NewzIntel.com

Category: Transport

  • MIL-OSI Security: Man Pleads Guilty in Connection with $17M Medicare Hospice Fraud and Home Health Care Fraud Schemes

    Source: United States Attorneys General 1

    A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.  

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: DMG Blockchain Solutions Announces Preliminary January Mining Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its preliminary mining results for January 2025.

    • Bitcoin Mined: 31 BTC (vs 32 BTC in Dec 2024)
    • Hashrate: 1.75 EH/s (vs 1.68 EH/s in Dec 2024)
    • Bitcoin Holdings: 431 BTC (vs 406 BTC in Dec 2024)

    DMG’s CEO, Sheldon Bennett, commented, “In January, we continued to make incremental hashrate gains. We have been focused on expanding our hashrate to 2.1 EH/s in the current quarter based on utilizing leading-edge hydro direct liquid cooling (DLC) technology. We deployed our first megawatt of hydro miners, and hence, we exited January at 1.8 EH/s. We still expect to energize the remaining five megawatts in the current quarter.”

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.

    For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, energizing the remaining 5 MW of hydro miners in the current quarter, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of Gen AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and Gen AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

  • MIL-OSI New Zealand: Pacific – Fiji to enjoy real estate growth in 2025 driven by foreign investment, infrastructure developments and Google’s data centre plans

    Source: Raine & Horne

    Leading real estate firm Raine & Horne Fiji predicts growth of 2-4% growth for residential markets such as Suva, Nadi and Lautoka in 2025.

    Highlights:

    • The Fijian real estate market demonstrated strong resilience in 2024, with sustained demand for residential properties in key urban centres, including Suva, Nadi, and Lautoka. This trend is expected to result in healthy real estate growth of up to 4% in 2025.
    • The recent announcement of Google’s FJ$200 million data centre investment, expected to create 3,600 jobs, is set to significantly boost the residential real estate markets in Fiji.
    • Infrastructure developments, growing tourism, and the expansion of short-term rentals continue to drive residential property demand in key locations such as Pacific Harbour.

    Lautoka, Fiji – 4 February 2025 – The Fijian real estate market demonstrated strong resilience in 2024, with steady demand for residential properties in key urban centres such as Suva, Nadi, and Lautoka.

    This positive trend is expected to drive healthy growth of up to 4% in 2025, according to leading real estate firm Raine & Horne Fiji. This outlook is further buoyed by the recent announcement of Google’s FJ$200 million data centre investment in the Pacific nation, which is set to bolster the local economy and real estate market.

    Fiji’s real estate growth in 2024

    Ms Shyamlee Raju, Managing Director of Raine & Horne Fiji, says that in 2024, there was sustained demand for residential properties, particularly in Suva, Nadi, and Lautoka, thanks to a growing number of local workers and expatriates leasing apartments.

    “The rebound in tourism, combined with ongoing recovery from COVID-19 impacts, has been a major driver,” Ms Raju said.  

    “Overall, real estate prices in Fiji saw moderate growth in 2024, with some areas such as Nadi and parts of Suva experiencing higher price increases due to ongoing infrastructure developments, such as improvements in transportation, utilities, and tourism-related facilities.

    Google’s game-changer for Fiji’s real estate market and economic growth

    One of the most significant developments in Fiji is the announcement of Google’s FJ$200 million data centre investment, which, according to the Fijian government, has the potential to create 3,600 jobs[i].

    Ms Raju said, “Jobs created by the data centre will generate greater demand for residential housing, particularly for professionals moving to Fiji to work in or around the tech industry. The Google announcement could spur growth in the rental market and the demand for homes for sale.”

    To illustrate, a luxurious three-bedroom penthouse in the heart of Suva within the Brightstar Apartment block on Berry Road is available for rent through Raine & Horne Fiji and is set to attract well-heeled tenants.

    Ms Raju said, “This is the most sought-after executive rental property in the heart of Suva available right now, and it is within minutes of the city’s CBD, supermarkets, cafes, restaurants, schools, cinemas and the iconic Colonial War Memorial Hospital.

    “This penthouse would be ideal for high-end expatriates and those interested in moving to Fiji for work.”

    Other factors driving residential property demand

    The demand for short-term rental properties, particularly for Airbnb holiday rentals, has contributed to rising property prices in Nadi, Suva and Lautoka.

    “We have seen a growing number of apartments and properties purchased as Airbnbs, which is a hindrance for tenants looking for long-term tenancy,” commented Ms Raju.

    “Most properties in Nadi are now run as Airbnbs.”

    Pacific Harbour and infrastructure developments

    According to Ms Raju, demand for real estate in Pacific Harbour, the tourist mecca on the south coast of Viti Levu, was a notable trend in 2024. Pacific Harbour’s natural beauty, improved accessibility to Suva, which is 50 kilometres away, and relatively affordable property prices compared to other regions drove the demand.

    In November alone, Raine & Horne Fiji sold four lots in one week in Pacific Harbour, a significant achievement that underscores the confidence in this market.

    Ms Raju added, “Infrastructure improvements, such as better road access to Suva and the development of tourism-related facilities, are making Pacific Harbour an attractive location for both local buyers and expatriates seeking vacation homes or retirement properties.”

    Fiji’s real estate market poised for steady growth in 2025

    Ms Raju is optimistic about 2025, and she is predicting growth of 2-4% across most regions of Fiji.

    “While economic uncertainties and interest rates could introduce some challenges, the fundamentals of infrastructure development, tourism recovery, and increasing foreign investment provide a solid foundation for market growth,” said Ms Raju.

    Raine & Horne Fiji also anticipates an increase in foreign investment in the country’s real estate market in 2025. Several factors are driving this optimism, including the upcoming Google Data Centre, will potentially attract international interest.

    “Additionally, continued Fijian tourism growth is appealing to foreign buyers, particularly the luxury resorts, beachfront properties, and vacation homes,” said Ms Raju.

    “Strong government support for foreign investment further underpins the longer-term outlook, positioning Fiji as an attractive real estate market for international buyers seeking opportunities in real estate.”

    In response to this promising growth and outlook, Raine & Horne Fiji plans to expand its network of residential sales agents and offices to better serve local and international clients.

    “We are focused on providing tailored advice to first-time homebuyers, expatriates, and foreign investors,” said Ms Raju.

    “Our goal is to remain adaptable and embrace digital tools such as Raine & Horne’s first-to-market AI-powered social media marketing tool Amplify[ii] to expand market reach, keeping up with trends like sustainability and tech-driven developments.

    “Raine & Horne Fiji has the expertise and resources to adapt to these trends and developments, providing clients with the insights, services, and support they need to succeed in the Fijian residential real estate market.

    “With a promising outlook and a growing market, Raine & Horne Fiji is well-positioned to capitalise on the country’s real estate potential in 2025.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: The Congressional Budget Office’s Request for Appropriations for Fiscal Year 2026

    Source: US Congressional Budget Office

    The Congressional Budget Office requests appropriations of $75.8 million for fiscal year 2026. Most of that amount—86.6 percent—would be for pay and benefits; 9.8 percent would be for information technology (IT); and 3.6 percent would be for training, expert consultant services, office supplies, and other items. The requested amount is an increase of $5.8 million, or 8.2 percent, above the annualized funding (at the 2024 level) under the continuing resolution currently in effect. (CBO’s request for fiscal year 2026 represents a 3 percent increase above its fiscal year 2025 request of $73.5 million.)

    Of the increase, 52 percent would primarily cover increases in current employees’ salaries and benefits and would enable CBO to expand its staff in key areas of Congressional interest. The remaining 48 percent would address increased costs to enhance the agency’s cybersecurity and IT infrastructure; such improvements are critical to protecting sensitive data and improving the agency’s computing power for analyzing complex data sets. CBO is prioritizing advancements in a security strategy called zero trust architecture, which requires verification before allowing access to any user or device.

    The requested budget is based on continued strong interest in CBO’s work from the Congressional leadership, committees, and Members. In 2024, CBO published about 1,100 cost estimates for legislation and devoted significant resources to analyzing the Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 (Public Law 118-159); the Consolidated Appropriations Act, 2024 (P.L. 118-42); the Further Consolidated Appropriations Act, 2024 (P.L. 118-47); and H.R. 8467, the Farm, Food, and National Security Act of 2024. For those bills and many others, the agency also fulfilled thousands of requests for technical assistance. In addition, CBO prepared dozens of reports, many at the request of Chairs or Ranking Members of Congressional committees.

    CBO will provide many estimates and a large amount of technical assistance to the 119th Congress as lawmakers consider significant legislative initiatives. With additional resources, the agency could provide even more. Under a continuing resolution in 2025, CBO would maintain its staffing at 270 employees and focus on the highest priority current needs, including preparing cost estimates, providing technical assistance as the Congress crafts legislation, and analyzing the economic and dynamic budgetary effects of proposed policies. To take that approach, CBO would reduce expenditures elsewhere, by deferring hiring for some positions and deferring some activities, including not undertaking some longer-term improvements in its IT infrastructure.

    If CBO received its full funding request for fiscal year 2025 of $73.5 million, the agency would continue growing to meet the needs of the Congress—aiming to have a staff numbering 285 people. But because filling positions would take time, getting to that full complement might not be feasible in fiscal year 2025.

    The fiscal year 2026 request would allow CBO to grow to the 285 employees envisioned in the budget for fiscal year 2025. That number would allow the agency to better meet its responsibilities under the Congressional Budget Act. The request also would allow for IT enhancements, including some currently on hold while CBO is operating under a continuing resolution.

    Of the 15 additional staff members CBO would hire in 2026:

    • 9 would improve CBO’s capabilities to provide timely analysis of changes to health care programs, border security, credit programs (like student loans), and the U.S. population (particularly because of changes in immigration) and of dynamic policy effects (that is, determining how changes in fiscal policies would affect the economy and how those economic changes would, in turn, affect the federal budget);
    • 2 would enhance CBO’s responsiveness in producing cost estimates and providing technical assistance in the legislative process;
    • 1 would be an addition to the agency’s editing staff to enhance the readability and accessibility of CBO’s materials;
    • 1 would provide increased legal assistance;
    • 1 would enhance CBO’s IT security; and
    • 1 would boost outreach to Congressional staff and the press.

    CBO plans to use expert consultants more than it has in the past—enabling the agency to shift to the Congress’s key areas of focus more easily and to be more nimble in conducting facility management, work in IT, and financial management.

    MIL OSI USA News –

  • MIL-OSI: Farouq Tuweiq to Succeed Daniel Bernstein as CEO of Bel Fuse Inc. in May 2025

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 03, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company”) today announced an upcoming transition in the Chief Executive Officer position at Bel. After 24 years as Bel’s Chief Executive Officer and 46 total years of service at the Company, Daniel Bernstein will step down as President and CEO effective immediately following Bel’s 2025 Annual Meeting of Shareholders, currently scheduled for May 27, 2025. Bernstein will transition to the role of Non-Executive Chairman of the Board of Directors on that same date.

    As part of the leadership change, Bel’s Board of Directors has appointed Farouq Tuweiq to serve as the Company’s next President and CEO, effective immediately following Bel’s 2025 Annual Meeting of Shareholders. Tuweiq will vacate his current role as Chief Financial Officer on that same date, with the Board having initiated a search process to identify a successor CFO for the Company. The Board of Directors has also approved the expansion of Bel’s Board to ten directors and appointed Tuweiq as a director on Bel’s Board, with such expansion and appointment to be effective on the date of Bel’s annual shareholder meeting scheduled for May 27, 2025.

    Bernstein’s distinguished career defined by growth and diversification

    Under Dan Bernstein’s leadership since 2001, the Company completed 19 acquisitions, growing sales from less than $100 million to over $600 million. In building upon the solid customer relationships, brand reputation and quality products that his father, Elliot Bernstein (Bel’s founder) developed during his tenure, Dan’s strategy has been to grow and diversify Bel, from each of a product, end market and geographic perspective. This transformation of products developed and end markets served has provided Bel with a strong foundation which has served the Company well during challenging times over the years. Most recently, Dan has been engaged in preparing Bel for its next chapter through his partnership with Farouq. Over the past two years, Bel has reached record levels of profitability and a stock price valuation not previously seen in Bel’s 76-year history.

    “It’s been an honor to serve as Bel’s CEO over the past two decades and to witness the many accomplishments and new milestones reached together as a global team. With our celebration of 75 years in business now complete, the time is right for a transition to the next generation of Bel leadership. I have a deep sense of pride and gratitude for Bel and our dedicated group of associates around the world who have made Bel’s growth and success possible. I look forward to my new role as Chairman of Bel’s Board of Directors and supporting Farouq in any manner he feels advisable,” said Bernstein.

    Farouq Tuweiq, Chief Financial Officer, to become new CEO

    On May 27, 2025, Tuweiq will become Bel’s President and CEO. Tuweiq joined Bel in 2021 as the Company’s Chief Financial Officer. During the past four years, he has been instrumental in transforming Bel’s corporate strategy and financial discipline which have been strong drivers in leading to Bel’s record performance. From his start, Tuweiq has been a strategic partner with Bernstein and the executive team, capitalizing on the solid foundation of Bel’s quality products and customer base that Bernstein has built over the years.

    “I could not be more proud of the executive team’s collective achievements over these past four years,” said Daniel Bernstein. “Farouq has brought a new perspective and a high level of accountability to the management of the Company. As my father passed the reins to me in 2001, I am now honored to be the one passing the torch to the next generation. Having seen Farouq’s and the executive team’s drive for excellence and their success in motivating the global team to work together in transforming Bel financially, I could not be more excited for the future of Bel under Farouq’s leadership.”

    “I am humbled and honored to accept the role of President and CEO,” Tuweiq said. “It has been a pleasure working alongside Dan for the past four years. It is clear the deep values that have been instilled in the Company from the early days of his father and I appreciate the trust that is being placed in me to continue the Bernstein legacy. I want to pay a special thank you to Dan for his partnership and mentorship over these past few years. It was this teamwork and mutual desire for change that led to Bel’s transformation and success. I’m confident that with our talented associates around the world, we will continue the momentum that Dan has created during his tenure.”

    Peter Gilbert, Lead Director of Bel’s Board, commented, “On behalf of the Board of Directors, we want to express our deepest gratitude for Dan’s years of dedicated leadership and service to the Company and we are delighted to have him assume the role as Chairman of the Board of Directors. We also wish Farouq continued success in his new role and are excited to work closely with him as he continues to apply his vision, skills and passion in guiding the Company to cross new milestones and achieve new heights.”

    Bel Fuse Inc.
    300 Executive Drive
    Suite 300
    West Orange, NJ 07052
    www.belfuse.com
    tel 201.432.0463

    The MIL Network –

  • MIL-OSI Global: Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration

    Source: The Conversation – USA – By Matthew Kriner, Director of Strategy, Partnerships and Intelligence at the Center on Terrorism, Extremism, and Counterterrorism, Middlebury Institute of International Studies

    Elon Musk claimed this is not a Nazi salute − but then replied to critics with Nazi-themed puns. Angela Weiss/AFP via Getty Images)

    Once again, a presidential administration headed by Donald Trump is in the spotlight over allegations of hidden fascist sympathies. This time, it’s precipitated by what one observer called a “stiff-armed salute” that presidential supporter and adviser Elon Musk did twice during inauguration festivities.

    Critics have said it is a clear Nazi salute, while others have claimed it was just an awkward motion. Perhaps it was just the world’s worst dab.

    Musk turned the controversy over his gesture into something like a joke about Nazis. On X, he posted, “Don’t say Hess to Nazi accusations!” and “Bet you did nazi that coming.”

    This is not the first time that Trump or someone close to him has been accused of sending fascist messages, even if they denied doing so. Nor even is it the first time a well-known figure endorsing Donald Trump has been accused of giving a Nazi salute.

    As a scholar of far-right extremism, I regularly review instances of coded fascist symbols and other right-wing messages being sent by public figures and their supporters, some more obvious than others.

    In plain sight

    Like Musk, TV commentator Laura Ingraham ended a fiery speech endorsing then-candidate Trump in 2016 with a rigidly outstretched arm with her palm down – in the exact manner German Nazis in the 1930s and 1940s and rank-and-file modern neo-Nazis perform the “Sieg Heil,” or Nazi salute. Ingraham dismissed the criticism and in 2025 defended Musk’s action.

    Laura Ingraham speaks and gestures at a Trump rally in 2016.

    In 2021, the Conservative Political Action Conference set up its center stage in the shape of an odal rune. That is an ancient pagan symbol coopted by Germany’s Nazi regime and worn prominently during World War II on the uniforms of the brutal Waffen SS units. Social media erupted in outrage over the likeness, and columnists spilled much ink. Event organizers rejected the criticism, calling it “outrageous and slanderous.”

    Trump himself has been reluctant to criticize white supremacists. In August 2017, he responded to a reporter’s statement that neo-Nazis had “started” the violence during and after a rally they held in Charlottesville, Virginia, by saying “(t)hey didn’t put themselves down as neo-Nazis. And you had some very bad people in that group. But you also had people that were very fine people on both sides.”

    During the September 2020 presidential debate, Trump responded to a request from moderator Chris Wallace to condemn right-wing paramilitary groups by instead referencing one of them, saying, “Proud Boys, stand back and stand by.”

    Just a few months later, several Proud Boys members would help spearhead the violent insurrection against the peaceful transfer of power at the U.S. Capitol on Jan. 6, 2021. Some of them were convicted of federal crimes for their efforts, though upon retaking office in 2025, Trump pardoned them or commuted their sentences.

    More overtly, in November 2022 Trump invited Kanye West to dinner at Mar-a-Lago, despite West’s having posted antisemitic remarks recently on social media. Also at the dinner was well-known antisemite and white supremacist Nick Fuentes, whom Trump denied knowing anything about ahead of time, saying he arrived “unexpectedly” with West.

    The night before the ‘Unite the Right’ rally in Charlottesville, Va., in August 2017, people carrying torches and chanting fascist slogans marched through the University of Virginia campus.

    Coded messages

    In other more abstract and lesser-known incidents, Trump may make his sympathies known without making direct statements himself. And I have personally observed white supremacists remark upon – and take encouragement from – these implied messages on Telegram channels dedicated to antisemitism and hate.

    In February 2018, during Trump’s first term as president, the Department of Homeland Security issued a 14-word press release titled “We Must Secure The Border And Build The Wall To Make America Safe Again.” I and other investigators of far-right extremism attributed this phrase’s use to a clear dog whistle of the common white supremacist saying known as “the 14 words” – “we must secure the existence of our people and a future for white children.”

    In June 2020, Facebook removed Trump campaign ads for iconography invoking Nazi concentration camp symbols that “violat(ed) our policy against organized hate.” A campaign official disputed the association, saying other groups, including Facebook and anti-fascist groups, used the same symbol.

    In September 2024, pro-Trump CEO Mike Lindell’s company MyPillow ran a sale discounting a pillow from $49.98 to $14.88. Critics quickly pointed out that this aligned with the 14-word white supremacist slogan and the numerical reference “88” that white supremacists use to mean “Heil Hitler,” because H is the eighth letter of the alphabet. Lindell denied any connection between the price and right-wing messaging.

    A list of the 14 people whose Jan. 6-related sentences President Donald Trump commuted.
    Screenshot of WhiteHouse.gov

    And on the very day he was inaugurated for his second term, Trump pardoned more than 1,500 people, including at least two alleged members of the Proud Boys, for their actions on Jan. 6, 2021. And he commuted the sentences of 14 people, including four members of the Proud Boys.

    This extraordinary move was applauded by Proud Boys leader Enrique Tarrio, who was among those pardoned. Others who received presidential clemency said they were grateful to Trump and encouraged by his action.

    Signaling fascism

    Sending these sorts of fascist and white supremacist messages allow Trump and his supporters to court right-wing extremist supporters while claiming innocence in the face of public outrage.

    If they deny the allegations of veiled fascism or white supremacy, Trump and his backers can claim their opponents are inflamed against them and conducting ideological witch hunts.

    Family members and friends of people imprisoned for their actions on Jan. 6, 2021, wait outside the Washington, D.C., jail for their release on Jan. 22, 2025.
    Celal Gunes/Anadolu via Getty Images

    But failure to directly deny allegations of fascism is a common strategy used by far-right and radical conservative movements seeking to obscure deeper links to extremist groups to avoid public backlash.

    The lack of explicit admission can end up leaving these actions and symbols open to interpretation. Trump’s MAGA movement members, led by his inner circle of advisers and lieutenants, have consistently sought to use outrage and anger to generate additional momentum and attention for their agenda.

    But as the old saying goes, “where there’s smoke there’s fire” – and in this case the smoke is probably closer to a book-burning bonfire in Berlin than a tiki torch carried in Charlottesville.

    Matthew Kriner 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. Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration – https://theconversation.com/musks-inauguration-salute-is-not-the-only-apparent-fascist-signal-from-trumps-administration-248517

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Press Conference by Security Council President on Programme of Work for February

    Source: United Nations General Assembly and Security Council

    The Security Council’s February programme of work will feature a signature event on practising multilateralism and reforming and improving global governance, its President for the month announced at a Headquarters press conference today.

    “As the world enters a very turbulent period, the open debate aims to encourage countries to revisit the original aspirations of the [United Nations],” said Fu Cong of China, which has assumed the rotating presidency of the 15-nation organ.  This high-level meeting, scheduled for 18 February, will be chaired by his country’s Foreign Minister, Wang Yi, he said, encouraging foreign ministers and senior officials of other countries to attend.

    The Middle East will remain a priority on the Council’s agenda this month, he said, noting briefings on the Palestinian issue, Syria and Yemen.  The Gaza situation remains fragile, and the Council needs to ensure full implementation of the ceasefire agreement and unhindered humanitarian access.  Also highlighting reports of the Israel Defense Forces’ military attacks on Sunday, 2 February, against residential blocks in Jenin, he said the Council is considering a possible meeting to address this.

    It will also pay close attention to the challenges facing United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), he added. On Syria, he said, the Council’s focus is on supporting that country in maintaining unity, restoring stability and starting a credible and inclusive political transition.

    Turning to Africa, he noted that the situation in eastern Democratic Republic of the Congo “is deteriorating rapidly which could further jeopardize peace and security of the region”.  The Council’s actions must be conducive to the cessation of hostilities and easing of tensions there.  The programme of work for February also includes briefings on UN missions in South Sudan, Libya and the Central African Republic, as well as the situation in Sudan, he said.  Pointing to the volatile security and humanitarian situations in many countries on the continent, he said, as President, “China will work with other Council members, the A3 [Council members representing African countries] in particular, to promote dialogue and consultation and seek political solutions on African issues.”

    The Council will also consider the Secretary-General’s semi-annual report on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh), he said, describing it as an opportunity to further coordinate counter-terrorism efforts.  It will also conduct its annual dialogue with the peacekeeping police, and will hold consultations on the Security Council Committee pursuant to resolution 1718 (2006), regarding sanctions relating to the Democratic People’s Republic of Korea.  China will “encourage Council members to consult with each other to enhance trust and bridge differences”, he said, noting that the presidency will invite civil society representatives to participate in relevant meetings and keep in close contact with the media.

    In the ensuing conversation with correspondents, Ambassador Fu elaborated on the open debate on multilateralism, noting the increasing calls in the international community, particularly among the Global South countries, for reforming the global governance system.  Rather than “dismantling the existing system or reinventing the wheel”, the aim is to build a more equitable system that addresses the global governance deficit, he said.  He also stressed the need to enhance the Council’s ability to respond to crises, adding that “solidarity and cooperation are being replaced by division and confrontation”, as a result of which, the Council has been unable to discharge its responsibilities.  The core of the diplomatic mission is to build bridges, he said, adding that the Council must return to the path of multilateralism.

    Mr. Fu took several questions concerning the new United States President Donald J. Trump’s “America First” policy, its impact on the United Nations, as well as the 10 per cent tariffs he recently imposed on Chinese goods.  His country considers the tariff increases unwarranted, he said, and will file a complaint to the World Trade Organization (WTO).  “There is no winner in a trade war,” he emphasised, and noting that the excuse for raising tariffs is fentanyl, he said China has stringent regulations on that and related substances.  The United States should look at its own problems, including the “demand side of fentanyl”, he advised.

    China and the United States have much in common, he said, adding that it is essential they cooperate on global issues such as climate change and terrorism.  Further, as the two biggest financial contributors “within this house”, he said both countries have similar concerns about improving the efficiency of the United Nations.  All these offer avenues of cooperation, he said.

    He also took a question on United States’ claims that China has influence over the Panama Canal and surrounding areas, and the subsequent statement by Panama’s President about leaving the Belt and Road initiative.  Such an action would be regrettable, he said, stressing that his country has not participated or interfered in the management or operation of the Canal.  The Panama Belt and Road initiative is an economic platform to enable Global South countries to cooperate with each other, he said, adding that the “smear campaign launched by the US and other Western countries on this initiative is totally groundless”.

    Regarding competition with the United States on artificial intelligence (AI) he noted that the Chinese AI tool DeepSeek has caused “some commotion or panic in certain quarters” and encouraged the correspondents to use it to write their news reports.  Technological restrictions do not work, he said, adding:  “Never ever underestimate the ingenuity of Chinese scientists and engineers.”  The world must ensure the benefits of artificial intelligence are available to all countries and there are guardrails to prevent it from being misused, he said, noting that his country put forward the Assembly resolution concerning cooperation on this matter.

    Responding to various questions concerning the conflict in the Democratic Republic of the Congo, he said a ceasefire is a priority — the 23 March Movement (M23) and Rwandan troops must withdraw from the territories they occupied.  Encouraging Rwanda and the Democratic Republic of the Congo to engage in peace talks, he noted that one Council member has floated the idea of a resolution on this topic, which his country will support in its national and presidential capacity.  The territorial integrity of the Democratic Republic of the Congo must be protected, he said, calling on parties to respond to mediation efforts.

    On meetings concerning Ukraine, he noted proposals from Member States to mark the upcoming 25 February anniversary of the beginning of the conflict in that country.  China is obliged to make proper arrangements according to rules of procedures, he said, adding that it is also crucial to highlight that conflict’s ramifications on the food and energy security, as well as maritime transportation. 

    For the full programme of work, please see:  www.un.org/securitycouncil/events/calendar.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Serious crash closes section of SH3 at Inglewood

    Source: New Zealand Transport Agency

    |

    A stretch of State Highway 3 at Inglewood has been closed following a crash this morning.

    The road is closed around the intersection with Durham Road.

    Emergency services are on site and detours in place.

    Please avoid travel through the area if possible. Follow the detour directions of crews at the intersection.

    Please allow for extra time and drive carefully and to the conditions.

    Keep up to date with the NZ Transport Agency Waka Kotahi Journey Planner.

    Journey Planner(external link)

    Tags

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Travelling to Waitangi – drive safe, plan ahead

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) is asking people to plan ahead, with record numbers expected on roads across Auckland and Northland this week as people head north for Waitangi Day.

    NZTA Northland Journey Manager Kingston Brands says planning and patience are the key this Waitangi holiday.

    “We know it’s going to be busy, especially around Paihia and Waitangi, but if people plan ahead and keep a cool head we can make sure everyone gets where they’re going safely.”

    To help keep everyone moving, NZTA has updated its popular Holiday Journeys traffic prediction tool. The tool shows predicted traffic flow across popular journeys in Auckland, Northland and further afield, based on previous year’s travel patterns.

    Waitangi

    A local road closure has been in place since yesterday (Monday 3 February) and will continue to Thursday 6 February (Waitangi Day) at the SH11 roundabout exit to Te Karuwha Parade in Paihia, restricting traffic to Waitangi.

    Those travelling from south of Kawakawa are advised to take State Highway 1 to Pakaraka, SH10 to Puketona, then turn right on to SH11 towards Haruru Falls.

    This route provides easy access to multiple FREE parking sites at Haruru. Parking will be signposted and regular shuttle buses will be running between parking locations and Waitangi.

    Those leaving Waitangi are encouraged to do so via Kawakawa, rather than Haruru Falls, to avoid congestion.

    “We know that congestion and delays can be frustrating, but the most important thing is that everyone gets to their destination safely.

    “Take extra care when travelling for Waitangi Day due to increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.

    “Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or the volume of traffic on the roads. Stick to the speed limit, leave plenty of space, belt up, drive sober and take plenty of breaks.

    “Because predicted travel times can change based on traffic incidents, weather or driver behaviour, people should visit the NZTA Journey Planner website for real-time travel information, traffic cameras, and updates on delays, roadworks and road closures before they travel,” says Mr Brands.

    Journey Planner(external link)

    “Kia harikoa te rā o Waitangi!”

    Tips for safe driving

    • Check your car is in good “health” before you head off. Check your tyre pressure and tread, windscreen wipers, indicators and lights.
    • Take extra care when travelling in holiday periods because of increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.
    • Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or amount of traffic.
    • Avoid fatigue. Take regular breaks to stay alert.
    • Keep a safe following distance from vehicles in front so you can stop safely.
    • Be patient – overtaking is unlikely to make a significant difference to your journey time due to the amount of traffic expected over the weekend.
    • Allow plenty of time. Remember you are on holiday, so there’s no need to rush. 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: $41 million in payroll tax-free wages claimed under Bulk-Billing Support Initiative, supporting primary healthcare

    Source: New South Wales Premiere

    Published: 4 February 2025

    Released by: Minister for Finance, Minister for Health

    Bulk-billing GPs have claimed more than $41 million in payroll tax-free wages under the Minns Labor Government’s Bulk-Billing Support Initiative in the first three months.

    This allows GP clinics to keep offering bulk-billed appointments and ensure primary healthcare is affordable and available to families and households across NSW.

    Between 4 September 2024 and 31 December 2024 clinics claimed a rebate on $41,575,708 of GP wages, resulting in a $2,244,205 payroll tax rebate.

    GP clinics in metropolitan Sydney have claimed 55 per cent of the payroll tax rebate, while clinics in the rest of the state have claimed the remaining 45 per cent.

    Under the $189 million initiative, the NSW Government established an ongoing payroll tax rebate for clinics employing contractor GPs which meet bulk-billing thresholds. It also waived $104 million of historical payroll tax liabilities which began accruing under the previous Liberal-National Government.

    Before creating the Bulk-Billing Support Initiative, medical peak bodies warned that without action on the historical tax liabilities GP clinics would close and that half of clinics were prepared to pass on a $20 fee to patients to cover their tax obligations.

    The eligibility threshold for the payroll tax rebate – 80% in metropolitan Sydney and 70% in other areas of NSW – was designed to support current bulk-billing levels, provide accessible and affordable primary healthcare, and relieve pressure on the state’s emergency departments.

    The Bulk-Billing Support Initiative is the first time the NSW government has intervened to support bulk-billing. It is designed to relieve pressure on emergency departments, with NSW Health estimating that a 1 per cent decrease in bulk-billing equates to around 3,000 additional emergency presentations.

    Revenue NSW expects more clinics to register throughout the year, and claim part of their annual return at the end of the 2024-25 financial year.

    The Bulk-Billing Support Initiative’s tax rebate covers GP appointments which are bulk-billed to patients covered by Medicare or veterans with a Gold, White or Orange DVA card.

    Quotes attributable to Minister for Health Ryan Park:

    “The lack of access and availability of bulk-billing GPs is taking an enormous toll on our hospitals.

    “This initiative is critical to alleviating pressure on our emergency departments.”

    Quotes attributable to Minister for Finance Courtney Houssos:

    “This is the first time the NSW Government has made a strategic investment to support bulk-billing rates.

    “By relieving cost pressures on GP clinics, they can keep bulk-billed appointments available and accessible to patients.

    “This is an important step as we roll out the Bulk-Billing Support Initiative and shows the government is delivering important cost-of-living relief to families and households across NSW.

    “It’s encouraging to see clinics begin to take up the Bulk-Billing Support Initiative. As we progress through the year we expect to see more clinics claiming the rebate and the benefits flowing to patients and their families.”

    MIL OSI News –

  • MIL-OSI Australia: 65 junior doctors begin work on the Central Coast

    Source: New South Wales Premiere

    Published: 4 February 2025

    Released by: Minister for the Central Coast, Minister for Health, Minister for the Hunter

    Sixty five medical interns have joined the Central Coast Local Health District (CCLHD) workforce, with the graduates taking up positions at Wyong Hospital and Gosford Hospital.

    The interns will work with and learn from the CCLHD’s experienced and highly skilled medical staff in one of the world’s best health systems.

    The new doctors starting their internship will be entering a training program to be provided by formal and on-the-job training in the region’s public hospitals.

    The Central Coast cohort is part of more than 1,000 medical interns that have joined the NSW Health workforce to take up positions in public hospitals across the state.

    Interns are medical graduates who have completed their medical degree and are required to complete a supervised year of practice to become independent practitioners.

    They receive two-year contracts to rotate between metropolitan, regional, rural and remote hospitals to ensure the diversity of their experience.

    They also rotate across different specialties during the intern year, including surgery, medicine and emergency medicine.

    Minister for Health Ryan Park said:

    “I am so pleased and grateful that more than 1,000 junior medical officers have joined the country’s largest and one of the world’s best health systems.

    “These junior doctors undertake vital functions in our hospitals and health facilities.

    “I welcome them to our health workforce, and wish them the very best as they start on what will be an incredibly rewarding career in the NSW public health system.”

    Minister for the Hunter and Member for Swansea Yasmin Catley said:

    “Today’s announcement means better and more accessible healthcare services for the people in the Swansea electorate who’ve been traveling to Wyong Hospital.

    “It’s exciting to see the new junior doctors, as young professionals, settling into our electorate – the perfect place to live, work, and play.

    “We’re thrilled to welcome them and wish them all a long, successful, and rewarding career here.”

    Minister for the Central Coast and Member for Wyong David Harris said:

    “It is wonderful to have 65 new doctors join the Central Coast Local Health District to help ensure our community continues to receive the healthcare it needs.

    “Our growing region is putting increasing pressure on our region’s health services and this new cohort will help to ensure our busy hospitals are supported with the necessary resourcing.”

    Member for The Entrance David Mehan said:

    “We are committed to rebuilding our health system, and increasing the number of doctors and nurses is essential to achieving this goal. The Minns Government has made recruiting more healthcare professionals a top priority.”

    Member for Gosford Liesl Tesch said:

    “It is fantastic news that 65 new junior medical officers have made the decision to join our Central Coast community and begin their healthcare career journeys within the Central Coast Local Health District.

    “Junior doctors have a vital role to play in our hospitals and health facilities and on behalf of the Central Coast community, I welcome the 65 junior medical officers to the Central Coast.”

    MIL OSI News –

  • MIL-OSI Australia: NSW Government delivers bold new TAFE NSW Charter to meet critical skills needs

    Source: New South Wales Premiere

    Published: 4 February 2025

    Released by: Minister for Skills, TAFE and Tertiary Education

    The NSW Government has launched the new TAFE NSW Charter, reaffirming its commitment to equipping the state with the skilled workforce it urgently needs.

    A key recommendation of the independent review of the NSW vocational education and training (VET) sector, the TAFE NSW Charter lets the people of NSW know what they should expect from TAFE – as the provider at the heart of vocational training. 

    Launched to coincide with the start of Semester 1, 2025, the announcement comes as students return to campuses across NSW and marks a pivotal moment for TAFE NSW along with the rollout of its new operating model.

    This model, also stemming from the NSW VET Review, introduces teaching faculties with deeper ties to local industries and communities, enhancing responsiveness and collaboration.

    The Charter reflects TAFE NSW as an important public asset, community space, industry partner and a leader of educational quality and innovation within the broader VET sector.

    Together, the TAFE NSW Charter and operating model will strengthen the critical role TAFE NSW plays for industry and communities across the state.

    The announcement was made at TAFE NSW Kingscliff, where a $33 million NSW Government investment is upgrading facilities, including a new learning space for health services students.

    Minister for Skills, TAFE and Tertiary Education, Steve Whan said: 

    “A skilled workforce is the backbone of our economy, and TAFE NSW is central to delivering the critical skills training needed for strong industries and thriving NSW communities.

    “The TAFE NSW Charter is a commitment that TAFE NSW will deliver world-class education and training focused on critical skills needs for NSW, now and into the future.

    “It provides a clear mandate for TAFE NSW to lead the way in delivering innovative, industry-aligned training that equips people with the skills and confidence to succeed, while driving economic growth and inclusion for communities.

    “It details how TAFE NSW, as the public training provider, will deliver quality skills training to workers beginning and continuing careers in those industries we know are a priority for the state, such as construction, advanced manufacturing, and the care sector.

    Acting Managing Director TAFE NSW, Chloe Read said: 

    “The TAFE NSW Charter is more than a statement of purpose – it’s a commitment to the diverse range of students, industries, and communities we support.

    “It will secure TAFE NSW’s place at the heart of the VET sector, providing high-quality training that prepares individuals for success in their careers and strengthens the fabric of our local economies and communities.”

    Diploma of Nursing student TAFE NSW Kingscliff, Sophie D’Arcy said:

    “Having a strong and sustainable organisation like TAFE NSW underpinning the VET sector means that we can access the vital training needed to pursue our dream professions.

    “For me, that’s starting my journey as a nurse through the Diploma of Nursing at TAFE NSW Kingscliff. I am due to complete my studies later this year and am confident my training, combined with practical application and supportive teachers, will give me the skills I need to succeed in my future career.”

    MIL OSI News –

  • MIL-OSI Australia: Short-term Regional, Rural and Remote employment program expanded

    Source: New South Wales Premiere

    Published: 4 February 2025

    Released by: Minister for Regional Health

    A highly successful regional, rural and remote deployment program for key health care roles is set to be expanded over the next three years, with NSW Health recruiting nurses, midwives and allied health professionals to be posted to short term placements across NSW.

    The NSW Health Deployment Program was first established in May 2023 to create a pipeline of skilled health professionals for short-term roles.

    The short-term positions of between two and 13 weeks offer healthcare professionals the opportunity to travel and work in regional, rural and remote parts of NSW they may never have visited, with accommodation and travel costs covered.  

    The NSW Government is currently seeking healthcare workers from more than 20 professions including nurses, midwives and allied health professionals for a range of short-term positions in hospitals and health facilities across NSW.

    The initial success of the program so far has seen 90 staff undertake hundreds of deployments across the state in priority roles such as nursing, midwifery, occupational therapy, podiatry, speech pathology and physiotherapy.

    NSW Health will now increase the team to around 400 to further strengthen its support to regional, rural and remote areas

    Healthcare workers seeking a role with NSW Health, or current staff, are encouraged to register their interest via the NSW Health website.

    The Minns Labor Government has introduced a series of measures to strengthen the state’s health workforce including:

    • Implementing the Safe Staffing Levels initiative in our emergency departments
    • Providing permanent funding for 1,112 FTE nurses and midwives on an ongoing basis
    • Abolishing the wages cap and delivering the highest pay increase in more than a decade for nurses and other health workers
    • Investing an additional $200.1 million in key worker accommodation
    • Beginning to roll out 500 additional paramedics in regional, rural and remote communities
    • Boosting subsidies for regional health workers.

    Quotes attributable to Minister for Regional Health, Ryan Park:

    “Recruitment and retention of healthcare staff in rural, regional and remote hospitals is one of our biggest, if not the biggest issue we face.

    “This is a fantastic and unique opportunity for staff to expand their skills and also immerse themselves into a new community.

    “This innovative program is not only attracting health workers to regional, rural and remote communities but also strengthening these areas by maintaining essential health services.

    “These deployments give health workers the chance to explore and immerse themselves in new communities, and pleasingly I’ve heard stories of many health professionals who have found the experience so rewarding they’ve chosen to stay, providing lasting benefits for patients, the community, and the health system.”

    Quotes attributable to NSW Health Deputy Secretary for Rural and Regional Health Luke Sloane:

    “The deployment program offers a fantastic career opportunity for a range of healthcare staff who are seeking new experiences and a career reset as well as a great lifestyle change.

    “It’s also an incredibly rewarding personal experience, with many who take part forming new friendships in close-knit communities who welcome them with open arms.”

    Quotes attributable to NSW Health Deployment Program participant, Speech Pathologist Saffron Foy:

    “I joined the NSW Health Deployment program because I wanted a bit of a change and I loved the experience of working in unique and supportive rural communities.

    “At first it was a little nerve wracking, but the teams I was deployed to were so welcoming and inclusive that the nerves were shaken pretty quickly.

    “I really recommend giving it a go and experiencing something new because it lets you experience a different lifestyle and allows you to improve and expand your skills.”

    MIL OSI News –

  • MIL-OSI Security: Delaware County Man Convicted at Trial of Defrauding Pandemic Relief Programs of $8.4 Million

    Source: Office of United States Attorneys

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Francis J. Battista, 39, of Aston, Pennsylvania, was convicted at trial on all charges against him — 12 counts of wire fraud, three counts of aggravated identity theft, and seven counts of money laundering — for defrauding federal COVID-19 assistance programs of $8.4 million. United States District Court Judge Paul S. Diamond remanded the defendant into custody following the verdict on Friday afternoon.

    Battista was charged by indictment with these offenses in June of 2022.

    As proven at trial, between March 2020 and June 2021, the defendant fraudulently applied for 19 loans from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, seeking over $10 million in proceeds. PPP and EIDL were federal government programs intended to provide emergency financial assistance to small businesses and their workers, who were suffering the economic effects of the COVID-19 pandemic.

    Battista applied for one fraudulent PPP loan using his own name, and submitted fake and fabricated documents in support of the application. For the rest of his applications, he used other people’s names and personal identifying information on applications and the bogus support documents submitted in support of those applications. In one instance, Battista falsely renewed the Pennsylvania photo ID card of a deceased family friend, had it mailed to his house, and then used it to apply for a PPP loan.

    Nine of Battista’s 19 loan applications were funded, with the defendant receiving $8.4 million in PPP payments. Battista used the proceeds of the loans to attempt to purchase waterfront property in Florida, buy a Range Rover, engage in risky stock trading that resulted in millions of dollars of losses, and pay for his children’s private school, among other unauthorized expenses.

    The government has located and seized $6.3 million of those funds through forfeiture proceedings.

    Battista will be sentenced on a date to be determined and faces a maximum possible sentence of 316 years in prison.

    “Frank Battista tried to cash in on a public health crisis, diverting federal money meant to support businesses and workers hobbled by the pandemic,” said U.S. Attorney Romero. “He didn’t care that he was defrauding the government and all of us taxpayers — he just wanted to live larger on somebody else’s dime. As his case shows, my office and our partners are committing to prosecuting these shameless COVID crooks and holding them fully accountable.”

    “Mr. Battista took advantage of our nation’s generosity in a time of need by fraudulently applying for and obtaining COVID-19 program funds,” said Yury Kruty, Special Agent in Charge of IRS-Criminal Investigation.  “IRS-CI, along with our law enforcement partners, will continue to aggressively investigate those who scheme to exploit federal relief programs for their personal gain.”  

    “The Secret Service is proud to work alongside our federal partners to bring these defendants to justice,” said Glenn M. Dennis, Special Agent in Charge of the U.S. Secret Service. “Criminals exploiting the Paycheck Protection Program and Economic Injury Disaster Loan Program steal valuable funds from the American taxpayer and from businesses who rightfully needed these programs to continue operation during the pandemic. The Secret Service is committed to continuing our work with federal, state, and local law enforcement to track down and prosecute those who abused the PPP and EDIL Programs.”

    The case was investigated by the U.S. Treasury Inspector General for Tax Administration, U.S. Small Business Administration Office of Inspector General, Internal Revenue Service Criminal Investigation, and the U.S. Secret Service. The case is being prosecuted by Assistant United States Attorneys Nancy E. Potts and Eric D. Gill.

    MIL Security OSI –

  • MIL-OSI: NXP Semiconductors Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Feb. 03, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full-year, which ended December 31, 2024. “NXP delivered full-year 2024 revenue of $12.61 billion, a decrease of 5 percent year-on-year. In the fourth quarter, revenue was $3.11 billion, a decrease of 9 percent year-on-year, modestly above the mid-point of our guidance range. In review, NXP delivered resilient results throughout 2024, reflecting solid execution, consistent gross margin, and healthy free cash flow generation despite a challenging market environment. We rigorously focus on managing what is in our control, to navigate a soft landing while executing our growth strategy,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Fourth Quarter and Full-year 2024:

    • Fourth quarter revenue was $3.11 billion, down 9 percent year-on-year. Full-year revenue was 12.61 billion, down 5 percent year-on-year;
    • Fourth quarter GAAP gross margin was 53.9 percent, GAAP operating margin was 21.7 percent and GAAP diluted Net Income per Share was $1.93. Full year GAAP gross margin was 56.4 percent, GAAP operating margin was 27.1 percent and GAAP diluted Net Income per Share was $9.73;
    • Fourth quarter Non-GAAP gross margin was 57.5 percent, non-GAAP operating margin was 34.2 percent, and non-GAAP diluted Net Income per Share was $3.18. Full-year Non-GAAP gross margin was 58.1 percent, non-GAAP operating margin was 34.6 percent, and non-GAAP diluted Net Income per Share was $13.09;
    • Fourth quarter cash flow from operations was $391 million, with net capex investments of $99 million, resulting in non-GAAP free cash flow of $292 million. Full-year cash flow from operations was $2,782 million, with net capex investments of $693 million, resulting in non-GAAP free cash flow of $2,089 million;
    • During the fourth quarter of 2024, NXP continued to execute its capital return policy with the payment of $258 million in cash dividends, and the repurchase of $455 million of its common shares. The total capital return of $713 million in the quarter represented 244 percent of fourth quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 115 percent of non-GAAP free cash flow. The interim dividend for the fourth quarter 2024 was paid in cash on January 8, 2025 to shareholders of record as of December 5, 2024. Subsequent to the end of the fourth quarter, between January 1, 2025 and January 31, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $101 million;
    • On October 15, 2024, NXP introduced the S32J family of high-performance automotive Ethernet switches and network controllers to enable the next generation of software-defined vehicle development (SDV). The S32J family shares a common switch core with the NXP S32 portfolio of automotive processing devices to maximize software re-use and simplify network configuration and integration;
    • On October 23, 2024, NXP announced Audi has adopted the Trimension® NCJ29Dx Ultra Wide Band (UWB) product family in its advanced UWB platform delivering precise and secure real-time localization to enable hands-free secure car access via smart mobile device and other UWB-based features. Cars featuring NXP’s Trimension UWB devices, including the Audi Q6 e-tron, will hit the road in 2024;
    • On November 12, 2024, NXP announced the i.MX 94 family, the newest addition to its i.MX 9 series of applications processors, designed for industrial control, telematics, gateways, and building and energy control. The i.MX94 family includes Ethernet Time Sensitive Networking (TSN) switching capabilities;
    • On November 12, 2024, NXP announced industry-first wireless battery management system (BMS) based on Ultra-Wideband (UWB) connectivity, expanding its “FlexCom” family of wired and wireless BMS solutions. The new UWB-based BMS solutions enable increased battery energy density, decoupling the mechanical and electrical development for faster time to market;
    • On December 17, 2024, NXP announced it had entered into an definitive agreement to acquire Aviva Links, a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions in an all-cash transaction valued at $242.5 million. The acquisition of Aviva Links expands NXP’s market leading in-vehicle networking (IVN) portfolio with the industry’s most advanced ASA compliant portfolio, supporting SerDes point-to-point (ASA-ML) and Ethernet-based connectivity (ASA-MLE) with data rates up to 16 Gbps;
    • On January 7, 2025, NXP announced it had entered into an definitive agreement to acquire TT Tech Auto, a leader in safety-critical systems and middleware for software-defined vehicles (SDVs). The all-cash transaction is valued at $625 million, and accelerates the NXP CoreRide platform, enabling automakers to reduce complexity, maximize system performance and shorten time to market. TT Tech Auto’s MotionWise middleware platform has a proven industry track record and is designed to manage the interconnected systems in SDVs, prioritizing safety-critical functions while ensuring seamless integration.

    Summary of Reported Fourth Quarter and Full-year 2024 ($ millions, unaudited) (1)

      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Total Revenue $ 3,111   $ 3,250   $ 3,422   -4 % -9 % $ 12,614   $ 13,276   -5 %
    GAAP Gross Profit $ 1,678   $ 1,866   $ 1,937   -10 % -13 % $ 7,119   $ 7,553   -6 %
    Gross Profit Adjustments (i) $ (111 ) $ (26 ) $ (73 )     $ (213 ) $ (209 )  
    Non-GAAP Gross Profit $ 1,789   $ 1,892   $ 2,010   -5 % -11 % $ 7,332   $ 7,762   -6 %
    GAAP Gross Margin   53.9 %   57.4 %   56.6 %       56.4 %   56.9 %  
    Non-GAAP Gross Margin   57.5 %   58.2 %   58.7 %       58.1 %   58.5 %  
    GAAP Operating Income (Loss) $ 675   $ 990   $ 907   -32 % -26 % $ 3,417   $ 3,661   -7 %
    Operating Income Adjustments (i) $ (390 ) $ (163 ) $ (312 )     $ (952 ) $ (1,001 )  
    Non-GAAP Operating Income $ 1,065   $ 1,153   $ 1,219   -8 % -13 % $ 4,369   $ 4,662   -6 %
    GAAP Operating Margin   21.7 %   30.5 %   26.5 %       27.1 %   27.6 %  
    Non-GAAP Operating Margin   34.2 %   35.5 %   35.6 %       34.6 %   35.1 %  
    GAAP Net Income (Loss) attributable to Stockholders $ 495   $ 718   $ 697       $ 2,510   $ 2,797    
    Net Income Adjustments (i) $ (322 ) $ (172 ) $ (269 )     $ (866 ) $ (864 )  
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 817   $ 890   $ 966       $ 3,376   $ 3,661    
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.93   $ 2.79   $ 2.68       $ 9.73   $ 10.70    
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 3.18   $ 3.45   $ 3.71       $ 13.09   $ 14.01    
    Additional information                
      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Automotive $ 1,790 $ 1,829 $ 1,899 -2 % -6 % $ 7,151 $ 7,484 -4 %
    Industrial & IoT $ 516 $ 563 $ 662 -8 % -22 % $ 2,269 $ 2,351 -3 %
    Mobile $ 396 $ 407 $ 406 -3 % -2 % $ 1,497 $ 1,327 13 %
    Comm. Infra. & Other $ 409 $ 451 $ 455 -9 % -10 % $ 1,697 $ 2,114 -20 %
    DIO   151   149   132          
    DPO   65   60   72          
    DSO   30   30   24          
    Cash Conversion Cycle   116   119   84          
    Channel Inventory (weeks)   8   8   7          
    Gross Financial Leverage (iii) 2.1x 1.9x 2.1x          
    Net Financial Leverage (iv) 1.5x 1.3x 1.3x          
                     
    1. Additional Information for the Fourth Quarter and Full-year 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

        5. Guidance for the First Quarter 2025: ($ millions, except Per Share data) (1)

          Guidance Range
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,725   $2,825   $2,925       $2,725   $2,825   $2,925  
        Q-Q -12%   -9%   -6%       -12%   -9%   -6%  
        Y-Y -13%   -10%   -6%       -13%   -10%   -6%  
        Gross Profit $1,489   $1,559   $1,630   $(31)   $1,520   $1,590   $1,661  
        Gross Margin 54.6%   55.2%   55.7%       55.8%   56.3%   56.8%  
        Operating Income (loss) $652   $712   $773   $(178)   $830   $890   $951  
        Operating Margin 23.9%   25.2%   26.4%       30.5%   31.5%   32.5%  
        Financial Income (expense) $(90)   $(90)   $(90)   $(10)   $(80)   $(80)   $(80)  
        Tax rate 18.0%-19.0%       17.0%-18.0%
        Equity-accounted investees $(4)   $(4)   $(4)   $(3)   $(1)   $(1)   $(1)  
        Non-controlling interests $(5)   $(5)   $(5)       $(5)   $(5)   $(5)  
        Shares – diluted 256.0   256.0   256.0       256.0   256.0   256.0  
        Earnings Per Share – diluted $1.75   $1.95   $2.14       $2.39   $2.59   $2.79  
                                     

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(16) million; Other Incidentals, $(8) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(35) million; Share-based Compensation, $(128) million; Restructuring and Other Incidentals, $(15) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(3) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interests & Other and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, February 4, 2025 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2024 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        NXP-CORP

        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
                           
        Revenue $ 3,111     $ 3,250     $ 3,422     $ 12,614     $ 13,276  
        Cost of revenue   (1,433 )     (1,384 )     (1,485 )     (5,495 )     (5,723 )
        Gross profit   1,678       1,866       1,937       7,119       7,553  
        Research and development   (612 )     (577 )     (651 )     (2,347 )     (2,418 )
        Selling, general and administrative   (323 )     (265 )     (311 )     (1,164 )     (1,159 )
        Amortization of acquisition-related intangible assets   (28 )     (29 )     (63 )     (136 )     (300 )
        Total operating expenses   (963 )     (871 )     (1,025 )     (3,647 )     (3,877 )
        Other income (expense)   (40 )     (5 )     (5 )     (55 )     (15 )
        Operating income (loss)   675       990       907       3,417       3,661  
        Financial income (expense):                  
        Extinguishment of debt   —       —       —       —       —  
        Other financial income (expense)   (91 )     (82 )     (78 )     (318 )     (309 )
        Income (loss) before income taxes   584       908       829       3,099       3,352  
        Benefit (provision) for income taxes   (77 )     (173 )     (124 )     (545 )     (523 )
        Results relating to equity-accounted investees   (2 )     (6 )     (2 )     (12 )     (7 )
        Net income (loss)   505       729       703       2,542       2,822  
        Less: Net income (loss) attributable to non-controlling interests   10       11       6       32       25  
        Net income (loss) attributable to stockholders   495       718       697       2,510       2,797  
                           
        Earnings per share data:                  
        Net income (loss) per common share attributable to stockholders in $        
        Basic $ 1.95     $ 2.82     $ 2.71     $ 9.84     $ 10.83  
        Diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
                           
        Weighted average number of shares of common stock outstanding during the period (in thousands):        
        Basic   254,349       254,458       257,285       255,208       258,381  
        Diluted   256,628       257,717       260,298       257,848       261,370  
                           

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

          ($ in millions) As of
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023
        ASSETS          
        Current assets:          
          Cash and cash equivalents $ 3,292   $ 2,748   $ 3,862
          Short-term deposits   —     400     409
          Accounts receivable, net   1,032     1,070     894
          Inventories, net   2,356     2,234     2,134
          Other current assets   625     574     565
        Total current assets   7,305     7,026     7,864
                     
        Non-current assets:          
          Deferred tax assets   1,251     1,131     992
          Other non-current assets   1,796     1,510     1,297
          Property, plant and equipment, net   3,267     3,309     3,323
          Identified intangible assets, net   836     735     922
          Goodwill   9,930     9,958     9,955
        Total non-current assets   17,080     16,643     16,489
                     
        Total assets   24,385     23,669     24,353
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable   1,017     899     1,164
          Restructuring liabilities-current   147     52     92
          Other current liabilities   1,434     1,542     1,855
          Short-term debt   500     499     1,000
        Total current liabilities   3,098     2,992     4,111
                     
        Non-current liabilities:          
          Long-term debt   10,354     9,683     10,175
          Restructuring liabilities   10     4     9
          Other non-current liabilities   1,392     1,246     1,098
        Total non-current liabilities   11,756     10,933     11,282
                     
          Non-controlling interests   348     338     316
          Stockholders’ equity   9,183     9,406     8,644
        Total equity   9,531     9,744     8,960
                   
        Total liabilities and equity   24,385     23,669     24,353
                     

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Cash flows from operating activities:                  
        Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:                  
        Depreciation, amortization and impairment   259       218       269       925       1,106  
        Share-based compensation   117       115       107       461       411  
        Amortization of discount (premium) on debt, net   1       —       —       3       2  
        Amortization of debt issuance costs   2       2       2       7       8  
        Net (gain) loss on sale of assets   (1 )     —       —       (3 )     (1 )
        Results relating to equity-accounted investees   2       6       2       12       7  
        (Gain) loss on equity securities, net   6       7       —       18       (1 )
        Deferred tax expense (benefit)   (145 )     (40 )     (97 )     (272 )     (267 )
        Changes in operating assets and liabilities:                  
        (Increase) decrease in receivables and other current assets   (25 )     (167 )     (20 )     (207 )     (138 )
        (Increase) decrease in inventories   (122 )     (86 )     6       (222 )     (353 )
        Increase (decrease) in accounts payable and other liabilities   16       118       101       (188 )     (119 )
        (Increase) decrease in other non-current assets   (218 )     (134 )     65       (306 )     16  
        Exchange differences   (1 )     7       7       14       22  
        Other items   (5 )     4       (8 )     (2 )     (2 )
        Net cash provided by (used for) operating activities   391       779       1,137       2,782       3,513  
                           
        Cash flows from investing activities:                  
        Purchase of identified intangible assets   (36 )     (26 )     (44 )     (149 )     (179 )
        Capital expenditures on property, plant and equipment   (130 )     (186 )     (175 )     (727 )     (827 )
        Insurance recoveries received for equipment damage   —       —       —       2       —  
        Proceeds from the disposals of property, plant and equipment   1       —       —       4       1  
        Advance payment from sale of property, plant and equipment   30       —       —       30       —  
        Investment in short-term deposits   —       —       (409 )     —       (409 )
        Proceeds of short-term deposits   400       —       —       409       —  
        Purchase of investments   (67 )     (159 )     (1 )     (260 )     (94 )
        Proceeds from the sale of investments   —       —       —       5       —  
        Net cash provided by (used for) investing activities   198       (371 )     (629 )     (686 )     (1,508 )
                           
        Cash flows from financing activities:                  
        Repurchase of long-term debt   —       —       —       (1,000 )     —  
        Proceeds from the issuance of long-term debt   670       —       —       670       —  
        Cash paid for debt issuance costs   (1 )     —       —       (1 )     —  
        Dividends paid to common stockholders   (258 )     (259 )     (261 )     (1,038 )     (1,006 )
        Proceeds from issuance of common stock through stock plans   3       39       1       82       71  
        Purchase of treasury shares and restricted stock unit
        withholdings        		   (455 )     (305 )     (434 )     (1,373 )     (1,053 )
        Other, net   —       (1 )     —       (2 )     (2 )
        Net cash provided by (used for) financing activities   (41 )     (526 )     (694 )     (2,662 )     (1,990 )
                           
        Effect of changes in exchange rates on cash positions   (4 )     7       6       (4 )     2  
        Increase (decrease) in cash and cash equivalents   544       (111 )     (180 )     (570 )     17  
        Cash and cash equivalents at beginning of period   2,748       2,859       4,042       3,862       3,845  
        Cash and cash equivalents at end of period   3,292       2,748       3,862       3,292       3,862  
                           
        Net cash paid during the period for:                  
        Interest   92       27       83       243       261  
        Income taxes, net of refunds   280       196       221       867       919  
        Net gain (loss) on sale of assets:                  
        Cash proceeds from the sale of assets   1       —       —       4       1  
        Book value of these assets   —       —       —       (1 )     —  
        Non-cash investing activities:                  
        Non-cash capital expenditures   161       125       266       161       266  
                           

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Gross Profit $ 1,678     $ 1,866     $ 1,937     $ 7,119     $ 7,553  
        PPA Effects   (11 )     (12 )     (13 )     (47 )     (53 )
        Restructuring   (21 )     —       (13 )     (28 )     (11 )
        Share-based compensation   (15 )     (14 )     (14 )     (59 )     (54 )
        Other incidentals   (64 )     —       (33 )     (79 )     (91 )
        Non-GAAP Gross Profit $ 1,789     $ 1,892     $ 2,010     $ 7,332     $ 7,762  
        GAAP Gross margin   53.9 %     57.4 %     56.6 %     56.4 %     56.9 %
        Non-GAAP Gross margin   57.5 %     58.2 %     58.7 %     58.1 %     58.5 %
        GAAP Research and development $ (612 )   $ (577 )   $ (651 )   $ (2,347 )   $ (2,418 )
        Restructuring   (50 )     —       (49 )     (57 )     (59 )
        Share-based compensation   (60 )     (58 )     (55 )     (234 )     (211 )
        Other incidentals   (5 )     —       (1 )     (6 )     (5 )
        Non-GAAP Research and development $ (497 )   $ (519 )   $ (546 )   $ (2,050 )   $ (2,143 )
        GAAP Selling, general and administrative $ (323 )   $ (265 )   $ (311 )   $ (1,164 )   $ (1,159 )
        PPA effects   —       (1 )     (1 )     (2 )     (3 )
        Restructuring   (41 )     —       (22 )     (40 )     (28 )
        Share-based compensation   (42 )     (43 )     (38 )     (168 )     (146 )
        Other incidentals   (12 )     (2 )     (5 )     (45 )     (32 )
        Non-GAAP Selling, general and administrative $ (228 )   $ (219 )   $ (245 )   $ (909 )   $ (950 )
        GAAP Operating income (loss) $ 675     $ 990     $ 907     $ 3,417     $ 3,661  
        PPA effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Non-GAAP Operating income (loss) $ 1,065     $ 1,153     $ 1,219     $ 4,369     $ 4,662  
        GAAP Operating margin   21.7 %     30.5 %     26.5 %     27.1 %     27.6 %
        Non-GAAP Operating margin   34.2 %     35.5 %     35.6 %     34.6 %     35.1 %
        GAAP Income tax benefit (provision) $ (77 )   $ (173 )   $ (124 )   $ (545 )   $ (523 )
        Income tax effect   87       9       54       141       170  
        Non-GAAP Income tax benefit (provision) $ (164 )   $ (182 )   $ (178 )   $ (686 )   $ (693 )
        GAAP Net income (loss) attributable to stockholders $ 495     $ 718     $ 697       2,510       2,797  
        PPA Effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Other adjustments:                      
        Adjustments to financial income (expense)   (17 )     (12 )     (9 )     (43 )     (26 )
        Income tax effect   87       9       54       141       170  
        Results relating to equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Net income (loss) attributable to stockholders $ 817     $ 890     $ 966     $ 3,376     $ 3,661  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                           
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
        PPA Effects   (0.15 )     (0.16 )     (0.30 )     (0.72 )     (1.36 )
        Restructuring   (0.44 )     —       (0.32 )     (0.48 )     (0.38 )
        Share-based compensation   (0.46 )     (0.45 )     (0.41 )     (1.79 )     (1.57 )
        Other incidentals   (0.47 )     (0.02 )     (0.17 )     (0.70 )     (0.52 )
        Other adjustments:                  
        Adjustments to financial income (expense)   (0.07 )     (0.05 )     (0.03 )     (0.17 )     (0.10 )
        Income tax effect   0.34       0.04       0.21       0.55       0.65  
        Results relating to equity-accounted investees, excluding Foundry investees1   —       (0.02 )     (0.01 )     (0.05 )     (0.03 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.18     $ 3.45     $ 3.71     $ 13.09     $ 14.01  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.


        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Financial income (expense) $ (91 )   $ (82 )   $ (78 )   $ (318 )   $ (309 )
          Foreign exchange loss   3       (3 )     (6 )     (3 )     (15 )
          Other financial expense   (20 )     (9 )     (3 )     (40 )     (11 )
        Non-GAAP Financial income (expense) $ (74 )   $ (70 )   $ (69 )   $ (275 )   $ (283 )
                             

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Other income (expense) $ (40 )   $ (5 )   $ (5 )   $ (55 )   $ (15 )
          Other incidentals   (41 )     (4 )     (5 )     (51 )     (8 )
        Non-GAAP Other income (expense) $ 1     $ (1 )   $ —     $ (4 )   $ (7 )
                           

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Results relating to equity-accounted investees $ (2 )   $ (6 )   $ (2 )   $ (12 )   $ (7 )
          Results of equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —     $ —     $ —  
                           
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Reconciling items to EBITDA (Non-GAAP)                  
        Financial (income) expense   91       82       78       318       309  
        (Benefit) provision for income taxes   77       173       124       545       523  
        Depreciation and impairment   190       149       167       630       652  
        Amortization   69       69       102       295       454  
        EBITDA (Non-GAAP) $ 932     $ 1,202     $ 1,174     $ 4,330     $ 4,760  
        Reconciling items to adjusted EBITDA (Non-GAAP)                  
        Results of equity-accounted investees, excluding Foundry investees1   2       6       2       12       7  
        Restructuring   112       —       84       125       98  
        Share-based compensation   117       115       107       461       411  
        Other incidental items2   77       6       44       136       134  
        Adjusted EBITDA (Non-GAAP) $ 1,240     $ 1,329     $ 1,411     $ 5,064     $ 5,410  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,064     $ 5,235     $ 5,410     $ 5,064     $ 5,410  
                           
        Additional Information:                  
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:        
                   – other incidental items   45       —       —       45       2  
                           
                           
                           
        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Net cash provided by (used for) operating activities $ 391     $ 779     $ 1,137     $ 2,782     $ 3,513  
        Net capital expenditures on property, plant and equipment   (99 )     (186 )     (175 )     (693 )     (826 )
        Non-GAAP free cash flow $ 292     $ 593     $ 962     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow $ 2,089     $ 2,759     $ 2,687     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     21 %     20 %     17 %     20 %
                           

      The MIL Network –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 03, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.077 per share on the Trust’s common shares (NYSE: XFLT), payable on March 3, 2025, to common shareholders of record as of February 18, 2025, as noted below. The amount of the distribution represents no change from the previous month’s distribution amount of $0.077 per share.

    The following dates apply to the declaration:

    Ex-Dividend Date February 18, 2025
       
    Record Date February 18, 2025
       
    Payable Date March 3, 2025
       
    Amount $0.077 per common share
       
    Change from Previous Month No change
     

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.2B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED   NO BANK GUARANTEE   MAY LOSE VALUE
             

    Paralel Distributors, LLC – Distributor

    Media Contact:
    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-Evening Report: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs – Analysis-Reportage

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Rare vintage wheels roll into Alberta museums | Des voitures de collection rares arrivent dans les musées de l’Alberta

    The 1914 Waterous Steam Fire Pumper at the Remington Carriage Museum

    The Remington Carriage Museum in Cardston is now home to a 1914 Waterous Steam Fire Pumper, which was donated by a local Calgary collector. Almost no others of its kind have remained intact. Adding to its rarity, the engine remains in fully functional condition.

    The firefighting machine was built more than a century ago and spent some of its early years in Québec. It has since been painstakingly restored and donated to the museum where another smaller one like it is already housed.

    Limo fit for a king

    The 1939 McLaughlin Buick Royal Tour car at Reynolds Museum

    Meanwhile, a new addition to the Reynolds Museum collection in Wetaskiwin is getting a royal welcome – a 1939 McLaughlin Buick Royal Tour car. The custom-made stretch convertible has carried every British monarch in their respective tours of Canada since the late 1930s.

    Donated by Byron Reynolds, the vehicle was one of two built by General Motors in Ontario for use by King George VI and Queen Elizabeth II as they toured Canada in 1939.

    It was used by Prince Charles and Princess Diana for the opening of Expo ’86 in Vancouver and by Queen Elizabeth II for the opening of the Commonwealth Games in Victoria in 1994.

    Major additions to the collection

    Both donations represent a significant addition to the provincial museum collection and carry stories of their use and restoration throughout the 20th century. Furthermore, both vehicles were originally made in Canada, a trait that sets them apart from their U.S. counterparts and adds to their uniqueness.

    “Albertans value the stories of our shared past and the artifacts that help bring those stories to life. As our museum collections grow, so does the depth of our understanding of that past.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    “It is thrilling for the Reynolds and Remington to be the recipient of such amazing donations. These vehicles are each truly one of a kind and we thank the donors who made these historical treasures available for everyone to enjoy. I invite all Albertans to visit our museums to learn more about these, and many other, unique Alberta stories.”

    Noel Ratch, Director, Reynolds Museum

    Alberta’s government proudly owns and operates 20 museums and heritage sites as well as the Provincial Archives. Last year, Alberta’s government dedicated more than $52 million to the heritage sector to ensure Alberta’s rich history continues to be protected, promoted and celebrated.

    Quick facts

    • The 1939 McLaughlin Buick was one of two built in Canada.
    • Built on a Buick limousine chassis, it includes a four-door convertible body, custom wood-grain dash and interior veneered moldings, tall canvas convertible top to accommodate ceremonial headgear, an electrically operated divider window, a dictograph with dash and signal light so riders in back and front can communicate, the Royal Crest, Shield and Standard, and a sterling silver vanity kit with co-ordinated umbrellas.
    • The Waterous Steam Fire Pumper was built around 1913 in Brantford, Ontario, and was bought second-hand by the Township of Pointe-aux-Trembles, Québec in 1917.
    • It was purchased by a Calgary collector in 1997 and was restored by a Michigan restorer. At that time, it was found to still be in working condition with no leaks. It includes 90 per cent original material with most of the restoration being cosmetic. Paint detailing was done based on uncovered paint layers found during the restoration process and archival photos of the engine during its use in Québec.
    • The Waterous Steam Fire Pumper is currently on display at the Remington Carriage Museum.
    • The Royal Tour car can be viewed at the Reynolds Museum as part of the behind-the-scenes tour program each summer.
    • The Reynolds Museum and the Remington Carriage Museum are open Tuesday through Sunday.

    Related information

    • Remington Carriage Museum
    • Reynolds Museum

    Les amateurs de véhicules historiques seront comblés, car deux musées de l’Alberta ont dévoilé leurs plus récents dons : une voiture de pompiers à vapeur tirée par des chevaux et une voiture franchement royale

    L’autopompe à vapeur Waterous de 1914 au Remington Carriage Museum

    Le musée Remington Carriage Museum de Cardston vient de s’enrichir d’une autopompe à vapeur Waterous de 1914, offerte par un collectionneur local de Calgary. Il existe très peu de véhicules du genre en parfait état. Pour ajouter à sa rareté, le moteur fonctionne toujours de façon impeccable.

    Construit il y a plus d’un siècle, l’engin de lutte contre les incendies a passé une partie de ses premières années au Québec. Elle a depuis été minutieusement restaurée et offerte au musée, qui en abrite déjà une autre, plus petite.

    Une limousine digne d’un roi

    La McLaughlin Buick Royal Tour de 1939 au musée Reynolds

    Ailleurs dans la province, un nouvel ajout à la collection du musée Reynolds Museum de Wetaskiwin a reçu un accueil royal ? une voiture McLaughlin Buick Royal Tour de 1939. Ce cabriolet extensible fait sur mesure a transporté tous les monarques britanniques lors de leurs tournées au Canada depuis la fin des années 1930.

    Offert par Byron Reynolds, ce véhicule est l’un des deux construits par la General Motors en Ontario à l’intention du roi George VI et de la reine Elizabeth II lors de leur tournée au Canada en 1939.

    La voiture a également été utilisée par le prince Charles et la princesse Diana lors de l’ouverture de l’Expo 86 à Vancouver et de nouveau par la reine Elizabeth II à l’ouverture des Jeux du Commonwealth tenus à Victoria en 1994.

    Des ajouts importants à la collection de la province

    Les deux dons représentent un ajout important à la collection muséale de la province. Les véhicules racontent l’histoire de leur utilisation et de leur restauration tout au long du 20e siècle. En outre, les deux véhicules ont été fabriqués au Canada, ce qui les distingue de leurs homologues américains et ajoute à leur caractère exceptionnel.

    « Les Albertaines et les Albertains apprécient les récits de leur passé commun et les artefacts qui contribuent à donner vie à ces récits. Au fur et à mesure que nos collections muséales s’enrichissent, notre compréhension de ce passé s’approfondit. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    « Les musées Reynolds et Remington sont ravis d’avoir reçu des dons aussi extraordinaires. Ces véhicules sont véritablement uniques en leur genre et nous remercions leurs donateurs, qui ont mis ces trésors historiques à la disposition de tous. J’invite toute la population à visiter nos musées pour en apprendre davantage sur ces véhicules et sur une foule d’autres récits uniques de l’Alberta. »

    Noel Ratch, directeur, musée Reynolds

    Le gouvernement de l’Alberta est fier de posséder et de gérer 20 musées et sites patrimoniaux, ainsi que les archives de la province. L’année dernière, le gouvernement de l’Alberta a consacré plus de 52 millions de dollars au secteur du patrimoine pour s’assurer que la riche histoire de l’Alberta continue d’être protégée, promue et célébrée.

    En bref

    • La Buick McLaughlin de 1939 est l’une de deux voitures du genre construites au Canada.
    • Bâtie sur un châssis de limousine Buick, elle comprend une carrosserie décapotable à quatre portes, un tableau de bord et des moulures intérieures en placage de bois, un haut toit décapotable en toile pour accueillir les coiffures de cérémonie, une fenêtre de séparation à commande électrique, un dictographe doté d’un tableau de bord et d’une lampe de signalisation pour que les passagers à l’arrière et à l’avant puissent communiquer, le cimier, l’écu et l’étendard royaux, ainsi qu’un ensemble de vanité en argent sterling accompagné de parapluies coordonnés.
    • L’autopompe à vapeur Waterous a été construite vers 1913 à Brantford, en Ontario, et a été achetée d’occasion par le Canton de Pointe-aux-Trembles, au Québec, en 1917.
    • Elle a été rachetée par un collectionneur de Calgary en 1997 et a été restaurée par un expert du Michigan. C’est à ce moment-là qu’on a constaté qu’elle était toujours en état de marche et qu’elle ne présentait aucune fuite. Le véhicule est composé à 90 % de matériaux d’origine, la majeure partie de la restauration ayant été d’ordre cosmétique. Les détails de la peinture ont été réalisés à partir des couches de peinture découvertes au cours du processus de restauration et de photos d’archives qui dataient de l’époque à laquelle il a été utilisé au Québec.
    • L’autopompe à vapeur Waterous est actuellement exposée au musée Remington Carriage Museum.
    • La voiture royale peut être vue au musée Reynolds dans le cadre de son programme de visite en coulisse chaque été.
    • Les musées Reynolds Museum et Remington Carriage Museum sont ouverts du mardi au dimanche.

    Renseignements connexes (en anglais seulement)

    • Remington Carriage Museum
    • Reynolds Museum

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Police acknowledge IPCA findings on use of force

    Source: New Zealand Police (National News)

    Police acknowledge the findings of the Independent Police Conduct Authority over the use of force against a group of youths.

    On 26 September 2022, a fleeing driver event concluded on Murphys Road in Flat Bush.

    The stolen vehicle had earlier been detected in the Manukau area.

    The Authority were notified after footage of Police staff’s conduct emerged on social media.

    Counties Manukau District Commander Superintendent Shanan Gray says a thorough investigation was carried out into the incident.

    “One of the constables, Officer A, admitted to using excessive force to arrest one of the young people,” he says.

    “The constable was charged with common assault, pleaded guilty in court and was subsequently discharged without conviction.”

    The IPCA agreed with Police action taken around Officer A.

    Another constable, Officer B, was not charged after his actions on the day were assessed.

    The IPCA found Officer B’s actions in lifting and dragging one youth from the car to a safer location were reasonable in the circumstances.

    However, it found Officer B went on to use excessive force against the young person.

    Police acknowledge this finding.

    Superintendent Gray says: “Any situation immediately after fleeing driver incidents are very dynamic and can pose risk to all concerned.

    “Our staff make decisions every day about acting with urgency towards a situation while also keeping the safety of all top of mind.”

    An employment investigation was carried out into the matter, the outcomes of which are confidential given Police has privacy obligations to employees.

    Superintendent Gray says both constables remain members of Police.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI: Capital Southwest Announces Financial Results for Third Fiscal Quarter Ended December 31, 2024 and Announces Increase in Total Dividends to $0.64 per share for the Quarter Ending March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 03, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the third fiscal quarter ended December 31, 2024.

    Third Quarter Fiscal Year 2025 Financial Highlights

    • Total Investment Portfolio: $1.7 billion
      • Credit Portfolio of $1.5 billion:
        • 98% 1st Lien Senior Secured Debt
        • $313.4 million in new committed credit investments during the quarter
        • Weighted Average Yield on Debt Investments: 12.1%
        • Current non-accruals with a fair value of $45.8 million, representing 2.7% of the total investment portfolio
      • Equity Portfolio of $158.8 million
        • $4.1 million in new equity co-investments during the quarter
    • Pre-Tax Net Investment Income: $30.7 million, or $0.64 per weighted average share outstanding
    • Estimated Undistributed Taxable Income (“UTI”): $0.68 per share as of December 31, 2024
    • LTM Operating Leverage: 1.6% for the quarter ended December 31, 2024
    • Dividends: Paid $0.58 per share Regular Dividend and $0.05 per share Supplemental Dividend
      • 115% LTM Pre-Tax NII Regular Dividend Coverage
      • Total Dividends for the quarter ended December 31, 2024 of $0.63 per share
    • Net Realized and Unrealized Depreciation: $13.7 million, or 0.8% of total investments at fair value
      • $12.3 million of net appreciation related to the equity portfolio
      • $26.0 million of net depreciation related to the credit portfolio
    • Balance Sheet:
      • Cash and Cash Equivalents: $36.0 million
      • Total Net Assets: $830.4 million
      • Net Asset Value (“NAV”) per Share: $16.59

    In commenting on the Company’s results, Bowen Diehl, President and Chief Executive Officer, stated, “The December quarter was an active quarter for Capital Southwest, with approximately $318 million of new committed originations. Our portfolio continued to generate significant income for our shareholders, producing $0.64 of pre-tax net investment income per share for the quarter, which outearned both our $0.58 per share regular dividend and our $0.05 per share supplemental dividend paid for the quarter. In consideration of the continued performance of our portfolio, the Board of Directors has again declared a regular dividend of $0.58 per share for the quarter ending March 31, 2025. Our Board of Directors also has declared an increase in our supplemental dividend to $0.06 per share for the quarter ending March 31, 2025, resulting in total dividends for the quarter of $0.64 per share. While future dividend declarations are at the discretion of our Board of Directors, it is our intent to continue to distribute quarterly supplemental dividends for the foreseeable future. We continued to efficiently raise equity capital during the quarter, raising over $53 million on our Equity ATM Program. In addition, during the quarter, we successfully raised $230 million of 5.125% unsecured convertible notes due 2029, which further diversified our balance sheet liability structure. Finally, we received a ‘green light’ letter from the U.S. Small Business Administration to file an application to obtain a license to operate a second SBIC subsidiary. If approved, a second SBIC license will provide Capital Southwest with access to up to an additional $175 million in cost effective debt capital.”

    Third Quarter Fiscal Year Investment Activities

    Originations

    During the quarter ended December 31, 2024, the Company originated $317.5 million in new commitments, consisting of investments in nine new portfolio companies totaling $175.2 million and add-on commitments in 20 portfolio companies totaling $142.3 million. New portfolio company investment transactions that closed during the quarter ended December 31, 2024 are summarized as follows:

    Undisclosed Portfolio Company, $32.0 million 1stLien Senior Secured Debt, $5.0 million Revolving Loan, $0.5 million Equity

    Musiker Discovery Programs, Inc., $23.0 million 1stLien Senior Secured Debt, $7.5 million Delayed Draw Term Loan, $5.0 million Revolving Loan: The company provides pre-college, enrichment, and gifted summer programs to students in grades 1-12.

    Superior Health Parent LLC, $17.5 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company is a provider of home health and hospice services across eight agencies in Louisiana.

    Mid-Florida Endodontics Management Company, LLC, $16.1 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company provides endodontic services, primarily focused on root canals and related examinations and retreatments.

    Undisclosed Portfolio Company, $8.0 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Equity

    Red Dog Operations Holding Company LLC, $7.5 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Preferred Equity: The company is a family-owned provider of boarding, daycare, grooming, and other ancillary pet services across six facilities in the Cincinnati and Boston areas.

    Cumbria Capital MSO, LLC, $5.4 million 1stLien Senior Secured Debt, $2.0 million Delayed Draw Term Loan, $1.5 million Revolving Loan: The company is a medical practice offering treatment for a variety of gastrointestinal and liver disorders.

    Undisclosed Portfolio Company, $6.7 million 1stLien Senior Secured Debt

    Undisclosed Portfolio Company, $4.0 million 1stLien Senior Secured Debt, $1.0 million Revolving Loan, $0.5 million Equity

    Prepayments and Exits

    During the quarter ended December 31, 2024, the Company received full prepayments on two debt investments totaling $26.7 million.

    Versicare Management LLC: Proceeds of $23.7 million, generating an IRR of 17.1%.

    Research Now Group, LLC: Proceeds of $2.9 million, generating an IRR of (9.6)%.

    Third Fiscal Quarter 2025 Operating Results

    For the quarter ended December 31, 2024, Capital Southwest reported total investment income of $52.0 million, compared to $48.7 million in the prior quarter. The increase in investment income was primarily attributable to an increase in prepayment and other fees received during the quarter.

    For the quarter ended December 31, 2024, total operating expenses (excluding interest expense) were $6.6 million, compared to $6.1 million in the prior quarter. The increase was primarily attributable to an increase in accrued bonus compensation in the current quarter and an increase in general and administrative expenses primarily due to the write off of deferred offering costs related to our previous shelf registration statement during the current quarter.

    For the quarter ended December 31, 2024, interest expense was $14.7 million, compared to $12.6 million in the prior quarter. The increase was primarily attributable to an increase in average debt outstanding.

    For the quarter ended December 31, 2024, total pre-tax net investment income was $30.7 million, compared to $30.0 million in the prior quarter.

    For the quarter ended December 31, 2024, there was a tax provision of $0.4 million, compared to a tax benefit of $1.2 million in the prior quarter. The benefit in the prior quarter included a $1.5 million deferred tax benefit, which is primarily attributable to an increase in the tax basis of investments held by our wholly owned subsidiary, Capital Southwest Equity Investments, Inc., due to pass-through income, resulting in a decrease in tax appreciation.

    During the quarter ended December 31, 2024, Capital Southwest recorded total net realized and unrealized losses on investments of $13.7 million, compared to $8.5 million of total net realized and unrealized losses in the prior quarter. For the quarter ended December 31, 2024, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $12.3 million and net realized and unrealized losses on debt investments of $26.0 million. The net increase in net assets resulting from operations was $16.3 million for the quarter, compared to $22.7 million in the prior quarter.

    The Company’s NAV at both December 31, 2024 and September 30, 2024 was $16.59 per share. Increases in NAV per share are attributable to the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below), offset by net realized and unrealized losses on investments.

    Liquidity and Capital Resources

    At December 31, 2024, Capital Southwest had approximately $36.0 million in unrestricted cash and money market balances and $376.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.90 to 1.

    As of December 31, 2024, Capital Southwest had the following borrowings outstanding:

    • $190.0 million of total debt outstanding on the Corporate Credit Facility
    • $118.0 million of total debt outstanding on the SPV Credit Facility
    • $148.7 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026
    • $70.1 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028
    • $222.7 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029
    • $170.7 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)

    In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (the “Credit Agreement”) that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility’s revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. On December 7, 2023, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $435 million to $460 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to ten participants. On September 12, 2024, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $460 million to $485 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to 11 participants.

    Capital Southwest SPV LLC (“SPV”) is a wholly owned special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities. On March 20, 2024, SPV entered into a special purpose vehicle financing credit facility (the “SPV Credit Facility”). The SPV Credit Facility included an initial commitment of $150 million. Pursuant to the terms of the loan agreement, on June 20, 2024, total commitments automatically increased from $150 million to $200 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

    On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the “2029 Convertible Notes”), including the underwriters’ full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock), subject to adjustment in some events.

    On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding 4.50% notes due 2026 (the “January 2026 Notes”) in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024. There was no “make-whole” premium required to be paid in connection with the redemption.

    The Company has an “at-the-market” offering (the “Equity ATM Program”), pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock. On May 21, 2024, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program from $650 million to $1 billion. During the quarter ended December 31, 2024, the Company sold 2,364,147 shares of its common stock under the Equity ATM Program at a weighted-average price of $22.68 per share, raising $53.6 million of gross proceeds. Net proceeds were $52.9 million after commissions to the sales agents on shares sold. As of December 31, 2024, the Company has $358.6 million available under the Equity ATM Program.

    On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“SBIC I”), received a license from the Small Business Administration (the “SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. The SBIC license allows SBIC I to obtain leverage by issuing SBA-guaranteed debentures (“SBA Debentures”), subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. As of December 31, 2024, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn.

    Share Repurchase Program

    On July 28, 2021, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended December 31, 2024, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

    Regular Dividend of $0.58 Per Share and Supplemental Dividend of $0.06 Per Share for Quarter Ended March 31, 2025

    On January 29, 2025, the Board declared a total dividend of $0.64 per share for the quarter ending March 31, 2025, comprised of a Regular Dividend of $0.58 per share and a Supplemental Dividend of $0.06 per share.

    The Company’s dividend will be payable as follows:

    Regular Dividend
       
    Amount Per Share: $0.58
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       
    Supplemental Dividend
       
    Amount Per Share: $0.06
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       

    When declaring dividends, the Board reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

    Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, American Stock Transfer and Trust Company.  Under the DRIP, if the Company declares a dividend, registered stockholders who have opted into the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest common stock. 

    Third Quarter 2025 Earnings Results Conference Call and Webcast

    Capital Southwest has scheduled a conference call on Tuesday, February 4, 2025, at 11:00 a.m. Eastern Time to discuss the third quarter 2025 financial results. You may access the call by using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/viedrjap.

    An audio archive of the conference call will also be available on the Investor Relations section of Capital Southwest’s website.

    For a more detailed discussion of the financial and other information included in this press release, please refer to the Capital Southwest’s Form 10-Q for the period ended December 31, 2024 to be filed with the Securities and Exchange Commission (the “SEC”) and Capital Southwest’s Third Fiscal Quarter 2025 Earnings Presentation to be posted on the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements
    This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest’s future performance and financial performance and financial condition, Capital Southwest’s ability to continue to grow its balance sheet, the timing, form and amount of any distributions or supplemental dividends in the future, and Capital Southwest’s receipt of a second SBIC license. Receipt of a green light letter provides no assurance that the SBA will ultimately issue an SBIC license, and Capital Southwest has received no assurance or indication from the SBA as such, or of a timeframe in which it would receive its second SBIC license, should one be granted. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate SBIC I as a small business investment company; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints and labor shortages on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2024 and any subsequent filings with the SEC, including the “Risk Factors” sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except shares and per share data)
           
      December 31,   March 31,
        2024       2024  
      (Unaudited)    
    Assets      
    Investments at fair value:      
    Non-control/Non-affiliate investments (Cost: $1,481,051 and $1,276,690, respectively) $ 1,471,215     $ 1,286,355  
    Affiliate investments (Cost: $223,612 and $200,013, respectively)   221,044       190,206  
    Control investments (Cost: $8,619 and $0, respectively)   9,027       —  
    Total investments (Cost: $1,713,282 and $1,476,703, respectively)   1,701,286       1,476,561  
    Cash and cash equivalents   36,013       32,273  
    Receivables:      
    Dividends and interest   28,237       22,928  
    Escrow   —       16  
    Other   4,056       7,276  
    Income tax receivable   668       336  
    Debt issuance costs (net of accumulated amortization of $9,685 and $7,741, respectively)   9,938       10,928  
    Other assets   8,867       6,440  
    Total assets $ 1,789,065     $ 1,556,758  
           
    Liabilities      
    SBA Debentures (net of $4,279 and $4,305, respectively, of unamortized debt issuance costs) $ 170,721     $ 148,695  
    January 2026 Notes (net of $0 and $612, respectively, of unamortized debt issuance costs)   —       139,388  
    October 2026 Notes (net of $1,346 and $1,923, respectively, of unamortized debt issuance costs)   148,654       148,077  
    August 2028 Notes (net of $1,800 and $2,182, respectively, of unamortized debt issuance costs)   70,075       69,693  
    2029 Convertible Notes (net of $7,256 and $0, respectively, of unamortized debt issuance costs)   222,744       —  
    Credit Facilities   308,000       265,000  
    Other liabilities   20,993       17,381  
    Accrued restoration plan liability   556       570  
    Income tax payable   1,251       281  
    Deferred tax liability   15,629       11,997  
    Total liabilities   958,623       801,082  
           
    Commitments and contingencies (Note 11)      
           
    Net Assets      
    Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2024 and March 31, 2024; issued, 50,051,332 shares at December 31, 2024 and 45,050,759 shares at March 31, 2024   12,513       11,263  
    Additional paid-in capital   903,513       796,945  
    Total distributable (loss) earnings   (85,584 )     (52,532 )
    Total net assets   830,442       755,676  
    Total liabilities and net assets $ 1,789,065     $ 1,556,758  
    Net asset value per share (50,051,332 shares outstanding at December 31, 2024 and 45,050,759 shares outstanding at March 31, 2024) $ 16.59     $ 16.77  
                   
                   
     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (In thousands, except shares and per share data)
                   
      Three Months Ended   Nine Months Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Investment income:              
    Interest income:              
    Non-control/Non-affiliate investments $ 37,789     $ 33,627     $ 114,346     $ 97,924  
    Affiliate investments   4,767       4,214       14,253       12,691  
    Control investments   333       —       975       —  
    Payment-in-kind interest income:              
    Non-control/Non-affiliate investments   2,717       3,452       7,025       5,329  
    Affiliate investments   529       621       1,670       1,926  
    Dividend income:              
    Non-control/Non-affiliate investments   586       2,447       3,525       3,233  
    Affiliate investments   —       96       51       187  
    Control investments   —       2,129       —       6,439  
    Fee income:              
    Non-control/Non-affiliate investments   3,671       1,655       6,589       2,949  
    Affiliate investments   525       115       1,443       632  
    Control investments   8       17       75       62  
    Other income   1,048       193       2,081       332  
    Total investment income   51,973       48,566       152,033       131,704  
    Operating expenses:              
    Compensation   2,388       3,919       7,844       8,762  
    Share-based compensation   1,544       1,188       4,306       3,387  
    Interest   14,717       11,473       39,751       31,635  
    Professional fees   998       919       3,450       2,863  
    General and administrative   1,643       1,301       4,699       3,877  
    Total operating expenses   21,290       18,800       60,050       50,524  
    Income before taxes   30,683       29,766       91,983       81,180  
    Federal income, excise and other taxes   474       392       1,016       841  
    Deferred taxes   (107 )     515       627       (270 )
    Total income tax provision   367       907       1,643       571  
    Net investment income $ 30,316     $ 28,859     $ 90,340     $ 80,609  
    Realized (loss) gain              
    Non-control/Non-affiliate investments $ (12,889 )   $ (7,849 )   $ (22,374 )   $ (13,445 )
    Affiliate investments   84       —       251       (6,503 )
    Control investments   —       —       (260 )     —  
    Income tax benefit (provision)   —       7       —       (286 )
    Total net realized (loss) gain on investments, net of tax   (12,805 )     (7,842 )     (22,383 )     (20,234 )
    Net unrealized (depreciation) appreciation on investments              
    Non-control/Non-affiliate investments   (5,229 )     8,569       (19,455 )     4,648  
    Affiliate investments   7,745       (6,829 )     7,193       1,302  
    Control investments   (354 )     778       408       2,944  
    Income tax (provision) benefit   (3,009 )     (51 )     (2,720 )     1,012  
    Total net unrealized (depreciation) appreciation on investments, net of tax   (847 )     2,467       (14,574 )     9,906  
    Net realized and unrealized (losses) gains on investments   (13,652 )     (5,375 )     (36,957 )     (10,328 )
    Realized loss on extinguishment of debt   (387 )     —       (387 )     (361 )
    Realized loss on disposal of fixed assets   (9 )     —       (9 )     —  
    Net increase in net assets from operations $ 16,268     $ 23,484     $ 52,987     $ 69,920  
                   
    Pre-tax net investment income per share – basic $ 0.64     $ 0.72     $ 1.95     $ 2.05  
    Net investment income per share – basic $ 0.63     $ 0.70     $ 1.92     $ 2.04  
    Net increase in net assets from operations – diluted $ 0.34     $ 0.57     $ 1.12     $ 1.77  
    Net increase in net assets from operations – basic $ 0.34     $ 0.57     $ 1.13     $ 1.77  
    Weighted average shares outstanding – basic   48,315,228       41,513,773       47,079,617       39,610,643  
    Weighted average shares outstanding – diluted   54,121,844       41,513,773       49,022,194       39,610,643  

    The MIL Network –

  • MIL-OSI: Cipher Mining Announces January 2025 Operational Update

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for January 2025.

    Key Highlights

    Key Metrics January 2025
    BTC Mined1 219
    BTC Sold 471
    BTC Held2 1,091
    Deployed Mining Rigs 75,000
    Month End Operating Hashrate (EH/s) 13.5
    Month End Fleet Efficiency (J/TH) 18.9


    1     Includes January power sales estimates (based on current meter data and nodal prices) equivalent to 1 bitcoin (using month-end bitcoin price of $102,297) and 29 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~325 BTC pledged as collateral

    Management Commentary for January

    Cipher continued to make progress at its Black Pearl site, nearing completion of the Phase 1 buildings, which cover more than 100,000 square feet. In addition, the Company continued discussions with potential tenants and financing partners, aligning with management’s vision to establish Cipher as a leader in HPC data center development.

    Bitcoin Production and Operations Updates for January 2025

    Cipher produced ~2191 BTC in January. As part of its regular treasury management process, Cipher sold ~471 BTC in January, ending the month with a balance of ~1,0912 BTC.

    Construction at Black Pearl site. Each of miner wings 1-3 is ~1,000 feet long and will hold approximately 13,440 mining rigs.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about its beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”), as any such factors may be updated from time to time in the Company’s other filings with the SEC, including without limitation, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The Company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining 
    courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal TillDukas
    Linden Public Relations 
    CipherMining@DLPR.com

    1 Includes January power sales estimates (based on current meter data and nodal prices) equivalent to 1 bitcoin (using month-end bitcoin price of $102,297) and 29 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~325 BTC pledged as collateral

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a183532-b55f-42d1-ae4d-82b3ba284880

    The MIL Network –

  • MIL-OSI USA: 30 Years Ago: STS-63, First Shuttle and Mir Rendezvous Mission 

    Source: NASA

    The first shuttle mission of 1995, STS-63 included several historic firsts. As part of Phase 1 of the International Space Station program, space shuttle Discovery’s 20th flight conducted the first shuttle rendezvous with the Mir space station, in preparation for future dockings. The six-person crew included Commander James Wetherbee, Pilot Eileen Collins – the first woman to pilot a space shuttle mission – Payload Commander Bernard Harris, and Mission Specialists Michael Foale, Janice Voss, and Vladimir Titov. The spacewalk conducted during the mission included the first African American and the first British born astronauts to walk in space. The crew conducted 20 science and technology experiments aboard the third flight of the Spacehab module. The astronauts deployed and retrieved the SPARTAN-204 satellite that during its two-day free flight carried out observations of galactic objects using an ultraviolet instrument. 

    NASA announced the six-person STS-63 crew in September 1993 for a mission then expected to fly in May 1994. Wetherbee, selected by NASA in 1984, had already flown twice in space, as pilot on STS-32 and commander of STS-52. For Collins, selected in the class of 1990 as the first woman shuttle pilot, STS-63 marked her first spaceflight. Also selected in 1990, Harris had flown previously on STS-55 and Voss on STS-57. Foale, selected as an astronaut in 1987, had flown previously on STS-45 and STS-56. Titov, selected as a cosmonaut in 1976, had flown two previous spaceflights – a two-day aborted docking mission to Salyut-7 and the first year-long mission to Mir – and survived a launch pad abort. He served as backup to Sergei Krikalev on STS-60, who now served as Titov’s backup. 

    Space shuttle Discovery arrived back at NASA’s Kennedy Space Center in Florida on Sept. 27, 1994, after a ferry flight from California following its previous mission, STS-64. Workers towed it to the Orbiter Processing Facility the next day. Following installation of the Spacehab, SPARTAN, and other payloads, on Jan. 5, 1995, workers rolled Discovery from the processing facility to the Vehicle Assembly Building for mating with an external tank and twin solid rocket boosters. Rollout to Launch Pad 39B took place on Jan. 10. On Jan. 17-18, teams conducted the Terminal Countdown Demonstration Test, a dress rehearsal for the countdown to launch planned for Feb. 2, with the astronaut crew participating in the final few hours as they would on launch day. They returned to Kennedy on Jan. 29 for final pre-launch preparations. On Feb. 2, launch teams called a 24-hour scrub to allow time to replace a failed inertial measurement unit aboard Discovery. 

    On Feb. 3, Discovery and its six-person crew lifted off from Launch Pad 39B at 12:22 a.m. EST, the time dictated by orbital mechanics – Discovery had to launch into the plane of Mir’s orbit. Within 8.5 minutes, Discovery had reached orbit, for the first time in shuttle history at an inclination of 51.6 degrees, again to match Mir’s trajectory. Early in the mission, one of Discovery’s 44 attitude control thrusters failed and two others developed minor but persistent leaks, threatening the Mir rendezvous.  

    On the mission’s first day in space, Harris and Titov activated the Spacehab module and several of its experiments. Wetherbee and Collins performed the first of five maneuvers to bring Discovery within 46 miles of Mir for the final rendezvous on flight day four. Teams on the ground worked with the astronauts to resolve the troublesome thruster problems to ensure a safe approach to the planned 33 feet. On flight day 2, as those activities continued, Titov grappled the SPARTAN satellite with the shuttle’s robotic arm and lifted it out of the payload bay. Scientists used the ultraviolet instrument aboard SPARTAN to investigate the ultraviolet glow around the orbiter and the aftereffects of thruster firings. The tests complete, Titov placed SPARTAN back in the payload bay.

    On flight day three, the astronauts continued working on science experiments while Wetherbee and Collins completed several more burns for the rendezvous on flight day four, the thruster issues resolved to allow the close approach to 33 feet. Flying Discovery manually from the aft flight deck, and assisted by his crew mates, Wetherbee slowly brought the shuttle to within 33 feet of the Kristall module of the space station. The STS-63 crew communicated with the Mir-17 crew of Aleksandr Viktorenko, Elena Kondakova, and Valeri Polyakov via VHF radio, and the crews could see each other through their respective spacecraft windows. After station-keeping for about 10 minutes, Wetherbee slowly backed Discovery away from Mir to a distance of 450 feet. He flew a complete circle around Mir before conducting a final separation maneuver. 

    On the mission’s fifth day, Titov once again grappled SPARTAN with the robotic arm, but this time after raising it above the payload bay, he released the satellite to begin its two-day free flight. Wetherbee steered Discovery away from the departing satellite. During its free flight, the far ultraviolet imaging spectrograph aboard SPARTAN recorded about 40 hours of observations of galactic dust clouds. During this time, the astronauts aboard the shuttle continued work on the 20 experiments in Spacehab and prepared for the upcoming spacewalk. 

    Wetherbee and the crew flew the second rendezvous of the mission on flight day seven to retrieve SPARTAN. Voss operated the robotic arm to capture and stow the satellite in the payload bay following its 43-hour free flight. Meanwhile, Foale and Harris suited up in the shuttle’s airlock and spent four hours breathing pure oxygen to rid their bodies of nitrogen to prevent decompression sickness, also known as the bends, when they reduced their spacesuit pressures for the spacewalk. 

    Foale and Harris exited the airlock minutes after Voss safely stowed SPARTAN. With Titov operating the robotic arm, Harris and Foale climbed aboard its foot restraint to begin the first phase of the spacewalk, testing modifications to the spacesuits for their thermal characteristics. Titov lifted them well above the payload bay and the two spacewalkers stopped moving for about 15 minutes, until their hands and feet got cold. The spacewalk then continued into its second portion, the mass handling activity. Titov steered Foale above the SPARTAN where he lifted the satellite up and handed it off to Harris anchored in the payload bay. Harris then moved it around in different directions to characterize handling of the 2,600-pound satellite. Foale and Harris returned to the airlock after a spacewalk lasting 4 hours 39 minutes. 

    The day following the spacewalk, the STS-63 crew finished the science experiments, closed down the Spacehab module, and held a news conference with reporters on the ground. Wetherbee and Collins tested Discovery’s thrusters and aerodynamic surfaces in preparation for the following day’s reentry and landing. The next day, on Feb. 11, they closed Discovery’s payload bay doors and put on their launch and entry suits. Wetherbee guided Discovery to a smooth landing on Kennedy’s Shuttle Landing Facility, ending the historic mission after eight days, six hours, and 28 minutes. They orbited the Earth 129 times. The mission paved the way for nine shuttle dockings with Mir beginning with STS-71, and 37 with the International Space Station. Workers at Kennedy towed Discovery to the processing facility to prepare it for its next mission, STS-70 in July 1995. 
    Over the next three years, Wetherbee, Collins, Foale, and Titov all returned to Mir during visiting shuttle flights, with Foale staying aboard as the NASA-5 long-duration crew member. Between 2001 and 2005, Wetherbee, Collins, and Foale also visited the International Space Station. Wetherbee commanded two assembly flights, Collins commanded the return to flight mission after the Columbia accident, and Foale commanded Expedition 8. 
    Enjoy the crew narrate a video about their STS-63 mission. 

    MIL OSI USA News –

  • MIL-OSI USA: The Drive for Better Fuels NASA Employee

    Source: NASA

    Two words come to Tim Stiglets’ mind when he thinks about NASA’s Stennis Space Center near Bay St. Louis, Mississippi – growth and opportunity.
    The Waveland, Mississippi, resident has experienced both in his career at the south Mississippi NASA center.
    He started as a summer intern onsite with Lockheed Martin in 2002. When The University of Southern Mississippi graduate joined the NASA team in 2019, he really started to understand how much activity happens at the unique federal city.
    NASA Stennis is home to more than 50 companies and organizations sharing in site operating costs.
    As a management and program analyst in the NASA Stennis Engineering and Test Directorate, Stiglets serves as the manager of the Product Lifecycle Management (PLM) Program. He describes the program as a one-stop shop for engineering data.
    Product lifecycle management (PLM) consists of technology, people, processes, and tools to track a product throughout its lifecycle.
    Think of it in terms of building a LEGO set. From the time one gets the idea of building the set, to when it is finished, played with, and taken apart, there is a lot to track.
    Stiglets’ work involves much bigger pieces, ranging from managing data for how a test stand is configured to tracking the configuration of NASA Stennis buildings and utilities systems that make up the infrastructure for America’s largest rocket propulsion test site. NASA Stennis facilities are valued at more than $2 billion.
    His work gives him a front-row seat to the growth and opportunity potential of NASA Stennis.
    “The cool thing about PLM is I get to be involved, in some small way, with NASA’s Artemis work, commercial test customers and all the Center Operations projects that support the federal city,” he said.
    The center tests rocket engines and stages to power future Artemis missions to the Moon and beyond. NASA Stennis also works with such commercial test customers as Relativity Space, Blue Origin, Rolls-Royce, Evolution Space, and Vast (formerly Launcher Space).
    “PLM is a center capability that we have evolved, so it does not matter if it is a water system, a test stand or building that is involved. It all kind of relies on, and ultimately somewhere down the line, hits the PLM system that has the drawings and engineering data needed for the project. That is probably the coolest thing about my work. I get to see a lot of different things that are going on in different areas.”
    Stiglets said it feels like every time he turns around, there is someone leasing a new building or joining the NASA Stennis federal city. The center has lease agreements for use of land and infrastructure with Relativity Space, Rocket Lab, and Evolution Space.
    “We have a get-it-done kind of attitude,” Stiglets said. “We are going to do whatever it takes to get the job done. If it is testing engines or anything else, we are going to get it done. From a propulsion testing standpoint, commercial companies that lease areas onsite can come in and have access to contract support and to the NASA folks who have decades worth of knowledge. The companies can leverage all of that expertise and tap into the knowledge.”
    The Long Beach, Mississippi, native speaks with enthusiasm when describing his time at NASA Stennis, where growth and opportunity continue forward.
    “How cool is it to work for NASA, even coming in as a contractor,” Stiglets said. “You get to be involved with something bigger and much beyond south Mississippi. The excitement of being involved with NASA so many years ago was very cool for me, especially being a college student. I still have that same excitement. Many years have passed, and day-to-day work changes, but ultimately, you are still looking to achieve big goals.”

    MIL OSI USA News –

  • MIL-OSI USA: Station Nation: Meet Tandra Gill Spain, Computer Resources Senior Project Manager in the Avionics and Software Office 

    Source: NASA

    For astronauts aboard the International Space Station, staying connected to loved ones and maintaining a sense of normalcy is critical. That is where Tandra Gill Spain, a computer resources senior project manager in NASA’s Avionics and Software Office, comes in. Spain leads the integration of applications on Apple devices and the hardware integration on the Joint Station Local Area Network, which connects the systems from various space agencies on the International Space Station. She also provides technical lead support to the Systems Engineering and Space Operations Computing teams and certifies hardware for use on the orbiting laboratory. 
    Spain shares about her career with NASA and more. Read on to learn about her story, her favorite project, and the advice she has for the next generation of explorers. 

    Where are you from? 
    I am from Milwaukee, Wisconsin. 
    Tell us about your role at NASA. 
    I am the Apple subsystem manager where I lead the integration of applications on Apple devices as well as the hardware integration on the Joint Station Local Area Network. We use a variety of different software but I work specifically with our Apple products. I also provide technical lead support to the Systems Engineering and Space Operations Computing teams. In addition, I select and oversee the certification of hardware for use on the International Space Station, and I research commonly used technology and assess applicability to space operations.   
    How would you describe your job to family or friends who may not be familiar with NASA? 

    Tandra spain
    Computer Resources Senior Project Manager

    I get the opportunity to provide the iPads and associated applications that give astronauts the resources to access the internet. Having access to the internet affords them the opportunity to stay as connected as they desire with what is going on back home on Earth (e.g., stream media content, stay in touch with family and friends, and even pay bills). I also provide hardware such as Bluetooth speakers, AirPods, video projectors, and screens. 
    How long have you been working for NASA? 
    I have been with the agency for 30 years, including 22 years as a contractor. 
    What advice would you give to young individuals aspiring to work in the space industry or at NASA? 
    I have found that there is a place for just about everyone at NASA, therefore, follow your passion.  Although many of us are, you don’t have to be a scientist or engineer to work at NASA. Yearn to learn.  Pause and listen to those around you. You don’t know what you don’t know, and you will be amazed what gems you’ll learn in the most unexpected situations. 
    Additionally, be flexible and find gratitude in every experience. Many of the roles that I’ve had over the years didn’t come from a well-crafted, laid-out plan that I executed, but came from taking advantage of the opportunities that presented themselves and doing them to the best of my ability. 

    What was your path to NASA? 
    I moved to Houston to work at NASA’s Johnson Space Center immediately upon graduating from college. 
    Is there someone in the space, aerospace, or science industry that has motivated or inspired you to work for the space program? Or someone you discovered while working for NASA who inspires you?  
    I spent over half of my career in the Astronaut Office, and I’ve been influenced in different ways by different people, so it wouldn’t be fair to pick just one! 
    What is your favorite NASA memory? 
    I’ve worked on so many meaningful projects, but there are two recent projects that stand out.
    Humans were not created to be alone, and connection is extremely important. I was able to provide a telehealth platform for astronauts to autonomously video conference with friends and family whenever an internet connection is available. Prior to having this capability, crew were limited to one scheduled video conference a week. It makes me emotional to think that we have moms and dads orbiting the Earth on the space station and they can see their babies before they go to bed, when they wake up in the morning, or even in the middle of the night if needed.  
    In addition, since iPads are used for work as well as personal activities on station, it is important for my team to be able to efficiently keep the applications and security patches up to date. We completed the software integration and are in the process of wrapping up the certification of the Mac Mini to provide this capability. This will allow us to keep up with all software updates that Apple releases on a regular basis and minimize the amount of crew and flight controller team time associated with the task by approximately 85%. 

    What do you love sharing about station? What’s important to get across to general audiences to help them understand the benefits to life on Earth? 
    When I speak to the public about the space station, I like to compare our everyday lives on Earth to life on the station and highlight the use of technology to maintain the connection to those on Earth. For example, most people have a phone. Besides making a phone call, what do you use your phone for? It is amazing to know that the same capabilities exist on station, such as using apps, participating in parent teacher conferences, and more. 
    If you could have dinner with any astronaut, past or present, who would it be? 
    I would have dinner with NASA astronaut Ron McNair. He graduated from the same university as I did, and I’ve heard great stories about him. 
    Do you have a favorite space-related memory or moment that stands out to you? 
    As I mentioned previously, human connection is extremely important. As an engineer in the Astronaut Office, I worked on a project that provided more frequent email updates when Ku-Band communication was available. Previously, email was synced two to three times a day, and less on the weekend. When the capability went active, I sent the first email exchange. 
    What are some of the key projects you’ve worked on during your time at NASA? What have been your favorite?  
    There have been so many projects over the past 30 years that I don’t think I could select just one. There is something however, that I’ve done on many occasions that has brought me pure joy, which is attending outreach events as Johnson’s “Cosmo” mascot, especially Houston Astros games.    

    What are your hobbies/things you enjoy outside of work? 
    I enjoy crafting, traveling, mentoring students in Pearland Independent School District, spending time with family, and my Rooted Together community. 
    Day launch or night launch?  
    Night launch! 
    Favorite space movie? 
    Star Wars (the original version) 
    NASA “worm” or “meatball” logo? 
    Meatball 

    Every day, we’re conducting exciting research aboard our orbiting laboratory that will help us explore further into space and bring benefits back to people on Earth. You can keep up with the latest news, videos, and pictures about space station science on the Station Research & Technology news page. It’s a curated hub of space station research digital media from Johnson and other centers and space agencies.  
    Sign up for our weekly email newsletter to get the updates delivered directly to you.  
    Follow updates on social media at @ISS_Research on Twitter, and on the space station accounts on Facebook and Instagram.  

    MIL OSI USA News –

  • MIL-OSI Security: Upper Musquodoboit — RCMP arrests four people in relation to shots fired

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment has arrested four people following shots fired in Upper Musquodoboit.

    On February 1, at approximately 7:25 p.m., RCMP Halifax Regional Detachment, assisted by RCMP Southeast Traffic Services, Colchester County District RCMP and the RCMP’s Emergency Response Team (ERT) responded to a report of multiple shots fired near the 8800 block of Hwy. 224.

    At the scene, RCMP officers observed two vehicles leaving the residence where the incident occurred and completed traffic stops. Both drivers, one of whom exhibited signs of impairment, and two passengers were safely arrested.

    ERT then cleared the residence to ensure the safety of area residents and confirm no casualties inside the home. No injuries were reported.

    The information and evidence gathered indicates that multiple firearms were shot outside the residence. It was determined that the shots were not targeted towards people.

    The following day, investigators executed a search warrant at the property. They seized ammunition, empty casings and nine firearms.

    Benjamin Henry Oakley, 29, from Upper Musquodoboit, has been charged with:

    • Refusal to Comply with a Demand

    • Possession of a Weapon for a Dangerous Purpose

    • Unauthorized Possession of a Firearm (nine counts)

    • Contravention of Storage Regulations (nine counts)

    • Possession of a Firearm Knowing its Possession is Unauthorized (nine counts)

    • Discharging a Firearm – Recklessness

    Oakley was remanded into custody and will appear in Dartmouth Provincial Court later today.

    The three other individuals, aged 26, 25 and 39, from Upper and Middle Musquodoboit, were later released on conditions. They will appear in court at a later date to face firearms offences.

    During the dynamic response to the shots fired report, an RCMP officer lost two carbine magazines. They were later recovered, one of which crushed on the roadway; ten 5.56 mm rounds are currently unaccounted for.

    File #: 25-15284

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  • MIL-OSI Security: Nicaraguan Man Sentenced for Making False Statement on Passport Application

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that SILVIO MENDOZA SANCHEZ (“SANCHEZ”), age 45, a citizen of Nicaragua, sentenced on January 27, 2025, after having previously pled guilty to making a false statement on a passport application, in violation of Title 18, United States Code, Section 1542.

    According to the court documents, SANCHEZ applied for a United States passport using the name, date of birth, and social security number of a Puerto Rican man.

    SANCHEZ was sentenced by United States District Judge Jay C. Zainey to (6) six months of probation.

    U.S. Attorney Evans praised the work of the United States Department of State, Diplomatic Security Service in investigating this matter.  Assistant United States Attorney Paul J. Hubbell of the General Crimes Unit is in charge of the prosecution.

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  • MIL-OSI Security: Des Moines Man Sentenced to 204 Months in Federal Prison for Drug Charges

    Source: Office of United States Attorneys

    DES MOINES, Iowa – A Des Moines man was sentenced today to 17 years in federal prison for possession with intent to distribute a controlled substance containing fentanyl.

    According to public court documents and evidence presented at trial, in the fall of 2023, Sharmarke Omar Mohamed, 37, was identified as a source of supply of counterfeit fentanyl pills in the Des Moines metro. Police conducted several controlled buys of hundreds of fentanyl pills from him. In early 2024, law enforcement surveilled Mohamed as he traveled to Arizona and quickly returned to Iowa. Law enforcement conducted a traffic stop of Mohamed’s vehicle and found him in possession of approximately 30,000 counterfeit fentanyl pills.

    On September 30, 2024, following a one-day bench trial, a federal judge found Mohamed guilty. At his sentencing, a federal judge found Mohamed obstructed justice by committing perjury at his trial by lying under oath.

    After completing his term of imprisonment, Mohamed will be required to serve a 6-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Des Moines Police Department-Narcotics Division.

    Fentanyl has become the leading cause of drug overdose deaths in the United States. Counterfeit, fentanyl-laced pills often resemble pharmaceutical pills, but contain potentially lethal doses of fentanyl. In 2023, accidental overdose was the number one cause of death in 37 states for residents under 40 years old. https://stateline.org/2023/09/05/death-rates-for-people-under-40-have-skyrocketed-blame-fentanyl/. In Iowa, opioid-related deaths reached a record high 258 in 2021, up 64% compared with 2019, and decreased 8% in 2022. https://hhs.iowa.gov/media/11935/download.

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  • MIL-OSI Security: Bangor Woman Sentenced for Role in Penobscot and Aroostook County Drug Trafficking

    Source: Office of United States Attorneys

    BANGOR, Maine: A Bangor woman was sentenced today in U.S. District Court in Bangor for her role in a conspiracy to distribute and possess with intent to distribute methamphetamine and fentanyl.

    U.S. District Judge Stacey D. Neumann sentenced Shelby Loring, 29, to time served followed by three years of supervised release. Loring pleaded guilty on January 17, 2023, and was incarcerated for approximately 32 months.

    According to court records, between January 2018 and December 2021, Loring and others trafficked methamphetamine and fentanyl in Penobscot and Aroostook counties and elsewhere. Loring regularly obtained quantities of drugs from her source, paying for the drugs with the proceeds from the sale of prior deliveries. Loring would distribute drugs to customers in Penobscot County while keeping some for her own use. Loring’s participation in the conspiracy resulted in contacts with local law enforcement that led to the seizure of drugs, firearms, drug paraphernalia, and other items.

    Twenty-one defendants have been charged in this and related cases for their part in a widespread northern Maine drug trafficking conspiracy. To date, 11 of the defendants have been sentenced while 10 await sentencing:

    Sentenced:

    • Andrew Adams (32, Aroostook County) – 10 years
    • Matthew Catalano (38, Penobscot County) – 165 months
    • Christopher Coty (44, Bangor) – 4 years
    • Blaine Footman (38, Bangor) – 5 years
    • Nicole Footman (41, Holden) – 3 years
    • Dwight Gary, Jr. (54, Medway) – Time served
    • Thomas Hammond (26, Charleston) – 84 months
    • James King (55, Caribou) – 165 months
    • Shelby Loring (29, Bangor) – Time served (32 months)
    • Danielle McBreairty (34, Glenburn) – 20 years
    • Wayne Smith (33, Bangor) – 85 months

    Awaiting sentencing:

    • Daquan Corbett (30, Brockton, Mass.)
    • Jason Cunrod (42, Caribou) – sentencing scheduled 02/20/25
    • Carol Gordon (53, Bangor) – sentencing scheduled 02/20/25
    • Daviston Jackson (28, Boston, Mass.)
    • Joshua Jerrell (30, Orrington) – sentencing scheduled 02/11/25
    • Sarah McBreairty (36, Dixmont) – sentencing scheduled 02/11/25
    • John Miller (24, Caribou) – sentencing scheduled 02/20/25
    • Aaron Rodgers (43, Bangor) – sentencing scheduled 02/11/25
    • James Valiante, 42 (Linneus) – sentencing scheduled 02/20/25
    • Joshua Young (48, Presque Isle) – sentencing scheduled 02/20/25

    The U.S. Drug Enforcement Administration; Bureau of Alcohol, Tobacco, Firearms and Explosives; and Maine Drug Enforcement Agency investigated the case. Assistance was provided by the police departments in Orono, Bangor, Brewer, Caribou, Presque Isle and Houlton. U.S. Attorney Darcie McElwee also recognized the cooperation and coordination provided by the Maine State Attorney General’s Office and the Aroostook County District Attorney’s Office.

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

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  • MIL-OSI Security: Rock Island Man Sentenced to 151 Months in Federal Prison for Gun Charge

    Source: Office of United States Attorneys

    DAVENPORT, Iowa – A Rock Island man was sentenced on Thursday, January 30, 2025 to 151 months in federal prison for possessing a firearm as a felon.

    According to public court documents and evidence presented at sentencing, Adrian Warren Neeley, 38, led officers on a high-speed chase from Rock Island, Illinois, over the Centennial Bridge, into Iowa on October 9, 2022. Officers in Rock Island received reports of a reckless driver, saw Neeley’s vehicle, and heard gunshots and observed muzzle flash from the area where the vehicle had turned. Neeley failed to obey traffic devices and signs and traveled at over 80 miles per hour in a 30-mile-per-hour zone. Neeley’s vehicle eventually became disabled and Neeley ran from the driver’s seat on foot. During the foot chase, Neeley dropped a firearm which was recovered after Neeley was apprehended.

    Cartridge casings and a bullet recovered from a shooting near the Moline Police Department on August 21, 2022, were examined and determined to have been fired from the gun Neeley drop as he was attempting to flee from police. At sentencing, the Court found that Neeley shot at his significant other from a vehicle on August 21, 2022. Neeley has prior felony convictions, including a 2008 conviction in the United States District Court for the Central District of Illinois for possession with intent to distribute crack cocaine.

    After completing his term of imprisonment, Neeley will be required to serve a three-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Davenport Police Department, the Rock Island Police Department, the Moline Police Department, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

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  • MIL-OSI Security: Hamilton man sentenced to 15 years in prison for receiving bulk amounts of narcotics through the mail, illegally possessing firearms, smuggling drugs into Butler County Jail

    Source: Office of United States Attorneys

    CINCINNATI – Joshua M. Riley, 46, of Hamilton, Ohio, was sentenced in U.S. District Court to 180 months in prison for narcotics and firearms crimes.

    According to court documents, Riley was having bulk amounts of narcotics mailed to his home on Symmes Avenue in Hamilton through the United States Postal Service. In November 2022, law enforcement intercepted a package in route to Riley’s residence that included fictitious sender and recipient names. The package contained more than two kilograms of methamphetamine.

    When agents later executed a search warrant at Riley’s residence, they discovered approximately 1,000 fentanyl pills, 40 pounds of marijuana, cocaine, drug trafficking paraphernalia, high-end jewelry and $18,500 in cash.  Riley also illegally possessed at least 15 firearms, firearm magazines, and ammunition. Four of those firearms were later found to have been previously reported as stolen, and a fifth had an obliterated/filed off serial number. The other firearms included an Akdal Arms, 12 gauge semi-automatic shotgun and a Hi-Point nine millimeter high-powered rifle.

    In July 2024, Riley pleaded guilty to possessing with the intent to distribute 500 grams or more of methamphetamine and 40 grams or more of fentanyl, as well as cocaine and marijuana. He also admitted to illegally possessing a firearm as a previously convicted felon.

    While detained during this case, Riley was repeatedly caught smuggling drugs – namely, dozens of suboxone strips and amphetamines – into the Butler County Jail.

    Kenneth L. Parker, United States Attorney for the Southern District of Ohio; Lesley Allison, Inspector in Charge, U.S. Postal Inspection Service (USPIS), Pittsburgh Division; and Butler County Sheriff Richard K. Jones announced the sentence imposed by U.S. District Court Judge Jeffery P. Hopkins. Assistant United States Attorneys David P. Dornette and Timothy D. Oakley represented the United States in this case.

    This prosecution is part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, and gangs that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

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