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Category: Transport

  • MIL-OSI USA: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: US State of North Dakota

    CategoriesEnglish, MIL OSI, US State Governments, US State of North Dakota

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL OSI USA News –

  • MIL-OSI Security: Charleston Man Sentenced to 9 Years in Federal Prison for Weapon Violation

    Source: Office of United States Attorneys

    CHARLESTON, S.C. — Jacob Murrell Wilson, 24, of Charleston, was sentenced to nine years in federal prison after pleading guilty to being a felon in possession of a firearm and possession of a firearm in furtherance of a drug trafficking crime.

    Evidence presented to the court established that on Nov.10, 2023, Charleston Police Department officers encountered Wilson while patrolling a high-crime apartment complex. The officers recognized Wilson and were aware that he had an active arrest warrant. When they attempted to approach him, Wilson immediately ran from the officers. 

    During the chase, officers observed Wilson reaching for a loaded pistol equipped with a 24-round extended magazine and an illegal machine gun conversion device – commonly known as a switch. Wilson stopped, pulled out the gun, and pointed it in the direction of the pursuing officers, then threw the firearm over a fence and continued to run.

    When officers apprehended Wilson, they found 6.8 grams of crack cocaine, 8.98 grams of cocaine, 36.35 grams of marijuana, and 187 grams of promethazine in Wilson’s possession. Officers recovered the firearm nearby.

    Wilson has a prior felony conviction for attempted armed robbery and is prohibited from possessing firearms or ammunition under federal law.

    United States District Judge Richard M. Gergel sentenced Wilson to 106 months imprisonment to be followed by give years of court ordered supervision. There is no parole in the federal system.

    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.

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and Charleston Police Department.  Assistant U.S. Attorney Chris Lietzow is prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Ecuadoran National Charged with Illegally Reentering U.S. after Sex Assault Conviction

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, today announced that ROBERTO MUY, 35, a citizen of Ecuador, has been charged by federal criminal complaint with illegally reentering the United States after being deported.

    As alleged in court documents and statements made in court, in February 2006, Muy was admitted to the U.S. using a fraudulent visitor visa under the alias of a Peruvian citizen.  In June 2012, Muy was convicted in Connecticut Superior Court in Torrington of sexual assault of a minor in the second degree, and was sentenced to 10 years of incarceration, suspended after 15 months, and 25 years of probation.  In June 2013, Muy was removed to Ecuador.

    It is further alleged that Muy illegally reentered the U.S. and, on November 9, 2024, was arrested by the Torrington Police Department and charged with illegal operation of a motor vehicle under the influence of alcohol/drug.  On March 18, 2025, he was sentenced in state court to two years of incarceration for violating his state probation related to his 2012 conviction, and a concurrent two days of incarceration for the 2024 motor vehicle offense.  He is currently in state custody.

    If convicted of illegal reentry, Muy faces a maximum term of imprisonment of 20 years.

    U.S. Attorney Sullivan stressed that a complaint is only a charge and is not evidence of guilt.  Charges are only allegations and each defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

    This matter is being investigated by U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations.    The case is being prosecuted by Assistant U.S. Attorney Mary G. Vitale.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.  Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced for Role in International Human Smuggling Conspiracy that Resulted in the Deaths of a Family of Four During a January Blizzard

    Source: Office of United States Attorneys

    FERGUS FALLS, Minn. – Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “As we’ve seen time and time again, human traffickers care nothing for humanity.  I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling. The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten,” said ICE Homeland Security Investigations St. Paul Special Agent in charge Jamie Holt. “At HSI, we remain steadfast in our mission to work with out partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    Harshkumar Ramanlal Patel, 29, was sentenced to 121 months in prison for his role in a human smuggling scheme.  The Court did not impose a term of supervised release on defendant Patel, citing the likelihood that Patel will be deported following his prison sentence.  Patel’s co-conspirator, Steve Anthony Shand, 50, received a sentence of 78 months followed by 2 years of supervised release.

    Trial evidence showed that Patel and Shand were involved in a major human smuggling operation that brought Indian nationals into Canada using fake student visas then illegally moved them across the U.S.-Canada border. Patel handled the coordination of smuggling individuals from Manitoba into the United States, while Shand picked them up after they crossed into the U.S. and transported them to Chicago. Both men were paid for their participation and ignored the life-threatening risks posed by the frigid conditions at the northern border. Testimony revealed that the going rate to be smuggled from India to U.S. from Canada was around $100,000.

    During a blizzard in January 2022, Shand and Patel, working with other co-conspirators, attempted to smuggle 11 aliens into the Unites States from Canada. Due to the storm conditions that night, Shand’s van got stuck in the snow. That turn of events forced the aliens to travel on foot for approximately seven hours in minus-36-degree wind chill and severe winter weather conditions while they searched for Shand’s vehicle. Two migrants found Shand while his van was stuck; the rest did not.

    A passerby pulled Shand’s van from the ditch. Soon thereafter, a U.S. Customs and Border Patrol agent arrived and suspected alien smuggling. Eventually, five additional aliens were located, one of whom was suffering from hypothermia so severe she had to be airlifted to Regions Hospital in St. Paul. Meanwhile, the Royal Canadian Mounted Police located the bodies of a family of four, two adults and two young children, who had separated from the larger group during the night.  The family died of hypothermia. The father was found still holding his infant child wrapped in a blanket. None of the 11 migrants was dressed appropriately for the severe, cold weather conditions.

    In November 2024, a federal jury found both defendants guilty of multiple charges, including conspiracy to bring aliens to the Unites States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the Unites States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “This case is a tragic reminder of the dangers of Human Smuggling. It is a clear example of how organizations exploit people for financial gain, regardless of the risk. The victims experienced the worst-case scenario firsthand; horrific conditions, injury, and death. We’re glad the smugglers are receiving consequences, but the crimes remain inexcusable. I’m proud of our agent’s persistence and collaboration between agencies; it is a testament to our commitment to border security,” said Special Operations Supervisor Ryan Gilberg of U.S. Border Patrol.

    In imposing sentence, U.S. District Court Judge John R. Tunheim explained that “Border smuggling is a very serious problem,” one that “exploits victims.” He noted that the night this family died was one “one of the coldest nights of the winter” and that these were “very dangerous conditions.”  Judge Tunheim said that the defendants “could have done something” and it “might have made a difference”—but they did nothing.

    This case is the result of an investigation conducted by U.S. Border Patrol and Homeland Security Investigations (“HSI”). The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organization and protect our communities for the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    This case was prosecuted by the U.S. Attorney’s Office for the District of Minnesota and the Department of Justice’s Human Rights and Special Prosecutions Section. Acting United States Attorney Lisa D. Kirkpatrick represented the government at the sentencing hearings.

    MIL Security OSI –

  • MIL-OSI Security: Wewoka Resident Sentenced to 27 Years for Second-Degree Murder and Federal Firearm Crime

    Source: US FBI

    MUSKOGEE, OKLAHOMA – The United States Attorney’s Office for the Eastern District of Oklahoma announced that Joseph Celdon Mullins, age 22, of Wewoka, Oklahoma, was sentenced to 210 months in prison for one count of Murder in Indian Country – Second Degree.  Mullins was also sentenced to 120 months in prison for one count of using, carrying, brandishing, and discharging a firearm during and in relation to a crime of violence.  The terms are set to be served consecutively.

    The charges arose from an investigation by the Muscogee (Creek) Nation Lighthorse Tribal Police Department, the Seminole Nation Lighthorse Police Department, the Bureau of Indian Affairs, and the Federal Bureau of Investigations.

    On November 6, 2024, Mullins pleaded guilty to the charges.  According to investigators on June 20, 2023, Mullins pulled a 9mm pistol during an argument with a neighbor and fired twice.  One bullet struck the victim, who died on the scene.  The crimes occurred in Seminole County, within the boundaries of the Muscogee (Creek) Nation, in the Eastern District of Oklahoma.

    The Honorable John F. Heil, III, U.S. District Judge in the United States District Court for the Eastern District of Oklahoma, presided over the hearing.  Mullins will remain in the custody of the U.S. Marshals Service pending transportation to a designated United States Bureau of Prisons facility to serve a non-paroleable sentence of incarceration.

    Assistant U.S. Attorney Kevin Gross represented the United States.

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: United States Attorneys General

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI: Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”) announced today that its Board of Directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company’s common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the “NYSE”) in connection with the closing of HUSA’s previously announced acquisition of Abundia Global Impact Group, LLC (“AGIG”).

    On April 24, 2025, at the Company’s special meeting of stockholders, the Company’s stockholders approved a reverse stock split of the Company’s common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company’s Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the “Effective Time”) and the Company’s common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025.

    At the Effective Time, every 10 issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares.

    Each stockholder’s percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company’s common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company’s transfer agent, regarding their stock ownership following the reverse stock split.

    The reverse stock split will not modify any rights or preferences of the Company’s common stock. The trading symbol for the Company’s common stock will remain “HUSA.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 44183U 308.

    Additional information about the reverse stock split can be found in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission (the “SEC”) on April 11, 2025, a copy of which is also available at www.sec.gov or at www.houstonamerican.com under the SEC Filings tab located in the Reports and Filings page.

    About HUSA

    HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: https://houstonamerican.com/

    Important Information About the Proposed Acquisition and Where to Find It

    This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC (“AGIG”), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the “Proposed Acquisition”). For additional information on the Proposed Acquisition, see HUSA’s Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA’s stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC.

    Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002.

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the “safe harbor provisions.” Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA’s or AGIG’s business and future financial and operating results, and other aspects of HUSA’s or AGIG’s operations or operating results. Words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “target,” “project,” and similar phrases that denote future expectations or intent regarding HUSA’s or AGIG’s financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including:

    • risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements;
    • the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement;
    • failure to attract, motivate and retain executives and other key employees;
    • disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results;
    • the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and
    • other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the proxy statement, as well as HUSA’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. 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.

    The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law.

    For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

    The MIL Network –

  • MIL-OSI USA: Governor Abbott Responds to Rep. Pfluger’s Work on Securing Texas Reimbursements

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, DC — Governor Abbott (TX) released the following statement in response to the $12 billion in border reimbursements for states that stepped up, including Texas, that Congressman August Pfluger (TX-11) and others fought to secure in the One Big Beautiful Bill.

    “Texas thanks the U.S. House and the Texas Congressional Delegation for including $12 billion in the reconciliation package that will help Texas in its response to the unprecedented illegal immigration in Texas,” said Governor Greg Abbott. “This is a national issue that Texas was proud to address, and we are grateful for the allocation that reduces the financial burden that Texas incurred.”

    “The devastating impact of the previous administration’s open border policies has been felt nationwide—but no state has carried the burden more than Texas. Texas spent $11.1 billion on border security, including $5.87 billion on personnel costs and $4.75 billion on border wall and barriers. When the federal government failed to secure our border and protect our communities, Texans stepped up. Throughout my time in Congress, I’ve fought tirelessly to get our state the reimbursements it’s owed, and now, that fight is finally paying off,” said Rep. Pfluger.

    Background:

    Texas had to take on a massive financial burden to protect our communities when the previous administration failed to do so. Throughout his time in Congress, Rep. Pfluger has fought to reimburse Texas for securing the southern border, including

    • Lone Star Reimbursement Act (2022)
    • This bill aimed to pay the State of Texas back for the costs of Operation Lone Star incurred in FY21 and FY22, which total $1.43 billion.
    • Co-led with Rep. Fallon
    • FY24, FY25, and FY26 Appropriations Requests (2023, 2024, 2025) 
    • FY24: Led a letter to the House Appropriations Subcommittee on Homeland Security to reimburse Texas for $5.1 billion.
    • FY25: Led a letter with 18 signers urging the House Appropriations Subcommittee on Homeland Security to reimburse Texas $11.26 billion.
    • FY26: Led a letter with 19 signers urging the House Appropriations Subcommittee on Homeland Security to reimburse Texas $11.2 billion.
    • Efforts to Reimburse Texas through Supplemental Funding Vehicle
    • Although the measure failed, Rep. Pfluger led the charge on including Texas reimbursement through supplemental funding packages in the spring of 2024.
    • Rep. Pfluger has also consigned H.R. 424 and H.R. 1222, and H.R. 3464 to reimburse Texas 

    MIL OSI USA News –

  • MIL-OSI USA: South Carolina Man Charged for Multimillion-Dollar Medicare Fraud and Ponzi Schemes

    Source: US State of California

    Two indictments were unsealed today charging a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company, AeroVanti Inc.

    As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. As alleged, these RPP tests were medically unnecessary, were never ordered by a treating physician as required, and many were never actually performed, including for patients who had died. Through Provista Health, Britton-Harr allegedly caused more than $15 million in fraudulent claims for RPP tests to be submitted to Medicare, for which Medicare paid more than $5 million.

    As alleged in the second indictment, Britton-Harr owned and controlled AeroVanti and its affiliated entities. AeroVanti was a private air club that offered members a la carte access to private jets. Britton-Harr allegedly encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr allegedly promised to use their money to purchase specific aircraft, in which the Top Gun members would have a securitized interest. Britton-Harr allegedly recruited nearly 100 Top Gun members, who collectively paid nearly $15 million in upfront payments, to purchase five aircraft. Instead of buying those aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including to purchase yachts and jewelry, to pay his living expenses, and to rent a property near Tampa, Florida. As alleged, Britton-Harr then attempted to conceal his fraud by obtaining a $1.5 million loan to purchase one of the aircraft he had already claimed to have purchased with Top Gun member funds by withholding material information from the lender to obtain the loan.

    “The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

    “It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law enforcement partners to bring those to justice who break the law and take advantage of others.”

    “Patrick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” says Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

    “Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together,” stated Special Agent in Charge Maureen R. Dixon with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve. HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”

    “The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” said Special Agent in Charge Greg Thompson of the Department of Transportation Office of Inspector General (DOT-OIG), Mid-Atlantic Region. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

    Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment related to his AeroVanti scheme. If convicted, he faces a maximum penalty of 20 years in prison on each wire fraud count and 10 years in prison on each health care fraud  and money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI, HHS-OIG, and DOT-OIG are investigating the cases.

    Trial Attorneys David Peters and Chris Wenger of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Matthew P. Phelps and Ari D. Evans for the District of Maryland are prosecuting the cases.

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

    MIL OSI USA News –

  • MIL-OSI Security: South Carolina Man Charged for Multimillion-Dollar Medicare Fraud and Ponzi Schemes

    Source: United States Attorneys General

    Two indictments were unsealed today charging a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company, AeroVanti Inc.

    As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. As alleged, these RPP tests were medically unnecessary, were never ordered by a treating physician as required, and many were never actually performed, including for patients who had died. Through Provista Health, Britton-Harr allegedly caused more than $15 million in fraudulent claims for RPP tests to be submitted to Medicare, for which Medicare paid more than $5 million.

    As alleged in the second indictment, Britton-Harr owned and controlled AeroVanti and its affiliated entities. AeroVanti was a private air club that offered members a la carte access to private jets. Britton-Harr allegedly encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr allegedly promised to use their money to purchase specific aircraft, in which the Top Gun members would have a securitized interest. Britton-Harr allegedly recruited nearly 100 Top Gun members, who collectively paid nearly $15 million in upfront payments, to purchase five aircraft. Instead of buying those aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including to purchase yachts and jewelry, to pay his living expenses, and to rent a property near Tampa, Florida. As alleged, Britton-Harr then attempted to conceal his fraud by obtaining a $1.5 million loan to purchase one of the aircraft he had already claimed to have purchased with Top Gun member funds by withholding material information from the lender to obtain the loan.

    “The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

    “It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law enforcement partners to bring those to justice who break the law and take advantage of others.”

    “Patrick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” says Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

    “Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together,” stated Special Agent in Charge Maureen R. Dixon with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve. HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”

    “The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” said Special Agent in Charge Greg Thompson of the Department of Transportation Office of Inspector General (DOT-OIG), Mid-Atlantic Region. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

    Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment related to his AeroVanti scheme. If convicted, he faces a maximum penalty of 20 years in prison on each wire fraud count and 10 years in prison on each health care fraud  and money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI, HHS-OIG, and DOT-OIG are investigating the cases.

    Trial Attorneys David Peters and Chris Wenger of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Matthew P. Phelps and Ari D. Evans for the District of Maryland are prosecuting the cases.

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

    MIL Security OSI –

  • MIL-OSI Security: Man Convicted of 2012 Drug-Related Murder in Hartford

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, announced that a federal jury in New Haven today found MELKUAN SCOTT, also known as “Mel,” “Young God,” “Young,” and “YG,” 34, guilty of the drug-related murder of Serafin Velez, 27, in Hartford on February 16, 2012.

    According to the evidence introduced during the trial, the murder was in retaliation for a failed marijuana transaction that cost Scott and others tens of thousands of dollars.  Velez and an associate had brokered the marijuana deal with individuals in New York.  After receiving the cash, the New York individuals gave Scott and his associates fake marijuana.  After the failed transaction, Scott forced Velez into a vehicle and ultimately drove him to Waverly Street, where Scott and an associate shot and killed Velez.

    The jury found Scott guilty of kidnapping resulting in Velez’s death, and with causing the death of Velez through the use of a firearm in furtherance of a drug trafficking crime.  At sentencing, which is not scheduled, Scott faces a mandatory sentence of life imprisonment.

    Scott, formerly of Hartford, has been detained in federal custody since April 2014 and recently completed a 13-year federal sentence for another offense.

    This matter has been investigated by the Federal Bureau of Investigation and the Hartford Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Reed Durham, Robert S. Ruff, and Christopher J. Lembo.

    MIL Security OSI –

  • MIL-OSI: Talonvest Capital Raises over $112,000 for the Orange County Ronald McDonald House

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, CA, May 28, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique commercial real estate advisory firm, participated in the 2025 Walk for Kids, the Orange County Ronald McDonald House’s largest annual fundraising event. This year’s walk helped raise over $400,000 to provide comfort, care, and support to children and families across Southern California facing pediatric medical challenges.

    Talonvest Capital was honored with the Top Corporate Fundraising Award for the eleventh consecutive year, contributing over $112,000 to support the House’s mission. This achievement was the result of generous contributions from a multitude of supporters including 1784 Holdings, Open Tech Alliance, Bixby Land Company, Merit Hill Capital, Metro Storage, Reliant Investments, Clark Investment Group, William Warren Group, SoCal Self Storage, Wells Fargo, Rosewood Property Company, and many others.

    Tom Sherlock, Co-founder of Talonvest Capital and Board of Trustee member of the RMHOC, commented, “It’s heartwarming to be part of this incredible community and an honor to be supported by so many friends, clients, and family members who make such a difference for families in a time of need.”   The collective impact of this fundraiser will help strengthen a community where families can find hope, courage, and joy in the face of adversity. Through its “home away from home” programs, the Ronald McDonald House of Orange County offers a place of rest and respite for caregivers and families as they navigate their child’s medical journey.

    About Talonvest Capital Inc.:

    Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge capital programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients. With over four decades of experience, Talonvest Capital has a unique perspective from its team’s previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da2f9077-b37e-4607-9c0a-3de38b9bd71c

    The MIL Network –

  • MIL-OSI: Quorum Announces Q1 2025 Results and Board Changes

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 28, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the first quarter of 2025, ended March 31, 2025. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

    “I am pleased to announce that in Q1 2025, Quorum achieved consistent revenue year over year, in a quarter where tariffs are starting to impact the automotive industry in North America,” stated Maury Marks, President and CEO. “Quorum continued to pursue a strategy of profitable growth which delivered an Adjusted EBITDA1 margin of 15% in Q1 2025 and a Cash EBITDA2 margin of 10%, along with 1% organic growth in recurring revenues. Quorum has implemented $1.3 million in annual savings that will be fully realized in Q3 2025 including a BDC gross margin improvement plan, office lease cost savings, third-party service provider savings and other cost improvements. We are also pleased to announce that during Q1 2025 we paid down $0.3 million on our BDC Capital Cash Flow Loan and an additional $0.5 million on May 8, 2025.”

    “I would like to sincerely thank our employees, whose efforts were crucial in delivering our Q1 2025 plan and solid quarterly results,” said Mr. Marks. “Their efforts are complemented by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

    Consolidated Results for Q1 2025

        Q1 2025
    		 % Change 
    		 Q1 2024
    Total Revenue   $10,154,768   1%   $10,062,791  
    SaaS Revenue   $7,232,390   1%   $7,196,236  
    BDC Revenue   $2,610,657   4%   $2,513,570  
    Recurring Revenue   $9,843,047   1%   $9,709,806  
    Gross Margin   $4,825,306   (5%)   $5,085,481  
    Gross Margin %   48%       51%  
    Net Income   $52,533   (95%)   $1,123,921  
    Net Income per Share   $0.001       $0.015  
    Adjusted EBITDA   $1,522,635   (29%)   $2,141,695  
    Adjusted EBITDA Margin   15%       21%  
    Cash EBITDA   $1,020,628   (27%)   $1,396,262  
    Cash EBITDA Margin   10%       14%  

    ________________________
    1 Adjusted EBITDA (non-GAAP) – Net income before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees.
    2 Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.


    First Quarter Results

    • Total revenue increased by 1% to $10.2 million in Q1 2025 compared to Q1 2024.
    • SaaS revenue increased by 1% to $7.2 million in Q1 2025 compared to Q1 2024.
    • BDC revenue increased by 4% to $2.6 million in Q1 2025 compared to Q1 2024.
    • Gross margin decreased by 5% to $4.8 million in Q1 2025 compared to Q1 2024.
    • Adjusted EBITDA was $1.5 million in Q1 2025, a decrease of $0.6 million compared to Q1 2024.
    • Cash EBITDA was $1.0 million in Q1 2025, a decrease of $0.4 million compared to Q1 2024.

    Board Changes

    Quorum is also pleased to announce the appointment of Steve Hammond to the Board of Directors. Steve will be taking the place of Scot Eisenfelder who will not be standing for election at the upcoming AGM after serving on Quorum’s board for 16 years. Steve brings decades of experience as an operator of enterprise software businesses, primarily in the utilities and healthcare verticals.

    “Since joining Quorum’s Board of Directors in 2009, Scot has provided invaluable strategic leadership and deep automotive expertise that have been instrumental in shaping Quorum’s success,” stated Mr. Marks. “His mentorship has also significantly influenced my growth as a leader. On behalf of myself and the Board of Directors, we would like to sincerely thank Scot for his contributions over the last 16 years.”

    Quorum Q1 2025 Results Conference Call Details and Investor Presentation

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently. 

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Quorum has filed its Q1 2025 unaudited condensed interim consolidated financial statements and notes thereto as at and for the three months ended March 31, 2025, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

    Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    PDF available: http://ml.globenewswire.com/Resource/Download/05b3f1e3-78f2-4e2b-9c8b-df995ca89b19

    The MIL Network –

  • MIL-Evening Report: Behind the wellness industry’s scented oils and soothing music are often underpaid, exploited workers

    Source: The Conversation (Au and NZ) – By Rawan Nimri, Lecturer in Tourism and Hospitality, Griffith University

    Prostock Studio/Shutterstock

    Wellness tourism is booming. Think yoga retreats in Bali, digital detox weekends in a rainforest, or a break on a luxury island to “find yourself”.

    It’s no longer just about taking selfies at the beach or in front of Instagrammable landmarks. Travellers today want to invest in activities aimed at improving their mental, spiritual and physical wellbeing. And, they’re willing to pay for these experiences.

    Global spending on wellness tourism is projected to hit US$8.5 trillion by 2027. Rather than being a passing fad, spending in this sector is forecast to nearly triple by 2035. This is big business.

    The Wellness Tourism Association says 90% of travellers report wellness activities are an essential part of their travel itineraries.

    Behind the luxe retreat

    But, while holidaymakers pursue their zen, the workforce is largely overlooked. The massage therapists, spa staff, yoga instructors and retreat hosts – often women, migrants and workers from the Global South – frequently experience substandard, undignified working conditions.

    Our new report, In Decent or Dirty Work?, examines an often overlooked part of the wellness industry. We propose a model to shift the industry from “dirty to decent” in line with the United Nations’ sustainable development goal eight supporting “decent work and economic growth”.

    The 17 sustainable development goals (SDGs) were adopted by all UN member states in 2015. They support ending poverty and other deprivations as part of improving health and education, reducing inequality and encouraging economic growth – while tackling climate change and protecting the environment. These goals are designed to help businesses and governments develop sustainable and inclusive economies.

    Progress towards decent work in wellness tourism is undermined by workers in some cases facing low pay, insecure employment and poor working conditions.

    Wellness is often viewed as feminised work, rather than skilled or professional. Workers are expected to be calm, warm and nurturing, as well as emotionally available while juggling demanding workloads and unpredictable hours.

    Weak regulation

    Gaps in standards and regulation leave workers vulnerable. For example, Massage and Myotherapy Australia has raised concerns about exploitative contracting and loose employment arrangements. Without regulated certification, enforcement of fair contracts, and professional recognition, many workers experience underemployment or unsafe conditions.

    Wellness workers are often underpaid and sometimes treated with disrespect by clients.
    Shellygraphy/Shutterstock

    Research shows workers at some spas even describe their roles as feeling uncomfortably close to sex work, especially in settings where the boundaries are blurred and expectations can cross a moral line.

    The case of the Melbourne business penalised for underpaying migrant workers and reports of Asian massage therapists being asked regularly for “happy endings” reflect the devaluation and gendered risks for this workforce.

    Sociologists call this “dirty work” – jobs that are not physically messy but carry an emotional or moral burden. And while these roles are pivotal to customers’ experiences, the people doing them are often invisible. This makes it even harder to push for better training or fairer conditions.

    Proposed changes

    To improve the wellness industry’s sustainability and fairness, our research proposes three key changes.

    On an individual level, workers need to be empowered. Workers who have a connection with their job will gain personal fulfilment from helping clients with their health and relaxation. Satisfied workers means happier customers and superior work quality.

    However, workers should also receive external support to help improve job satisfaction.

    For example, management regularly reinforcing the value of staff to a business can enhance a worker’s sense of dignity. Additionally, protecting workers from such threats as immoral requests by customers, is key to cultivating the sense of a safe and dignified workplace.

    At the macro-level, policies, social structures and public perceptions shape how wellness work is valued. Without professional accreditation or recognition, these jobs will remain undervalued. Broader changes, like government reforms and public campaigns, would lift professional recognition and support dignity.

    Employees’ working conditions should be examined. Decent work – as per the UN sustainable development goals – means providing fair pay, safe environments, recognition and genuine opportunities for employees to develop and thrive at work.

    Also, investing in better training and standards benefits everyone, whether workers, businesses or customers.

    As Andrew Gibson, co-founder of the Wellness Tourism Association, said: “I don’t think wellness is a fad, but rather it’s a change in society, and what society now expects”.

    Leonie Lockstone-Binney receives funding from the Australian Research Council.

    Liz Simmons, Rawan Nimri, and Tom Baum do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Behind the wellness industry’s scented oils and soothing music are often underpaid, exploited workers – https://theconversation.com/behind-the-wellness-industrys-scented-oils-and-soothing-music-are-often-underpaid-exploited-workers-257455

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: PCOS affects 1 in 8 women worldwide, yet it’s often misunderstood. A name change might help

    Source: The Conversation (Au and NZ) – By Helena Teede, Director of Monash Centre for Health Research Implementation, Monash University

    LightField Studios/Shutterstock

    Polycystic ovary syndrome (PCOS) affects one in eight women globally. However, this complex hormonal condition is under-researched and often misunderstood.

    This is partly due to its name, which overemphasises “cysts” and the ovaries. In fact, you can have PCOS without cysts.

    It can affect many parts of the body, not just the ovaries, leading to acne, excess body hair, changes in metabolism and even mental health issues.

    Our new research, published today, shows that changing the name would help better reflect the complexity of PCOS and improve awareness about this condition. We surveyed 7,700 health professionals and people with PCOS and found the majority supported a name change.

    What is PCOS?

    PCOS is a chronic condition caused by an imbalance of multiple hormones – the body’s chemical messengers – that circulate through the body.

    Genes and environment play a role. Lifestyle factors, such as diet (especially ultraprocessed foods) and activity, can also lead to weight gain and worsen its severity.

    In PCOS, the “cysts” are actually partially developed eggs that, due to underlying hormonal imbalance, remain dormant. This means they are less likely to be released (ovulation).

    Unlike conventional ovarian cysts, these dormant eggs will generally not grow larger, cause pain, require surgery or burst. Instead, they are slowly reabsorbed over time back into the ovary.

    Having dormant eggs in your ovaries is not, by itself, enough to be diagnosed with PCOS – and you can have PCOS without any dormant eggs.

    So, what’s needed to diagnose PCOS?

    For adults, a diagnosis requires two of three features:

    1) irregular periods (due to limited ovulation)

    2) high levels of certain hormones (androgens), such as testosterone, which is evident either in blood tests or symptoms (excess facial and body hair, acne, and thinning/balding scalp)

    3) excess dormant eggs detected either on an ultrasound or ovarian hormone blood test

    In adolescents, only the first two criteria are needed for a diagnosis. Ovary tests (ultrasound or blood tests) are not recommended until after age 20, as changes in the ovaries are common during normal adolescent development.

    However, these criteria focus heavily on the ovaries and menstrual cycles, neglecting the condition’s broader impacts.

    Widespread health effects

    In fact, hormonal imbalances in PCOS affect multiple systems in the body. This can include:

    metabolism – higher blood pressure and cholesterol, and greater risk of heart disease and diabetes.

    reproductive system – irregular menstrual cycles, reduced fertility and pregnancy complications and increased endometrial cancer risk.

    skin – excess facial/body hair, acne, scalp hair thinning and dark skin patches.

    mental health – anxiety, depression, disordered eating and body image concerns.

    PCOS has also been linked to sleep apnoea (a sleep disorder involving irregular breathing, snoring and fatigue) and inflammatory conditions such as asthma.

    PCOS affects one in eight women globally.
    Brothers91/Getty

    Widespread confusion

    It’s not uncommon for women with PCOS to see two or three doctors and wait years for a diagnosis. Many types of doctors, including GPs and hormone, skin and fertility specialists, may be involved in care.

    Often, health-care providers focus on reproductive concerns, overlooking other health impacts.

    Common but problematic approaches include not informing women of the diagnosis, telling them not to “worry” about their PCOS until they wish to conceive, providing inadequate information or only addressing the problem in their speciality area, such as infertility.

    This fragmentation creates a troubling paradox. Some are told they’ll face infertility. Yet without proper education they may be unaware they can still occasionally ovulate and may experience unexpected pregnancies.

    Conversely, others planning for families often face unforeseen fertility difficulties that early comprehensive care – such as reproductive life planning, healthy lifestyle and early treatment – could have addressed.

    The case to change the name

    In our new study, we surveyed 3,462 health professionals and 4,246 people with PCOS across six continents.

    We wanted to find out what health-care professionals, doctors and those affected by the condition understood about PCOS, and whether understanding has improved over time.

    We also wanted to understand whether changing the name – for example, to include “endocrine” or “metabolic” – could have a positive impact, given frequent confusion and misdiagnosis.

    Support for a name change was widespread: 86% of women with PCOS and 76% of health professionals said renaming PCOS would better reflect the condition, reduce confusion and likely lead to better outcomes.

    We are now leading an international process to find a consensus on a new name and formally change it in the International Classification of Diseases. This involves engaging widely with health professionals and people with PCOS.

    By reframing PCOS beyond a purely reproductive disorder, a name change can support
    broader research funding, education and advocacy. It may lead to better recognition and improved diagnosis, care and outcomes for people with PCOS.

    Combating misinformation with evidence

    Accurate information is critical for proper PCOS management. Yet misinformation about the condition – for example, that PCOS can be cured through diet or exacerbated by the oral contraceptive pill – is rife on social media.

    We have also co-designed and developed evidence-based guidelines and free resources for people with PCOS to find out more about the condition, including the free “Ask PCOS” app.

    Renaming PCOS is another key step in improving knowledge about this understudied condition – and care for the 170 million women affected worldwide.

    Helena Teede receives funding from the Australian Government and the NHMRC

    Chau Thien Tay (Jillian) receives funding from NHMRC supported Centre for Research Excellence in Women’s Health in Reproductive Life. She is affiliated with Endocrine Society of Australia.

    Lorna is employed by MCHRI Monash Uni as consumer lead for women with PCOS.

    – ref. PCOS affects 1 in 8 women worldwide, yet it’s often misunderstood. A name change might help – https://theconversation.com/pcos-affects-1-in-8-women-worldwide-yet-its-often-misunderstood-a-name-change-might-help-256872

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: DelBene Announces 15 Community Projects for $40M in Federal FY26 Funding

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

    Today, Congresswoman Suzan DelBene (WA-01) nominated 15 community projects in Washington’s 1st Congressional District for dedicated Fiscal Year 2026 (FY26) funding. The projects, totaling more than $40 million, include road and trail upgrades, water infrastructure projects, and public safety improvements. 

    “The requests submitted in this year’s federal FY26 funding package continue to be a critical resource for our community, providing investments for programs that Washington’s 1st Congressional District needs to continue meeting the needs of our growing region,” said DelBene. “These 15 projects will enhance infrastructure, improve transportation services, guarantee access to safe drinking water, and expand early childhood education programs and access to health care, further strengthening our district.” 

    The 15 community projects spanning the 1st Congressional District include: 

    • $14.1 million for projects in King County 
    • $26.6 million for projects in Snohomish County 

    The projects submitted are listed below:  

    Applicant

    Project

    Amount

    Description

    City of Arlington

    SR-531 Trail

    $1,000,000

    This project will build a multi-use trail to provide a safe pathway for pedestrians and bicyclists

    City of Bellevue

    Lake Washington Sanitary Sewer Lake Lines Program

    $500,000

    This project will help Bellevue and nearby areas plan to replace old sewer pipes along Lake Washington.

    City of Bothell

    Woodcrest Utility Replacement Project

    $3,333,000

    This project will replace the Woodcrest neighborhood’s failing water utilities and provide improved water infrastructure.

    City of Kenmore

    Environmentally Sustainable Public Works Operations Center

    $2,400,000

    This project will modernize infrastructure throughout Kenmore.

    City of Marysville

    156th St. NE Railroad Overcrossing Project

    $5,000,000

    This project will reinstate an overcrossing on the railroad track at 156th Street NE.

    City of Monroe

    Railroad Grade Separation

    $1,400,000

    This project will assess and design five critical railroad crossings to improve safety and emergency response.

    City of Mountlake Terrace

    Community Center Resiliency Project

    $2,500,000

    This project will fund repairs for the Mountlake Terrace emergency services shelter building

    City of Redmond

    AC Water Main Replacement

    $3,500,000

    This project will replace an asbestos-cement water pipe that has reached the end of its useful life.

    City of Snohomish

    Infrastructure Investments for Public Safety & City Services Campus

    $5,000,000

    This project will create a new safety campus for the City of Snohomish Fire and Police Departments while revitalizing critical infrastructure along Pine Ave and throughout the Pilchuck District.

    Community Transit

    Swift Green Line Extension Southern Terminal Facility

    $3,800,000

    This project will extend Sound Transit’s Green Line, connecting Canyon Park to downtown Bothell.

    EvergreenHealth Monroe

    EvergreenHealth Monroe Specialty Care Expansion

    $3,000,000

    This project will expand EvergreenHealth in Monroe’s specialty care facilities to improve medical services for residents.

    Lake Washington Institute of Technology

    The Early Learning Center Childcare Project

    $2,500,000

    This project will allow Lake Washington Institute of Technology to expand its early childhood learning program.

    Snohomish Conservation District

    Natural Resources Center

    $2,000,000

    This project will create the Snohomish County Natural Resources Center, an all-ages educational facility.

    Snohomish County

    Alderwood Mall Parkway: SR525 to 168th St SW

    $4,000,000

    This project will widen the SR 525 Northbound On and Off Ramps.

    Sno-Isle Intercounty Rural Library District

    Lake Stevens Early Learning Library

    $750,000

    This project will fund the construction of a new, high-tech library

    Descriptions of the 15 projects submitted by DelBene can be found here.

    The House and Senate must reach an agreement on the FY26 package, which will determine which projects are ultimately approved and how much they are funded for. In previous years, DelBene secured a total of $44.4 million in dedicated federal funding for projects. 

    Project submissions came directly from non-profit, city, county, and Tribal entities. More information about the House FY26 government funding process can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Joint ICE San Diego, CBP case sends Guatemalan drug trafficker to 14 years in prison

    Source: US Immigration and Customs Enforcement

    SAN DIEGO — An illegal alien from Guatemala was sentenced in federal court May 23 to 14 years in prison for managing a cocaine trafficking organization that smuggled more than 1,000 pounds of cocaine into the United States from Guatemala. This case was investigated by U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection.

    “This sentencing sends the message that those who traffic dangerous drugs into our country will be held accountable,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “Thanks to the outstanding investigative work and strong domestic and international law enforcement partnerships, we were able to disrupt a key supply line of a major drug trafficking network. We remain committed to targeting high-level drug trafficking organizations and keeping deadly narcotics, like cocaine, out of our communities.”

    Following his surrender to U.S. authorities in June 2024 at Los Angeles International Airport, Arnoldo Oswaldo Vargas-Samayoa, 50, of Zacapa, Guatemalan, pleaded guilty to charges of conspiracy to import cocaine that were filed in January 2020.

    In imposing sentence, U.S. District Judge Cathy Ann Bencivengo noted that Vargas-Samayoa was a “manager of a very extensive international drug ring” and money laundering effort who did not make a “mistake” but rather “chose a lifestyle.”

    Vargas admitted he sourced the cocaine from two different Guatemalan suppliers and coordinated delivery to a Mexico-based drug trafficker. Vargas and the Mexico-based trafficker arranged for the drugs to be hidden in vehicles and smuggled into the United States through ports of entry in Southern California and Southern Texas.

    Vargas, whose communications were being intercepted by law enforcement, messaged with the trafficker while cocaine loads were being moved into the United States to confirm the drugs were successfully smuggled. Once in the United States, some of that cocaine was moved to the Chicago area for further distribution. Vargas received a commission of $1,000 U.S. dollars for each kilogram of cocaine he delivered to the Mexico-based trafficker.

    “Cocaine continues to be a dangerous and highly addictive drug with devastating consequences for individuals and communities,” said U.S. Attorney Adam Gordon. “We remain committed to dismantling the entire supply chain — from powerful cartel leaders to street-level dealers — and ensuring that those responsible are held accountable.”

    The U.S. Attorney’s office has previously convicted, and the court has sentenced, multiple couriers attempting to smuggle narcotics for the same drug trafficking organization as well as individuals engaged in related money laundering efforts. Through the related investigation of this matter, law enforcement has seized more than 1,000 kilograms of cocaine, more than $2 million in bulk currency, and firearms.   

    Vargas’ father, Arnoldo Vargas Estrada, is the former mayor of Zacapa, Guatemala who was convicted by a jury in the Eastern District of New York in Case No. 90cr00855-SJF of five counts related to the importation of narcotics. He was sentenced to 365-months in custody. Vargas Estrada was one of the first Guatemalan drug traffickers to be extradited to the United States in the early 1990s. He was released in 2017, returned to Guatemala, and then reelected as mayor of Zacapa holding that position until 2024.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force, a partnership that brings together the combined expertise and unique abilities of federal, state and local law enforcement agencies. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking and money laundering organizations and enterprises.

    This case is being prosecuted by Assistant U.S. Attorney Larry Casper.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Dallas apprehends Venezuelan woman who fled scene of jet ski accident that killed woman on kayak at Grapevine Lake

    Source: US Immigration and Customs Enforcement

    DALLAS — U.S. Immigration and Customs Enforcement in a joint operation with state and federal law enforcement, arrested Daikerlyn Alejandraa Gonzalez-Gonzalez, a 22-year-old citizen of Venezuela in Dallas, Texas, May 27, following a state warrant execution for felony manslaughter.

    Gonzales was operating a personal watercraft with a female passenger at high speed near the shoreline of Oak Grove Park when it collided with a kayak occupied by 18-year-old Ava Moore, May 25, resulting in her death. Gonzalez fled the scene with her passenger onboard.

    Gonzalez and the passenger returned to Oak Grove Park. The passenger remained on scene with witnesses and was interviewed by Grapevine Police Department, while Gonzalez left in a vehicle with 21-year-old Maikel Coello Perozo, also of Venezuela.

    Perozo has been charged with hindering apprehension. As the investigation unfolds, more state charges could be filed.

    “This criminal alien and her boyfriend will account for the tragic accident that ended the life of a young woman who exhibited enormous potential,” said ICE Enforcement and Removal Operations Dallas acting Field Office Director Josh Johnson. ICE Dallas will remain steadfast in our commitment to arresting and removing criminal aliens who pose a threat to the safety of our communities.”

    ERO Dallas lodged immigration detainers with the Grapevine Police Department following the arrest of Gonzalez and Coello. Both are in removal proceedings pursuant to the policies of the Immigration and Nationality Act as aliens present without admission or parole.

    “Our partnerships with law enforcement across jurisdictions are key during these types of investigations,” said Special Agent in Charge for ICE Homeland Security Investigations Dallas Travis Pickard. “This investigation will continue to be driven by facts, evidence and a firm commitment to

    justice. The arrests of these two illegal aliens reflect the diligence and professionalism of our law enforcement team.”

    On Sept. 28, 2023, Gonzalez illegally entered the United States without inspection or parole by an immigration officer. On that same day, the U.S. Border Patrol arrested and processed Gonzalez as a Notice to Appear and released on an order of recognizance.

    On Jan. 22, 2023, Maikel Alexander Coello-Perozo arrived at the Camino Real Port of Entry without authorization. Coello was released pending an immigration hearing.

    This investigation included law enforcement from the following agencies: The Texas Department of Wildlife, the Grapevine Police Department, the Texas Department of Public Safety, the Texas Office of the Attorney General, the Dallas Police Department, ICE Enforcement and Removal Operations Dallas, Homeland Security Investigations Dallas, and the Dallas U.S. Marshals office.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form .

    Learn more about ICE’s mission to increase public safety in our communities on X: @ERODallas or @HSI_Dallas.

    MIL OSI USA News –

  • MIL-OSI: Palomar Holdings, Inc. Announces Participation in the William Blair 45th Annual Growth Stock Conference

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced that Mac Armstrong, Chairman and Chief Executive Officer, and Chris Uchida, Chief Financial Officer, will participate in the William Blair Growth Stock Conference at the Loews Chicago Hotel on Wednesday, June 4, 2025. In addition to participating in one-on-one investor meetings, management is scheduled to present at 1:20 pm Central Time.

    Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. An online replay will be available on the same website following the presentation.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

    To learn more, visit PLMR.com.

    Follow Palomar on LinkedIn: @PLMRInsurance

    Contact
    Media Inquiries
    Lindsay Conner
    1-551-206-6217
    lconner@plmr.com

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com

    Source: Palomar Holdings, Inc.

    The MIL Network –

  • MIL-OSI: HP Inc. Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., May 28, 2025 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)

    • Second quarter GAAP diluted net earnings per share (“EPS”) of $0.42, down 31% from the prior year period
    • Second quarter non-GAAP diluted net EPS of $0.71, down 13% from the prior year period
    • Second quarter net revenue of $13.2 billion, up 3.3% from the prior-year period
    • Second quarter net cash provided by operating activities of $38 million, free cash flow of $(95) million
    • Second quarter returned $0.4 billion to shareholders in the form of dividend and share repurchases
    HP Inc.’s fiscal 2025 second quarter financial performance
        Q2 FY25   Q2 FY24   Y/Y
    GAAP net revenue ($B)   $ 13.2     $ 12.8     3.3 %
    GAAP operating margin     4.9 %     7.4 %   (2.5 )pts
    GAAP net earnings ($B)   $ 0.4     $ 0.6     (33 )%
    GAAP diluted net EPS   $ 0.42     $ 0.61     (31 )%
    Non-GAAP operating margin     7.3 %     8.8 %   (1.5 )pts
    Non-GAAP net earnings ($B)   $ 0.7     $ 0.8     (17 )%
    Non-GAAP diluted net EPS   $ 0.71     $ 0.82     (13 )%
    Net cash provided by operating activities ($B)   $ 0.0     $ 0.6     (94 )%
    Free cash flow ($B)   $ (0.1 )   $ 0.5     (120 )% 
     
    Notes to table
    Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.
     

    Net revenue and EPS results
    HP Inc. and its subsidiaries (“HP”) announced fiscal 2025 second quarter net revenue of $13.2 billion, up 3.3% (up 4.5% in constant currency) from the prior-year period.

    “In Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy,” said Enrique Lores, President and CEO, HP Inc. “While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

    “In light of the increased macroeconomic uncertainty, we have adjusted our outlook to reflect moderated demand and the net impact of trade-related costs,” said Karen Parkhill, CFO, HP Inc. “We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by Q4.”

    Second quarter GAAP diluted net EPS was $0.42, down from $0.61 in the prior-year period and below the previously provided outlook of $0.62 to $0.72. Second quarter non-GAAP diluted net EPS was $0.71, down from $0.82 in the prior-year period and below the previously provided outlook of $0.75 to $0.85. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $272 million, or $0.29 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    Asset management
    HP’s net cash provided by operating activities in the second quarter of fiscal 2025 was $38 million. Accounts receivable ended the quarter at $4.3 billion, up 2 days quarter over quarter to 30 days. Inventory ended the quarter at $8.2 billion, down 2 days quarter over quarter to 70 days. Accounts payable ended the quarter at $15.2 billion, down 9 days quarter over quarter to 130 days.

    HP generated $(95) million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $38 million adjusted for net investments in leases from integrated financing of $50 million and net investments in property, plant, equipment and purchased intangible of $183 million.

    HP’s dividend payment of $0.2894 per share in the second quarter resulted in cash usage of $273 million. HP also utilized $100 million of cash during the quarter to repurchase approximately 3.0 million shares of common stock in the open market. HP exited the quarter with $2.7 billion in gross cash, which includes cash and cash equivalents of $2.7 billion, restricted cash of $33 million and short-term investments of $3 million included in other current assets. Restricted cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.

    Fiscal 2025 second quarter segment results

    • Personal Systems net revenue was $9.0 billion, up 7% year over year (up 8% in constant currency) with a 4.5% operating margin. Consumer PS net revenue was up 2% and Commercial PS net revenue was up 9%. Total units were up 6% with Consumer PS units down 2% and Commercial PS units up 11%.
    • Printing net revenue was $4.2 billion, down 4% year over year (down 3% in constant currency) with a 19.5% operating margin. Consumer Printing net revenue was down 3% and Commercial Printing net revenue was down 3%. Supplies net revenue was down 5% (down 3% in constant currency). Total hardware units were up 1%, with Consumer Printing units up 3% and Commercial Printing units down 2%.

    Outlook
    For the fiscal 2025 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.57 to $0.69 and non-GAAP diluted net EPS to be in the range of $0.68 to $0.80. Fiscal 2025 third quarter non-GAAP diluted net EPS estimates exclude $0.11 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    For fiscal 2025, HP estimates GAAP diluted net EPS to be in the range of $2.32 to $2.62 and non-GAAP diluted net EPS to be in the range of $3.00 to $3.30. Fiscal 2025 non-GAAP diluted net EPS estimates exclude $0.68 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items. For fiscal 2025, HP anticipates generating free cash flow in the range of $2.6 to $3.0 billion.  HP’s outlook reflects the added cost driven by the current U.S. tariffs in place, and associated mitigations.

    More information on HP’s earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at investor.hp.com.

    HP’s FY25 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2025Q2Webcast.

    About HP Inc.
    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

    Use of non-GAAP financial information
    To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

    Forward-looking statements
    This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

    All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events, including global trade policies, and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

    Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; the use of artificial intelligence; the impact of macroeconomic and geopolitical trends, changes and events, including global trade policies, the ongoing military conflict in Ukraine, continued instability in the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; the competitive pressures faced by HP’s businesses; the impact of third-party claims of IP infringement; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies and services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; the hiring and retention of key employees; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; disruptions in operations from system security risks, data protection breaches, or cyberattacks; HP’s ability to maintain its credit rating, satisfy its debt obligations and complete any contemplated share repurchases, other capital return programs or other strategic transactions; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; integration and other risks associated with business combination and investment transactions; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; the effectiveness of our internal control over financial reporting; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and HP’s other filings with the Securities and Exchange Commission (“SEC”). HP’s fiscal 2023 plan includes HP’s efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

    As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ending October 31, 2025, Quarterly Report on Form 10-Q for the fiscal quarter ending July 31, 2025, and HP’s other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

    HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

     
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Net revenue:            
    Products   $ 12,423     $ 12,695     $ 12,043  
    Services     797       809       757  
    Total net revenue     13,220       13,504       12,800  
    Cost of net revenue:            
    Products     10,007       10,194       9,324  
    Services     474       470       453  
    Total cost of net revenue     10,481       10,664       9,777  
    Gross profit     2,739       2,840       3,023  
    Research and development     401       397       436  
    Selling, general and administrative     1,480       1,459       1,462  
    Restructuring and other charges     122       70       71  
    Acquisition and divestiture charges     17       6       22  
    Amortization of intangible assets     65       63       80  
    Total operating expenses     2,085       1,995       2,071  
    Earnings from operations     654       845       952  
    Interest and other, net     (148 )     (141 )     (155 )
    Earnings before taxes     506       704       797  
    Provision for taxes     (100 )     (139 )     (190 )
    Net earnings   $ 406     $ 565     $ 607  
                 
    Net earnings per share:            
    Basic   $ 0.43     $ 0.60     $ 0.62  
    Diluted   $ 0.42     $ 0.59     $ 0.61  
                 
    Cash dividends declared per share   $ —     $ 0.58     $ —  
                 
    Weighted-average shares used to compute net earnings per share:            
    Basic     950       948       984  
    Diluted     956       957       990  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Net revenue:        
    Products   $ 25,118     $ 24,462  
    Services     1,606       1,523  
    Total net revenue     26,724       25,985  
    Cost of net revenue:        
    Products     20,201       19,195  
    Services     944       879  
    Total cost of net revenue     21,145       20,074  
    Gross profit     5,579       5,911  
    Research and development     798       835  
    Selling, general and administrative     2,939       2,845  
    Restructuring and other charges     192       134  
    Acquisition and divestiture charges     23       49  
    Amortization of intangible assets     128       161  
    Total operating expenses     4,080       4,024  
    Earnings from operations     1,499       1,887  
    Interest and other, net     (289 )     (297 )
    Earnings before taxes     1,210       1,590  
    Provision for taxes     (239 )     (361 )
    Net earnings   $ 971     $ 1,229  
             
    Net earnings per share:        
    Basic   $ 1.02     $ 1.24  
    Diluted   $ 1.02     $ 1.23  
             
    Cash dividends declared per share   $ 0.58     $ 0.55  
             
    Weighted-average shares used to compute net earnings per share:        
    Basic     949       990  
    Diluted     956       996  
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 406     $ 0.42     $ 565     $ 0.59     $ 607     $ 0.61  
    Non-GAAP adjustments:                        
    Restructuring and other charges     122       0.13       70       0.07       71       0.07  
    Acquisition and divestiture charges     17       0.01       6       0.01       22       0.02  
    Amortization of intangible assets     65       0.07       63       0.07       80       0.08  
    Certain litigation charges(a)     103       0.11       —       —       —       —  
    Non-operating retirement-related credits     (6 )     (0.01 )     (5 )     (0.01 )     (3 )     —  
    Tax adjustments(b)     (29 )     (0.02 )     5       0.01       35       0.04  
    Non-GAAP net earnings   $ 678     $ 0.71     $ 704     $ 0.74     $ 812     $ 0.82  
                             
    GAAP earnings from operations   $ 654         $ 845         $ 952      
    Non-GAAP adjustments:                        
    Restructuring and other charges     122           70           71      
    Acquisition and divestiture charges     17           6           22      
    Amortization of intangible assets     65           63           80      
    Certain litigation charges(a)     103           —           —      
    Non-GAAP earnings from operations   $ 961         $ 984         $ 1,125      
                             
    GAAP operating margin     4.9 %         6.3 %         7.4 %    
    Non-GAAP adjustments     2.4 %         1.0 %         1.4 %    
    Non-GAAP operating margin     7.3 %         7.3 %         8.8 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened Standard Essential Patent (“SEP”) litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the third and fourth quarters of fiscal year 2024 are $0.84 and $0.96, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 971     $ 1.02     $ 1,229     $ 1.23  
    Non-GAAP adjustments:                
    Restructuring and other charges     192       0.20       134       0.14  
    Acquisition and divestiture charges     23       0.03       49       0.05  
    Amortization of intangible assets     128       0.13       161       0.16  
    Certain litigation charges(a)     103       0.11       —       —  
    Non-operating retirement-related credits     (11 )     (0.01 )     (5 )     (0.01 )
    Tax adjustments(b)     (24 )     (0.03 )     52       0.06  
    Non-GAAP net earnings   $ 1,382     $ 1.45     $ 1,620     $ 1.63  
                     
    GAAP earnings from operations   $ 1,499         $ 1,887      
    Non-GAAP adjustments:                
    Restructuring and other charges     192           134      
    Acquisition and divestiture charges     23           49      
    Amortization of intangible assets     128           161      
    Certain litigation charges(a)     103           —      
    Non-GAAP earnings from operations   $ 1,945         $ 2,231      
                     
    GAAP operating margin     5.6 %         7.3 %    
    Non-GAAP adjustments     1.7 %         1.3 %    
    Non-GAAP operating margin     7.3 %         8.6 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the nine months ended fiscal year 2024 and fiscal year 2024 are $2.47 and $3.43, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (Unaudited)
    (In millions)
     
        As of
        April 30, 2025   October 31, 2024
    ASSETS        
    Current assets:        
    Cash, cash equivalents and restricted cash   $ 2,730     $ 3,253  
    Accounts receivable, net     4,336       5,117  
    Inventory     8,175       7,720  
    Other current assets     4,217       4,670  
    Total current assets     19,458       20,760  
    Property, plant and equipment, net     2,951       2,914  
    Goodwill     8,713       8,627  
    Other non-current assets     7,677       7,608  
    Total assets   $ 38,799     $ 39,909  
             
    LIABILITIES AND STOCKHOLDERS’ DEFICIT        
    Current liabilities:        
    Notes payable and short-term borrowings   $ 1,446     $ 1,406  
    Accounts payable     15,195       16,903  
    Other current liabilities     9,915       10,378  
    Total current liabilities     26,556       28,687  
    Long-term debt     9,291       8,263  
    Other non-current liabilities     4,228       4,282  
    Stockholders’ deficit     (1,276 )     (1,323 )
    Total liabilities and stockholders’ deficit   $ 38,799     $ 39,909  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Three months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 406     $ 607  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     205       209  
    Stock-based compensation expense     140       94  
    Restructuring and other charges     122       71  
    Deferred taxes on earnings     (60 )     5  
    Other, net     37       7  
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     (115 )     (552 )
    Inventory     279       (631 )
    Accounts payable     (1,302 )     1,104  
    Net investment in leases from integrated financing     (50 )     (19 )
    Taxes on earnings     (133 )     (177 )
    Restructuring and other     (75 )     (57 )
    Other assets and liabilities     584       (80 )
    Net cash provided by operating activities     38       581  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (183 )     (119 )
    Purchases of available-for-sale securities and other investments     (3 )     —  
    Maturities and sales of available-for-sale securities and other investments     9       —  
    Collateral (posted) returned for derivative instruments     (540 )     70  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (833 )     (49 )
    Cash flows from financing activities:        
    Proceeds from short-term borrowings with original maturities less than 90 days, net     —       (100 )
    Proceeds from debt, net of issuance costs     1,076       94  
    Payment of debt     (52 )     (53 )
    Stock-based award activities and others     (26 )     (4 )
    Repurchase of common stock     (100 )     (100 )
    Cash dividends paid     (273 )     (269 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     631       (432 )
    (Decrease) increase in cash, cash equivalents and restricted cash     (164 )     100  
    Cash, cash equivalents and restricted cash at beginning of period     2,894       2,417  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 971     $ 1,229  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     402       414  
    Stock-based compensation expense     332       271  
    Restructuring and other charges     192       134  
    Deferred taxes on earnings     (83 )     —  
    Other, net     72       (13 )
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     851       (106 )
    Inventory     (472 )     (678 )
    Accounts payable     (1,699 )     360  
    Net investment in leases from integrated financing     (48 )     (81 )
    Taxes on earnings     (121 )     (128 )
    Restructuring and other     (149 )     (144 )
    Other assets and liabilities     164       (556 )
    Net cash provided by operating activities     412       702  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (485 )     (277 )
    Purchases of available-for-sale securities and other investments     (6 )     —  
    Maturities and sales of available-for-sale securities and other investments     14       —  
    Collateral posted for derivative instruments     (540 )     —  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (1,133 )     (277 )
    Cash flows from financing activities:        
    Proceeds from debt, net of issuance costs     1,158       186  
    Payment of debt     (102 )     (102 )
    Stock-based award activities and others     (118 )     (80 )
    Repurchase of common stock     (200 )     (600 )
    Cash dividends paid     (546 )     (544 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     198       (1,140 )
    Decrease in cash, cash equivalents and restricted cash     (523 )     (715 )
    Cash, cash equivalents and restricted cash at beginning of period     3,253       3,232  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Three months ended   Change (%)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q   Y/Y
    Net revenue:                    
    Commercial PS   $ 6,786     $ 6,645     $ 6,242     2 %   9 %
    Consumer PS     2,238       2,579       2,184     (13 )%   2 %
    Personal Systems     9,024       9,224       8,426     (2 )%   7 %
    Supplies     2,725       2,826       2,864     (4 )%   (5 )%
    Commercial Printing     1,167       1,144       1,205     2 %   (3 )%
    Consumer Printing     289       299       299     (3 )%   (3 )%
    Printing     4,181       4,269       4,368     (2 )%   (4 )%
    Corporate Investments(a)     16       11       5     NM     NM  
    Total segment net revenue     13,221       13,504       12,799     (2 )%   3 %
    Other(a)     (1 )     —       1     NM     NM  
    Total net revenue   $ 13,220     $ 13,504     $ 12,800     (2 )%   3 %
                         
    Earnings before taxes:                    
    Personal Systems(b)   $ 409     $ 507     $ 508          
    Printing     814       810       829          
    Corporate Investments     (37 )     (27 )     (30 )        
    Total segment earnings from operations     1,186       1,290       1,307          
    Corporate and unallocated cost and other     (85 )     (114 )     (88 )        
    Stock-based compensation expense     (140 )     (192 )     (94 )        
    Restructuring and other charges     (122 )     (70 )     (71 )        
    Acquisition and divestiture charges     (17 )     (6 )     (22 )        
    Amortization of intangible assets     (65 )     (63 )     (80 )        
    Certain litigation charges(b)     (103 )     —       —          
    Interest and other, net     (148 )     (141 )     (155 )        
    Total earnings before taxes   $ 506     $ 704     $ 797          
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Six months ended   Change (%)
        April 30, 2025   April 30, 2024   Y/Y
    Net revenue:            
    Commercial PS   $ 13,431     $ 12,287     9 %
    Consumer PS     4,817       4,948     (3 )%
    Personal Systems     18,248       17,235     6 %
    Supplies     5,551       5,727     (3 )%
    Commercial Printing     2,311       2,432     (5 )%
    Consumer Printing     588       584     1 %
    Printing     8,450       8,743     (3 )%
    Corporate Investments(a)     27       7     NM  
    Total segment net revenue     26,725       25,985     3 %
    Other(a)     (1 )     —     NM  
    Total net revenue   $ 26,724     $ 25,985     3 %
                 
    Earnings before taxes:            
    Personal Systems(b)   $ 916     $ 1,045      
    Printing     1,624       1,701      
    Corporate Investments     (64 )     (67 )    
    Total segment earnings from operations     2,476       2,679      
    Corporate and unallocated cost and other     (199 )     (177 )    
    Stock-based compensation expense     (332 )     (271 )    
    Restructuring and other charges     (192 )     (134 )    
    Acquisition and divestiture charges     (23 )     (49 )    
    Amortization of intangible assets     (128 )     (161 )    
    Certain litigation charges(b)     (103 )     —      
    Interest and other, net     (289 )     (297 )    
    Total earnings before taxes   $ 1,210     $ 1,590      
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT OPERATING MARGIN SUMMARY
    (Unaudited)
     
        Three months ended   Change (pts)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q
    		   Y/Y
    Segment operating margin:                        
    Personal Systems(a)   4.5 %   5.5 %   6.0 %   (1.0 )pts   (1.5 )pts
    Printing   19.5 %   19.0 %   19.0 %   0.5 pts   0.5 pts
    Corporate Investments(c)   NM     NM     NM     NM     NM  
    Total segment   9.0 %   9.6 %   10.2 %   (0.6 )pts   (1.2 )pts
        Six months ended   Change (pts)
        April 30, 2025   April 30, 2024   Y/Y
    Segment operating margin:              
    Personal Systems(b)   5.0 %   6.1 %   (1.1 )pts
    Printing   19.2 %   19.5 %   (0.3 )pts
    Corporate Investments(c)   NM     NM     NM  
    Total segment   9.3 %   10.3 %   (1.0 )pts
     
    (a) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised Segment operating margin for Personal Systems for the third and fourth quarters of fiscal year 2024 are 6.6% and 6.2%, respectively and the revised Total segment operating margin for the third and fourth quarters of fiscal year 2024 are 9.6% and 10.2%, respectively.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised Segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 6.2%, respectively and the revised Total segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 10.1%, respectively.
    (c) “NM” represents not meaningful.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Numerator:            
    GAAP net earnings   $ 406     $ 565     $ 607  
    Non-GAAP net earnings   $ 678     $ 704     $ 812  
                 
    Denominator:            
    Weighted-average shares used to compute basic net earnings per share     950       948       984  
    Dilutive effect of employee stock plans(a)     6       9       6  
    Weighted-average shares used to compute diluted net earnings per share     956       957       990  
                 
    GAAP diluted net earnings per share   $ 0.42     $ 0.59     $ 0.61  
    Non-GAAP diluted net earnings per share   $ 0.71     $ 0.74     $ 0.82  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
        Six months ended
        April 30, 2025   April 30, 2024
    Numerator:        
    GAAP net earnings   $ 971     $ 1,229  
    Non-GAAP net earnings   $ 1,382     $ 1,620  
             
    Denominator:        
    Weighted-average shares used to compute basic net earnings per share     949       990  
    Dilutive effect of employee stock plans(a)     7       6  
    Weighted-average shares used to compute diluted net earnings per share     956       996  
             
    GAAP diluted net earnings per share   $ 1.02     $ 1.23  
    Non-GAAP diluted net earnings per share   $ 1.45     $ 1.63  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
     

    Use of non-GAAP financial measures

    To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt). HP also provides forecasts of non-GAAP diluted net EPS and free cash flow.

    These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables above or elsewhere in the materials accompanying this news release.

    Use and economic substance of non-GAAP financial measures

    Net revenue on a constant currency basis excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period. Non-GAAP operating margin is defined to exclude the effects of any amounts relating to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and certain litigation charges. Non-GAAP net earnings and non-GAAP diluted net EPS consist of net earnings or diluted net EPS excluding those same charges, non-operating retirement related (credits)/charges, debt extinguishment costs (benefit), tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item.

    HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above for these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

    • Restructuring and other charges are (i) costs associated with a formal restructuring plan and are primarily related to employee separation from service and early retirement costs and related benefits, costs of real estate consolidation and other non-labor charges; and (ii) other charges, which includes non-recurring costs including those as a result of information technology rationalization efforts and transformation program management and are distinct from ongoing operational costs. HP excludes these restructuring and other charges (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because HP believes that these costs do not reflect expected future operating expenses and excluding such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs cost related to its acquisitions and divestitures, which it would not have otherwise incurred as part of its operations. The charges are direct expenses such as third-party professional and legal fees, integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units towards acquisitions. These charges related to acquisitions and divestitures are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions or divestitures. HP believes that eliminating such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings, operating margin, net earnings and diluted net EPS. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. Consequently, HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs debt extinguishment (benefit)/costs includes certain (gain)/loss related to repurchase of certain of its outstanding U.S. dollar global notes or termination of commitments under revolving credit facilities. These (gain)/loss resulting from debt redemption transactions are partially or more than offset by costs such as bond repurchase premiums, bank fees, unpaid accrued interests, etc. HP excludes these (benefit)/costs for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • Non-operating retirement-related (credits)/charges includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains or losses, associated with HP’s defined benefit pension and post-retirement benefit plans. The market-driven retirement-related adjustments are primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and HP considers these adjustments to be outside the operational performance of the business. Non-operating retirement-related (credits)/charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such adjustments for purposes of calculating non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP recorded tax adjustments including tax expenses and benefits from internal reorganizations, realizability of certain deferred tax assets, various tax rate and regulatory changes, and tax settlements across various jurisdictions. HP excludes these adjustments for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.

    Free cash flow is a non-GAAP measure that is defined as cash flow provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. Gross cash is a non-GAAP measure that is defined as cash, cash equivalents and restricted cash plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses free cash flow and gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses free cash flow and gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in cash, cash equivalents and restricted cash, HP believes that gross cash provides a helpful assessment of HP’s liquidity. Because free cash flow includes net cash provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. HP believes that free cash flow provides a useful assessment of HP’s liquidity and capital resources. Net cash (debt) is defined as gross cash less gross debt after adjusting the effect of unamortized premium/discount on debt issuance, debt issuance costs and gains/losses on interest rate swaps.

    Key Growth Areas
    Key Growth Areas represent HP’s businesses which management expects to collectively grow at a rate faster than HP’s core business with accretive margins in the longer term. HP’s Key Growth Areas are comprised of:

    Hybrid Systems: Video conferencing solutions, cameras, headsets, voice, and related software capabilities

    Advanced Compute Solutions: Diverse portfolio encompassing high-performance computing, mobile and desktop workstations, retail workstations, retail solutions, and emerging technologies to address complex computational tasks, data-intensive applications, and evolving industry needs.

    AI PC: PCs, excluding Workstations, equipped with dedicated hardware components like Neural Processing Units (NPUs), are designed to facilitate and enhance the execution of AI and machine learning tasks.

    Workforce Solutions: Managed services (Managed Print Service and Device-as-a-Service), digital services and lifecycle services

    Consumer Subscriptions: Instant Ink services, other consumer subscriptions and consumer digital services

    Industrial Graphics: Large Format Industrial, Page Wide Press (PWP), Indigo and Page Wide Industrial packaging solutions and supplies

    3D & Personalization: Portfolio of additive manufacturing solutions and supplies including end-to-end solutions such as moulded fiber, footwear and orthotics

    Material limitations associated with use of non-GAAP financial measures
    These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

    • Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this change in value is not included in non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted net EPS, and therefore does not reflect the full economic effect of the change in value of those intangible assets.
    • Items such as restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges are excluded from non-GAAP operating margin. In addition, non-operating retirement-related (credits)/charges, debt extinguishment costs (benefit) and tax adjustments are excluded from non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings and non-GAAP diluted net EPS. These items can have a material impact on the equivalent GAAP earnings measure and cash flows.
    • HP may not be able to immediately liquidate the short-term and certain long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.

    Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.

    Compensation for limitations associated with use of non-GAAP financial measures

    HP accounts for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review those reconciliations carefully.

    Usefulness of non-GAAP financial measures to investors

    HP believes that providing net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) to investors in addition to the related GAAP financial measures provides investors with greater insight to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

    Editorial contacts

    HP Inc. Media Relations
    MediaRelations@hp.com

    HP Inc. Investor Relations
    InvestorRelations@hp.com

    The MIL Network –

  • MIL-OSI: NVIDIA Announces Financial Results for First Quarter Fiscal 2026

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $44.1 billion, up 12% from Q4 and up 69% from a year ago
    • Data Center revenue of $39.1 billion, up 10% from Q4 and up 73% from a year ago

    SANTA CLARA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 27, 2025, of $44.1 billion, up 12% from the previous quarter and up 69% from a year ago.

    On April 9, 2025, NVIDIA was informed by the U.S. government that a license is required for exports of its H20 products into the China market. As a result of these new requirements, NVIDIA incurred a $4.5 billion charge in the first quarter of fiscal 2026 associated with H20 excess inventory and purchase obligations as the demand for H20 diminished. Sales of H20 products were $4.6 billion for the first quarter of fiscal 2026 prior to the new export licensing requirements. NVIDIA was unable to ship an additional $2.5 billion of H20 revenue in the first quarter.

    For the quarter, GAAP and non-GAAP gross margins were 60.5% and 61.0%, respectively. Excluding the $4.5 billion charge, first quarter non-GAAP gross margin would have been 71.3%.

    For the quarter, GAAP and non-GAAP earnings per diluted share were $0.76 and $0.81, respectively. Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP diluted earnings per share would have been $0.96.

    “Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA. “Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on July 3, 2025, to all shareholders of record on June 11, 2025.

    Q1 Fiscal 2026 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   60.5%     73.0%     78.4%   (12.5) pts   (17.9) pts  
    Operating expenses $5,030   $4,689   $3,497   7%   44%  
    Operating income $21,638   $24,034   $16,909   (10)%   28%  
    Net income $18,775   $22,091   $14,881   (15)%   26%  
    Diluted earnings per share* $0.76   $0.89   $0.60   (15)%   27%  
    Non-GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   61.0%     73.5%     78.9%   (12.5) pts   (17.9) pts  
    Gross margin excluding H20 charge   71.3%          
    Operating expenses $3,583   $3,378   $2,501   6%   43%  
    Operating income $23,275   $25,516   $18,059   (9)%   29%  
    Net income $19,894   $22,066   $15,238   (10)%   31%  
    Diluted earnings per share* $0.81   $0.89   $0.61   (9)%   33%  
    Diluted earnings per share excluding H20 charge and related tax impact $0.96          
     
     
    *All per share amounts presented herein have been retroactively adjusted to reflect NVIDIA’s ten-for-one stock split, which was effective June 7, 2024.
     

    Outlook
    NVIDIA’s outlook for the second quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $45.0 billion, plus or minus 2%. This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
    • GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. The company is continuing to work toward achieving gross margins in the mid-70% range late this year.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the mid-30% range.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $450 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

    Highlights
    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • First-quarter revenue was $39.1 billion, up 10% from the previous quarter and up 73% from a year ago.
    • Announced that NVIDIA is building factories in the U.S. and working with its partners to produce NVIDIA AI supercomputers in the U.S.
    • Introduced NVIDIA Blackwell Ultra and NVIDIA Dynamo for accelerating and scaling AI reasoning models.
    • Announced partnership with HUMAIN to build AI factories in the Kingdom of Saudi Arabia to drive the next wave of artificial intelligence development.
    • Unveiled Stargate UAE, a next-generation AI infrastructure cluster in Abu Dhabi, United Arab Emirates, alongside strategic partners G42, OpenAI, Oracle, SoftBank Group and Cisco.
    • Revealed plans to work with Foxconn and the Taiwan government to build an AI factory supercomputer.
    • Announced NVIDIA is speeding the IT infrastructure transition to enterprise AI factories with NVIDIA RTX PRO™ Servers.
    • Unveiled NVLink Fusion™ for industry to build semi-custom AI infrastructure with NVIDIA’s partner ecosystem.
    • Announced NVIDIA Spectrum-X™ and NVIDIA Quantum-X silicon photonics networking switches to scale AI factories to millions of GPUs.
    • Introduced the NVIDIA DGX SuperPOD™ built with NVIDIA Blackwell Ultra GPUs to provide AI factory supercomputing for agentic AI reasoning.
    • Announced joint initiatives with Alphabet and Google to advance agentic AI solutions, robotics and drug discovery.
    • Announced integration between NVIDIA accelerated computing and inference software with Oracle’s AI infrastructure.
    • Revealed that NVIDIA Blackwell cloud instances are now available on AWS, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure.
    • Announced that the NVIDIA Blackwell platform set records in the latest MLPerf inference results, delivering up to 30x higher throughput.
    • Announced NVIDIA DGX Cloud Lepton™ to connect developers to NVIDIA’s global compute ecosystem.
    • Launched the open Llama Nemotron family of models with reasoning capabilities, providing a foundation for creating advanced AI agents.
    • Introduced the NVIDIA AI Data Platform, a customizable reference design for AI inference workloads.
    • Announced the opening of a research center in Japan that hosts the world’s largest quantum research supercomputer.

    Gaming and AI PC

    • First-quarter Gaming revenue was a record $3.8 billion, up 48% from the previous quarter and up 42% from a year ago.
    • Announced the NVIDIA GeForce RTX™ 5070 and RTX 5060, bringing Blackwell graphics to gamers at prices starting from $299 for desktops and $1,099 for laptops.
    • Unveiled NVIDIA DLSS 4 is now available in over 125 games, including Black Myth Wukong, DOOM: The Dark Ages, Indiana Jones and the Great Circle, Marvel Rivals and Star Wars Outlaws.
    • Announced the Nintendo Switch 2 is powered by an NVIDIA processor and AI-powered DLSS, delivering up to 4K gaming.
    • Launched the NVIDIA RTX Remix modding platform, attracting over 2 million gamers, alongside the release of the Half-Life 2 RTX demo.

    Professional Visualization

    • First-quarter revenue was $509 million, flat with the previous quarter and up 19% from a year ago.
    • Announced the NVIDIA RTX PRO™ Blackwell series for workstations and servers.
    • Unveiled NVIDIA DGX Spark and DGX Station™ personal AI supercomputers powered by the NVIDIA Grace Blackwell platform.
    • Announced that leading industrial software and service providers Accenture, Ansys, Databricks, SAP, Schneider Electric with ETAP, and Siemens are integrating the NVIDIA Omniverse™ platform into their solutions to accelerate industrial digitalization with physical AI.

    Automotive and Robotics

    • First-quarter Automotive revenue was $567 million, down 1% from the previous quarter and up 72% from a year ago.
    • Announced a collaboration with General Motors on next-generation vehicles, factories and robots using NVIDIA Omniverse, NVIDIA Cosmos™ and NVIDIA DRIVE AGX™.
    • Launched NVIDIA Halos, a unified safety system combining NVIDIA’s automotive hardware, software and advanced AV safety AI research.
    • Announced NVIDIA Isaac™ GR00T N1, the world’s first open humanoid robot foundation model, followed by NVIDIA Isaac™ GR00T N1.5; NVIDIA Isaac GR00T-Dreams, a blueprint for generating synthetic motion data; and NVIDIA Blackwell systems to accelerate humanoid robot development.
    • Released new NVIDIA Cosmos™ world foundation models and physical AI data tools.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 excess inventory and purchase obligation charges, and the associated tax impact of these items where applicable. The inclusion of H20 excess inventory and purchase obligation charges in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA on April 9, 2025 that it requires a license for export to China of H20 products. H20 products were designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     
    NVIDIA CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share data)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Revenue $ 44,062     $ 26,044  
    Cost of revenue   17,394       5,638  
    Gross profit   26,668       20,406  
               
    Operating expenses      
      Research and development   3,989       2,720  
      Sales, general and administrative   1,041       777  
        Total operating expenses   5,030       3,497  
               
    Operating income   21,638       16,909  
      Interest income   515       359  
      Interest expense   (63 )     (64 )
      Other income (expense), net   (180 )     75  
        Total other income (expense), net   272       370  
               
    Income before income tax   21,910       17,279  
    Income tax expense   3,135       2,398  
    Net income $ 18,775     $ 14,881  
               
    Net income per share:      
      Basic $ 0.77     $ 0.60  
      Diluted $ 0.76     $ 0.60  
               
    Weighted average shares used in per share computation:      
      Basic   24,441       24,620  
      Diluted   24,611       24,890  
               
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
                 
            April 27,   January 26,
              2025     2025  
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 53,691   $ 43,210  
      Accounts receivable, net     22,132     23,065  
      Inventories     11,333     10,080  
      Prepaid expenses and other current assets     2,779     3,771  
        Total current assets     89,935     80,126  
                 
    Property and equipment, net     7,136     6,283  
    Operating lease assets     1,810     1,793  
    Goodwill     5,498     5,188  
    Intangible assets, net     769     807  
    Deferred income tax assets     13,318     10,979  
    Other assets     6,788     6,425  
        Total assets   $ 125,254   $ 111,601  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 7,331   $ 6,310  
      Accrued and other current liabilities     19,211     11,737  
        Total current liabilities     26,542     18,047  
                 
    Long-term debt     8,464     8,463  
    Long-term operating lease liabilities     1,521     1,519  
    Other long-term liabilities     4,884     4,245  
        Total liabilities     41,411     32,274  
                 
    Shareholders’ equity     83,843     79,327  
        Total liabilities and shareholders’ equity   $ 125,254   $ 111,601  
                 
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Cash flows from operating activities:      
    Net income $ 18,775     $ 14,881  
    Adjustments to reconcile net income to net cash      
    provided by operating activities:      
      Stock-based compensation expense   1,474       1,011  
      Depreciation and amortization   611       410  
      (Gains) losses on non-marketable equity securities and publicly-held equity securities, net   175       (69 )
      Deferred income taxes   (2,177 )     (1,577 )
      Other   (98 )     (145 )
    Changes in operating assets and liabilities, net of acquisitions:      
      Accounts receivable   933       (2,366 )
      Inventories   (1,258 )     (577 )
      Prepaid expenses and other assets   560       (726 )
      Accounts payable   941       (22 )
      Accrued and other current liabilities   7,128       4,202  
      Other long-term liabilities   350       323  
    Net cash provided by operating activities   27,414       15,345  
               
    Cash flows from investing activities:      
      Proceeds from maturities of marketable securities   3,122       4,004  
      Proceeds from sales of marketable securities   467       149  
      Proceeds from sales of non-marketable equity securities   –       55  
      Purchases of marketable securities   (6,546 )     (9,303 )
      Purchase related to property and equipment and intangible assets   (1,227 )     (369 )
      Purchases of non-marketable equity securities   (649 )     (190 )
      Acquisitions, net of cash acquired   (383 )     (39 )
    Net cash used in investing activities   (5,216 )     (5,693 )
               
    Cash flows from financing activities:      
      Proceeds related to employee stock plans   370       285  
      Payments related to repurchases of common stock   (14,095 )     (7,740 )
      Payments related to employee stock plan taxes   (1,532 )     (1,752 )
      Dividends paid   (244 )     (98 )
      Principal payments on property and equipment and intangible assets   (52 )     (40 )
    Net cash used in financing activities   (15,553 )     (9,345 )
               
    Change in cash and cash equivalents   6,645       307  
    Cash and cash equivalents at beginning of period   8,589       7,280  
    Cash and cash equivalents at end of period $ 15,234     $ 7,587  
               
      NVIDIA CORPORATION  
      RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
      (In millions, except per share data)  
      (Unaudited)  
                       
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
                       
      GAAP cost of revenue $ 17,394     $ 10,608     $ 5,638    
      GAAP gross profit   $ 26,668     $ 28,723     $ 20,406    
        GAAP gross margin     60.5%       73.0%       78.4%    
        Acquisition-related and other costs (A)   123       118       119    
        Stock-based compensation expense (B)   64       53       36    
        Other     3       –       (1 )  
      Non-GAAP cost of revenue $ 17,204     $ 10,437     $ 5,484    
      Non-GAAP gross profit $ 26,858     $ 28,894     $ 20,560    
        Non-GAAP gross margin     61.0%       73.5%       78.9%    
                       
      GAAP operating expenses $ 5,030     $ 4,689     $ 3,497    
        Stock-based compensation expense (B)   (1,410 )     (1,268 )     (975 )  
        Acquisition-related and other costs (A)   (37 )     (43 )     (21 )  
      Non-GAAP operating expenses $ 3,583     $ 3,378     $ 2,501    
                       
      GAAP operating income $ 21,638     $ 24,034     $ 16,909    
        Total impact of non-GAAP adjustments to operating income   1,637       1,482       1,150    
      Non-GAAP operating income $ 23,275     $ 25,516     $ 18,059    
                       
      GAAP total other income (expense), net $ 272     $ 1,183     $ 370    
        (Gains) losses from non-marketable equity securities and publicly-held equity securities, net   175       (727 )     (69 )  
        Interest expense related to amortization of debt discount   1       1       1    
      Non-GAAP total other income (expense), net $ 448     $ 457     $ 302    
                       
      GAAP net income   $ 18,775     $ 22,091     $ 14,881    
        Total pre-tax impact of non-GAAP adjustments   1,813       756       1,082    
        Income tax impact of non-GAAP adjustments (C)   (694 )     (781 )     (725 )  
      Non-GAAP net income $ 19,894     $ 22,066     $ 15,238    
                       
      Diluted net income per share (D)            
        GAAP   $ 0.76     $ 0.89     $ 0.60    
        Non-GAAP   $ 0.81     $ 0.89     $ 0.61    
                       
      Weighted average shares used in diluted net income per share computation (D)   24,611       24,706       24,890    
                       
      GAAP net cash provided by operating activities $ 27,414     $ 16,628     $ 15,345    
        Purchases related to property and equipment and intangible assets   (1,227 )     (1,077 )     (369 )  
        Principal payments on property and equipment and intangible assets   (52 )     (32 )     (40 )  
      Free cash flow   $ 26,135     $ 15,519     $ 14,936    
                       
         
                       
                       
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:  
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 123     $ 118     $ 119    
        Research and development $ 28     $ 27     $ 12    
        Sales, general and administrative $ 9     $ 16     $ 8    
                       
      (B) Stock-based compensation consists of the following:    
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 64     $ 53     $ 36    
        Research and development $ 1,063     $ 955     $ 727    
        Sales, general and administrative $ 347     $ 313     $ 248    
                       
      (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).  
                       
      (D) Reflects a ten-for-one stock split on June 7, 2024.  
         
                       
                       
                       
                       
                    Three Months  
                    Ended  
                    April 27,  
                      2025    
                    ($ in millions)  
      GAAP gross profit           $ 26,668    
      GAAP gross margin             60.5%    
        Stock-based compensation expense, acquisition-related costs, and other costs           190    
        H20 excess inventory and purchase obligation charges           4,538    
      Non-GAAP gross profit (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 31,396    
      Non-GAAP gross margin (as adjusted to exclude H20 excess inventory and purchase obligation charges)           71.3%    
                       
                       
      GAAP net income           $ 18,775    
        Total pre-tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           6,351    
        Income tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           (1,491 )  
      Non-GAAP net income (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 23,635    
                       
      Diluted net income per share            
        GAAP           $ 0.76    
        Non-GAAP (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 0.96    
                       
      Weighted average shares used in diluted net income per share computation           24,611    
                       
    NVIDIA CORPORATION  
    RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK  
           
       
        Q2 FY2026
    Outlook    		  
        ($ in millions)  
           
    GAAP gross margin   71.8%    
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.2%    
    Non-GAAP gross margin   72.0%    
           
    GAAP operating expenses $ 5,700    
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,700 )  
    Non-GAAP operating expenses $ 4,000    
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:

    Certain statements in this press release including, but not limited to, statements as to: the impact of H20 export licensing requirements; global demand for NVIDIA’s AI infrastructure; the demand for AI computing accelerating; countries recognizing AI as essential infrastructure and NVIDIA’s role; AI factories fueling a new industrial revolution and their impact; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the second quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Cloud Lepton, DGX Station, GeForce RTX, NVIDIA Cosmos, NVIDIA DGX SuperPOD, NVIDIA Isaac, NVIDIA Omniverse, NVIDIA RTX PRO, NVIDIA Spectrum-X, and NVLink Fusion are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network –

  • MIL-Evening Report: The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia

    Source: The Conversation (Au and NZ) – By Jonathan W. Marshall, Associate Professor & Postgraduate Research Coordinator, Western Australian Academy of Performing Arts, Edith Cowan University

    “Tamaokoshi (たまおこし-) – Evocation” (2013) by Yumi Umiumare. Performers: Umiumare, Felix Ching Ching Ho, Fina
    Po, Helen Smith, Willow Conway, Sevastian Peters-Lazaro, Takashi Takiguchi.     Photo by Vikk Shayen, reproduced courtesy of Umiumare and Shayen.

    Post-war Japan was home to exciting new theatrical forms. These included the often grotesque and contorted, but at times flowing, dance style “butoh”, created by dancer/choreographer Hijikata Tatsumi – and the intensely focused, sometimes militaristic, sometimes dreamy theatre of Suzuki Tadashi.

    Both Hijikata’s and Suzuki’s work attracted followers in Australia, and continue to have influence today. They often exchanged ideas, and several of Hijikata’s former dancers performed in Suzuki’s productions.

    Here’s a brief history of how these two helped bring Japanese performance to Australia – and how local artists made it their own.

    Suzuki’s training method

    Visits by Japanese performing artists to Australia increased during the 1990s, with Melbourne’s Playbox Theatre commissioning Suzuki Tadashi to direct an Australian cast in The Chronicle of Macbeth (1992). But even before he came here, several Australians visited his training institution in the Japanese mountains.

    Suzuki is best known for his training method, in which performers stomp up and down in a line, or swiftly move from one physical position to another.

    Suzuki claims this generates an actor who, even when standing still, is full of suppressed energy like a “Boeing 747, its brakes on and engines full-throttle just before take-off”.

    The performances themselves often have a dreamlike quality, similar to the Japanese noh theatre that inspired Suzuki.

    Tanaka brings butoh to Australia

    The first of Hijikata’s students to reach Australia was Japanese performer Tanaka Min. Tanaka appeared at the 1982 Sydney Biennale, showcasing his dance style of “Body Weather”.

    The Sydney Morning Herald described it as “the relationship between body and place […] improvisation and […] textures” – viewed as a shifting microclimate of impulses moving between the dancer’s body and their surroundings.

    Tanaka claimed Hijikata and his principal dancer Ashikawa Yoko taught him 1,000 embodied states that were prompted or described by poetic images or motifs. He passed these on to several Australian performers through his own training.

    Although similar to Hijikata’s approach, Tanaka’s focus on the body as an interactive landscape was unique to his version of butoh.

    Yumi Umiumare

    Japanese choreographer-director Maro Akaji had the greatest influence on Australian physical performance. His butoh company, Dairakudakan, appeared at the 1992 Melbourne Festival and left behind dancer Yumi Umiumare, who settled in the city. Dairakudakan established some of the key motifs recognisable in early Australian butoh.

    Maro’s Tale of the Sea-Dappled Horse (1991), opens with a group of almost-naked dancers in white makeup performing a grotesque group dance, coming together in a pulsating mass. As author Bruce Baird describes it, “on their hands and knees […] they convulse progressively energetically”.

    Umiumare’s Japanese heritage gives her the most direct link to butoh’s origins. After performing solos, duets and character roles, she developed what she calls “butoh cabaret”. This often surrealistically funny style is similar to Melbourne’s zanier comedy shows, as well as Dairakudakan’s own “grand seminarrative spectacles”.

    Umiumare says even her serious works in Melbourne were aimed at “audiences [who] really wanted a laugh”. In a 1995 cabaret skit, she parodied Madonna’s famous pointed cone bra costume. She pulled out accordian-style tubes placed over her breasts to render herself a phallic woman, before threatening and flirting with spectators.

    Umiumare continues to train and direct ensembles.

    Tess de Quincey

    Choreographer-dancer Tess de Quincey was the first non-Japanese, Australian-based artist to focus on Japanese physical theatre. She trained with Tanaka in Japan from 1985, before returning to performing in Sydney in 1988.

    De Quincey’s early Australian shows of 1988 and 1989 featured her naked body, all white like the Japanese butoh dancers, twisting and shifting in semi darkness.

    She later produced introspective multimedia works such as Nerve 9 (2001-05), structured around the slow unfolding of dissociated bodily gestures.

    Zen Zen Zo Physical Theatre

    Hijikata’s butoh style was further explored by the Brisbane-based Zen Zen Zo Physical Theatre, founded by performer/director/trainer Lynne Bradley and director/trainer Simon Woods. The pair also witnessed Suzuki’s training in Japan.

    Zen Zen Zo’s fusion of butoh, Suzuki’s method, and Jacques Lecoq’s approach to clowning culminated in the 1996 production The Cult of Dionysus, performed at the Brisbane Festival.

    Audiences described a “glamorously grotesque” chorus, attired in “ragged skirts of rich reds, oranges and pinks, and strings of beads across their […] bare torsos,” “smeared” with ochre.

    Although Zen Zen Zo’s work became increasingly varied during the 2000s, it still trains in Suzuki’s method.

    Frank Theatre

    Another pair dedicated to Suzuki’s theatre and training were former contemporary dancers Jacqui Carroll and John Nobbs. The pair founded Frank Theatre in Brisbane in 1992, drawing on many of the same performers as Zen Zen Zo.

    Nobbs rejected any dilution of Suzuki’s method, going on to develop what he characterises as an unsullied “regional variant”. Carroll and Nobbs also retained the often riotous grotesquerie and absurdism of Suzuki’s productions.

    Frank Theatre’s masterpiece was Carroll’s Doll Seventeen (2002), an adaptation of Ray Lawler’s Summer of the Seventeenth Doll (1955). Very similar to a Japanese noh play in its sense of inevitability, the characters intoned their words as though trapped in a slowly unfolding nightmare.

    Crisscrossing the Pacific

    Hijikata and Suzuki have also inspired performance-makers more distant from Japanese tradition.

    Australian dance company Marrugeku combines certain elements of Japanese theatre with First Nations performance.

    Similarly, multidisiplinary Māori–Australian artist Victoria Hunt combines butoh influences with her own whakapapa, or Māori genealogy.

    And Tony Yap, of Malaysian Chinese descent, has developed what he calls “trance dance”, drawing on Hijikata’s writings, Polish theatre director Jerzy Grotowski’s’s theatre of bodily and spiritual transfiguration, and Yap’s own background in Southeast Asian possession rituals.

    In these, and other exchanges, performance practices crisscross the Pacific, from Japan to Aotearoa New Zealand, to Australia, to Malaysia, and back.

    Some of Jonathan W. Marshall’s research into butoh was supported by an ARC-LIEF grant.

    – ref. The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia – https://theconversation.com/the-body-as-landscape-how-post-war-japanese-dance-and-theatre-shaped-performance-in-australia-254814

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it

    Source: The Conversation (Au and NZ) – By Jacqui Stuart, Postdoctoral Researcher in Marine Ecology, Te Herenga Waka — Victoria University of Wellington

    Jacqui Stuart, VUW, CC BY-NC-ND

    Antarctica is the world’s great cooling unit. This vital part of Earth’s climate system is largely powered by the annual freeze and melt of millions of square kilometres of sea ice around the continent.

    Our research shows changes to this annual freeze cycle in McMurdo Sound can lead to shifts in the diversity of algal communities that live within the sea ice.

    At the start of the southern winter, as sea water begins to freeze, it expels salt and forms heavy and very cold brine. This sinks to the seafloor, ultimately forming what’s known as Antarctic Bottom Water. This is then pumped out to the rest of the world through several major oceanic currents.

    Historically, this cycle meant that Antarctica effectively doubled in size and the continent was surrounded by an enormous apron of sea ice at the peak of winter. But the changing climate is shifting this annual cycle.

    Major ocean currents transport cold Antarctic Bottom Water out to the rest of the world.
    Jacqui Stuart, VUW, CC BY-NC-ND

    For the past decade, Antarctic sea ice has been in decline. It hasn’t been a steady trend, but each year since 2016 less sea ice has formed compared to historic averages.

    Antarctica’s annual maximum sea ice extent in September 2023 was the lowest on record, with approximately 1.75 million square kilometres less sea ice than normal – an area equivalent to about 6.5 times the land area of Aotearoa.

    Change happening at the continental scale is usually well documented and publicised. However, smaller, more local changes are also occurring in places such as McMurdo Sound, the home of Aotearoa New Zealand’s only Antarctic outpost.

    For four of the last seven years, unseasonable winter southerly storms have been associated with significant delays in the timing of sea-ice formation within McMurdo Sound.

    Where measurements were taken during these “unusual” years, the sea ice that formed later was thinner (1.5 metres compared to 2.5 metres) and had less snow cover (about 5 centimetres versus 15-30 centimetres) compared to the same locations during “typical” years.

    Ken Ryan and Jacqui Stuart measuring the depth of sea ice and the sub-ice platelet layer in McMurdo Sound in 2022.
    Svenja Halfter, NIWA, CC BY-NC-ND

    Icy reefs and algal meadows

    Another type of ice, known as “platelet ice”, also appears to be affected by the later formation of sea ice.

    A layer of platelet ice extends into the ocean below the sea ice in some regions around Antarctica, including McMurdo Sound. It is a fragile lattice structure made up of loosely consolidated plate-shaped ice crystals, creating an upside-down reef-like structure.

    The resulting protective environment is a hot spot for primary productivity – microscopic algae that support the base of the marine food web. When sea ice forms later, the platelet ice doesn’t have as much time to accumulate beneath and can be metres thinner than beneath older ice (down to about 1 metre from more than 3 metres).

    Scientist collecting cores of sea ice in McMurdo Sound.
    Jacqui Stuart, VUW, CC BY-NC-ND

    Why should we care about sea ice? Because, it isn’t just a frozen, lifeless sheet expanding out from the continent, broken by the odd silhouette of a seal or a gathering of penguins on the top.

    Beneath the desolate surface, where ice meets water, green meadows of microalgae can spread out as far as the eye can see.

    View from under the sea ice in McMurdo Sound, with the sub-ice platelet layer extending down into the water. The green-yellow tinge shows thriving microalgae living within the reef-like structure.
    Leigh Tate, NIWA, CC BY-NC-ND

    Microalgae are single-cell, plant-like organisms that use sunlight to create energy. Similar to land-based meadows, they provide food for many other creatures. In winter, when other sources of food can be scarce, this sea-ice superstore plays a crucial role in feeding other inhabitants of McMurdo Sound.

    Diminishing algal diversity under thinner sea ice

    Our research indicates that when the sea ice forms later, microalgal communities living within the ice are also different. In later-forming sea ice, these vital communities are less diverse and dominated by fewer species.

    Some species usually abundant in earlier-forming sea ice are absent or in low numbers when the sea ice forms later. Interestingly, though, it appears the quantity of microalgae in later-forming ice conditions is similar to “typical” ice. However, instead of being spread out through almost three metres depth of the platelet layer, they are crammed into a metre-thick habitat instead.

    These microscopic snacks are diverse in shape, size and the roles they play in the ecosystem. It can help to think of microalgal communities as the produce section in the supermarket. Each type has preferred growing conditions and different nutritional values, producing varied quantities of important resources such as proteins, carbohydrates and fatty acids.

    Microalgae come in different shapes, sizes and nutritional content, like fruits and vegetables.
    Jacqui Stuart, VUW, CC BY-NC-ND

    Imagine, one winter the weather is different and all that grows are cabbages and sweet peas. These won’t provide you with all the nutrients you need. This mirrors the problem when there is less diversity at the base of the food web. As the microalgal communities shift in the ways our research has observed, the quantity and quality of resources they provide are likely to change, too.

    These early signals matter. They foreshadow wider ecological impacts, especially, if Antarctic sea ice continues to thin, retreat or form later each year.

    We need more research to establish the nuances of these changes and the extent of their impact. But it is worth remembering that what happens at the base of the food web in Antarctica doesn’t necessarily stay there. These changes could ripple through ecosystems further afield with the potential to affect key fisheries in the Southern Ocean.

    By paying close attention now, we have a chance to understand and adapt, to ensure ecosystems stay resilient in a changing world.

    Natalie Robinson receives funding from the Marsden Fund and Antarctic Science Platform. She is affiliated with New Zealand Antarctic Society.

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

    – ref. Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it – https://theconversation.com/antarcticas-sea-ice-is-changing-and-so-is-a-vital-part-of-the-marine-food-web-that-lives-within-it-255606

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Rep. Hoyle Announces 2025 Congressional Art Competition Winner

    Source: US Representative Val Hoyle (OR-04)

    May 28, 2025

    For Immediate Release: May 28, 2025 

    WASHINGTON, D.C.  –  Today, Representative Val Hoyle (OR-04) announced Teakki Rain Legg from Florence as Oregon’s Fourth District’s winner of the 2025 Congressional Art Competition. Winners have their artwork featured in the U.S. Capitol for one year and receive a round-trip ticket to Washington, D.C. for themselves and a guardian to be recognized at an annual awards ceremony when the art is displayed.

    “Teakki Legg’s artistry and attention to detail stood out with his entry into this year’s competition, Shining Light, which depicts the rugged beauty of the Oregon Coast,” Rep. Hoyle said. “His work will hang in the U.S. Capitol for the next year, representing the best of our district. Beyond his artwork, Teakki is a model student giving back to his community, serving on the board of the Florence Regional Arts Alliance and teaching art classes. I also want to commend his teachers, Lauren Suveges of Siuslaw High School and John Leasure at the Florence Regional Arts Alliance, for nurturing Teakki’s talents and pushing him to enter this competition. I look forward to meeting Teakki and his parents, Roanne and Brandt, and welcoming them to our office in Washington, D.C.”

    ‘Shining Light’ by Teakki Rain Legg

    A Word from the Artist

    My name is Teakki Legg and I’m a 16 year-old artist raised in Oregon. My piece, Shining Light, was heavily inspired by the Oregon coast where I live, which is populated by many lighthouses, such as Heceta Head and Yaquina. The lighthouse is a metaphor to illuminate possibilities and connection in the world, which sometimes can feel dark, but there’s always a light to go toward. As an artist, I simply can’t help but be inspired by the beauty of Oregon, in particular the coast. 

    I mainly work in watercolor and ink, but my painting was done in oil, a relatively new medium I’ve been experimenting with. I’ve had a great oil teacher, John Leasure, as well as my wonderful High School art teacher, Lauren Suveges, who also encouraged me to enter the Congressional art competition. Oil allows me to be more expressive with my colors and strokes, due to the fact that oil paint is so much thicker. 

    I’m so excited for the opportunity to go to Washington DC to see my painting hanging in the Capitol.  Thank you!

    Teakki Rain Legg

    Teakki Rain Legg, 16, was born in the art colony of Taos, New Mexico into a creative family filled with artists and writers. Home-schooled since birth, Teakki completed his first commissioned work at age 13. 

    Teakki’s work has won him multiple recognitions, including an Artist’s Choice Award. At age 15, Teakki began serving on the board of the Florence Regional Arts Alliance (FRAA). In his spare time, he teaches classes in watercolor, and pen and ink. 

    Some of his favorite artists include M. C. Escher, Rob Gonsalves, Bob Ross, Mark Kistler, and his grandfather, Martin Goldman. He enjoys and is inspired by comics, such as Calvin and Hobbes, and plans to pursue a career as an artist.

    You can see more of Teakki’s work here.

    The Congressional Art Competition

    The Congressional Art Competition is a bipartisan initiative to incentivize arts education for high school students across America. Every district that chooses to participate selects one winner annually. More information can be found on Rep. Hoyle’s website. 

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: OEM Now Accepting SPIRE IV Grant Applications

    Source: US State of Oregon

    alem, OR—The Oregon Department of Emergency Management (OEM) has announced that the State Preparedness and Incident Response Equipment (SPIRE) Grant is open for applications—providing critical emergency preparedness equipment to local governments and other eligible recipients.

    All application packages must be submitted online by 5 p.m. on Monday, June 2, 2025. Applicants should ensure they review materials well in advance, as letters of support from partnering agencies are required.

    Applicants in previous years have used the grant to purchase things like generators, sand bagging machines and search and rescue vehicles. This equipment can then be used by the local jurisdiction or lent to other jurisdictions during disaster response.

    Applicants can visit the OEM SPIRE webpage to access:

    • The SPIRE Application Form
    • SPIRE Guidance and Application Instructions, including the Equipment List
    • Anticipated Equipment Specifications
    • SPIRE Evaluation Criteria
    • Application form for review team members

    Funding for SPIRE grants is made available through bond sales by the state. Applications will be evaluated within regional, Tribal, and urban search and rescue (USAR) categories to ensure fair distribution of equipment. This process is designed to address capability gaps identified through the Threat and Hazard Identification and Risk Assessment (THIRA)/State Preparedness Report (SPR), ensuring representation from all disciplines and regions in decision-making and guaranteeing that awarded equipment has the greatest impact.

    “The SPIRE Grant plays a critical role in strengthening emergency preparedness across our state,” OEM Director Erin McMahon said. “By equipping local governments and response teams with the tools they need, we’re ensuring Oregon communities can respond swiftly and effectively to emergencies. We encourage eligible applicants to take advantage of this opportunity to enhance their emergency response capabilities.”

    Our webpage also includes:

    • A map of current SPIRE-funded equipment, including items awarded but not yet arrived
    • Annual reporting forms and instructions for current SPIRE equipment holders (reports were due Oct. 15, 2024)

    MIL OSI USA News –

  • MIL-OSI USA: CUMBERLAND COUNTY – Shapiro Administration to Launch 8th Annual Great American Getaway Scooped: An Ice Cream Trail

    Source: US State of Pennsylvania

    May 29, 2025 – Carlisle, PA

    ADVISORY – CUMBERLAND COUNTY – Shapiro Administration to Launch 8th Annual Great American Getaway Scooped: An Ice Cream Trail

    Agriculture Secretary Russell Redding will join Department of Community and Economic Development Secretary Rick Siger at Destiny Dairy Bar for the launch of the 2025 Scooped: An Ice Cream Trail and the start of June as dairy month.

    The event will highlight the Pennsylvania dairy and tourism industries connecting farm families and ice cream lovers and the partnership of the Pennsylvania Department of Agriculture’s PA Preferred® program, DCED’s Tourism Office, and the Center for Dairy Excellence. The 2025 ice cream trail will take visitors all across Pennsylvania with 51 creameries included in this year’s ice cream trail.

    Pennsylvania has six culinary trails for families to explore and support local farms while making sweet family memories. Governor Josh Shapiro’s 2025-26 budget proposes an increase of $13 million to the historic Agricultural Innovation Grant program to help farms across Pennsylvania compete and succeed.

    WHO:
    Agriculture Secretary Russell Redding
    Department of Community and Economic Development Secretary Rick Siger
    Pennsylvania Tourism Office Executive Director Kaitie Burger
    Destiny Dairy Bar Owner and Stover Farms Herd Manager Amy Brickner

    WHEN:
    Thursday, May 29 at 11 a.m.

    WHERE:
    Destiny Dairy Bar, 60 Horners Road, Carlisle, PA 17015

    RSVP:
    Press attending should RSVP with news outlet and photographer and reporter names to aginfo@pa.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Illegal Firearm Possession Lands Oklahoma City Man in Federal Prison for Six Years Following Domestic Calls to Law Enforcement

    Source: US FBI

    OKLAHOMA CITY – AARON JOELRAYEL TURNER, 27, of Oklahoma City, has been sentenced to serve 72 months in federal prison for illegal possession of firearms after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

    On February 25, 2025, Turner was charged by Superseding Information with three counts of being a felon in possession of a firearm. According to public record, in 2024, Turner had three separate interactions with the Oklahoma City Police Department (OCPD). During the first incident on June 19, 2024, OCPD officers responded to a home on reports of a domestic dispute. Once at the home, the victim told police Turner gained entry into her residence despite a recent emergency VPO issued against Turner, and that Turner had struck her in the face before leaving the house. OCPD located and arrested Turner shortly after and discovered a firearm in his pocket. The second encounter with OCPD took place on August 23, 2024, after OCPD officers encountered Turner again at the same residence and seized two more pistols possessed by Turner.

    The third encounter with OCPD took place on October 23, 2024, after officers responded to another home on a welfare check. The calling party advised OCPD that Turner was in the home with a firearm, and that Turner had been having domestic issues with the calling party’s granddaughter. OCPD officers received consent to search the home, and seized two firearms and several live rounds of ammunition possessed by Turner.

    On February 25, 2025, Turner pleaded guilty to the Superseding Information and admitted he possessed a firearm on the three instances noted above, despite his previous felony convictions.

    On May 19, 2025, U.S. District Judge Bernard M. Jones sentenced Turner to serve 72 months in federal prison, followed by three years of supervised release. In announcing his sentence, Judge Jones noted Turner’s history of illegal firearm possession as well as his extensive criminal history. Public record reflects that Turner has previous felony convictions in Oklahoma County District Court that include two counts of being a felon in possession of a firearm in case numbers CF-2020-1985 and CF-2017-5873.

    This case is the result of an investigation by the FBI Oklahoma City Field Office and the Oklahoma City Police Department. Assistant U.S. Attorney Mary E. Walters prosecuted the case.

    This case is part of Project Safe Neighborhoods (PSN), a Department of Justice program to reduce violent crime. This case is also part of “Operation 922,” the Western District of Oklahoma’s implementation of PSN, which prioritizes prosecution of federal crimes connected to domestic violence. For more information about PSN, please visit https://justice.gov/psn and https://justice.gov/usao-wdok.

    Reference is made to public filings for additional information.

    MIL Security OSI –

  • MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders to 2 p.m. CDT May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 28, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which had been previously adjourned to 2:00 p.m. Central Daylight Time today, May 28, 2025, has been once again adjourned to allow for more time for stockholders to vote.

    At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that all the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.

    The meeting has been scheduled to reconvene on May 29, 2025, at 2:00 p.m. Central Daylight Time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.

    During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.

    The Company encourages all stockholders who have not yet voted to do so before May 28, 2025, at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.
      
    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    Additional Information and where to find it

    The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com. 

    Contact

    investors@beneficient.com 

    The MIL Network –

  • MIL-OSI: Brooge Energy Voluntarily Delists from Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, May 28, 2025 (GLOBE NEWSWIRE) — Brooge Energy Limited, (“BEL” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced that it has provided notification to The Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to voluntarily delist the Company’s ordinary shares (the “Shares”), from the Nasdaq Capital Market and subsequently deregister with the Securities and Exchange Commission (the “SEC”). The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC and Nasdaq relating to the delisting of its Shares on or about June 9, 2025. As a result, the Company expects the last day of quotation of its Shares on Nasdaq will be on or about June 19, 2025. The Company does not intend to list the Shares on another securities exchange.

    Following the termination of the quotation of the Company’s Shares from Nasdaq, the Company intends to file a Form 15 with the SEC on or about June 19, 2025 to suspend its reporting obligations under the Exchange Act. As a result of the filing of the Form 15, the Company’s obligation to file certain Exchange Act reports and forms with the SEC, including Forms 20-F and 6-K, will immediately cease. Other SEC filing requirements will terminate upon the effectiveness of the deregistration. Although the Company will have no continuing requirement to file periodic reports with the SEC after June 19, 2025, the Company expects that the formal deregistration of its Securities will become effective 90 days after the filing of the Form 15 with the SEC. The documents filed with the SEC will be available at www.sec.gov.

    The withdrawal of the Shares from listing and registration is being undertaken following a determination by the Company’s Board of Directors (the “Board”) that such delisting and deregistration is in the best interest of the Company and the holders of its Shares. The Board’s decision was based on a careful review of numerous factors, including but not limited to, the lack of an active trading market for the Company’s securities, the required resources and expenses relating to continued Securities Exchange Act of 1934 and Nasdaq disclosure and reporting requirements and related regulatory burdens which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.

    About Brooge Energy Limited
    BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE Its business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses.

    Forward-Looking Statements
    This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Contact
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    +1 212-896-1254
    BROG@kcsa.com

    The MIL Network –

  • MIL-OSI USA: PHOTOS: Capito Tours CAMC, Hubbard Hospice House

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Appropriations Committee, made stops in Charleston, W.Va. focused on health care. 
    First, Senator Capito toured the Charleston Area Medical Center’s (CAMC) updated intensive care unit (ICU). During the visit, Senator Capito also met with CAMC leadership to discuss the updated ICU and the health system’s continued impact on the state. 
    “CAMC and Vandalia Health System provide tremendous care to West Virginians. I was excited to tour the updated ICU today to see how CAMC continues to provide premiere care to our neighbors in the greatest need,” Senator Capito said. 
    Later, Senator Capito visited the Hubbard Hospice House in Charleston, W.Va. to see the impact of the nearly complete renovation project she helped support through the Congressionally Directed Spending process. Hubbard Hospice House is a 24-bed inpatient hospice facility that is the first standalone hospice facility in the state of West Virginia.
    “The Hubbard Hospice House has long been a place of peace, dignity, and comfort for West Virginians during some of life’s most difficult moments,” Senator Capito said. “I was proud to advocate for this funding because preserving this facility means preserving a sanctuary for patients and their loved ones. As this vital wing reopens, it ensures families in the Kanawha Valley continue to have access to compassionate, community-based end-of-life care in a setting that feels like home.”
    “This isn’t just a building. It’s a place of peace, a sanctuary for families during some of life’s most difficult moments. Thanks to Senator Capito, our generous donors, and community partners, we’re building on a legacy of care that will last another 20 years—and beyond,” HospiceCare CEO Chris Rawlings said.
    Photos from today’s visits are below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) tours Charleston Area Medical Center’s (CAMC) intensive care unit (ICU) in Charleston, W.Va. on Wednesday, May 28, 2025. 

    U.S. Senator Shelley Moore Capito meets with Charleston Area Medical Center (CAMC) leadership to discuss the updated intensive care unit (ICU) in Charleston, W.Va. on Wednesday, May 28, 2025. 

    U.S. Senator Shelley Moore Capito visits Hubbard Hospice House to see their nearly complete renovation project in Charleston, W.Va. on Wednesday, May 28, 2025.

    MIL OSI USA News –