of UK Export Finance (UKEF) and Santander UK.

    Salem Tube has traded since 1992 and supplies tubes for heat-transfer and heat-exchange – something essential to industrial cooling systems. It exports to over 40 countries a year, typically in the energy sector.

    As the market for AI and cloud data storage grows rapidly, Salem has been taking on more and more contracts in this area.

    Salem has now agreed a financing package worth £3.5 million which is provided by Santander UK and backed by the government through UKEF. This gives the business the capital which it needs to take on larger data-centre contracts and establish itself as a supplier to this emerging sector.

    UKEF offers its General Export Facility (GEF) scheme through all the major UK banks and a range of non-bank lenders. This allows exporters to access working capital facilities up to around £25 million.

    Pat Kendell, Senior Export Finance Manager (North East England), UKEF:

    Salem Tube is a perfect example of how businesses in the north are adapting and thriving in emerging sectors. This deal shows how government backing can help established manufacturers to seize new opportunities in the industries of the future. By supporting Salem Tube’s move into the data-centre market, UKEF is helping to safeguard jobs and boost exports in the North-East.

    Mark Ling, Head of Trade & Supplier Finance, Santander UK:

    We are delighted to provide further support for Salem Tube’s growth. Our partnership and collaboration with both Salem Tube and UKEF demonstrates our commitment to the international growth of businesses in the UK.

    This also helps Salem to complete its rebound from COVID-19 and grow larger than ever. It secured a range of overseas contracts in the USA and Middle East last year and is now considering taking on more employees.

    This is the latest phase of Salem’s partnership with UKEF, which has supported the business for over 5 years and previously helped it win new contracts in Africa.

    Contact

    Media enquiries:

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: With No Competing Offers, Beacon Roofing’s Board Stalls and Misleads

    Source: GlobeNewswire (MIL-OSI)

    Beacon Insiders Recently Sold Shares Well Below Offer Price, Undermining Beacon’s Case Against QXO
    QXO Calls on Beacon Roofing to Let Shareholders Decide on QXO’s $124.25 All-Cash Offer

    GREENWICH, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) —  QXO, Inc. (NYSE: QXO) today released a letter to Beacon Roofing Supply, Inc. shareholders regarding its $124.25 per share all-cash offer, addressing misrepresentations in Beacon’s recent 14D-9 filing.

    Dear Beacon Shareholders,

    We seek to set the record straight on some of the numerous misleading statements in Beacon’s recent communications.

    1.   QXO’s Offer to Acquire Beacon Roofing Supply is Highly Compelling and at a Significant Premium to Beacon’s Unaffected Share Price

    In evaluating QXO’s offer, Beacon conveniently ignores that its share price reflects our acquisition interest following the Wall Street Journal’s November 18, 2024 report. That day, Beacon’s stock rose 9.9%, compared to a 0.4% increase in the S&P 500. Yet, Beacon compares QXO’s offer to share price metrics as of January 14, 2025—a misleading approach that distorts expectations of Beacon’s standalone value.

    A more appropriate analysis shows that QXO’s offer represents:

    • A 37% premium to Beacon’s 90-day unaffected VWAP of $91.02 per share as of November 15, 2024;
    • A 26% premium to Beacon’s unaffected spot price of $98.75 per share as of November 15, 2024; and
    • A higher price than Beacon’s stock has ever traded.

    Indeed, Beacon acknowledges that November 15, 2024 is a significant date, referencing stock performance “from January 2, 2020 to November 15, 2024 (the last trading day before rumors surfaced).”

    Moreover, since November 15, 2024, Beacon’s Building Products Proxy Peers have lost 10.5% in value1, making QXO’s offer even more compelling:

    • A 41% premium to an implied spot share price of $88.42; and
    • A 52% premium to the peer-adjusted 90-day VWAP of $81.502.    

    2.   Data Indicates that Beacon Will Miss its Margin Targets. The Board’s Claim of Strong Performance is Flawed

    Beacon’s Board touts cherry-picked historical performance, painting a misleading picture of its track record. Consensus analysts’ estimates indicate that Beacon will miss all margin targets under its “Ambition 2025” plan. Further, Beacon’s revenue growth largely stems from extraordinary inflation and inorganic growth between 2022 and 2024. From 2019 through LTM September 2024, Beacon’s 7.7% revenue CAGR is the lowest of its peer group and well below the peer median of 12.1%3.

    Despite setting unambitious “Ambition 2025” targets, consensus analysts’ estimates indicate that Beacon will:

    • Miss its 2025 Gross Margin target by 130 basis points;
    • Miss its 2025 EBITDA Margin target by 114 basis points; and
    • Deliver EBITDA margins 20bps lower in 2025 than when the “Ambition 2025” plan was introduced4.

    Furthermore, Beacon’s claims of superior stock performance are easily debunked. Over the past five years, Beacon’s total shareholder return has trailed its Building Products Proxy Peers by 86% and trailed those peers by 140% since CEO Julian Francis took over as CEO in August 20195.

    3.   QXO’s Offer Represents a 3.0x Premium to Beacon’s Historical Multiple

    Beacon’s lackluster operational performance and relative share price underperformance are reflected in its enterprise value to next-twelve-months EBITDA multiple, which has remained rangebound at an average of 8.1x over the past three years. Meanwhile, its valuation gap relative to its Building Products Proxy Peers widened by 1.3x6 over the same period.

    Since Beacon has not closed the valuation multiple gap despite implementing “Ambition 2025,” reporting supposedly strong results and stock markets nearing all-time highs, we urge shareholders to decide if the current management and Board are the right team to create value for shareholders. QXO’s proposal provides a 3.0x premium to Beacon’s average historical next-twelve-months EBITDA multiple7, providing substantial immediate cash-certain value to shareholders.

    4.   If Beacon is Truly Confident in its Future, it Should Release its Projections Today

    Beacon’s upcoming financial projections for its March Investor Day warrant skepticism. Management itself acknowledged in its filings that its upcoming 2028 targets are “ambitious,” implying they may not be realistic. Beacon has already fallen short of some “Ambition 2025” goals. Adding to the skepticism, its decision to announce the Investor Day came only days after QXO disclosed its plan to go directly to shareholders.

    Further, these newly constructed projections will not be revealed for another month—more than three months after Beacon’s Board first rejected QXO‘s offer. Why the delay? What is Beacon formulating in the interim? If the company had strong, credible projections, there would be no reason for such a drawn-out disclosure process.

    5.   Actions Speak Louder than Words: Beacon Insiders Recently Sold Shares at Prices Far Below QXO’s Offer

    Since early 2024, Beacon’s Chairman and CEO have sold a significant percentage of their shares at prices well below QXO’s $124.25 per share offer:

    • Chairman Stuart Randle sold 20.9% of his shares at $94.808;
    • CEO Julian Francis sold 9.8% of his shares at $97.919;
    • CD&R, arguably the most sophisticated financial sponsor in the distribution space, exited its position in Beacon at $83.16 per share.

    If Beacon’s future is so bright under current management, why are insiders selling shares sharply below QXO’s offer price?

    Additionally, Beacon’s Board and management collectively own only 1.3% of outstanding10 shares, signaling a lack of alignment with shareholder interests and demonstrating their lack of confidence in Beacon’s standalone prospects.

    6.   Beacon’s Own Filings Suggest that No Actionable Competing Offer Exists

    Beacon’s recent filings indicate no viable third-party alternative to QXO’s premium offer. Beacon’s 14D-9 filing has not disclosed any competing offers, or even a single NDA being signed.

    Interestingly, on December 2, 2024, representatives of J.P. Morgan explicitly informed representatives of Morgan Stanley that they had been authorized to approach other potential suitors for Beacon. QXO’s letter to Beacon sent on the following day stated this clearly, yet Beacon made no effort to dispute this until two months later, on February 6, 2025.

    QXO’s offer is clear, compelling and in shareholders’ best interest. It is time for Beacon’s Board to stop obstructing shareholders and let them decide their own financial future.

    QXO’s tender offer for all of Beacon’s outstanding common stock will be effective until 12:00 midnight (New York City time) at the end of February 24, 2025, and QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts
    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts
    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    1 Market data as of February 7, 2025. Average of building products subset of the peer list presented in Beacon’s April 2024 Proxy Statement; includes: Builders FirstSource, Boise Cascade, GMS, Pool Corp, SiteOne, WATSCO, Wesco (“Building Products Proxy Peers”)
    2 Based on Beacon’s unaffected share price as of November 15, 2024 and the average share price performance since November 15, 2024 for the Building Products Proxy Peers
    3 Reported revenues for Beacon and Building Products Proxy Peers
    4 Based on median 2025E Wall Street research estimates, sourced from Capital IQ as of February 7, 2025
    5 Market data as of November 15, 2024. Total shareholder return reflects stock price performance adjusted for cash dividends paid, stock splits, rights offerings and spin-offs during the period
    6 As per Capital IQ as of November 15, 2024
    7 As of November 15, 2024; next-twelve-months EBITDA calculated using calendarized annual broker EBITDA estimates for Beacon
    8 As per Mr. Randle’s Form 4 filed with the SEC on May 28, 2024. According to Mr. Randle’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    9 As per Mr. Francis’s Form 4 filed with the SEC on May 22, 2024. According to Mr. Francis’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    10 As per Schedule 14D-9 filed with the SEC on February 6, 2025

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5854092c-16b2-41c5-918c-3c0e68bd5705

    The MIL Network

  • MIL-OSI: Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024.

    Fourth Quarter of 2024 Results Overview
    Revenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter.

    Gross profit for the fourth quarter of 2024 was $87 million, compared to $84 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company took on for the first time its portion of incremental costs of the greenfield Agrate facility.

    Operating profit for the fourth quarter of 2024 was $46 million as compared to $45 million for the fourth quarter of 2023.

    Net profit for the fourth quarter of 2024 was $55 million, reflecting $0.49 basic and diluted earnings per share. Net profit for the fourth quarter of 2023 was $54 million, or $0.49 basic and $0.48 diluted earnings per share.

    Cash flow generated from operating activities in the fourth quarter of 2024 was $101 million and investments in property and equipment, net were $93 million.

    Full year 2024 Results Overview
    Revenues for the full year of 2024 were $1.44 billion, gross profit was $339 million, operating profit was $191 million. Net profit for the full year of 2024 was $208 million, or $1.87 basic and $1.85 diluted earnings per share. For the full year of 2023, revenues were $1.42 billion, gross profit was $354 million, operating profit was $547 million and included $314 million, net, from the Intel merger contract termination and $33 million of restructuring income, net, from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the full year of 2023 was $518 million, or $4.70 basic and $4.66 diluted earnings per share and included $290 million, net, due to the merger contract termination payment by Intel and $11 million restructuring income, net.

    Cash flow generated from operating activities for the year ended December 31, 2024, was $449 million. Investments in property and equipment, net for the year ended December 31, 2024, were $432 million and debt payments, net totaled $32 million.

    6” Fab Consolidation Update
    During the fourth quarter of 2024, the lower margin legacy of 150mm flows were discontinued in Fab1, with last Fab outs occurring in January 2025. The forward-looking strategic flows have been transferred into the Fab2 200mm factory. This strategic integration enables the Company to streamline its production processes, enhancing overall efficiency.

    Business Outlook
    Tower Semiconductor guides revenues for the first quarter of 2025 to be $358 million, with an upward or downward range of 5%. First quarter mid-range guidance reflects about 10% year-over-year growth.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “With the close of 2024, we are pleased with our progress, in having brought to market highly differentiated end application advancing platforms, hence strengthening our position for sustainable growth. Our 2025 revenue target is year-over-year growth, with sequential quarter-over-quarter revenue growth, and an acceleration in the second half of the year. This momentum is fueled by increasing production shipments as our previously announced capacity investments progress through the final stages of customer qualifications.”

    Ellwanger further added: “Our commitment to customer partnered innovation and streamlined execution continues to drive our ability to meet the growing and evolving needs of our customers in a quickly changing business environment, whilst expanding our available market size and share. We look forward to the year ahead with confidence and enthusiasm.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Monday, February 10, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the fourth quarter and full year of 2024 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $101 million, $125 million and $126 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $449 million and $677 million for the years ended December 31, 2024 and December 31, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $93 million, $128 million and $136 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $432 million and $432 million for the years ended December 31, 2024 and December 31, 2023, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), photonics, and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, includes certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well the ability to extend such lease or acquire the real estate and obtain the required local state and/or approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impacts that may be incurred or occur due to reorganization and consolidation of fabrication facilities, including the impact of cessation of operations of our facilities, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      December 31,   December 31,  
      2024   2023  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 271,894   $ 260,664  
    Short-term deposits 946,351   790,823  
    Marketable securities   184,960  
    Trade accounts receivable 211,932   154,067  
    Inventories 268,295   282,688  
    Other current assets 61,817   35,956  
    Total current assets 1,760,289   1,709,158  
    PROPERTY AND EQUIPMENT, NET 1,286,622   1,155,929  
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET 10,196   12,115  
    OTHER LONG-TERM ASSETS 23,378   41,315  
    TOTAL ASSETS $ 3,080,485   $ 2,918,517  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 48,376   $ 58,952  
    Trade accounts payable 130,624   139,128  
    Deferred revenue and customers’ advances 21,655   18,418  
    Other current liabilities 84,409   60,340  
    Total current liabilities 285,064   276,838  
    LONG-TERM DEBT 132,437   172,611  
    LONG-TERM CUSTOMERS’ ADVANCES 7,690   25,710  
    OTHER LONG-TERM LIABILITIES 15,114   16,319  
    TOTAL LIABILITIES 440,305   491,478  
    TOTAL SHAREHOLDERS’ EQUITY 2,640,180   2,427,039  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,080,485   $ 2,918,517  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    REVENUES $ 387,191   $ 370,512   $ 351,711  
    COST OF REVENUES 300,338   277,451   267,294  
    GROSS PROFIT 86,853   93,061   84,417  
    OPERATING COSTS AND EXPENSES:            
    Research and development 20,622   19,867   20,849  
    Marketing, general and administrative 19,812   17,432   18,401  
      40,434   37,299   39,250  
                 
    OPERATING PROFIT 46,419   55,762   45,167  
    FINANCING AND OTHER INCOME, NET 8,315   6,104   16,682  
    PROFIT BEFORE INCOME TAX 54,734   61,866   61,849  
    INCOME TAX EXPENSE, NET (2,149)   (7,026)   (10,130)  
    NET PROFIT 52,585   54,840   51,719  
    Net loss (profit) attributable to non-controlling interest 2,553   (193)   2,128  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    BASIC EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.49  
    Weighted average number of shares 111,493   111,237   110,796  
    DILUTED EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.48  
    Weighted average number of shares 112,967   112,474   111,308  
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    Stock based compensation 10,684   8,611   6,662  
    Amortization of acquired intangible assets 574   448   442  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 66,396   $ 63,706   $ 60,951  
    ADJUSTED EARNINGS PER SHARE:            
    Basic $ 0.60   $ 0.57   $ 0.55  
    Diluted $ 0.59   $ 0.57   $ 0.55  
                 
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Year ended  
      December 31,  
      2024   2023  
    REVENUES $ 1,436,122   $ 1,422,680  
    COST OF REVENUES 1,096,680   1,069,161  
    GROSS PROFIT 339,442   353,519  
    OPERATING COSTS AND EXPENSES:        
    Research and development 79,434   79,808  
    Marketing, general and administrative 74,964   72,454  
    Restructuring income, net * (6,270)   (32,506)  
    Merger-contract termination fee, net **   (313,501)  
      148,128   (193,745)  
             
    OPERATING PROFIT 191,314   547,264  
    FINANCING AND OTHER INCOME, NET 26,113   37,578  
    PROFIT BEFORE INCOME TAX 217,427   584,842  
    INCOME TAX EXPENSE, NET (10,205)   (65,312)  
    NET PROFIT 207,222   519,530  
    Net loss (profit) attributable to non-controlling interest 642   (1,036)  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    BASIC EARNINGS PER SHARE $ 1.87   $ 4.70  
    Weighted average number of shares 111,153   110,289  
    DILUTED EARNINGS PER SHARE $ 1.85   $ 4.66  
    Weighted average number of shares 112,343   111,216  
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.  
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost.  
             
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    Stock based compensation 33,837   27,931  
    Amortization of acquired intangible assets 1,918   1,923  
    Restructuring income, net *** (2,634)   (11,224)  
    Merger-contract termination fee, net ****   (289,988)  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 240,985   $ 247,136  
    ADJUSTED EARNINGS PER SHARE:        
    Basic $ 2.17   $ 2.24  
    Diluted $ 2.15   $ 2.22  
    *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
    **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)  
    (dollars in thousands)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 270,979   $ 265,313   $ 314,816  
    Net cash provided by operating activities 100,816   124,743   126,098  
    Investments in property and equipment, net (93,396)   (127,624)   (136,426)  
    Debt received (repaid), net 2,795   (16,402)   (8,950)  
    Effect of Japanese Yen exchange rate change over cash balance (4,972)   5,537   2,101  
    Proceeds from (investment in) deposits, marketable securities and other assets, net (4,328)   19,412   (36,975)  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 270,979   $ 260,664  
      Year ended      
      December 31,   December 31,      
      2024   2023      
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 260,664   $ 340,759      
    Net cash provided by operating activities 448,682   676,561 *    
    Investments in property and equipment, net (431,653)   (432,184)      
    Debt repaid, net (32,455)   (32,346)      
    Proceeds from investment in subsidiary   1,932      
    Effect of Japanese Yen exchange rate change over cash balance (4,758)   (5,395)      
    Proceeds from (investment in) deposits, marketable securities and other assets, net 31,414   (288,663)      
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664      
    * Merger-contract termination fee received from Intel during 2023, net of associated cost, in the amount of $313,501  
    was included within the net cash provided by operating activities for the year ended December 31, 2023.  
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  
    (dollars in thousands)  
      Year ended  
      December 31,   December 31,  
      2024   2023  
    CASH FLOWS – OPERATING ACTIVITIES        
    Net profit for the period $ 207,222   $ 519,530  
    Adjustments to reconcile net profit for the period        
    to net cash provided by operating activities:        
    Income and expense items not involving cash flows:        
    Depreciation and amortization * 266,279   258,021  
    Effect of exchange rate differences and fair value adjustment 133   (1,632)  
    Other expense (income), net 24,721   (7,047)  
    Changes in assets and liabilities:        
    Trade accounts receivable (60,169)   (3,160)  
    Other current assets (33,992)   (9,541)  
    Inventories 4,778   8,682  
    Trade accounts payable 35,784   (8,254)  
    Deferred revenue and customers’ advances (14,783)   (35,676)  
    Other current liabilities 22,021   (70,163)  
    Other long-term liabilities (3,312)   25,801  
    Net cash provided by operating activities 448,682   676,561 **
    CASH FLOWS – INVESTING ACTIVITIES        
    Investments in property and equipment, net (431,653)   (432,184)  
    Proceeds from (investments in) deposits, marketable securities and other assets, net 31,414   (288,663)  
    Net cash used in investing activities (400,239)   (720,847)  
    CASH FLOWS – FINANCING ACTIVITIES        
    Debt repaid, net (32,455)   (32,346)  
    Proceeds from investment in subsidiary   1,932  
    Net cash used in financing activities (32,455)   (30,414)  
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (4,758)   (5,395)  
             
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,230   (80,095)  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 260,664   340,759  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664  
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $35,755  
    and $29,854 for the years ended December 31, 2024, and December 31, 2023, respectively.      
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost, in the amount
    of $313,501 was included within the net cash provided by operating activities for the year ended December 31, 2023.
             

    The MIL Network

  • MIL-OSI Economics: WTO-OECD report examines economic implications of data flow regulation

    Source: WTO

    Headline: WTO-OECD report examines economic implications of data flow regulation

    The report, entitled “Economic Implications of Data Regulation: Balancing Openness and Trust”, notes how data flows have become the lifeblood of social and economic interactions. At the same time, it highlights a surge in regulations conditioning data flows or mandating that data be stored or processed domestically. 
    The report notes that the implications of data flow regulations are not well understood, especially where they relate to finding a balance between enabling flows while also ensuring that data receives the desired safeguards when transferred abroad.
    Drawing on information from a business questionnaire and analysis of data flows, the publication aims to help policy makers better understand the benefits involved in their regulatory choices.
    The report looks into the potential costs of data flow regulation and the potential benefits that arise from growing trust in economic transactions undertaken within data protection frameworks.
    It underscores that global solutions that balance free flows of data with the trust benefits of safeguards are likely to deliver better economic outcomes for countries at all levels of development. If open regimes that include safeguards were adopted by all economies, global exports would grow by 3.6% and global GDP by 1.77%, the report notes. Benefits would be highest for low and lower-middle income economies which could see their GDP rise by over 4%.
    The report notes that “full fragmentation”, where all economies fully restrict their data flows, would lead to global GDP losses of 4.5% and reductions in exports of 8.5%.
    However, the absence of data flow regulation is also associated with negative economic outcomes. If all economies removed their data flow regulation, trade costs would fall, but trust would also decline, the report says.
    With regards to measures explicitly mandating local storage or processing of data, the report underscores that the impact depends on the type of measure implemented. Developing economies would benefit most from removing data localisation measures.
    The full report can be found here.

    Share

    MIL OSI Economics

  • MIL-OSI United Kingdom: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Executive Government & Departments

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Press release: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: India’s Coal Boom

    Source: Government of India

    India’s Coal Boom

    Policies, Production, and Investments

    Posted On: 10 FEB 2025 3:49PM by PIB Delhi

     Introduction

    With the fifth-largest geological coal reserves globally and as the second-largest consumer, coal continues to be an indispensable energy source, contributing to 55% of the national energy mix. Over the past decade, thermal power, predominantly fueled by coal, has consistently accounted for more than 74% of our total power generation. Despite commendable strides in promoting renewable energy sources, the sheer growth in electricity demand necessitates a continued reliance on thermal power, with projections indicating its share to be 55% by 2030 and 27% by 2047. It is anticipated through comprehensive studies that coal demand in 2030 will likely reach 1462 MT and 1755 MT by 2047.

     

    Growth of the Coal Sector in December 2024

     

    As per the Index of Eight Core Industries (ICI), the coal sector registered the highest growth of 5.3% in December 2024, reaching 215.1 points compared to 204.3 points in December 2023. During April-December 2024, the coal industry index increased to 177.6 points from 167.2 points in the previous year, marking a 6.2% growth—the highest among all core industries.

    The Combined Index of Eight Core Industries showed an overall growth of 4.0% in December 2024 compared to the previous year. The index for April-December 2024 increased by 4.2% over the same period in FY 2023-24, emphasizing coal’s significant contribution to industrial expansion. Additionally, the coal sector accounts for about 50% of freight revenue for Indian Railways and provides direct employment to nearly 4.78 lakh individuals.

    India’s coal production has reached an all-time high of 997.82 million tonnes (MT) in FY 2023-24, marking a significant rise from 609.18 MT in FY 2014-15, with a Compound Annual Growth Rate (CAGR) of 5.64% over the past decade. In FY 2023-24 alone, production has surged by 11.71% compared to the previous year. Coal India Limited (CIL) remains the dominant producer, while SCCL and Others/Captive sources have also shown consistent growth, particularly in the last three years.

     

    State Governments also benefit significantly from coal revenues, with royalty, District Mineral Foundation (DMF) contributions, and State GST collections amounting to ₹31,281.7 crore in the fiscal year 2023-24.

     

    Dispatch of Coal

     

    The cumulative coal dispatch April 2024 to January 2025 has risen to 843.75 MT, marking 5.73% increase from 798.02 MT recorded during the corresponding period of the previous year. Mine opening permissions were granted for three new minesBhaskarpara, Utkal E, and Rajhara North (Central and Eastern). The Ministry of Coal remains committed to augmenting domestic production, reducing import dependence, and ensuring energy security for India.

     

    Indian Coal Sector Achieves Significant Import Reduction in FY 2023-24

     

    The Indian coal sector significantly reduced its import dependency in FY 2023-24, with only 110 MT classified as non-substitutable imports, by increasing domestic coal production. Between April and November 2024, coal imports declined by 5.35%, saving approximately $3.91 billion (₹30,007.26 crore). Notably, coal imports for domestic power plant blending fell by 23.56%. Supply from CIL and SCCL, along with captive sources, rose from 734 MT (2018-19) to 1149 MT (2023-24), while demand reached 1273 MT. Additionally, private sector coal production increased from 58 MT to 184 MT, further strengthening India’s energy self-sufficiency.

     

                    

    This decrease in imports and increase in domestic supply is enabled by various efforts of the government. The Ministry’s ‘Mission Coking Coal’ launched in 2022, aims to increase domestic coking coal production to 140 MT by FY 2029-30, thereby reducing dependency on imports in the steel sector. Other key strategies such as promoting commercial mining, expediting production from allocated blocks, and enhancing regional exploration (2525 sq. km by 2024) also play a crucial role. The introduction of the National Coal Mine Safety Report Portal and the Mine Closure Portal ensures responsible and transparent mining practices. The Ministry is considering the establishment of a Coal Trading Exchange to create a competitive and transparent market, further modernizing the sector.

     

    As of January 2025, the Ministry of Coal has allotted 184 mines, with 65 blocks receiving Mine Opening Permissions. Total production from these blocks has reached 136.59 MT, registering a 34.20% year-on-year increase. This is expected to exceed 170 MT target in FY 2024-25.

     

    Financial Incentive Scheme for Coal Gasification

     

    The Cabinet approved the scheme for promotion of Coal/Lignite Gasification Projects of Government PSUs and Private Sector, in January 2024. With a financial outlay of ₹8,500 crore, the scheme will provide Financial Assistance for coal gasification projects under three categories and aims to accelerate coal gasification, reduce carbon emissions, enhance energy security, and promote sustainable development.

     

    The scheme encourages both private companies and government PSUs to undertake coal gasification projects. For Category I, three applicants, Namely Bharat Coal Gasification and Chemicals Limited, CIL – GAIL Consortium and Coal India Limited were selected to be given Financial Incentives. New Era Cleantech Solution Private Limited was selected under Category III to be provided with Financial Incentive. The Request for Proposals (RFP) for Category-II was issued on May 15, 2024, and technical bids were opened on January 10, 2025. The selected applicants for financial incentives under Category-II are Jindal Steel and Power Limited, New Era Cleantech Solution Pvt. Ltd. and Greta Energy Limited.

     

    This initiative is a crucial part of India’s target to achieve 100 million tonnes of coal gasification by 2030, reflecting a shift towards advanced coal utilization technologies.

     

    Strengthening Coal Supply Chains

     

    To ensure uninterrupted coal supply, robust institutional mechanisms have been put in place, including an Inter-Ministerial Committee and coordination meetings with Railways and power sector stakeholders. As a result, coal stock at Thermal Power Plants now stands at 49 MT—sufficient for nearly 21 days, even amidst logistical restrictions during the Maha Kumbh period.

     

    To further enhance supply efficiency, the Ministry has launched the First Mile Connectivity (FMC) initiative, commissioning 39 projects with a total capacity of 386 MTPA. Additionally, the Rail-Sea-Rail (RSR) mode has successfully doubled coal movement from 28 MT in FY 2022 to 54 MT in FY 2024.

     

    Vesting Orders for Commercial Coal Mines

     

    A landmark policy reform came with the introduction of commercial coal mine auctions in 2020, encouraging private sector participation and modern technological adoption. The Ministry of Coal has recently issued vesting orders for seven coal mines under commercial coal mine auctions. The Coal Mine Development and Production Agreements (CMDPA) for these mines were signed on December 5, 2024.

    With the vesting of these mines, a total of 107 coal mines have been auctioned under commercial coal mine auctions, with a cumulative PRC of approximately 246.60 MTPA, generating estimated annual revenue of ₹34,000 crore and employment for about 3,33,000 people.

     

    Chintan Shivir 2.0: Deliberations on Energy Transition and Safety

     

    The Ministry of Coal organized Chintan Shivir 2.0 on January 7, 2025, focusing on coal sector reforms, energy transition, and safety measures. The forum underscored the importance of aligning coal mining with global sustainability goals and prioritizing worker safety. The discussions held emphasized on:

    • Enhancing production while integrating cleaner technologies
    • Reducing carbon emissions through coal gasification
    • Adoption of best practices for sustainability
    • Strengthening safety standards in mining operations

     

     

    The coal sector is embracing sustainability with large-scale afforestation efforts, with over 54.06 lakh saplings planted across 2,372 hectares in 2024. Under the ‘Ek Ped Maa Ke Naam’ campaign, over 1 million saplings were planted at 332 locations in 11 states. Additionally, 4,695 hectares of land have been identified for Accredited Compensatory Afforestation, and a total of 18,513 LKL of treated mine water has been provided to over 18.63 lakh people across 1,055 villages over the past five years.

     

    Workforce in the Coal Industry

     

    The total workforce in major coal companies under the Ministry of Coal is:

     

    • Coal India Limited (CIL): 3,30,318 employees
    • Singareni Collieries Company Limited (SCCL): 40,893 employees
    • NLC India Limited (NLCIL): 20,811 employees

     

    Mining operations follow stringent safety regulations under the Mines Act, 1952, including risk assessment, safety training, and medical screenings. Extensive healthcare services are provided to workers, with regular health check-ups to prevent occupational diseases.

     

    Central Sector Schemes of the Ministry of Coal

     

    The Ministry of Coal administers three key schemes:

     

    1. Exploration of Coal and Lignite – Identifies and categorizes coal/lignite resources, generating geological reports for auction/allocation. Promising areas undergo detailed exploration to upgrade resources to the ‘Proved’ category.
    2. Research & Development (R&D) – Overseen by the Standing Scientific Research Committee (SSRC), focusing on planning, budgeting, and implementing research projects for sector advancements.
    3. Conservation, Safety & Infrastructure Development – Under the Conservation and Development Act (CCDA), funds are provided for sand stowing, protective works, transport infrastructure, and mining safety improvements.

     

    The table below highlights the budget allocation and expenditure for Central Sector Schemes in the coal sector for 2023-24, with a total outlay of ₹843.5 crores and an expenditure of ₹299.09 crores.

     

     

    Conclusion

     

    The coal sector’s remarkable growth highlights its ability to meet the increasing demand from the energy and manufacturing industries. With initiatives like coal gasification, the sector is advancing toward India’s goal of achieving 100 MT of coal gasification by 2030, promoting cleaner and more efficient energy use.

     

    The Ministry of Coal remains steadfast in its commitment to boosting domestic coal production, reducing import dependency, and ensuring national energy security. As a key driver of economic progress, the sector continues to play a crucial role in the realization of Viksit Bharat, contributing to a self-reliant and developed India.

     

    References

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2009196

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099183

    https://coal.gov.in/sites/default/files/2021-01/productiondata_tenyear.pdf

    https://coaldashboard.cmpdi.co.in/dashboard.php#

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099549

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099889

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099037

    https://coal.gov.in/sites/default/files/2024-09/05-09-2024qurt.pdf

    https://coal.nic.in/en/central-sector-schemes

    https://pib.gov.in/PressReleasePage.aspx?PRID=2100763

    Click here to download PDF

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    Santosh Kumar | Sarla Meena | Anchal Patiyal

    (Release ID: 2101314) Visitor Counter : 55

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: DPIIT and Korea Transport Institute Sign MoU to Boost Collaboration in Logistics and Infrastructure Development

    Source: Government of India

    Posted On: 10 FEB 2025 3:34PM by PIB Delhi

    A Memorandum of Understanding (MoU) on cooperation in logistics and infrastructure development between the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India (GoI) and the Korea Transport Institute (KoTI), Republic of Korea (RoK) was signed today at the Sejong National Research Complex, South Korea by Mr. Youngchan Kim, President of KOTI, and H.E. Amit Kumar, Ambassador of India to the Republic of Korea.

    The MoU will enhance cooperation in logistics and infrastructure development, leveraging KOTI’s expertise to support India’s ambitious infrastructure initiatives. Joint working meetings will be held for taking the initiative forward.

    Further, the MoU will establish a comprehensive mechanism for knowledge exchange and institutional cooperation between the Logistics Division, DPIIT and KOTI. This will help in the development of infrastructure and logistics master plans under the aegis of the prestigious program – PM GatiShakti National Master Plan.

    The key benefits of this collaboration include the establishment of a research-driven program that enhances expertise in logistics and infrastructure through knowledge exchange, training, and technical assistance. It will also foster cross-learning in areas such as master planning, technology adoption, and innovation. Additionally, the partnership will highlight the achievements under the PM GatiShakti initiative and promote GIS data-based technology on a global stage.

    This will mark a significant step towards strengthening bilateral ties and fostering innovation in the field of logistics and infrastructure development.

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    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101298) Visitor Counter : 15

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)

    Source: Hong Kong Government special administrative region

    Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)
    Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)
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         ​The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) showcased Hong Kong’s vibrancy at the Sydney Lunar New Year Dragon Boat Festival held in Sydney, Australia, from February 7 to 9.     Over 2 000 paddlers churned up the waters in various races during the three-day event in Darling Harbour. The Sydney ETO organised the Hong Kong team to compete in the Corporate Category of the races and won the second place in the Government Industry Challenge on February 7. Four of the races this year were named the “Hong Kong Talent Cup”, the “Hong Kong Innovation Cup”, the “Hong Kong Future Cup” and the “HKETO Government Industry Challenge”, with medals presented by the Director of the Sydney ETO, Mr Ricky Chong, who also attended the opening ceremony of the Festival on February 8.     The Sydney ETO set up a marquee during the Dragon Boat Festival to promote the latest developments in Hong Kong, in particular the exciting mega events held in the city and various talent attraction initiatives rolled out by the Government. Souvenirs distributed at the marquee for promoting Hong Kong were very well received.     The Sydney Lunar Festival, organised by the City of Sydney, is one of the largest celebrations of the Lunar New Year outside Asia. During the festival held from January 29 to February 16 this year, the celebration features an array of programmes including lion dancing, a lantern display, cultural performances as well as jet pack and firework shows.     The Sydney Lunar New Year Dragon Boat Festival, which is the biggest event of its kind in the southern hemisphere, was a highlight of the Sydney Lunar Festival, attracting tens of thousands of spectators.     ​The Sydney ETO also displayed Hong Kong-themed banners with new year greetings in major locations across Sydney during the festive period.

     
    Ends/Monday, February 10, 2025Issued at HKT 15:05

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India to Inaugurate EFTA Desk to Enhance Trade and Investment under TEPA

    Source: Government of India (2)

    India to Inaugurate EFTA Desk to Enhance Trade and Investment under TEPA

    Business Roundtable to Witness Participation from Over 100 Companies from India and EFTA Nations

    Posted On: 10 FEB 2025 10:19AM by PIB Delhi

    In a significant step towards deepening economic ties with the European Free Trade Association (EFTA), Union Minister for Commerce and Industry Shri Piyush Goyal along with the EFTA bloc represented by H.E. Mrs. Helene Budliger Artieda, Swiss State Secretary, H.E. Mr. Tomas Norvoll, State Secretary of Trade and Industry, Norway, H.E. Martin Eyjolfsson, Permanent Secretary of State, Iceland, H.E. Dominique Hasler, Minister of External Affairs, Education, and Sport, Liechtenstein, Mr. Markus Schlagenhof, Deputy Secretary General, EFTA Secretariat and Mr. David Sveinbhornsson, Senior Officer, EFTA Secretariat, will inaugurate the EFTA Desk at Bharat Mandapam, New Delhi, on February 10, 2025.

    The initiative, in line with Chapter 7 of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which was signed on March 10, 2024, aims to serve as a dedicated platform to promote trade, investment, and business facilitation between India and the four EFTA nations—Switzerland, Norway, Iceland, and Liechtenstein. The inauguration ceremony will be attended by senior officials from the Government of India and high-ranking dignitaries from EFTA member states.

    Senior officials from Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Commerce (DOC) will also address the gathering, outlining India’s vision for stronger economic engagement with EFTA nations.

    The India-EFTA Dedicated Desk will act as a centralized support mechanism for EFTA companies looking to expand in India. It will provide market insights and regulatory guidance, business matchmaking, and assistance in navigating India’s policy and investment landscape.

    Post-inauguration, a high-level EFTA-India Business Roundtable will convene, featuring over 100 leading businesses from India and EFTA nations, aimed at fostering collaboration across key sectors, including Pharmaceuticals & Life Sciences, Financial Services & Fintech, Mechanical & Electrical Engineering, Energy & Sustainability, Seafood & Maritime, Food Processing & Agritech. The roundtable will provide a structured forum for companies to explore joint ventures, investment opportunities, and technology partnerships under the framework of TEPA.

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    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101215) Visitor Counter : 23

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Energy in the spotlight as Benjamin Dousa visits Moldova

    Source: Government of Sweden

    Energy in the spotlight as Benjamin Dousa visits Moldova – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    On 10–11 February, Minister for International Development Cooperation and Foreign Trade Benjamin Dousa is visiting Moldova to hold discussions about the energy situation following Russia’s Gazprom suspending its gas supplies.

    “Suspending gas supplies is a way for Russia to undermine Moldova’s political and economic stability. This is why it’s important to support Moldova at this critical juncture,” says Mr Dousa.

    During the visit, Mr Dousa will meet with Moldova’s Prime Minister Dorin Recean and Minister of Foreign Affairs Mihai Popșoi. Mr Dousa will also meet with representatives of civil society and the private sector for discussions around energy issues, resilience and Moldova’s path to EU accession.

    Energy is an important component of Sweden’s long-term reform efforts with Moldova. Sweden provides support in areas such as increased access to sustainable energy solutions for agriculture and households in rural areas, as well as the development of district heating systems in the capital Chisinau. This cooperation enables Sweden to contribute to the green transition and to reducing the country’s reliance on Russian energy.

    Swedish support to Moldova

    Sweden provides extensive and long-term bilateral reform support to Moldova that aims to support the country’s path to EU accession. The support focuses on democracy, the rule of law, security, market economy development and the environment and climate. Sweden’s reform cooperation with Moldova is governed by a regional Eastern Europe strategy for the period 2021–2027, comprising a total of SEK 6.6 billion for the whole region. In 2023, Sweden’s development assistance to Moldova totalled over SEK 520 million, which included a support package to the energy sector worth SEK 300 million.

    Press contact

    MIL OSI Europe News

  • MIL-OSI Russia: On Russian Science Day, scientists and postgraduates were awarded at the Polytechnic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On the Day of Russian Science, Peter the Great St. Petersburg Polytechnic University held many events: open lectures, seminars, quizzes, round tables, webinars and competitions. And the main event of the holiday was the award ceremony for the winners of the “Graduate Student of the Year” competition, the most active SPbPU scientists in the media and journalists popularizing science.

    Congratulating scientists, postgraduates and students on the holiday, Vice-Rector for Research Yuri Fomin emphasized that unprecedented attention is being paid to support of scientific activity at the federal level today.

    At a recent meeting of the Council under the President of the Russian Federation for Science and Education, it was discussed that it is necessary to ensure the superiority of domestic science-intensive technologies and products in vital areas. Polytechnic scientists are making their contribution to solving this problem. We are proud of their achievements and grateful to active popularizers of science who attract young people to research work, said Yuri Vladimirovich.

    After the greeting, the Vice-Rector for Science presented awards to the winners and prize-winners of the first-ever “Postgraduate of the Year” competition and their academic supervisors. In the field of natural and exact sciences, first place was taken by Polina Shinkevich from the Civil Engineering Institute (scientific supervisor Natalia Politaeva), second and third places went to Physics and Mechanical Institute postgraduate students Daniil Provodin (scientific supervisor Vadim Davydov) and Anna Ponomarenko (scientific supervisor Alexander Yashin).

    In the field of technical sciences, first place went to Ksenia Velmozhina from ISI (scientific supervisor Natalia Politaeva), and second place went to postgraduate students from the Institute of Mechanical Engineering, Materials and Transport Ekaterina Volokitina (scientific supervisor Nikolai Razumov) and Salbek Beketov (scientific supervisor Sergei Redko).

    In the field of humanities and social sciences, all prize places went to postgraduate students of the Institute of Industrial Management, Economics and Trade:

    The first was won by Grigory Kulkaev (scientific supervisor Oleg Kichigin), the second by Alexey Melnik (scientific supervisor Alexander Babkin), and the third by Maria Rodionova (scientific supervisor Tatyana Kudryavtseva).

    “At the very beginning of their journey, all young scientists go through postgraduate studies,” noted Yuri Fomin. “That is why it was important for us to launch this competition, to emphasize the role of postgraduate students and their scientific supervisors, and we hope that the new tradition will be supported and gain momentum.”

    Also, together with the Head of the Public Relations Department Marianna Dyakova, Yuri Fomin awarded the Polytechnic scientists who demonstrated maximum media activity in 2024. These are researchers and experts who gave comments in federal and regional media, actively collaborated with journalists in preparing materials.

    Marianna Dyakova thanked those who regularly appear on the Polytechnic’s media resources and help with the preparation of materials in the media: Thank you for creating the image of our university, its reputation. We understand that it is difficult to distract scientists from their scientific work, but this is also important work for the university, and we really appreciate those who find time for it.

    Among those awarded were: Head of the Laboratory of Lightweight Materials and Structures Oleg Panchenko, Director of the Scientific and Educational Center (SEC) “Mechanical Engineering Technologies and Materials” Pavel Novikov, Director of the SEC “Nanotechnologies and Coatings” Alexander Semencha, Head of the Scientific Research Laboratory (SRL) for the Analysis of Biomedical Images and Data Ekaterina Pchitskaya, Head of the Laboratory nano- and microencapsulation of biologically active substances Alexander Timin, research fellow at the Nanobiotechnology Research Complex Natalia Morozova, head of the Food Quality Control Laboratory Maria Kireeva, head of the System Dynamics Research Laboratory Angi Skhvediani, head of the General and Analytical Chemistry Laboratory Evgenia Pochkaeva.

    In honor of Russian Science Day, the university also thanked journalists who regularly cover the Polytechnic University’s scientific activities in the media. As Marianna Dyakova emphasized, the media always show great interest in SPbPU, and the university is grateful to many of them for their attention. And Russian Science Day is a good reason to thank the most active information partners: producer of the Directorate of Socially Significant Thematic Programs and Special Projects of the Saint Petersburg TV Channel Natalia Lomonosova, senior correspondent of Rossiyskaya Gazeta Marina Ledyaeva, special correspondent of the TASS news agency Sergei Rybakov.

    On the eve of Science Day, representatives of the Student Scientific Society also made a presentation about their activities at the Polytechnic University. The head of the organization, Mikhail Udovichenko, told which institutes the SSS is actively working in and where it is not yet, and called on students to take advantage of the opportunities provided by the association, attend events and propose ideas. Viktor Klinkov, head of the educational laboratory of applied chemistry and candidate of physical and mathematical sciences, told students about his experience and path to science. And Angelika Gerner, head of the youth scientific competitions sector of the Office for Support of Scientific Projects and Programs, and Ekaterina Linnik, director of the Center for Scientific Publications, told students about the available opportunities for participating in competitions, receiving grants, and writing scientific articles.

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

    MIL OSI Russia News

  • MIL-OSI: PU Prime Launches ‘Feather Your Trades’ Promotion to Support Traders and Enhance Confidence

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 10, 2025 (GLOBE NEWSWIRE) — PU Prime is launching Feather Your Trades, a promotion aimed at supporting traders in managing losses and maintaining confidence in their trading activities. Running from 15 January to 15 February 2025, clients can redeem up to $30 in Trade Loss Vouchers to offset losses on eligible closed trades.

    How It Works

    • Clients can access $30 in Trade Loss Vouchers, distributed in $5 increments (6 vouchers in total), through the PU Prime App.
    • These vouchers can be applied to offset losses on eligible closed trades.
    • The initiative encourages traders to adapt their strategies and continue engaging confidently with the markets.

    Eligibility
    The promotion is open to both new and existing clients holding Standard or Islamic Standard Accounts. Each client is eligible to redeem the vouchers once during the promotional period.

    Benefits of the Promotion

    • Convenient Access: Vouchers can be redeemed and applied directly through the app.
    • Supportive Approach: Helps offset losses, allowing traders to focus on refining their strategies.
    • Accessible to All: Designed for traders of all experience levels.

    This initiative reflects PU Prime’s commitment to fostering resilience and adaptability in trading.
    For media inquiries, the PR team can be contacted at media@puprime.com.

    About PU Prime
    Founded in 2015, PU Prime is a leading global fintech company providing innovative online trading solutions. Today, they offer regulated financial products across various asset classes, including forex, commodities, indices, and cryptocurrencies. Committed to providing advanced technology and educational resources, PU Prime supports traders and investors at every stage, from beginner to professional. With a presence in over 120 countries and exceeding 40 million app downloads, PU Prime is dedicated to enabling financial success and fostering a global community of empowered traders.

    Contact

    Hong Qianyi
    PU Prime
    media@puprime.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1d4e0d4-7304-40a6-bd50-86a4057119bf

    The MIL Network