NewzIntel.com

Category: Vehicles

  • MIL-OSI Australia: City puts safety first with new speed reductions

    Source: South Australia Police

    The speed limit along two busy streets in Jindalee and Butler has been reduced from 50km to 40km, in a push to increase safety.

    The City of Wanneroo applied to Main Roads WA for the speed reduction earlier this year, after concerns were raised by the local community about speeding and pedestrian safety along Jindalee Boulevard in Jindalee and Kingsbridge Boulevard in Butler.

    Wanneroo Deputy Mayor James Rowe said he was pleased that Main Roads had approved the City’s application, which was informed by a comprehensive study of traffic in the Butler/Jindalee area.

    “Reducing the speed limit was identified as the most effective intervention for the streets in question, as vehicle speed was a significant contributing factor to road safety in the area,” he said.

    “Studies show that reducing the speed limit from 50km to 40km significantly increases the chance of pedestrian survival if a crash were to occur.

    “The speed reduction will also provide pedestrians, cyclists and other active transport users with an improved sense of safety as they navigate the City’s local road network.”

    The new limits are the latest in a series of successful applications for speed reductions, with similar initiatives recently being implemented in Gnangara, Jandabup, Yanchep and the Wanneroo Town Centre.

    These speed reductions are supported by the City’s Road Safety Management Plan 2024-2030, which demonstrates the City’s ongoing commitment to reducing the risks of accidents and improving road safety for all.

    MIL OSI News –

  • MIL-OSI Australia: Dedicated decade: more than 370 children removed from harm thanks to tireless work of joint SA child protection taskforce

    Source: New South Wales – News

    During its decade-long efforts to detect and stamp out hideous online child sexual exploitation committed by South Australian offenders, a small and dedicated taskforce of AFP and South Australia Police investigators have protected more than 370 children around the world from further abuse.

    The South Australian Joint Anti Child Exploitation Team (SA JACET) was formed in 2015 to provide a more coordinated investigative response and achieve the best possible outcomes for vulnerable young people in Australia and overseas.

    In the decade since SA JACET was established, more than 370 child victims, ranging from toddlers to teenagers, from countries including Australia, the United Kingdom, United States and Southeast Asia, have been identified and removed from further harm.

    During this time, SA JACET received 677 referrals from national and international law enforcement agencies relating to alleged South Australian-based offenders, resulting in the arrest of 654 people locally.

    So far this financial year (2024-25)*, SA JACET investigations have resulted in the removal of 14 children from harm in Australia and overseas, and the charging of 49 men and women in South Australia for their alleged involvement in the online sexual exploitation or abuse of children.

    AFP Detective Acting Sergeant Stephen Hegarty, from SA JACET, said there was no greater reward than being part of a resilient and dedicated team focused on protecting the youngest, and often most vulnerable, members of the community.

    “As an original member of the SA JACET, I can say that repeatedly viewing videos and images of children being exploited, abused or tortured is tough – but it does not compare to the trauma that child victims endure,” a/Sgt Hegarty said.

    “The team’s common goal is to make a difference in children’s lives – ensure victims are identified and removed from further harm and protect other children from having their innocence stolen.

    “Our team can spend weeks, months, or even years investigating just one of these evil and horrendous crimes and sadly, are often investigating several matters at once.

    “Identifying suspects can require extensive intelligence gathering and investigative techniques, including using the execution of search warrants to gather evidence, and forensic examination of equipment and images.

    “It’s also important to remember an investigation does not end with an arrest.

    “Police will continue to review seized images and videos to try to identify child victims, prepare evidence for the judicial process, investigate possible other offending, and provide referrals to other local and international agencies if required.

    “JACET investigators are relentless, and we never give up trying to combat this crime type.”

    Acting Sergeant Hegarty said the co-location of the AFP and South Australian investigators provided significant opportunity to quickly and efficiently share jurisdiction-specific intelligence.

    “JACET teams are in most Australian states and territories, and complement the efforts of the AFP-led Australian Centre to Counter Child Exploitation (ACCCE),” a/Sgt Hegarty said.

    “With the AFP’s involvement, JACET can also reach into our broad international network.”

    South Australia Police Acting Assistant Commissioner, Crime Service, Catherine Hilliard commended the hard work of SAPOL and AFP investigators over the past 10 years.

    “Child protection will always be a key priority for South Australia Police, and we will continue working with partner agencies to keep children safe and remove them from harm,” she said.

    “We also work with other agencies across the world to identify and bring those involved in child exploitation to justice.

    “Our hardworking investigators often spend their days examining confronting material, but seeing the results over the past 10 years of JACET provides further motivation to overcome obstacles and persist in our quest to detect and apprehend child sex offenders.

    “SA JACET will continue to pursue child sex offenders wherever they may hide.”

    Acting Assistant Commissioner Hilliard urged parents to discuss online safety with their children.

    “As a community it’s important to be aware of the risks and warning signs in children to prevent their exploitation online,” she added.

    “This may include changes in behaviour, secrecy around devices, changing passcodes and isolating themselves in their rooms.

    “Be approachable, have open conversations with your children, and know educational resources are available to assist in these vital conversations.”

    *Figures from the period 1 July, 2024 to 1 May, 2025.

    Significant SA JACET sentencings from the past 12 months

    June 2024

    A South Australian man was sentenced to 23 years’ imprisonment for soliciting sexually explicit material from 10 foreign children (Philippines) via social media platforms.

    The sentencing is the first conviction in South Australia under mandatory minimum sentencing provisions for Commonwealth child sexual abuse offences.

    November 2024

    A South Australian man was sentenced to 15 years’ imprisonment – with a non-parole period of nine years – for child abuse offences, including the live streaming of young children overseas (Philippines).

    Case studies

    Criminal Asset Confiscation Taskforce (CACT) seizures and forfeiture of homes in South Australia of convicted online child abuse offenders 

    • In November, 2020, the CACT restrained the Adelaide home of a man who was then accused of ordering and instructing live distance child abuse of children overseas, which he watched online from his home. It was the first time the AFP had restrained the home of an alleged child sex offender, who was not accused of profiting from his crimes. The man was later convicted and sentenced to more than 15 years’ imprisonment. A total of 50 per cent of the market value of the property was ultimately confiscated.
    • In December, 2024, the CACT restrained the home of a South Australian man who had been charged with more than 50 offences, largely relating to the alleged transmission and production of child abuse material on social media platforms.

    ·

    Other states (assets restrained/forfeited online child abuse offenders)

    • In October, 2020, a Belgian national living in Sydney was the first person to have assets restrained by the CACT as part of a child protection investigation. He had been selling child abuse material from a website he operated. The CACT restrained the man’s assets, estimated to be worth $30,000, which included funds in two bank accounts, camera equipment, a drone and scuba diving gear. The matter has been finalised, with the Supreme Court of NSW ordering all property be forfeited to the Commonwealth.
    • In March, 2024, the CACT restrained the home of a Northern Territory man who was convicted of online child abuse offences. The home was subsequently forfeited to the Commonwealth in June, 2024.
    • In March, 2025, the CACT restrained the home of a New South Wales man, charged with three offences relating to use of a carriage service to transmit, possess, and access child abuse material.
    • In April, 2025, a Victorian Court made consent orders for a Geelong man, 32, to pay a sum of more than $850,000, being equal to the benefits he derived from the commission of his offences. He was convicted of controlling, producing and possessing child abuse material and dealing with proceeds of crime. The Court also ordered the forfeiture of various other property, including the proceeds of sale of two vehicles, 48 household items, including high-end televisions, audio-visual equipment, furniture and appliances, and more than $30,000 in funds.

    Top tips for parents and carers

    • Supervision is essential. This means knowing what your children are doing online, who they are interacting with and what platforms, apps or games they are using.
    • Have open conversations, often. Talk to your children often about their online activities.
    • Check privacy settings. We recommend parents and carers research and understand app settings, including privacy settings. This could include turning off location settings, setting profiles to private, or turning off chat functions.
    • Encourage your child to recognise safe or unsafe situations and inappropriate contact. This can empower them to make informed decisions, including when they’re unsupervised.
    • Advise children not to share personal information with any ‘friends’ they have only met online.
    • Be approachable if your child needs help. Coming forward isn’t always easy, and children may feel reluctant to tell you about online issues if they believe they will be punished or have their devices taken away.
    • Know how to make a report. It’s important immediate action is taken if your child is in danger of online sexual abuse. If something goes wrong online, it is critical your child is supported. Parents and carers need to know how to act.

    What are the warning signs a child may be groomed online?

    Common online grooming behaviour to look out for includes:

    • Unsolicited friend requests;
    • An online user asking children personal questions;
    • Promising something in exchange for self-generated child abuse material; or
    • Fake social media accounts.

    How can a report be made to the ACCCE or law enforcement?

    • If parents or carers believe a child is being groomed, it is important to collect as much evidence as possible before the content is removed. This will assist police in their investigation.
    • This evidence includes:
    • Screenshots or photos of conversations. However, do not screenshot, save, share or distribute any explicit images of the underage person as this is an offence.
    • Recorded social media details, including account profile and username profiles.
    • Webpage addresses (URLs).
    • Dates and times of when the online grooming occurred.
    • Any other information you have about the interaction or the potential offender.
    • Block or delete. It’s important to capture this information before blocking or deleting the user or you may lose important evidence.
    • Members of the public who have information about people involved in child abuse and exploitation are urged to call Crime Stoppers on 1800 333 000 or report through the ACCCE website, https://www.accce.gov.au/report.
    • If you know abuse is happening right now, or a child is at risk, call police immediately on 000.
    • The AFP and its partners are committed to stopping child exploitation and abuse and the ACCCE is driving a collaborative national approach.

    The AFP-led ACCCE is committed to stopping child exploitation and abuse and is at the centre of a collaborative national approach to combatting organised child abuse.

    The Centre brings together specialist expertise and skills in a central hub, supporting investigations into child sexual abuse and developing prevention strategies focused on creating a safer online environment.

    Members of the public who have any information about people involved in child abuse and exploitation are urged to call Crime stoppers on 1800 333 000.

    You can also make a report online by alerting the Australian Centre to Counter Child Exploitation via the Report Abuse button.

    Note to media:

    Use of term ‘CHILD ABUSE’ MATERIAL NOT ‘CHILD PORNOGRAPHY’

    The correct legal term is Child Abuse Material – the move to this wording was among amendments to Commonwealth legislation in 2019 to more accurately reflect the gravity of the crimes and the harm inflicted on victims.

    Use of the phrase “child pornography” is inaccurate and benefits child sex abusers because it:

    • indicates legitimacy and compliance on the part of the victim and therefore legality on the part of the abuser; and
    • conjures images of children posing in ‘provocative’ positions, rather than suffering horrific abuse.

    Every photograph or video captures an actual situation where a child has been abused.

    MIL OSI News –

  • MIL-OSI Security: Drive-By Shooters Who Sprayed Bullets Near a Southeast Washington D.C. Elementary School Sentenced to Federal Prison

    Source: Office of United States Attorneys

    WASHINGTON – Rasheed Mullins, 27, and Josiah Warfield, 24, both of Washington, D.C., were sentenced today in U.S. District Court to 90 months and 100 months in prison, respectively, for participating in an April 2024 daylight drive-by shooting near an elementary school in Southeast D.C.

    The sentencings were announced by U.S. Attorney Jeanine Ferris Pirro, Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Washington Field Division, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

    Mullins and Warfield both pleaded guilty on January 27, 2025, to single counts of assault with intent to kill while armed. In addition to the prison terms, Judge Carl J. Nichols ordered them each to serve five years of supervised release.

    According to court documents, Mullins was at the wheel of a red Kia SUV as it drove near the 2800 block of Bruce Place, SE. Warfield and another male conspirator were passengers in the vehicle. About 11:25 a.m., Mullins began to chase a grey Mercedes. Warfield, armed with a Glock 19, and the other man, wielding a Draco assault rifle, leaned out of the SUVs windows and fired multiple shots at the Mercedes, hitting it three times.

    Mullins continued to chase the Mercedes until losing control of the SUV and crashing it near where two PGPD detectives were standing as they were investigating an unrelated case. The three men bailed out of the SUV and ran into a nearby wooded area where the officers arrested them.

    This case was investigated by the ATF and MPD. It is being prosecuted by Assistant U.S. Attorneys Sarah Martin and Jared English.

    24cr193

    MIL Security OSI –

  • MIL-OSI Security: Truck driver receives maximum sentence for smuggling 36 illegal aliens in trailer

    Source: Office of United States Attorneys

    CORPUS CHRISTI, Texas – A 34-year-old Alamo resident has been ordered to prison for smuggling people into the United States from multiple countries, announced U.S. Attorney Nicholas J. Ganjei.

    Eusebio Cavazos pleaded guilty Feb. 13.

    U.S. District Judge David Morales has now ordered Cavazos to serve the statutory maximum of 60 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court heard additional evidence regarding numerous sentencing enhancements applied in the case. These included transporting over 25 aliens, recklessness for locking the aliens in the back of a cold trailer with no means of escape, transporting a minor and using his skills as a truck driver to commit the crime. In handing down the sentence, Judge Morales noted he would have sentenced Cavazos to a higher sentence if not for the statutory maximum of 60 months.

    On Dec. 13, 2024, Cavazos drove a tractor-trailer into the primary inspection lane at the Border Patrol (BP) checkpoint near Sarita. Upon initial inspection, a K-9 alerted to the possible presence of humans in the trailer.

    Authorities referred him to secondary inspection where they discovered 36 illegal aliens in the back of the trailer and nothing else. It was 54 degrees inside and the doors were locked and sealed with no means of escape.

    A total of 15 were from Guatemala, 10 from Honduras, eight from Mexico and three from El Salvador. All were illegally present in the United States, five of whom had allegedly been previously removed and have pending charges for illegal reentry.

    Cavazos admitted someone had hired him to drive all 36 illegal aliens from a point near Donna to Houston.

    He expected to receive $1,000 per alien he was transporting.

    “Human smuggling is a dangerous, and sometimes deadly, practice, and those that choose to engage in it deserve the maximum punishment available,” said Ganjei. “All it would have taken here is a car accident or a cooling malfunction for these people to have lost their lives.”

    Cavazos has been and will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    Immigration and Customs Enforcement – Homeland Security Investigations and BP conducted the investigation. Assistant U.S. Attorney Joseph Griffith 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 Security: Pryor man sentenced to 2 years in prison for strangulation and assault

    Source: Office of United States Attorneys

    BILINGS – A Pryor man who admitted strangling and assaulting his dating partner was sentenced today to two years in prison to be followed by three of supervised release, U.S. Attorney Kurt Alme said.

    Thomas Larson Medicinehorse III, 19, pleaded guilty in January 2025 to strangulation and assault resulting in substantial bodily injury to a dating or intimate partner.

    U.S. District Judge Susan P. Watters presided.

    The government alleged in court documents that on February 5, 2024, Medicinehorse and the victim, referred to here as Jane Doe, got into an argument. The altercation turned physical, and Medicinehorse strangled Doe by placing his hands around her throat. Doe’s vision went dark and she could not breathe.

    The next day, February 6, 2024, Medicinehorse and Doe got into another argument. Medicinehorse struck Doe on the face, arms, and legs, causing bruising and swelling to her right eye and various bruises on her arms and legs.

    The U.S. Attorney’s Office prosecuted the case. The investigation was conducted by the FBI, BIA, and Big Horn County Sheriff’s Office.

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

    XXX

    MIL Security OSI –

  • MIL-OSI Russia: Marat Khusnullin: Traffic on Russian highways increased during May holidays

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Traffic on Russian highways increased during May holidays

    May 14, 2025

    Traffic on Russian highways increased during May holidays

    May 14, 2025

    Previous news Next news

    Traffic on Russian highways increased during May holidays

    Highways continue to be one of the key factors in the country’s infrastructure development. Their demand among road users increases annually, especially on weekends and holidays. This was reported by Deputy Prime Minister Marat Khusnullin.

    “Expressways allow citizens to quickly, conveniently and safely get to their destination. The absence of traffic lights, level crossings, high-quality pavement, intelligent transport systems and modern multifunctional road service zones (MFSZ) make travel on such roads as comfortable as possible. All these factors affect the growth of traffic on them and the increase in traffic intensity, especially during holidays. During the May holidays, this figure increased significantly across the entire network of expressways. For example, on May 1 of this year, cars and trucks traveled a record number of kilometers on the M-12 Vostok – 21.5 million km, which is 29% higher compared to the same period last year,” said Marat Khusnullin.

    The Deputy Prime Minister added that on the M-11 Neva highway, during the May holidays, an average of over 21,000 trips were recorded per day. The peak was recorded on May 1, when the figure rose to almost 33,000. The traffic intensity on the section of the road from Moscow to the Tver Region exceeded 40,000 trips per day. Overall, on the highway this year, it has grown by 14% compared to the same period last year.

    The peak traffic intensity on the Central Ring Road was on April 30 – on average over 25 thousand trips per day, and in some areas over 37 thousand were recorded. During the May holidays, over 20 thousand trips were recorded on the Malye Vyazme bypass that opened last year.

    The new road A-289 Krasnodar – Kerch also shows a steady growth in traffic intensity. On April 30, traffic was 19.5 thousand trips. The peak value was recorded on May 1 – more than 22.5 thousand. At the end of the May holidays, as of May 11, the traffic intensity on this road was 16.8 thousand trips per day.

    Chairman of the Board of the state company Avtodor Vyacheslav Petushenko noted that during the holidays there is an increase in passenger car traffic on all routes of high-speed highways. The high-speed road to the south, M-4 Don, is in particular demand.

    “The average daily traffic intensity on the M-4 Don also increased during the May holidays. The peak value on this highway was recorded on April 30, on some sections of the road the flow of cars reached high values. Thus, on the highway within the Moscow Region, more than 80 thousand trips were registered on this day. High figures were observed on May 1 in the Rostov Region – over 55 thousand trips were recorded here. In general, during the first and last days of the holiday period, the highway demonstrated a stable load. On some sections, more than 75 thousand trips per day were recorded,” noted Vyacheslav Petushenko.

    The highest traffic intensity is observed on the eve and at the end of holidays, when people go on trips and to their summer cottages. More and more motorists choose expressways due to their high capacity, safety, comfort and service, making them the main routes on these days. Modern multifunctional road service zones, 24-hour free assistance from emergency commissioners and monitoring systems that improve traffic safety are available on the highways.

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

    MIL OSI Russia News –

  • MIL-OSI: POET Technologies Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its unaudited condensed consolidated financial results for the first quarter ended March 31, 2025. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

    Management Commentary:

    “In the first quarter of 2025, we continued to build momentum across multiple fronts—technology innovation, commercial progress, strategic partnerships and production capacity – positioning the company for accelerated revenue growth in the second half of the year,” said Dr. Suresh Venkatesan, Chairman & CEO of POET Technologies. “The transition out of SPX in China into Malaysia was a timely and energizing event for the Company. Opening a 10,000 square foot clean room filled with wafer-level production tools at our partner, Globetronics, was the indispensable next step to accepting volume orders from AI and cloud data center customers. As we look ahead, we are building on the strong foundation of innovative products introduced at OFC, and the reaction of customers and partners, reinforces our conviction that POET is on the cusp of a meaningful revenue inflection later this year.”

    Notable Business Highlights:

    • Shipped final design samples of its POET Infinity transmit product line for 400G and 800G applications to three major technology leaders. The products include 400G FR4, 800G 2xFR4 and 800G DR8 transmit formats, all assembled at our high-volume production facility in Malaysia.
    • Demonstrated its latest innovations, POET Teralight™, a line of 1.6T highly integrated transmit and receive optical engines and the new POET Blazar™, an advanced light source at the Optical Fiber Communications (“OFC”) Conference.
    • Partnered with Lessengers, an innovative optical solution provider based in South Korea, to offer a differentiated 800G DR8 transceiver

    Non-IFRS Financial Summary
    The Company reported non-recurring engineering (“NRE”) and product revenue of $166,760 in the first quarter of 2025 compared to $8,710 for the same period in 2024 and $29,032 in the fourth quarter of 2024. Historically, the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. The Company only had small product revenue in Q1 2025.

    The Company reported a net income of $6.3 million, or $0.08 per share, in the first quarter of 2025 compared with a net loss of $5.7 million, or ($0.13) per share, for the same period in 2024 and a net loss of $30.2 million, or ($0.50) per share, in the fourth quarter of 2024. The net income in the first quarter of 2025 included research and development costs of $4.3 million compared to $1.9 million for the same period in 2024 and $3.4 million in the fourth quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.

    The largest component of the Company’s income was from the non-cash gain in fair value adjustment to derivative warrant liability of $15.4 million in the first quarter of 2025, compared to loss of $630,000 in the same period in 2024 and a loss of $12.4 million in the fourth quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured.

    Other non-cash expenses in the first quarter of 2025 included stock-based compensation of $0.8 million and depreciation and amortization of $0.7 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2024 were $0.9 million and $0.5 million, respectively. Fourth quarter 2024 stock-based compensation and depreciation and amortization were $1.4 million and $0.5 million, respectively. The Company had non-cash finance costs of $33,000 in the first quarter of 2025 compared to non-cash finance costs of $20,000 in the first quarter of 2024 and non-cash costs of $32,000 in the fourth quarter of 2024.

    The Company recognized other income, including interest of $528,000 in the first quarter of 2025, compared to $52,000 in the same period in 2024 and $511,000 in the fourth quarter of 2024.

    During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687. There was no impact of the acquisition transaction in the first quarter of 2025.

    Cash flow from operating activities in the first quarter of 2025 was ($8.9) million compared to ($4.6) million in the first quarter of 2024 and ($8.7) million in the fourth quarter of 2024.

    Summary of Financial Performance
    The following is a summary of the Company’s operations over the five quarters ending March 31, 2025. This information should be read in conjunction with the Company’s financial statements filed on Sedar+ on May 14, 2025.

     
    POET TECHNOLOGIES INC.
    PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS
    (All figures are in U.S. Dollars)
     
    For the Quarter ended: 31-Mar-25     31-Dec-24     30-Sep-24     30-Jun-24     31-Mar-24    
    Revenue 166,760     29,032     3,685     –     8,710    
    Research and development (4,360,192 )   (3,437,683 )   (1,765,481 )   (2,117,828 )   (1,922,066 )  
    Depreciation and amortization (726,868 )   (475,281 )   (525,955 )   (509,699 )   (509,260 )  
    Professional fees (276,184 )   (679,156 )   (480,871 )   (366,839 )   (409,726 )  
    Wages and benefits (2,123,274 )   (758,883 )   (667,963 )   (780,146 )   (768,496 )  
    Loss on acquisition of 24.8% of SPX –     (6,852,687 )   –     –     –    
    Stock-based compensation (841,793 )   (1,404,995 )   (1,525,131 )   (1,591,741 )   (947,502 )  
    General expenses and rent (898,056 )   (474,937 )   (465,448 )   (448,357 )   (570,819 )  
    Finance advisory fees (476,802 )   (4,239,831 )   (1,319,392 )   (942,576 )   –    
    Derivative liability adjustment 15,382,971     (12,444,661 )   (6,179,836 )   (1,376,761 )   (629,824 )  
    Interest expense (32,786 )   (31,605 )   (30,482 )   (20,833 )   (19,753 )  
    Other (income), including interest 527,782     511,448     216,337     174,911     52,558    
    Net loss 6,341,558     (30,259,239 )   (12,740,537 )   (7,979,869 )   (5,716,178 )  
                                   
    Net income (loss) per share – Basic 0.08     (0.50 )   (0.20 )   (0.14 )   (0.13 )  
    Net income (loss) per share – Diluted –     (0.50 )   (0.20 )   (0.14 )   (0.13 )  
     

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to its move of production capacity from China to Malaysia, the ability of its partners to install and operate production equipment, the reaction of customers and partners to the Company’s product offerings, the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding its move of production capacity from China to Malaysia, the ability of its partner to meet production expectations, the reaction of customers and partners to the Company’s product offerings, the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure to achieve high volume production in Malaysia on time, the failure of its products to meet performance requirements or to be produced in Malaysia on time and budget, the lack of sales in its products, once released, operational risks in the completion of the Company’s anticipated projects, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, the ability to raise additional capital and the agreement by shareholders to approve proposals put forth by the Company at shareholders’ meetings. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

  • MIL-OSI USA: ICYMI: In Response to Deadly Port Newark Fire, Rep. Sherrill Introduces Bill To Protect Firefighters

    Source: United States House of Representatives – Congresswoman Mikie Sherrill (NJ-11)

    On Monday, Congresswoman Mikie Sherrill introduced legislation to keep firefighters safe in crisis situations by improving equipment, training, and staffing for departments’ emergency rescue teams.

    In addition to bipartisan support from Congressman Don Bacon, Sherrill’s legislation earned the endorsement of the New Jersey Firefighters Mutual Benevolent Association, International Association of Fire Chiefs, and National Fallen Firefighters Foundation.
     

    NJ Spotlight News: Help planned for fighting port fires

    By: Ben Hulac | May 12, 2025
     

    • Legislation to craft a new national strategy for fighting port fires like the 2023 blaze that killed two firefighters at the Newark port has a good shot at becoming law, according to its lead sponsor, Rep. Mikie Sherrill (D-11th).
       
    • Fighting fires on ships demands particular knowledge and skills, said Sherrill […]
       
    • The two Newark firefighters who responded to and died from the fire two years ago on an Italian cargo ship did not have special training, she said. This bill would include specific measures to better train firefighters for combat maritime fires.
       
    • “They had not been given any specialized training,” Sherrill said in an interview with NJ Spotlight News. “Had they had a lesson in maritime training, I think it would have made a big difference. I think they would be alive today.”
       
    • Experts with the National Transportation Safety Board, an independent federal agency that dispatches investigators to emergency sites, found thick smoke disoriented the two firefighters — Wayne Brooks Jr. and Augusto Acabou — who could not find their way out of the vessel as the fire burned.
       
    • Six other emergency responders were hurt. The fire burned for five days. The probable cause was a Jeep the ship crew used to push other vehicles on board, the NTSB found.
       
    • Liquids from the Jeep’s transmission boiled over and ignited the blaze, investigators said. “Also contributing to the severity of the fire was the Newark Fire Division’s lack of marine vessel firefighting training, which resulted in an ineffective response and led to the firefighter casualties,” the NTSB said in its final report, released in April.
       
    • The port of Newark and New York is the largest by volume on the East Coast and the third largest in the country, behind Los Angeles and Long Beach, Calif.
       
    • Sherrill’s Republican co-sponsor on the bill is Don Bacon, a former Air Force general from Nebraska and one of the few moderate members of his party in the House. 
       
    • The bill directs the U.S. Fire Administration, a division of the Department of Homeland Security, to establish a “comprehensive strategy to improve equipment, training, and staffing standards,” including for groups of firefighters that respond to fires at ports.
       
    • Moving around on a ship can be tricky given the tight quarters and segmented structure, Sherrill said, referencing fire training sessions she completed during her Navy career.
       
    • “When you get on ships, it can be very, very hard to get in and out. They’re compartmentalized for various reasons,” Sherrill said. “So getting throughout the ship is difficult.”
       
    • The bill contains no funding, which could make passage easier.
       
    • Bills expire at the end of each Congress, which last for two years, and must pass the House and Senate before the president can sign them into law.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Serious crash, Kahikatea Drive, Hamilton

    Source: New Zealand Police

    Emergency services are responding to a serious crash in Hamilton this morning, which is blocking the road near Waikato Hospital.

    The two vehicle collision has occurred around the intersection of Ohaupo and Kahikatea Drive in Melville. The road will be blocked for sometime.

    Indications are there are serious injuries. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: SBA Relief Available to Arkansas Small Businesses, Private Nonprofits and Residents Affected by Severe Storms and Tornadoes

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – In response to a Presidential disaster declaration issued May 8, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Arkansas small businesses, private nonprofit (PNP) organizations and residents affected by severe storms and tornadoes occurring March 14-15.

    The disaster declaration covers the Arkansas counties of Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp, and Stone.

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    Interest rates can be as low as 4% for small businesses, 3.62% for PNPs and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI Canada: Penning a new chapter on mutually beneficial trade

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    Washington, D.C. – On Tuesday, U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Armed Services Committee, participated in the hearing, “To consider the nominations of: Mr. Richard L. Anderson to be Assistant Secretary of the Air Force for Manpower and Reserve Affairs; Mr. Adam R. Telle to be Assistant Secretary of the Army for Civil Works; and Dr. Matthew C. Napoli to be Deputy Administrator for Defense Nuclear Nonproliferation National Nuclear Security Administration.” 
    In his remarks, Senator Mullin detailed the importance of the Port of Catoosa and the critical infrastructure updates that are desperately needed. Mr. Telle, Assistant Secretary of the Army for Civil Works nominee, committed to addressing the issue.

    The full committee hearing can be found here. 
    The exchange between Senator Mullin and Mr. Adam Telle, nominee to be Assistant Secretary of the Army for Civil Works, is below.  
    Sen. Mullin: “Mr. Telle, I want to talk to you about the Port of Catoosa. It’s a 445-mile channel that runs from essentially the Mississippi all the way up to the Port of Catoosa, which is the largest inland water port west of the Mississippi and on the Gulf of America. It also provides roughly 50% of all agricultural products that flow in and out of the Midwest, and it goes up to the Port of Catoosa, which is just outside of Tulsa. And from there, it gets on rails and trucks and gets trucked the rest of the way up. It was opened in 1971 and since roughly the 90s, we have talked about increasing the depth, because the amount of traffic that’s on it. Right now, it’s dredged at nine feet in depth, and it also has a critical backlog, which means that any of the levees could shut down at any given time, of increasing almost a billion dollars critical backlog needs.” 
    “The Port of Catoosa, for some reason continues to be treated like, this is not politically correct but whatever the red headed stepchild is, and other projects in Ohio or the Mississippi or other areas of waterways seem to get the most attention. However, the Midwest feeds the United States and many parts around the world, yet we’re in a critical situation here where we need to increase the depth of the channel from 9 feet to 12 feet. The study has been going on literally since the 90s. An additional study started again in 2005 and expired in roughly 2014. We could see a 40% increase in cargo influx into the port and out of the port for every foot we increase it. 40% increase cargo. Which would be drastically an improvement to what we deal with today. Not to mention the timing, the cost to get Ag products in and out of the Midwest, because as we hit the Mississippi, we actually change out of one barge to another barge that actually is obviously deeper and bigger for us to be able to navigate through the channel with.” 
    “My concern is that since the Corp has continued to overlook this, I’m looking for a commitment for you that you will actually take a hard look at this and understand that literally, the heartbeat of America, which is our Ag products, is in dire straits of being able to get products in and out. And if this navigation channel goes down, the cost is going to bring to all Americans’ tables, because it will increase in cargo. So, would you commit to helping us with this channel?”  
    Mr. Telle: “Senator Mullin, absolutely, I will. This is emblematic, the situation you described, in providing access for Oklahoma’s farmers and ranchers to the rest of the world through our waterways is emblematic of the Corp’s mission, which was originally to use our waterways for the benefit of the American public.” 
    “Your state’s so critical in getting the products from your state the world. And the opposite of that, getting the world’s products to you is critically important. I understand that this issue has been going on for a long time, affects the state of Arkansas as well. And certainly, as vessel traffic changes, the types of traffic change based on commercial patterns across the globe, we need to make sure that our infrastructure is up to date to meet it. And I look forward to doing everything we can to take a very hard look at this critical asset and make sure that we modernize it to the degree that we can.” 
    “And I would also, as you describe when we were in your office, the critical role that it plays in flood protection in that area as well. And you know, dredge material often can have a beneficial use in terms of building flood control infrastructure, levees and otherwise. So, I look forward to working with you on that and I commit to do my very best.”  
    Sen. Mullin: “Thank you. And I look forward to hosting you when we can get you there.”  

    MIL OSI USA News –

  • MIL-OSI USA: House Natural Resources Committee Advances Reconciliation Responsibility

    Source: United States House of Representatives – Congressman Mark Amodei (NV-02)

    Washington, D.C. – This week, the House Natural Resources Committee passed its directives for the Reconciliation process, which includes $18.5 billion in savings. In addition, Rep. Mark Amodei’s amendment pertaining to disposal of Federal lands in Nevada was included in the package.

    “This week, the House Natural Resources Committee advanced our portion of the budget reconciliation bill, delivering on the Administration’s commitment to curb reckless spending, steward taxpayer dollars responsibly, and identify smart investments,” said Rep. Mark Amodei. “Our contributions will generate a total of $18.5 billion in savings, well beyond our $1 billion target.

    “In addition to these historic savings, my Nevada-centric lands amendment was included in the package. The reality is, most of my colleagues don’t fully grasp the unique challenges Nevada faces as a state that is 80% federally owned. For years, folks from my district, and even across district lines, have voiced serious concerns about how these vast stretches of public land could threaten Nevada’s economic momentum and competitiveness if we run out of usable acreage.

    “With Republicans holding only a slim majority, the reconciliation process presented a rare vehicle to advance these land disposal requests and ensure the priorities of our county commissions were heard. This is only the first step in our efforts to support responsible development in our state while also delivering a meaningful return for the American taxpayer.”

    Background

    The Reconciliation Process

    Reconciliation is a rigorous process that allows the President’s agenda to move forward without being blocked by a Senate filibuster. It began with both the House and Senate passing an identical budget blueprint that provided clear directives for committees to identify areas for saving and investment. Congressional committees have been working to turn those directives into actionable legislation within their respective jurisdictions.

    All proposed legislation must meet deficit-reducing or revenue-related targets. The end goal is to compile all legislation passed through committees and bring it onto the chamber floors for voting in one big bill.

    Rep. Amodei’s Land Disposal Amendment

    Nevada’s population centers are all encumbered by Federal lands and can’t meet their housing and development needs without disposal of Federal lands. Unlike most other states, Nevadans rely on Congress to make these lands available.  

    Each of the maps included in this amendment was generated by the respective counties referenced in the bill. National Parks and areas of significant environmental value are not included in the list of disposal lands within the amendment, and all disposal of Federal lands must still go through the NEPA process and comply with existing federal regulations. This amendment focuses on communities who have been starved of development and housing needs.

    Breakdown of the Amendment

    * 449,174 acres are encompassed in the amendment; however, 356,100 acres are part of the Pershing County checkerboard resolution that have no net change in federal ownership. 

    Washoe County

    The amendment identifies 15,860 acres in Washoe County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development.

    Clark County

    The amendment identifies 65,129 acres in Clark County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development. The amendment includes a savings clause to ensure that no proceeds deposited into the SNPLMA special account under previous lands sales are to be rescinded or redirected.

    Lyon County

    The amendment identifies 12,085 acres in Lyon County, which will be sold for fair market value to the City of Fernley, Nevada and be developed as the Tahoe-Reno Industrial Center (TRIC) II.

    Pershing County

    The amendment authorizes the sale or exchange of lands previously identified for disposal by the BLM in a streamlined manner. This encompasses approximately 356,100 acres of land to be exchanged at a 1:1 ratio.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Marshals Capital Area Regional Fugitive Task Force Continues to Protect Virginia Streets

    Source: US Marshals Service

    Newport News, VA – The U.S. Marshals Service Capital Area Regional Fugitive Task Force (CARFTF) April 30 arrested in Newport News a fugitive wanted on sexual assault charges.

    Mateo Juan Nicolas, 24, is alleged to have used force in the rape a minor in a vehicle April 25 in Greene County.

    Greene County Sheriff’s Office requested assistance from CARFTF April 28 in locating and arresting Nicolas, who is originally from Guatemala.

    CARFTF arrested Nicolas without incident at the intersection of 36th Street and Jefferson Avenue.  

    He was transported to the city jail in Newport News and booked on the active warrants.  

    Since 2004, the Capital Area Regional Fugitive Task Force has focused resources and efforts on the enhancement of public safety and the reduction of violence within the National Capital Region, through the identification, investigation, and apprehension of fugitives wanted for egregious crimes against the community, while ensuring the equal application of Justice, Integrity, and Service for all.

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Sentenced to 11 Years in Federal Prison for Participating in Violent Danbury Kidnapping

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, announced that ANTHONY PENA, also known as “Tony,” 24, of Miami Gardens, Florida, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 132 months of imprisonment, followed by two years of supervised release, for participating in a violent kidnapping in Danbury last summer.

    According to court documents and statements made in court, in the late afternoon of August 25, 2024, Danbury Police received multiple 911 calls from witnesses who observed several males assaulting another male and forcing him into a white work van.  Responding officers encountered the van on Clapboard Ridge Road, near the intersection of East Gate Road, and attempted to stop it.  The van accelerated at a high-rate of speed and crashed approximately one mile away on Cowperthwaite Street.  Pena, Angel Borrero, and two associates, all dressed in black, exited the van and fled on foot.  Officers arrived at the location of the disabled van and located a male and female victim, both bound with duct tape, in the back of the van.  The male victim had significant injuries to his face and arm.  Both victims were transported to the hospital for further evaluation.  The victims reported that the Lamborghini Urus they were operating was rear-ended by a Honda Civic on Damia Drive in Danbury, and a white work van cut in front of their vehicle.  The victims were then forcibly removed from their vehicle, dragged into the van, and bound with duct tape.  When the male victim resisted, he was punched in the face and hit repeatedly with a baseball bat, both outside and inside the van, by Pena and others.  The victims were told several times that they would be killed.

    Pena, Borrero, and the two associates were apprehended in various locations within a quarter-mile radius from where the van crashed.  Two other associates, and the Honda Civic, were located at a short-term rental home in Roxbury.  A baseball bat was found inside the car.  The victims’ Lamborghini, with a blood-stained baseball bat inside the car, was found abandoned in the woods off the roadway on East King Street.

    The kidnapping was intended to facilitate the extortion of the victims’ son, who is suspected of participating in the theft of hundreds of millions of dollars in cryptocurrency.

    Pena has been detained since his arrest.  On January 10, 2025, he pleaded guilty to conspiracy and kidnapping.

    Borrero and three others involved in the offense also pleaded guilty and await sentencing.

    This matter is being investigated by the FBI New Haven Violent Crimes Task Force and the Danbury Police Department.  The Task Force includes members from the Connecticut State Police and several local police departments.  The case is being prosecuted by Assistant U.S. Attorneys Karen L. Peck and John T. Pierpont, Jr.

    U.S. Attorney Sullivan thanked the State’s Attorney’s Office for the Judicial District of Danbury for its close cooperation in investigating and prosecuting this matter.

    MIL Security OSI –

  • MIL-OSI: Quorum Announces Q1 2025 Results Release Date, Conference Call and Webcast Details

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 14, 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, intends to release its Q1 2025 Results after markets close on Wednesday, May 28, 2025.

    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 CSI 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 some of which are described herein. 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.

    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/b7f813fa-c74c-4591-b7a0-4c0d3d83a020

    The MIL Network –

  • MIL-OSI: MATTR Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) reported today its operational and financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and interim consolidated financial statements for the three months ended March 31, 2025, which are available on the Company’s website and at www.sedarplus.com.

    Highlights include1:

    • On January 2, 2025, the Company completed its acquisition of AmerCable® Incorporated (“AmerCable”), a U.S. manufacturer of highly engineered wire and cable solutions for the net purchase price of US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. This transaction is still subject to final net working capital adjustments. AmerCable is now reported under the Company’s Connection Technologies segment;
    • On a consolidated basis (including Continuing Operations and Discontinued Operations), Mattr reported revenue of $343 million, net income of $53 million, Adjusted EBITDA2 of $54 million, diluted Earnings Per Share (“EPS”) of 0.84 and diluted Adjusted EPS2 of $0.34. Results are inclusive of Modernization, Expansion and Optimization (“MEO”)2 costs of $2.7 million incurred during the quarter;
    • During the first quarter of 2025, Mattr’s Continuing Operations (including AmerCable) delivered revenue of $320 million, operating income of $18 million and Adjusted EBITDA of $47 million, an 80% increase compared to the first quarter of 2024;
    • The Connection Technologies segment’s first quarter revenue increased by 106% to $187 million compared to $91 million in the prior year’s quarter. Operating income increased by 24% to $18 million compared to $15 million in the prior year’s quarter and Adjusted EBITDA from the segment was $30 million, a 73% increase compared to the first quarter of 2024;
    • The Composite Technologies segment’s first quarter revenue increased by 11% to $133 million compared to $119 million in the prior year’s quarter. Operating income increased by 219% to $13 million compared to $4 million in the prior year’s quarter and Adjusted EBITDA from the segment was $21 million, a 40% increase compared to the first quarter of 2024;
    • During the first quarter of 2025, Discontinued Operations generated revenue of $23 million, operating income of $7 million and Adjusted EBITDA of $7 million; and
    • During the first quarter of 2025, the Company committed $11.6 million to new capital expenditures while outlaying approximately $24.1 million in cash, including previously accrued amounts, to support long-term growth in its Composite Technologies and Connection Technologies segments. The Company also repurchased approximately 1.0 million of its common shares for a total repurchase price of $11 million under its normal course issuer bid (“NCIB”). Subsequent to the quarter and as of April 30, 2025, the Company has repurchased 313,800 shares for an aggregate repurchase price of approximately $3.0 million.

    ______________________________
    1. The Company’s consolidated financial statements for the three months ended March 31, 2025, report Continuing Operations as the Company’s Composite Technologies and Connection Technologies reporting segments and Financial and Corporate. Discontinued Operations include Company’s Thermotite business, its final remaining pipe coating business. Total consolidated figures include figures from both Continuing Operations and Discontinued Operations
    2. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS are non-GAAP measures. MEO costs is a supplementary financial measure. Non-GAAP measures and supplementary financial measures do not have standardized meanings prescribed by GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.

    “The first quarter of 2025 saw Mattr leverage its unique product portfolio to deliver strong business performance despite geopolitically driven uncertainty across many end markets,” said Mike Reeves, Mattr’s President & CEO. “With customer adoption of recently released technologies accelerating, robust performance from AmerCable in its first quarter as a Mattr brand, and newly established manufacturing facilities operating at improved levels of efficiency, Q1 saw meaningful year-over-year expansion of both revenue and Adjusted EBITDA generation within both operating segments.”

    “Mattr benefitted modestly during the first quarter from acceleration of purchasing decisions by some customers ahead of early April US tariff announcements.  While Mattr’s own USMCA compliant products were not directly impacted by these announcements, the uncertain outlook for global trade and macro-economic conditions has undoubtedly impacted customer confidence across much of the critical infrastructure landscape. Consequently, the Company currently expects demand for its products during the second quarter of 2025, and likely beyond, will be unfavorably impacted.  While the full year business impact remains unclear, we currently anticipate the second quarter of 2025 will see Mattr’s revenue and Adjusted EBITDA move lower sequentially.”

    Mr. Reeves continued, “While the Company cannot control the business environment within which it operates, in recent history the talented teams across our organization have proven nimble, resilient and cost-conscious in the face of challenging conditions.  As demonstrated by our first quarter performance, Mattr’s technology driven products, differentiated positioning in key markets, strong customer value proposition and rebalanced, modernized manufacturing footprint create the opportunity for market outperformance, regardless of prevailing conditions.”

    Mr. Reeves concluded, “Our hard-earned balance sheet strength enables Mattr to navigate market uncertainties with confidence, remaining committed to technology development, to enhancing cost and operational efficiency across the organization, to extracting commercial synergies from our newly expanded wire and cable portfolio and to creating long-term value for our shareholders, including via additional accretive acquisitions and the continued repurchase of shares under our NCIB.”

    Selected Financial Highlights    
           
        Three Months Ended
        March 31,
        2025   2024    
      (in thousands of Canadian dollars, except per share amounts and percentages) $ % $   %
      Revenue 320,120   210,039    
      Gross Profit 83,618 26% 59,768   28%
      Operating Income from Continuing Operations (a) 18,441 6% 4,029   2%
      Net Income (Loss) from Continuing Operations 48,069   (2,145 )  
      Net Income (Loss) from Discontinued Operations 4,657   (3,494 )  
      Net Income (Loss) for the period 52,726   (5,639 )  
      Earnings per share:          
      Basic 0.84   (0.09 )  
      Diluted 0.84   (0.09 )  
      Adjusted EBITDA from Continuing Operations (b) 46,554 15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (b) 7,477 32% 4,242   29%
      Total Consolidated Adjusted EBITDA from Operations (b) 54,031 16% 30,069   13%
      Total Consolidated Adjusted EPS from Operations (b)          
      Basic 0.34   0.16    
      Diluted 0.34   0.16    
    (a) Operating income for the three months ended March 31, 2025, includes no restructuring costs and other net, while operating loss for the three months ended March 31, 2024, includes $3.2 million restructuring costs and other net.
    (b) Adjusted EBITDA, adjusted EBITDA margins and Adjusted EPS are non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    1.0 FIRST QUARTER HIGHLIGHTS

    On January 2, 2025, the Company, through its subsidiary, successfully completed the acquisition of AmerCable, a U.S.-based manufacturer of highly engineered wire and cable solutions, from Nexans USA Inc. AmerCable has been incorporated into Mattr’s Connection Technologies segment, which is now the largest segment in its portfolio. The Company paid US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. The final working capital adjustment is anticipated to be completed during the second half of the year.

    During the first quarter of 2025, the Company delivered $320.1 million in revenue from Continuing Operations, a $110.1 million or a 52.4% increase from the same quarter of 2024. The Company’s operating income from Continuing Operations in the first quarter of 2025 was $18.4 million, an increase of $14.4 million, or 357.7%, compared to the first quarter of 2024. Adjusted EBITDA from Continuing Operations was $46.6 million during the first quarter of 2025, an increase of $20.7 million, or 80.3%, compared to the first quarter of 2024. These favorable movements as compared to the prior year period were driven by the addition of AmerCable and strong performance across most business lines, despite the economic uncertainties arising from tariff announcements.

    The first quarter of 2025 results include $9.5 million in costs associated with the acquisition of AmerCable including the impact of $4.2 million of costs related to the non-cash inventory fair value adjustment, which was part of AmerCable purchase price allocation accounting. The Company’s financial results in the first quarter of 2025 also include the impact of $2.7 million in MEO costs related to the Company’s ongoing MEO strategy and is similar to the $2.7 million of MEO costs recorded in the first quarter of 2024. Additionally, the Company recorded a recovery of $2.2 million in share-based incentive compensation against operating income from Continuing Operations during the first quarter of 2025 driven by the change in the Company’s share price. Comparatively, operating income from Continuing Operations in the prior year’s first quarter included an expense of $7.6 million in share-based incentive compensation.

    As at March 31, 2025, the Company had cash and cash equivalents totaling $52.7 million, a decrease from $502.5 million as at December 31, 2024 which included restricted cash. The decrease in cash compared to the year-end 2024 was largely attributable to closing and funding the AmerCable acquisition during the quarter.

    Selected Segment Financial Highlights        
             
        Three Months Ended
        March 31,
        2025       2024    
      (in thousands of Canadian dollars) $     % $   %
      Revenue              
      Connection Technologies 187,346       90,757    
      Composite Technologies 132,774       119,282    
      Revenue from Continuing Operations 320,120       210,039    
      Revenue from Discontinued Operations 23,301       14,422    
      Operating Income (Loss)              
      Connection Technologies 18,041     10% 14,543   16%
      Composite Technologies 12,807     10% 4,017   3%
      Financial and Corporate (12,407 )     (14,531 )  
      Operating Income from Continuing Operations 18,441       4,029    
      Operating Income from Discontinued Operations 7,493       3,696    
      Adjusted EBITDA (a)              
      Connection Technologies 30,461     16% 17,617   19%
      Composite Technologies 21,038     16% 15,008   13%
      Financial and Corporate (4,945 )     (6,798 )  
      Adjusted EBITDA from Continuing Operations (a) 46,554     15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (a) 7,477     32% 4,242   29%
    a) Adjusted EBITDA is non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    The Connection Technologies segment now includes the Company’s Shawflex, AmerCable and DSG-Canusa business lines, and delivered revenue of $187.3 million in the first quarter of 2025, a new first quarter record and an increase of $96.6 million when compared to the first quarter of 2024. Its operating income in the first quarter of 2025 was $18.0 million compared to $14.5 million in the first quarter of 2024. The segment delivered Adjusted EBITDA of $30.5 million during the first quarter of 2025, a $12.8 million increase versus the prior year quarter. This was the first quarter the Company’s business included AmerCable’s financial results, which significantly contributed to the increased financial performance in the Connection Technologies segment as compared to the first quarter of 2024. The AmerCable business line contributed strong performance across its end markets in the first quarter of 2025, particularly the mining sector. The Connection Technologies segment results include a $4.2 million impact from non-cash inventory fair value adjustment as part of AmerCable purchase price allocation accounting, which is added back for Adjusted EBITDA purposes. The segment successfully completed all expected first-quarter AmerCable business onboarding activities.

    Consolidated revenue generation in the segment’s wire and cable businesses (Shawflex and AmerCable) was strongly favorable compared to the prior year, driven primarily by increases in the mining, energy and industrial sectors, partially offset by weaker sales into infrastructure applications, driven by customer project timing.

    DSG-Canusa revenue increased marginally compared to the prior year period, primarily driven by higher sales into automotive end markets in North America as the Company gained market share despite a backdrop of reduced global automotive production during the quarter.

    Year-over-year increases in segment operating income and Adjusted EBITDA were primarily driven by the addition of AmerCable, partially offset by $2.7 million of non-capitalizable MEO costs associated with the bifurcation and relocation of its North American footprint. This compares to $0.4 million of MEO cost recognized in the prior year period.

    The Composite Technologies segment contains the Company’s Flexpipe® and Xerxes® business lines and delivered revenue of $132.8 million in the first quarter of 2025, an increase of $13.5 million, or 11.3%, compared to the first quarter of 2024. Operating income for the segment in the first quarter of 2025 was $12.8 million, an $8.8 million increase from the $4.0 million reported in the first quarter of 2024.

    North American Flexpipe revenue increased compared to the same period in the prior year, despite significantly reduced North American completion activity, as the Company continued to secure new customers and further penetrate the large diameter product market. The business also benefitted from some customers accelerating purchases ahead of potential tariff announcements. International revenue was lower year-over-year, primarily due to the timing of orders and deliveries, with the prior-year period benefiting from a significant shipment to the Middle East.

    Within Xerxes, first-quarter revenue exceeded the prior-year period, primarily driven by increased sales of Fiberglass Reinforced Plastic (FRP) tanks for retail fuel applications and Hydrochain products for storm water management applications.

    Adjusted EBITDA for the Composite Technologies segment in the first quarter of 2025 was $21.0 million, an increase of $6.0 million from the $15.0 million reported in the first quarter of 2024. This increase was primarily driven by higher gross profit resulting from increased revenue. This was partially offset by a slight decline in gross margin, reflecting a change in product mix and increased freight expenses associated with pre-emptive relocation of inventory into the U.S. to mitigate potential tariff impacts. The segment did not incur any non-capitalizable MEO costs in the first quarter of 2025, as the new production facilities for Flexpipe and Xerxes were fully set up and operational, compared to $2.3 million of MEO costs incurred during the first quarter of 2024 for the setup of these production sites.

    Discontinued Operations generated revenue of $23.3 million and $7.5 million of Adjusted EBITDA during the first quarter of 2025 compared to $14.4 million in revenue and $4.2 million of Adjusted EBITDA during the first quarter of 2024.

    2.0 OUTLOOK

    The Company acknowledges that extreme uncertainty exists regarding the magnitude and duration of tariffs impacting the movement of goods between the US and other countries, and the business and economic consequences arising from such tariffs. The Company currently manufactures products in the US and/or Canada that are sold cross-border in all of its business units and imports raw materials and component parts for the production of its products. The Company also sources raw materials from other countries that are currently subject to or may in the future become subject to tariffs by the United States government. The Company continues to diversify its supply chain and has secured sources based in several different countries for a majority of its raw material needs. The Company remains vigilant and prepared to take additional mitigation actions as needed, including raising the selling prices of its products where necessary and permitted under its contractual arrangements. The related economic uncertainty may also cause customers to pause or cancel investment decisions, which could impact overall near-term demand for the Company’s products in certain end markets. The outlook below includes the Company’s current visibility of the potential impact of tariffs. Despite near and medium term geopolitical and macroeconomic challenges, the Company remains positive on the long-term outlook and macro drivers for its products.

    • The Company has largely completed its disposition of non-core assets and the modernization, expansion and optimization of its North American production network, with the remaining sale of its Brazilian pipe coating business expected to close around mid 2025 and the relocation of its Shawflex manufacturing site expected to be completed at the end of the second quarter of 2025.  MEO costs are expected to be $5 to $7 million in the second quarter and will mark the completion of the MEO expense recognition program by the Company. Consequently, over the course of 2025, Mattr is expected to return to more normalized operations, with a primary focus on delivering value from its restructured operational footprint while also ensuring full integration and optimization of AmerCable following its acquisition.
    • The Company currently anticipates revenue and Adjusted EBITDA from Continuing Operations in the second quarter of the year to fall below the first quarter of 2025, including the recognition of MEO costs during the second quarter within its Connection Technologies segment. The Company observed some accelerated customer purchasing activity during the first quarter – primarily in its Flexpipe business – as a result of tariff uncertainty, and amid this uncertainty, the Company currently anticipates some customer purchasing decisions in the second quarter and beyond may be delayed or reduced.
    • The Company currently anticipates sales from its Xerxes fuel and water products in the second quarter of 2025 will rise modestly compared to the first quarter as conditions become more favorable for underground installation activity. Production efficiency from the business’s recently established South Carolina site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its Flexpipe products in the second quarter of 2025 will be lower than the first quarter, as modestly higher international shipments and continued North American market share gains are likely offset by further reductions in North American completion activity, driven by tariff uncertainty and lower oil prices. Production efficiency from the business’s recently established Texas site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its DSG-Canusa products in the second quarter of 2025 will be similar to the first quarter, as lower activity from its automotive customers is expected to be offset by new customer capture and new product introduction. The production efficiency from the business’s recently established Ohio site is expected to evolve favorably over the remaining course of 2025.
    • The Company currently anticipates sales of Shawflex and AmerCable wire and cable products in the second quarter of 2025 will decline compared to the first quarter, driven primarily by lower deliveries into specific industrial, mining and energy applications, partially offset by higher deliveries into infrastructure applications. The timing of specific deliveries within the AmerCable business drove a particularly strong result during the first quarter, which is still expected to be the strongest quarter of 2025 for this business. Copper price volatility has also increased since the start of the year and is being closely monitored to ensure the impacts arising from any rapid movements are minimized.
    • The Company has successfully leveraged Shawflex resources to secure early confirmation of US and Canadian customer appetite to utilize AmerCable’s medium voltage products in specific industrial applications and continues to anticipate initial, modest benefits from these expected industrial sector commercial synergies will commence in the second half of 2025. Key AmerCable related factors impacting Connection Technology segment results to date, and going forward, include:
      • The Company incurred approximately $1 million of non-routine onboarding expenses related to the acquisition of AmerCable in the first quarter, and expects additional expenses of up to $4 million over the remainder of 2025. These costs are added back for the calculation of  Adjusted EBITDA.
      • The revaluation of AmerCable’s inventory to fair value as part of the purchase price allocation accounting is expected to temporarily lower gross margins in the first half of the year as the inventory is sold. These costs are added back for the calculation of  Adjusted EBITDA.
      • The recognition of intangible assets, including goodwill, customer relationships and trade names as part of the AmerCable purchase price allocation accounting and the corresponding amortization of these assets will impact reported earnings. However, these are non-cash expenses and do not impact the Company’s underlying operational performance or cash flow.
    • While the Company expects to maintain its “all of the above” approach to capital allocation, with the acquisition of AmerCable and the majority of its large organic MEO projects completed, the Company’s capital deployment in 2025 is expected to focus more heavily on debt repayment and activity under its NCIB.  The Company currently anticipates total full year capital expenditures will be $60-$70 million, with approximately $15 million of such amount allocated to maintenance capital, and the remaining amounts allocated to growth projects, including completion of the remaining MEO projects. Given the elevated geopolitical uncertainty, the Company continues to evaluate market conditions and remains prepared to adjust its capital program and spend as needed.
    • The Company has moved above its normal net-debt-to-Adjusted EBITDA ratio target of 2.0 times, including leases, as a result of its acquisition of AmerCable. Through prioritization of debt repayment, the Company currently expects to move back below its normal target ratio within 12 to 18 months of the acquisition date.

    3.0 CONFERENCE CALL AND ADDITIONAL INFORMATION

    Mattr will be hosting a Shareholder and Analyst Conference Call and Webcast on Thursday, May 15th, 2025 at 9:00 AM ET, which will discuss the Company’s First Quarter 2025 Financial Results. To participate via telephone, please register at https://register-conf.media-server.com/register/BI28b49f607d3649d1b1fc5343ae8247b0 and a telephone number and pin will be provided.

    Alternatively, please go to the following website address to participate via webcast: https://edge.media-server.com/mmc/p/gd2jsma9. The webcast recording will be available within 24 hours of the live presentation and will be accessible for 90 days.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Tel: 437-341-1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.
    Mattr.ER

    4.0 FORWARD-LOOKING INFORMATION

    This news release includes certain statements that reflect management’s expectations and objectives for the Company’s future performance, opportunities and growth, which statements constitute “forward-looking information” and “forward-looking statements” (collectively “forward-looking information”) under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “anticipate”, “expect”, “believe”, “predict”, “estimate”, “continue”, “intend”, “plan” and variations of these words or other similar expressions.

    Specifically, this news release includes forward-looking in-formation in the Outlook Section and elsewhere in respect of, among other things: the ability of the Company to deliver higher returns to all shareholders; the Company’s ability to deliver customer and shareholder value expansion; the expected timing for the closing of the sale of Thermotite; the gross sale proceeds of the sale of Thermotite; the anticipated timing for the final working capital adjustment for the AmerCable acquisition; the expected timing of the relocation of the Shawflex manufacturing site; the expected amount of MEO costs to be incurred in the second quarter of 2025; the expected completion of the MEO expense recognition program; the return to more normalized operations in the remainder of 2025; the decline in consolidated revenue and Adjusted EBITDA in the second quarter of 2025; the anticipated customer purchasing decisions in the second quarter of 2025 and beyond; the impact of tariffs implemented by the U.S. administration, including on the demand for the Company’s products in the second quarter of 2025 and beyond; increased sales from Xerxes fuel and water products in the second quarter of 2025; sales of Flexpipe products in the second quarter of 2025; the volume of sales of Shawflex, AmerCable and DSG-Canusa products in the second quarter of 2025; the impact of new DSG-Canusa product introduction; the impact of lower activity of automotive customers; the level of efficiency in the Company’s recently established production facilities, including the Xerxes South Carolina facility, the Flexpipe Texas facility, and the DSG-Canusa Ohio facility; the Company’s approach to capital allocation and expected capital deployment, including debt repayment and activity under the Company’s normal course issuer bid (“NCIB”).

    Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing the Company include but are not limited to the risks and uncertainties described in the Company’s Management’s Discussion and Analysis under “Risks and Uncertainties” and in the Company’s Annual Information Form (“AIF”) under “Risk Factors”.

    These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of: the scale and duration of North American trade tariffs; expectations for demand for the Company’s products; sales trends for the Company’s products; North American onshore oilfield customer spending; the Company’s ability to increase efficiency in its newly established manufacturing facilities; the effectiveness of modernization, expansion and optimization efforts; the Company’s cash flow generation and growth outlook; activity levels across the Company’s business segments; the Company’s ability to manage supply chain disruptions and other business impacts caused by, among other things, current or future geopolitical events, conflicts, or disruptions, such as the conflict in Ukraine and related sanctions on Russia; the impact of the Russia and Ukraine conflict on the Company’s demand for products and the strength of its and its customers supply chains; the current Israel-Palestine conflict; the impact of changing interest rates and levels of inflation; regular, seasonal impacts on the Company’s businesses, including in the fiberglass reinforced plastic (“FRP”) tanks business and composite pipe business; expectations regarding the Company’s ability to attract new customers and develop and maintain relationships with existing customers; the continued availability of funding required to meet the Company’s anticipated operating and capital expenditure requirements over time; consistent competitive intensity in the business in which the Company operates; no significant or unexpected legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting the Company’s business activities; key interest rates remaining relatively stable through the remainder of 2025; the accuracy of the forecast data from the Company’s North American convenience store customers; the accuracy of market indicators in determining industry health for AmerCable’s products, such as commodity prices, housing starts, and GDP; the impact of federal stimulus packages in the Connection Technologies reporting segment; heightened demand for electric and hybrid vehicles and for electronic content within those vehicles particularly in the Asia Pacific, Europe and Africa regions; heightened infrastructure spending in Canada, including in respect of commercial and municipal water projects, nuclear plant refurbishment and upgraded communication and transportation networks, communication networks and nuclear refurbishments; sustained health of oil and gas producers; the continued global need to renew and expand critical infrastructure, including energy generation and distribution, electrification, transportation network enhancement and storm management; the Company’s ability to execute projects under contract; the Company’s continuing ability to provide new and enhanced product offerings to its customers; that the Company will identify and successfully execute on opportunities for acquisitions or investments; the higher level of investment in working capital by the Company; the easing of supply chain shortages and the continued supply of and stable pricing or the ability to pass on higher prices to the Company’s customers for commodities used by the Company; the availability of personnel resources sufficient for the Company to operate its businesses; the maintenance of operations by the Company in major oil and gas producing regions; the adequacy of the Company’s existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally; the impact of adoption of artificial intelligence and other machine learning on competition in the industries which the Company operates; the Company’s ability to meet its financial objectives; the ability of the Company to satisfy all covenants under its Credit Facility (as defined herein) and other debt obligations and having sufficient liquidity to fund its obligations and planned initiatives; and the availability, commercial viability and scalability of the Company’s greenhouse gas emission reduction strategies and related technology and products, and the anticipated costs and impacts on the Company’s operations and financial results of adopting these technologies or strategies. The Company believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this news release and the Company can give no assurance that such expectations will be achieved.

    When considering the forward-looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward-looking information after the date of this news release or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

    To the extent any forward-looking information in this news release constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward-looking information generally, are based on the assumptions and subject to the risks noted above.

    5.0 RECONCILIATION OF NON-GAAP MEASURES

    The Company reports on certain non-GAAP and other financial measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage its capital structure. These non-GAAP and other financial measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company’s operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the Company.  

    EBITDA and Adjusted EBITDA

    EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. Adjusted EBITDA is calculated by adding back to EBITDA the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net, hyperinflationary adjustments and the impact of transactions that are outside the Company’s normal course of business or day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company’s results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the effect of transactions that fall outside the Company’s ordinary course of business or routine operations. Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Credit Facility.

        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Continuing Operations $ 48,069   $ (2,145 )
                   
      Add:            
      Income tax expense   (38,858 )   3,948  
      Finance costs, net   9,230     2,226  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,568  
      EBITDA from Continuing Operations   35,324     12,597  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,907     2,397  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA from Continuing Operations $ 46,554   $ 25,827  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.   
    Connection Technologies Segment      
           
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 18,041   $ 14,543  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   7,619     1,722  
      EBITDA   25,660     16,265  
                   
      Share-based incentive compensation (recovery) cost   (368 )   1,319  
      Restructuring costs and other, net   —     33  
      Cost associated with acquisition (a)   974     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 30,461   $ 17,617  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. 
    Composite Technologies Segment      
             
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 12,807   $ 4,017  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   8,667     6,371  
      EBITDA   21,474     10,388  
                   
      Share-based incentive compensation (recovery) cost   (436 )   1,452  
      Restructuring costs and other, net   —     3,168  
      Adjusted EBITDA $ 21,038   $ 15,008  
    Financial and Corporate      
           
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Loss $ (12,407 ) $ (14,531 )
                   
      Add:            
      Cost associated with repayment and modification of long-term debt   —     —  
      Amortization of property, plant and equipment, intangible assets and ROU assets   597     475  
      EBITDA   (11,810 )   (14,056 )
                   
      Share-based incentive compensation (recovery) cost   (1,388 )   4,861  
      Foreign exchange loss   3,907     2,397  
      Cost associated with acquisition (a)   4,346     —  
      Adjusted EBITDA $ (4,945 ) $ (6,798 )
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    Discontinued Operations      
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Discontinued Operations $ 4,657   $ (3,494 )
                   
      Add:            
      Income tax (recovery) expense   2,998     1,869  
      Finance costs, net recovery   (162 )   (84 )
      Amortization of property, plant and equipment, intangible assets and ROU assets   —     428  
      EBITDA from Discontinued Operations   7,493     (1,281 )
                   
      Foreign exchange (gain) loss   (16 )   118  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Adjusted EBITDA from Discontinued Operations $ 7,477   $ 4,242  
    Total Consolidated Mattr (Continuing and Discontinued Operations)    
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) $ 52,726   $ (5,639 )
                   
      Add:            
      Income tax expense   (35,860 )   5,817  
      Finance costs, net   9,068     2,142  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,996  
      EBITDA   42,817     11,316  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,891     2,515  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 54,031   $ 30,069  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.    
           

    Adjusted EBITDA Margin

    Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue and is a non-GAAP measure. The Company believes that Adjusted EBITDA margin is a useful supplemental measure that provides meaningful assessment of the business results of the Company and its Operating Segments from principal business activities excluding the impact of transactions that are outside of the Company’s normal course of business.

    See reconciliation above for the changes in composition of Adjusted EBITDA, as a result of which the table below reflects restated figures for the prior year quarter to align with the updated composition.

    Operating margin is defined as operating (loss) income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business generated.

    Adjusted Net Income (attributable to shareholders)

    Adjusted Net Income (attributable to shareholders) is a non-GAAP measure defined as Net Income (attributable to shareholders) adjusted for items which do not impact day to day operations. Adjusted Net Income (attributable to shareholders) is calculated by adding back to Net Income (attributable to shareholders)  the after tax impact of the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net and hyperinflationary adjustments. The Company believes that Adjusted Net Income (attributable to shareholders) is a useful supplemental measure that provides a meaningful indication of the Company’s results from principal business activities for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures.

    Adjusted Earnings Per Share (“Adjusted EPS”)

    Adjusted EPS (basic) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding. Adjusted EPS (diluted) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding, further adjusted for potential dilutive impacts of outstanding securities which are convertible to common shares. The Company presents Adjusted EPS as a measure of Earning Per Share that excludes the impact of transactions that are outside the Company’s normal course of business or day to day operations. Adjusted EPS indicates the amount of Adjusted Net Income the Company makes for each share of its stock and is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations.

    Total Consolidated Mattr Adjusted EPS (Continuing and Discontinued Operations)      
                 
        Three Months Ended
    		  
        March 31, March 31,  
      (in thousands of Canadian dollars except for per share amounts) 2025 2024  
              Earnings Per Share       Earnings Per Share  
                                 
              Basic Diluted         Basic   Diluted  
      Total Consolidated Mattr Net Income (Loss)(a)  $ 52,726   0.84 0.84   $ (5,842 ) (0.09 ) (0.09 )
                                 
      Adjustments (before tax):                          
      Share-based incentive compensation (recovery) cost   (2,192 )         7,632          
      Foreign exchange loss   3,891           2,515          
      Loss on sale of operating unit and subsidiary   —           5,405          
      Restructuring costs and other, net   —           3,201          
      Cost associated with acquisition (b)   5,320           —          
      Non-cash impact from inventory fair value adjustment (c)   4,195           —          
      Tax effect of above adjustments   (1,499 )         (2,066 )        
      Tax impact of the AmerCable acquisition   (40,819 )         —          
      Total Consolidated Mattr Adjusted Net Income (non-GAAP) (a)  $ 21,622   0.34 0.34   $ 10,845   0.16   0.16  
    (a) Attributable to Shareholders of the Company.
    (b) One-time costs associated with the acquisition of AmerCable Incorporated.
    (c) One-time cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.
       

    Total Net debt-to-Adjusted EBITDA

    Total Net debt-to-Adjusted EBITDA is a non-GAAP measure defined as the sum of long-term debt, current lease liabilities and long-term lease liabilities, less cash and cash equivalents (including restricted cash), divided by the Consolidated (Continuing and Discontinued Operations) Adjusted EBITDA, as defined above, for the trailing twelve-month period. The Company believes Total Net debt-to-Adjusted EBITDA is a useful supplementary measure to assess the borrowing capacity of the Company. Total Net debt-to-Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate how long a company would need to operate at its current level to pay of all its debt. It is also considered important by credit rating agencies to determine the probability of a company defaulting on its debt.

    See discussion above for the changes into the composition of Adjusted EBITDA. The table below reflects restated figures for the prior year quarters to align with current presentation.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
               
      Long-term debt $ 449,633   $ 471,238  
      Lease Liabilities   165,869     163,127  
      Cash and cash equivalents (and restricted cash)   (52,716 )   (502,490 )
      Total Net Debt   562,786     131,875  
               
      Q1 2024 Adjusted EBITDA   —     30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
      Total Net debt-to-Adjusted EBITDA   3.64     1.01  


    Total Interest Coverage Ratio

    Total Interest Coverage Ratio is a non-GAAP measure defined as Consolidated Adjusted EBITDA (Continuing and Discontinued Operations), as defined above, for the trailing twelve-month period, divided by finance costs, net, for the trailing twelve-month period. The Company believes Total Interest Coverage Ratio is a useful supplementary measure to assess the Company’s ability to honor its debt payments. Total Interest Coverage Ratio is used by many analysts as one of several important analytical tools to judge a company’s ability to pay interest on its outstanding debt. It is also considered important by credit rating agencies to determine a company’s riskiness relative to its current debt or for future borrowing.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
                   
      Q1 2024 Adjusted EBITDA $ —   $ 30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
                   
      Q1 2024 Finance cost, net   —     2,142  
      Q2 2024 Finance cost, net   4,341     4,341  
      Q3 2024 Finance cost, net   4,804     4,804  
      Q4 2024 Finance cost, net   5,846     5,846  
      Q1 2025 Finance cost, net   9,068     —  
      Trailing twelve-month finance cost, net $ 24,059   $ 17,133  
      Total Interest Coverage Ratio   6.43     7.63  


    Modernization, Expansion and Optimization (“MEO”) Costs

    MEO costs is a supplementary financial measure. MEO costs not eligible for capitalization are reported as selling, general and administrative expenses or as cost of goods sold and incurred in support of the Company’s certain specific, planned capital investments into high-return growth and efficiency improvement opportunities. These include the following:

    • The replacement of the Company’s Rexdale facility in Toronto, Ontario and the expansion of its Connection Technologies segment’s North American manufacturing footprint through:
      • a new heat-shrink tubing production site in Fairfield, Ohio; and
      • a new wire and cable production site in Vaughan, Ontario.
    • The addition of two new manufacturing facilities and the elimination of aging manufacturing facilities within the Composite Technologies network, namely:
      • the shut-down and exit of aging production capabilities in the Xerxes FRP tank production site footprint;
      • a new Xerxes FRP tank production site in Blythewood, South Carolina;
      • a new Flexpipe composite pipe production site in Rockwall, Texas along with the co-located Hydrochain™ stormwater infiltration chamber production line.

    The Company considers these costs incremental to its normal operating base and would not have been incurred if these projects were not ongoing.

    6.0 ADDITIONAL INFORMATION

    Additional information relating to the Company, including its AIF, is available on SEDAR+ at www. sedarplus.com and on the “Investors Centre” page of the Company’s website at: https://investors.Mattr.com/Investor-Center/default.aspx.

    Dated: May 14, 2025

    The MIL Network –

  • MIL-OSI: Medallion Bank Announces Launch of Series G Preferred Stock Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBKNP), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today that it has launched a public offering of shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share (the “Series G Preferred Stock”). Medallion Bank’s Series G Preferred Stock is expected to trade on the Nasdaq Capital Market under the ticker symbol “MBNKO.” Medallion Bank is and will remain a wholly owned subsidiary of Medallion Financial upon completion of the offering.

    Medallion Bank expects to grant the underwriters a 30-day option to purchase additional shares of the Series G Preferred Stock solely to cover over-allotments, if any.

    Medallion Bank intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, increasing Medallion Bank’s capital levels, growing its consumer loan portfolios or redeeming some or all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock (the “Series F Preferred Stock”), subject to the prior approval of the Federal Deposit Insurance Corporation.

    Piper Sandler & Co. and Lucid Capital Markets, LLC are acting as joint book-running managers. A.G.P./Alliance Global Partners, B. Riley Securities, Inc., InspereX LLC, Ladenburg Thalmann & Co. Inc., Muriel Siebert & Co., LLC, Wedbush Securities Inc., and William Blair & Company, L.L.C. are acting as lead managers.

    The offering of the Medallion Bank’s Series G Preferred Stock is exempt from the registration requirements of the Securities Act of 1933 pursuant to Section 3(a)(2) of that Act and will be made only by means of an offering circular. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation or any other Federal or state regulatory body.

    The preliminary offering circular relating to the offering is available at medallionbankoffering.com. In addition, copies of the preliminary offering circular may also be obtained from: Piper Sandler & Co.; Attn: Debt Capital Markets, 1 Greenwich Plaza, 1st Floor, Suite 111, Greenwich, CT 06830, or by email at fsg-dcm@psc.com.  

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp.

    This press release contains “forward-looking statements”, which reflect Medallion Bank’s current views with respect to future events and which address matters that are, by their nature, inherently uncertain and beyond Medallion Bank’s control. These statements are often, but not always, made through the use of words or phrases such as “expect” and “intend” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to the offering of shares of the Series G Preferred Stock, the anticipated use of the net proceeds by Medallion Bank and the grant to the underwriters of an option to purchase additional shares of the Series G Preferred Stock. No assurance can be given that the transaction discussed above will be completed on the terms described, or at all, or that Medallion Bank will decide to redeem its Series F Preferred Stock or, if it does, the amount to be redeemed and the timing of redemption and required regulatory approval. Completion of the offering on the terms described, including the grant of the option to the underwriters, and the application of net proceeds, are subject to numerous conditions, many of which are beyond the control of Medallion Bank. Medallion Bank undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” in Medallion Bank’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

    This press release does not constitute a notice of redemption with respect to the Series F Preferred Stock. If Medallion Bank decides to redeem the Series F Preferred Stock, it intends to announce its decision by press release and an appropriate notice of redemption during the applicable notice window.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    The MIL Network –

  • MIL-OSI: Capital Southwest Announces Financial Results for Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 14, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the fourth fiscal quarter and year ended March 31, 2025.

    Fourth Quarter Fiscal Year 2025 Financial Highlights

    • Total Investment Portfolio: $1.8 billion
      • Credit Portfolio of $1.6 billion
        • 99% 1st Lien Senior Secured Debt
        • $146.2 million in new committed credit investments during the quarter
        • Weighted Average Yield on Debt Investments: 11.7%
        • Current non-accruals with a fair value of $30.6 million, representing 1.7% of the total investment portfolio
      • Equity Portfolio of $179.4 million
        • $3.8 million in new equity co-investments during the quarter
    • Pre-Tax Net Investment Income:
      • $28.5 million, or $0.56 per weighted average common share outstanding
      • Adjusted pre-tax net investment income of $31.3 million, or $0.61 per weighted average common share outstanding, excluding one-time net expenses of $2.8 million, or $0.05 per share, related to the departure of our former President and Chief Executive Officer(1)
    • Estimated Undistributed Taxable Income (“UTI”): $0.79 per share as of March 31, 2025
    • LTM Operating Leverage: 1.7% for the quarter ended March 31, 2025
    • Dividends: Paid $0.58 per share Regular Dividend and $0.06 per share Supplemental Dividend
      • 110% LTM Pre-Tax NII Regular Dividend Coverage
      • Total Dividends for the quarter ended March 31, 2025 of $0.64 per share
    • Net Realized and Unrealized Depreciation: $10.3 million, or 0.6% of total investments at fair value
      • $19.3 million of net appreciation related to the equity portfolio
      • $25.7 million of net depreciation related to the credit portfolio
      • $3.9 million realized and unrealized income tax provision
    • Balance Sheet:
      • Cash and Cash Equivalents: $43.2 million
      • Total Net Assets: $883.6 million
      • Net Asset Value (“NAV”) per Share: $16.70

    Fiscal Year 2025 Financial Highlights

    • Total Investment Portfolio: Increased by $308.7 million in total fair value, from $1.5 billion to $1.8 billion, representing 21% growth during the year
      • Credit Portfolio increased by $261.3 million, representing 19% growth during the year
    • Investment Revenue: $204.4 million for the year ended March 31, 2025, representing a $26.3 million, or 15% increase, as compared to March 31, 2024
    • Operating Leverage: Remained flat at 1.7% as of March 31, 2025 as compared to March 31, 2024
    • Dividends: Declared and paid total dividends of $2.54 per share
      • $2.31 per share in regular dividends, an increase of 3% compared to the prior year
      • $0.23 per share in supplemental dividends
      • Estimated UTI balance at the end of the fiscal year ended March 31, 2025 was $0.79 per share

    In commenting on the Company’s results, Michael Sarner, President and Chief Executive Officer, stated, “The March quarter was another strong quarter for Capital Southwest, with approximately $150 million of new committed originations. Our portfolio continued to generate significant income for our shareholders, producing $0.61 of adjusted pre-tax net investment income per share,(1) or $0.56 of pre-tax net investment income per share, for the quarter. In consideration of the continued performance of our portfolio, our Board of Directors has again declared a regular dividend of $0.58 per share for the quarter ending June 30, 2025. Our Board of Directors also has declared a supplemental dividend of $0.06 per share for the quarter ending June 30, 2025, resulting in total dividends for the quarter of $0.64 per share. While future dividend declarations are at the discretion of our Board of Directors, it is our intent to continue to distribute quarterly supplemental dividends for the foreseeable future based on our current UTI balance of $0.79 per share, additional harvested gains which occurred subsequent to quarter end and significant net unrealized appreciation in our equity portfolio. We continued to efficiently raise equity capital during the quarter, raising over $68 million on our Equity ATM Program. In April 2025, we increased commitments by $25 million on our Corporate Credit Facility to $510 million. Additionally, we received a license from the U.S. Small Business Administration to operate a second SBIC subsidiary. This license provides Capital Southwest with access to up to an additional $175 million in cost effective debt capital, bringing Capital Southwest’s aggregate borrowing capacity through the SBIC program to a total of up to $350 million.”

    Fourth Quarter Fiscal Year Investment Activities

    During the quarter ended March 31, 2025, the Company originated $149.9 million in new commitments, consisting of investments in four new portfolio companies totaling $116.3 million and add-on commitments in 15 portfolio companies totaling $33.6 million. New committed originations were comprised of $146.1 million 1st lien senior secured debt and $3.8 million equity.

    During the quarter ended March 31, 2025, the Company received proceeds of $40.6 million from nine portfolio company prepayments and exits, generating net realized gains of $5.1 million. Total proceeds were comprised of $24.6 million from debt investments and $16.0 million from equity investments.

    Fourth Fiscal Quarter 2025 Operating Results

    For the quarter ended March 31, 2025, Capital Southwest reported total investment income of $52.4 million, compared to $52.0 million in the prior quarter. The increase in investment income was primarily attributable to an increase in interest income due to an increase in the average cost basis of investments held, offset by a decrease in prepayment and arranger fees received during the quarter.

    For the quarter ended March 31, 2025, total operating expenses (excluding interest expense) were $8.7 million, compared to $6.6 million in the prior quarter. The increase was primarily attributable to $2.8 million in one-time expenses related to the departure of our former President and Chief Executive Officer during the current quarter.

    For the quarter ended March 31, 2025, interest expense was $15.2 million, compared to $14.7 million in the prior quarter. The increase was primarily attributable to an increase in average debt outstanding.

    For the quarter ended March 31, 2025, total pre-tax net investment income was $28.5 million, compared to $30.7 million in the prior quarter.

    For the quarter ended March 31, 2025, there was a tax provision of $0.6 million, compared to a tax provision of $0.4 million in the prior quarter.

    During the quarter ended March 31, 2025, Capital Southwest recorded total net realized and unrealized losses on investments of $10.3 million, compared to $13.7 million of total net realized and unrealized losses in the prior quarter. For the quarter ended March 31, 2025, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $19.3 million, net realized and unrealized losses on debt investments of $25.7 million and realized and unrealized income tax provision of $3.9 million. The net increase in net assets resulting from operations was $17.6 million for the quarter, compared to $16.3 million in the prior quarter.

    The Company’s NAV at March 31, 2025 was $16.70 per share, compared to $16.59 per share in the prior quarter. The increase in NAV per share from the prior quarter is primarily due to the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below), partially offset by net realized and unrealized losses on investments.

    Fiscal Year 2025 Operating Results

    For the year ended March 31, 2025, Capital Southwest reported total investment income of $204.4 million, compared to $178.1 million in the prior year. The increase in investment income was primarily attributable to an increase in average debt investments outstanding and an increase in arranger fees, partially offset by a decrease in weighted average yield on debt investments and a decrease in dividend income.

    For the year ended March 31, 2025, total operating expenses (excluding interest expense) were $29.0 million, compared to $24.1 million in the prior year. The increase in operating expenses (excluding interest expense) during the current year was primarily attributable to one-time expenses related to the departure of our former President and Chief Executive Officer during the current year, an increase in professional fees and an increase in general and administrative expenses.

    For the year ended March 31, 2025, interest expense was $55.0 million, compared to $43.1 million in the prior year. The increase was primarily attributable to an increase in average debt outstanding and an increase in the weighted average interest rate on total debt.

    For the year ended March 31, 2025, total pre-tax net investment income was $120.4 million, compared to $110.9 million in the prior year.

    During the year ended March 31, 2025, Capital Southwest recorded total net realized and unrealized losses on investments of $47.2 million, compared to $26.3 million in the prior year. For the year ended March 31, 2025, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity of $28.4 million, net realized and unrealized losses on debt of $69.0 million and realized and unrealized income tax provision of $6.6 million. The net increase in net assets resulting from operations was $70.5 million, compared to $83.4 million in the prior year.

    The Company’s NAV at March 31, 2025 was $16.70, as compared to $16.77 at March 31, 2024. The decrease in NAV per share from the prior year is primarily due to net realized and unrealized losses on investments, partially offset by the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below).

    Liquidity and Capital Resources

    At March 31, 2025, Capital Southwest had approximately $43.2 million in unrestricted cash and money market balances and $341.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.89 to 1.

    As of March 31, 2025, Capital Southwest had the following borrowings outstanding:

    • $235.0 million of total debt outstanding on the Corporate Credit Facility
    • $108.0 million of total debt outstanding on the SPV Credit Facility
    • $148.8 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026
    • $70.2 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028
    • $223.1 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029
    • $170.9 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)

    In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (the “Credit Agreement”) that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility’s revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. On December 7, 2023, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $435 million to $460 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to ten participants. On September 12, 2024, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $460 million to $485 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to 11 participants. On April 9, 2025, the Company entered into Incremental Commitment and Assumption Agreements that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $485 million to $510 million. The $25 million increase was provided by two existing lenders.

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

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

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

    The Company has an “at-the-market” offering (the “Equity ATM Program”), pursuant to which the Company may offer and sell, from time to time through sales agents, up to $1 billion of shares of its common stock. During the quarter ended March 31, 2025, the Company sold 2,992,513 shares of its common stock under the Equity ATM Program at a weighted-average price of $22.91 per share, raising $68.6 million of gross proceeds. Net proceeds were $67.5 million after commissions to the sales agents on shares sold. As of March 31, 2025, the Company has $290.0 million available under the Equity ATM Program.

    Our wholly owned subsidiaries, Capital Southwest SBIC I, LP (“SBIC I”) and Capital Southwest SBIC II, LP (“SBIC II” and together with SBIC I, the “SBIC Subsidiaries”), received a license from the Small Business Administration (the “SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended, on April 20, 2021 and April 17, 2025, respectively. The SBIC licenses allow the SBIC Subsidiaries to obtain leverage by issuing SBA-guaranteed debentures (“SBA Debentures”), subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350 million. As of March 31, 2025, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn.

    Share Repurchase Program

    On July 28, 2021, the Company’s Board of Directors (the “Board”) approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended March 31, 2025, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

    Regular Dividend of $0.58 Per Share and Supplemental Dividend of $0.06 Per Share for Quarter Ended June 30, 2025

    On April 25, 2025, the Board declared a total dividend of $0.64 per share for the quarter ending June 30, 2025, comprised of a Regular Dividend of $0.58 per share and a Supplemental Dividend of $0.06 per share.

    The Company’s dividend will be payable as follows:

    Regular Dividend

    Amount Per Share: $0.58
    Ex-Dividend Date: June 13, 2025
    Record Date: June 13, 2025
    Payment Date: June 30, 2025

    Supplemental Dividend

    Amount Per Share: $0.06
    Ex-Dividend Date: June 13, 2025
    Record Date: June 13, 2025
    Payment Date: June 30, 2025

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

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

    Fourth Quarter 2025 Earnings Results Conference Call and Webcast

    Capital Southwest has scheduled a conference call on Thursday, May 15, 2025, at 11:00 a.m. Eastern Time to discuss the fourth quarter 2025 financial results. You may access the call by using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/s389iru5. 

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

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

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.8 billion in investments at fair value as of March 31, 2025. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements

    This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest’s future performance and financial performance and financial condition, and the timing, form and amount of any distributions or supplemental dividends in the future. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate the SBIC Subsidiaries as small business investment companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2025 and any subsequent filings with the SEC, including the “Risk Factors” sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, President and Chief Executive Officer
    214-884-3829

    (1) Adjusted pre-tax net investment income is a non-GAAP measure. This non-GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company believes such measure is a useful indicator of operations and enhances investors’ ability to analyze trends in the Company’s business exclusive of a tax provision and the one-time net expenses related to the departure of Capital Southwest’s former President and Chief Executive Officer. However, the non-GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

    Non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, non-GAAP measures are not based on any comprehensive set of accounting rules or principles. This measure should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the above disclosure.

    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except shares and per share data)
           
      March 31,   March 31,
        2025       2024  
      (Unaudited)    
    Assets      
    Investments at fair value:      
    Non-control/Non-affiliate investments (Cost: $1,403,623 and $1,276,690, respectively) $ 1,436,316     $ 1,286,355  
    Affiliate investments (Cost: $304,824 and $200,013, respectively)   292,891       190,206  
    Control investments (Cost: $70,913 and $0, respectively)   56,092       —  
    Total investments (Cost: $1,779,360 and $1,476,703, respectively)   1,785,299       1,476,561  
    Cash and cash equivalents   43,221       32,273  
    Restricted cash   1,650       —  
    Receivables:      
    Dividends and interest   30,303       22,928  
    Escrow   1,926       16  
    Other   2,018       7,276  
    Income tax receivable   94       336  
    Debt issuance costs (net of accumulated amortization of $10,357 and $7,741, respectively)   9,266       10,928  
    Other assets   9,063       6,440  
    Total assets $ 1,882,840     $ 1,556,758  
           
    Liabilities      
    SBA Debentures (net of $4,082 and $4,305, respectively, of unamortized debt issuance costs) $ 170,918     $ 148,695  
    January 2026 Notes (net of $0 and $612, respectively, of unamortized debt issuance costs)   —       139,388  
    October 2026 Notes (net of $1,154 and $1,923, respectively, of unamortized debt issuance costs)   148,846       148,077  
    August 2028 Notes (net of $1,681 and $2,182, respectively, of unamortized debt issuance costs)   70,194       69,693  
    2029 Convertible Notes (net of $6,893 and $0, respectively, of unamortized debt issuance costs)   223,107       —  
    Credit Facilities   343,000       265,000  
    Other liabilities   23,038       17,381  
    Accrued restoration plan liability   555       570  
    Income tax payable   2,769       281  
    Deferred tax liability   16,780       11,997  
    Total liabilities   999,207       801,082  
           
    Commitments and contingencies (Note 12)      
           
    Net Assets      
    Common stock, $0.25 par value: authorized, 75,000,000 shares at March 31, 2025 and March 31, 2024; issued, 52,912,796 shares at March 31, 2025 and 45,050,759 shares at March 31, 2024   13,228       11,263  
    Additional paid-in capital   959,123       796,945  
    Total distributable (loss) earnings   (88,718 )     (52,532 )
    Total net assets   883,633       755,676  
    Total liabilities and net assets $ 1,882,840     $ 1,556,758  
    Net asset value per share (52,912,796 shares outstanding at March 31, 2025 and 45,050,759 shares outstanding at March 31, 2024) $ 16.70     $ 16.77  
                   
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except shares and per share data)
               
      Years Ended
      March 31,
        2025       2024       2023  
      (Unaudited)        
    Investment income:          
    Interest income:          
    Non-control/Non-affiliate investments $ 152,952     $ 133,329     $ 87,982  
    Affiliate investments   20,015       17,209       11,658  
    Control investments   1,226       —       —  
    Payment-in-kind interest income:          
    Non-control/Non-affiliate investments   9,819       7,737       2,382  
    Affiliate investments   2,214       2,471       3,060  
    Control investments   644       —       —  
    Dividend income:          
    Non-control/Non-affiliate investments   4,125       3,533       1,824  
    Affiliate investments   421       230       141  
    Control investments   —       7,983       7,337  
    Fee income:          
    Non-control/Non-affiliate investments   8,340       4,257       4,057  
    Affiliate investments   2,179       759       638  
    Control investments   135       82       100  
    Other income   2,369       545       121  
    Total investment income   204,439       178,135       119,300  
    Operating expenses:          
    Compensation   11,143       10,631       9,870  
    Share-based compensation   6,963       4,518       3,705  
    Interest   54,959       43,088       28,873  
    Professional fees   4,685       3,705       3,180  
    General and administrative   6,242       5,244       4,632  
    Total operating expenses   83,992       67,186       50,260  
    Income before taxes   120,447       110,949       69,040  
    Federal income, excise and other taxes   1,424       1,135       630  
    Deferred taxes   841       (191 )     (301 )
    Total income tax provision   2,265       944       329  
    Net investment income $ 118,182     $ 110,005     $ 68,711  
    Realized (loss) gain          
    Non-control/Non-affiliate investments $ (46,722 )   $ (18,062 )   $ (5,872 )
    Affiliate investments   273       (6,500 )     (11,027 )
    Control investments   (260 )     (15,047 )     —  
    Income tax (provision) benefit   (2,941 )     (286 )     (130 )
    Total net realized (loss) gain on investments, net of tax   (49,650 )     (39,895 )     (17,029 )
    Net unrealized appreciation (depreciation) on investments          
    Non-control/Non-affiliate investments   916       1,584       (6,942 )
    Affiliate investments   6,354       (6,688 )     6,014  
    Control investments   (1,188 )     18,727       (11,147 )
    Income tax (provision) benefit   (3,659 )     17       (6,514 )
    Total net unrealized appreciation (depreciation) on investments, net of tax   2,423       13,640       (18,589 )
    Net realized and unrealized (losses) gains on investments   (47,227 )     (26,255 )     (35,618 )
    Realized loss on extinguishment of debt   (387 )     (361 )     —  
    Realized loss on disposal of fixed assets   (20 )     —       —  
    Net increase in net assets from operations $ 70,548     $ 83,389     $ 33,093  
               
    Pre-tax net investment income per share – basic $ 2.50     $ 2.72     $ 2.30  
    Net investment income per share – basic $ 2.46     $ 2.70     $ 2.29  
    Net increase in net assets from operations – basic $ 1.47     $ 2.05     $ 1.10  
    Net increase in net assets from operations – diluted $ 1.47     $ 2.05     $ 1.10  
    Weighted average common shares outstanding – basic   47,448,093       40,727,133       30,015,533  
    Weighted average common shares outstanding – diluted   51,187,714       40,727,133       30,015,533  

    The MIL Network –

  • MIL-OSI: Reliance Global Group Reports 2025 First Quarter Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., May 14, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the quarter ended March 31, 2025.

    “We are pleased to begin 2025 with improving financial results that build on the momentum we achieved in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group. “Our growth in organic revenues highlights the attractive strides we’ve made in expanding our market share. At the same time, the substantial reduction in net loss and the increase in AEBITDA reflect the sustained benefits of our disciplined fiscal management, streamlined operations under the OneFirm model, and the absence of prior-year impairment charges. This strong momentum has reinforced our foundation and positioned us for scalable, long-term growth with improved profitability.”

    “We are excited about the road ahead as we build on the progress made in 2024 and move closer to completing the Spetner acquisition—an important milestone that is expected to enhance our insurance capabilities and strengthen our financial and market position. We also continue to drive innovation across our platform, most notably with the launch of RELI Auto Leasing. This new offering allows our RELI Exchange agency partners to provide clients with convenient access to vehicle leasing nationwide while earning commissions—without requiring expertise in auto finance. By integrating leasing into the insurance process, we are enhancing our value proposition, deepening client relationships, and opening a compelling new revenue stream for our agents. At the same time, the continued adoption of our advanced InsurTech solutions is transforming the agent experience through AI-driven automation, improved underwriting precision, and streamlined service. These innovations, combined with our disciplined approach to growth and operational excellence, position us to capitalize on emerging opportunities in the evolving InsurTech landscape. We believe the foundation we have put in place sets the stage for a period of exceptional expansion in 2025 and beyond, and we remain committed to delivering superior service to our agents and clients while driving long-term value for our shareholders,” concluded Mr. Beyman.

    2025 First Quarter Financial Highlights

    • Commission income revenue increased by $153,782, or 4%, to $4,236,220 in Q1 2025, compared to $4,082,438 in Q1 2024. This increase reflects continued organic growth across the Company’s insurance distribution channels.
    • Commission expense increased by $192,885, or 15%, to $1,469,427 in Q1 2025, compared to $1,276,542 in Q1 2024. The increase reflects higher payouts to agents in line with rising commission volumes and improved agency performance.
    • Salaries and wages increased by $398,175, or 22%, to $2,229,837 in Q1 2025, compared to $1,831,662 in Q1 2024. The increase is primarily due to $540,015 in non-cash equity awards, and indicates that overall, standard non-equity-based salaries and wages costs have been decreasing for the Company quarter over quarter.
    • General and administrative increased by $141,388, to $1,516,228 in Q1 2025, compared to $1,374,890 in Q1 2024. The increase is primarily due to $484,970 of non-cash equity pay to certain of the Company’s directors and service providers, and indicates that overall, standard non-equity-based general and administrative costs have been decreasing for the Company quarter over quarter, reflecting management’s disciplined cost controls and efficiencies gained under our OneFirm initiative.
    • Net loss decreased by $3,609,781, or 68%, to $1,736,882 in Q1 2025, compared to $5,346,663 in Q1 2024. This substantial improvement was driven by the elimination of impairment charges, and the Company’s continued focus on cost control and streamlining its operations. When further deducting the total non-cash equity payments of $1,024,985 discussed above, standard non-equity net loss further improves significantly as compared to the quarter in the prior year and is a testament to the Company’s focus and success in increasing its top-line revenues and managing its operating costs.
    • Adjusted EBITDA (“AEBITDA”), our key non-GAAP financial measure, increased by $219,061, or 297% to an AEBITDA gain of $145,407 in Q1 2025, compared to an AEBITDA loss of ($73,654) in Q1 2024. This marks another quarter of AEBITDA gain for the Company and demonstrates the continued trend toward increased profitability, brought about through disciplined fiscal management and exciting organic operational growth.

    Conference Call

    Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well as the Company’s corporate progress and other developments.

    The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 848176. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52473 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through May 13, 2026. A telephone replay of the call will be available approximately one hour following the call, through May 27, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52473.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risks as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s most recent Annual Report on Form 10-K, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

    The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

    We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

    • Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.  
    • Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it’s excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Other income (expense), net: Includes certain non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.  
    • Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. Thes costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.  
    • Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.

    The following table provides a reconciliation from net loss to AEBITDA for the 3 month periods ended March 31, 2025 and 2024, respectively:

        March 31,
    2025    		     March 31,
    2024    		  
    Net loss   $ (1,736,882 )   $ (5,346,663 )
    Adjustments:                
    Interest and related party interest expense     325,242       410,286  
    Depreciation and amortization     360,595       534,152  
    Asset impairment     –       3,922,110  
    Equity-based compensation employees, directors, and service providers     1,024,985       154,912  
    Change in estimated acquisition earn-out payables     –       47,761  
    Other income, net     –       (11 )
    Transactional costs     143,187       253,893  
    Non-standard costs     28,280       45,239  
    Recognition and change in fair value of warrant liabilities     –       (95,333  
    Total adjustments     1,882,289       5,273,009  
                     
    AEBITDA   $ 145,407     $ (73,654 )

    The MIL Network –

  • MIL-OSI USA: NASA Glenn Showcases Stirling Engine Technology at Piston Powered Auto-Rama

    Source: NASA

    NASA Glenn Research Center’s work in power and propulsion was on full display at the Piston Powered Auto-Rama at the I-X Center in Cleveland, March 28-30. The event is the largest indoor showcase of cars, trucks, motorcycles, tractors, and other engine-powered vehicles. 
    Center staff introduced guests to NASA’s Stirling engine technology, a free-piston Stirling power convertor that set records for accomplishing 14 years of maintenance-free operation at NASA Glenn in 2020. Attendees also explored how NASA is using space nuclear power to reach the deepest, dustiest, darkest, and most distant regions of our solar system through radioisotope power systems.  
    More than 57,500 people attended the event. 

    MIL OSI USA News –

  • MIL-OSI USA: Specialty NASA Glenn License Plates Available  

    Source: NASA

    Ohio residents can now take their vehicle to new heights with a specialty license plate showcasing NASA’s Glenn Research Center in Cleveland. 
    It is available on the Ohio Bureau of Motor Vehicles (BMV) website under the “Special Interest Plates” section. Click the “Organizational Plates” drop-down tab for details on NASA Glenn’s plate. 
    The Ohio BMV will collect an additional $10 above the regular license plate fee. NASA will not receive any money from the sale. 
    NASA Glenn makes space exploration and aviation possible. This incredible work is happening right here in Northeast Ohio. The specialty license plate allows fans to show support for their community and Ohio’s NASA center. 

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 1364, Automotive Support Services to Improve Safe Transportation Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 1364 would expand the types of adaptative equipment that the Department of Veterans Affairs (VA) can purchase for vehicles belonging to veterans who have received medical care from the department. The bill also would extend the reduction of pension payments for veterans and survivors who reside in Medicaid nursing homes.

    Estimated Federal Cost

    The estimated budgetary effects of H.R. 1364 are shown in Table 1. The bill would decrease net direct spending by $29 million and increase spending subject to appropriation by $26 million over the 2025‑2035 period. The costs of the legislation fall within budget functions 550 (health) and 700 (veterans benefits and services).

    Table 1.

    Estimated Budgetary Effects of H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases or Decreases (-) in Direct Spending

    		    

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Estimated Outlays

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Basis of Estimate

    For this estimate, CBO assumes that H.R. 1364 will be enacted in fiscal year 2025 and that provisions will take effect upon enactment. CBO also estimates that outlays will follow historical spending patterns for affected programs.

    Provisions That Affect Spending Subject to Appropriation and Direct Spending

    Section 2 would expand the types of adaptative equipment that VA can purchase for the vehicles of eligible veterans who receive medical care at VA facilities. In addition to equipment that VA provides under its current policy, section 2 would authorize VA to provide kneeling systems. Those systems lower the side or rear of a vehicle to reduce the incline of a ramp, making it easier for people using wheelchairs or other mobility devices to access the vehicle. Using information from VA, CBO estimates that the department would purchase kneeling systems for roughly 55 veterans each year at a cost of about $63,000 on average, for a total of $37 million over the 2025‑2035 period.

    Some of the veterans who would acquire kneeling systems under section 2 would be veterans who have been exposed to environmental hazards; thus, CBO expects that some of the costs of implementing the bill would be paid from the Toxic Exposures Fund (TEF) established by Public Law 117-168, the Honoring our PACT Act. The TEF is a mandatory appropriation that VA uses to pay for health care, disability claims processing, medical research, and information technology modernization that benefit veterans who were exposed to environmental hazards. Additional spending from the TEF occurs if legislation increases the costs of similar activities that benefit veterans with such exposure. Thus, in addition to increasing spending subject to appropriation, enacting section 2 would increase amounts paid from the TEF, which are classified as direct spending.

    CBO projects that the proportion of costs paid by the TEF will grow over time based on the amount of formerly discretionary appropriations that CBO expects will be provided through the mandatory appropriation as specified in the Honoring our PACT Act. CBO estimates that over the 2025-2035 period, implementing section 2 would increase spending subject to appropriation by $26 million and direct spending by $11 million.

    Direct Spending

    In addition to expanding benefits that would partly be covered by the TEF, CBO estimates that enacting the bill would affect direct spending by reducing pension payments to veterans and survivors who reside in Medicaid nursing homes. In total, the bill would decrease net direct spending by $29 million over the 2025‑2035 period (see Table 2).

    Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 would extend that reduction for ten months, through September 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $40 million over the 2025-2035 period.

    Table 2.

    Estimated Increases in Direct Spending Under H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Adaptive Equipment

    		                      

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    1

    1

    1

    2

    5

    11

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    1

    1

    1

    2

    5

    11

    Pensions

    		                      

    Estimated Budget Authority

    0

    0

    0

    0

    0

    0

    0

    -40

    0

    0

    0

    0

    -40

    Estimated Outlays

    0

    0

    0

    0

    0

    0

    0

    -40

    0

    0

    0

    0

    -40

    Total Changes

    		                        

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Spending Subject to Appropriation

    The discussion above in “Provisions That Affect Spending Subject to Appropriation and Direct Spending” describes the expansion of vehicle adaptations VA can purchase for eligible veterans after receiving medical care from the department. That expansion would increase spending subject to appropriation by $26 million over the 2025‑2035 period (see Table 3).

    Table 3.

    Estimated Increases in Spending Subject to Appropriation Under H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Adaptive Equipment

    		                      

    Estimated Authorization

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Estimated Outlays

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 2.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 1364 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

    CBO estimates that enacting H.R. 1364 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

    The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Federal Costs: Paul B.A. Holland

    Mandates: Brandon Lever

    Estimate Reviewed By

    David Newman
    Chief, Defense, International Affairs, and Veterans’ Affairs Cost Estimates Unit

    Kathleen FitzGerald
    Chief, Public and Private Mandates Unit

    Christina Hawley Anthony
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI Security: Long-Time Fugitive Extradited to the United States to Face Charges for Orchestrating Mail Fraud Scheme Defrauding Elderly and Vulnerable Victims of Over $10 Million

    Source: Office of United States Attorneys

    NEWARK, N.J. – A German man was extradited from Italy and arrested for orchestrating a massive mail fraud scheme targeting elderly and otherwise vulnerable victims with false and fraudulent psychic solicitations, U.S. Attorney Alina Habba announced.

    Georg Ingenbleek, 58, a citizen of Germany, was indicted in 2020 and has been a fugitive. He was apprehended in Bolzano, Italy in 2024 and returned yesterday via Newark International Airport to face an indictment charging him with two counts of mail fraud. Ingenbleek made his initial appearance and arraignment on May 9, 2025, before U.S. Magistrate Judge Leda Dunn Wettre. He pleaded not guilty and was remanded without bail.

    According to the Indictment and statements made in court:

    From at least 2011 through 2016, Ingenbleek created numerous direct mail solicitations supposedly from world-renowned psychics, falsely and fraudulently claiming that the recipients were being contacted because they had been the subject of specific visions by the psychics, including visions that the recipients were going to receive large sums of money and good fortune. Many of the letters falsely promised that the psychic services being offered were free of charge. In fact, the letters were mass-produced using software and information provided by Ingenbleek to a direct mail marketing services company, Company-1, located in Piscataway, New Jersey, which Ingenbleek retained to print and mail the solicitations.

    Ingenbleek directed a second company, Company-2, to send fraudulent billing notices to the same victims that stated that the victims owed money for psychic services, which in many cases had been offered free of charge. The fraudulent billing notices were labeled “collection notices” and “invoices,” falsely representing that the victims owed late payment fees, and falsely stating that a psychic or astrology organization would refer the victim to a “collection agency” and take legal action if the victim did not send a check, usually for $20 to $50. Through his fraudulent psychic mailing campaign, Ingenbleek obtained more than $10 million dollars from victims.

    In September 2016, Ingenbleek directed representatives of Company-1 and Company-2 to destroy all materials related to his fraudulent psychic mailings in response to federal criminal investigations into his conduct and the conduct of other participants in the scheme. In one email, dated September 23, 2016, Ingenbleek told a representative of Company-2, “You cannot wait! I advise you urgently to get rid of the material! Use your own car, rent a truck, start today, work all weekend.”

    The mail fraud charges each carry a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.

    U.S. Attorney Habba credited postal inspectors of the U.S. Postal Inspection Service Philadelphia Division, under the direction of Inspector in Charge Christopher A. Nielsen; special agents of IRS – Criminal Investigation Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; and special agents of HSI New York, under the direction of Acting Special Agent in Charge Michael Alfonzo, with the investigation leading to the charges, and HSI Rome and the Justice Department’s Office of International Affairs for providing significant assistance in securing the defendant’s extradition from Italy.

    The government is represented by Assistant United States Attorneys Jonathan Fayer and Olta Bejleri of the Economic Crimes Unit in Newark.

    The charges and allegations in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

    ###

    Defense counsel: Daniel Rashbaum, Esq., Miami, Florida.

    MIL Security OSI –

  • MIL-OSI Security: Armed Career Criminal Sentenced to 30 Years in Federal Prison for Being a Felon in Possession of a Firearm and Possession with Intent to Distribute Marinjuana

    Source: Office of United States Attorneys

          LITTLE ROCK—Trevion Dickson, a multi-convicted felon who again illegally possessed guns and drugs, will spend the next 30 years in federal prison for being a felon in possession of a firearm and possession with intent to distribute marijuana. Jonathan D. Ross, United States Attorney for the Eastern District of Arkansas, announced the 360-month total sentence, which was handed down today by United States District Judge Brian S. Miller.

          A federal grand jury indicted Dickson, 43, of Pine Bluff, in an indictment on December 5, 2023. On February 6, 2025, Johnson pleaded guilty to being a felon in possession of a firearm and possession with intent to distribute marijuana. Judge Miller sentenced Dickson to 30 years on the firearm charge and five years on the drug charge, with the sentences to run concurrently.

          On January 6, 2023, law enforcement officers from the White Hall Police Department were dispatched to an immobile vehicle revving its engine in the roadway. Dickson was standing next to the vehicle and upon questioning, Dickson fled from police on foot. He was later apprehended in a shed hiding behind a lawn mower and had to be physically restrained when officers attempted to take him into custody. At the time, Dickson had active felony warrants pending and was a parolee with a search waiver on file. Officers searched Dickson’s person and located methamphetamine, synthetic marijuana, marijuana, and alprazolam. During a search of Dickson’s vehicle officers located two sets of digital scales, marijuana, and a Smith & Wesson 9mm firearm.

          Dickson has five previous felony cocaine convictions and two prior felony firearm convictions, as well as numerous other convictions. His criminal history classified him as an armed career criminal and enhanced his sentence.

          Judge Miller also sentenced Dickson to three years’ supervised release. There is no parole in the federal system.

          This case was investigated by DEA with assistance from the White Hall Police Department. This case was prosecuted by Assistant United States Attorney Stacy Williams.

    # # #

    Additional information about the office of the

    United States Attorney for the Eastern District of Arkansas, is available online at

    https://www.justice.gov/edar

    X (formerly known as Twitter):

    @USAO_EDAR 

    MIL Security OSI –

  • MIL-OSI Security: Canadian Man Illegally In The United States Pleads Guilty To Conspiracy To Smuggle Handguns Into Canada

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Durante King-Mclean, age 26, of Cambridge, Ontario, Canada, pled guilty today before United States District Judge Jennifer P. Wilson to a single count of a multi-count indictment charging him with conspiring with others to illegally traffic in firearms.

    According to Acting United States Attorney John C. Gurganus, the charges stem from a September 2, 2023, traffic stop by the Pennsylvania State Police in Franklin County of a rental vehicle operated by King-Mclean who was the only occupant of the vehicle. During the stop King-Mclean fled on foot and was apprehended after a brief foot chase. A subsequent search of the rental vehicle led to the recovery of 65 handguns in the vehicle’s trunk that were all individually concealed in socks. Of the 65 handguns that were recovered, two were fully automatic, 11 were stolen, and one had an obliterated serial number. King-Mclean had been in communication with his co-conspirators from April of 2023 until his arrest on September 2, 2023, and had been staying at an Airbnb in Ft. Lauderdale, Florida, until he rented the vehicle at the end of August 2023 and headed north towards Canada with the illegally purchased handguns. Sometime after his arrest and incarceration on September 2, 2023, King-Mclean was charged by Canadian authorities for his alleged participation in the April 17, 2023, heist of approximately $22.5 million dollars in gold bars and foreign currency from the Air Canada cargo terminal at Toronto’s Pearson International Airport. It was shortly after this heist that King-Mclean illegally entered the United States where he remained until his arrest on September 2, 2023, as he was headed back to Canada with the 65 handguns.

    “King-Mclean’s international firearms trafficking scheme had 65 guns destined for the hands of violent criminals and other prohibited people who threaten their communities,” said Eric J. DeGree, Special Agent in Charge (SAC) for the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “ATF’s highest priority is reducing violent gun crime, and thanks to our cooperative efforts, this action kept dozens of crime guns off the street — preventing them from being used in any number of killings and other crimes.”

    “This guilty plea highlights the serious consequences of international arms trafficking and the dangers it poses to public safety. By illegally moving firearms across borders, criminal networks fuel violence and threaten communities,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “HSI remains dedicated to working with our domestic and international partners to disrupt these illicit operations and ensure that those who engage in trafficking are held accountable.”

    King-Mclean faces a potential sentence of 15 years’ imprisonment, a $250,000.00 fine, and a three-year term of supervised release.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives – Harrisburg Office, the Pennsylvania State Police, and Homeland Security Investigations (HSI).  Assistant United States Attorney William A. Behe is prosecuting the case.

    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 prosecution is also part of an extensive investigation by the Organized Crime Drug Enforcement Task Force (OCDETF).  OCDETF is a joint federal, state, and local cooperative approach to combat drug trafficking and is the nation’s primary tool for disrupting and dismantling major drug trafficking organizations, targeting national and regional level drug trafficking organizations and coordinating the necessary law enforcement entities and resources to disrupt or dismantle the targeted criminal organization and seize their assets.

    All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Father and Son Sentenced for Role in International Market Manipulation Scheme Related to New Jersey Deli

    Source: Office of United States Attorneys

    CAMDEN, N.J. – A father and son were sentenced on May 13, 2025, for their roles in orchestrating a large-scale market manipulation scheme related to two publicly traded companies, U.S. Attorney Alina Habba announced.

    Peter Coker, Sr., 82, of Chapel Hill, North Carolina, and Peter Coker, Jr., 56, formerly of Hong Kong, China, had pleaded guilty, on December 19, 2024, before U.S. District Judge Christine P. O’Hearn to securities fraud and conspiracy to commit securities fraud. Coker, Sr. was sentenced to six months’ imprisonment, three years’ supervised release, including six months’ home detention, and fines totaling $500,000. Coker, Jr. was sentenced to 40 months’ imprisonment, three years’ supervised release, and fines totaling $250,000.

    James Patten, 65, of Winston-Salem, North Carolina also previously pleaded guilty to the same charges and is awaiting sentencing.

    According to documents filed in this case and statements made in court:

    From 2014 through September 2022, Peter Coker Sr., Peter Coker Jr., and Patten conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.

    As part of the securities fraud scheme, the defendants targeted two publicly traded companies—Hometown International Inc. and E-Waste Corp.—which both traded on the OTC Link Alternative Trading System, also known as the OTC Marketplace. The OTC Marketplace is an alternative trading system that contains three tiers of markets, which are largely based on the quality and quantity of the listed companies’ information and disclosures.

    Coker Sr., Coker Jr., and Patten took steps to gain control of both entities’ management and stock with the ultimate intention of entering reverse mergers, a transaction through which an existing public company merges with a private operating company. A successful reverse merger would allow the defendants to sell shares of each entity at a significant profit.

    In or around 2014, two New Jersey residents began the process of opening a local deli in Paulsboro, New Jersey. One of the individuals discussed his interest in opening the deli with Patten, a long-time friend, who suggested the creation of Hometown International, an umbrella corporation, under which the deli would operate as a wholly owned subsidiary. Unbeknownst to the deli owners, after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them.

    Around October 2019, Hometown International began selling shares on the OTC Marketplace. Patten, Coker Sr., and Coker Jr. furthered their scheme by gaining control of Hometown International’s management and its shares from the deli owners. Coker Sr., Coker Jr., and Patten took similar actions to gain control of E-Waste Corporation’s stock and management. The defendants also arranged for the transfer of millions of shares of stock to a number of nominee entities, including entities controlled by Coker Jr., in an effort to mask their control of the shares.

    In addition, the defendants transferred shares to family members, friends, and associates and gained control over their trading accounts by obtaining their log-in information to conceal the defendants’ involvement. The defendants then used those accounts to commit a number of coordinated trading events, often referred to as match and wash trades, to trade in Hometown International and E-Waste Corp.’s stock on both sides of the transaction.

    These tactics artificially inflated the price of Hometown International and E-Waste’s stock by giving the false impression that there was a genuine market interest in the stock. Their scheme had the ultimate impact of artificially inflating Hometown International’s stock by approximately 939 percent and E-Waste’s stock by approximately 19,900 percent.

    U.S. Attorney Habba credited special agents of the FBI’s Philadelphia Division, under the direction of Special Agent in Charge Wayne A. Jacobs, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation. He also thanked special agents from FBI Charlotte, FBI Los Angeles, FBI San Francisco, FBI Denver, and FBI Knoxville, for their assistance.

    The government is represented by Lauren E. Repole, Deputy Chief of the Criminal Division, and Assistant U.S. Attorney Aaron Webman of the Economic Crimes Unit. 

                                                                           ###

    Defense counsel:

    Peter Coker, Sr.: John Azzarello, Esq. (Morristown, New Jersey), William McGovern, Esq. (New York, New York)

    Peter Coker, Jr.: Zach Intrater and Marc Agnifilo (New York, New York)

    MIL Security OSI –

  • MIL-OSI Security: Baltimore Man Pleads Guilty in Federal Court to Fentanyl, Firearm, and Unemployment Insurance Fraud Charges

    Source: Office of United States Attorneys

    Greenbelt, Maryland – Today, Vincent Ford, 22, of Baltimore, Maryland, pled guilty in federal court to possession with intent to distribute fentanyl and oxycodone; possession of a firearm and ammunition by a convicted felon; and wire fraud, in connection with fraudulently obtaining COVID-19 unemployment insurance (UI) benefits.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea with Special Agent in Charge Toni M. Crosby, Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor – Office of Inspector General (DOL-OIG); and Chief Malik Aziz, Prince George’s County Police Department (PGPD).

    According to the guilty plea, on February 17, 2023, PGPD officers conducted a traffic stop on a vehicle with heavily tinted windows.  During the traffic stop, officers detected the odor of marijuana coming from the vehicle. The driver acknowledged there was marijuana in the car. 

    Ford was the passenger in the vehicle and officers noticed that he was wearing an unzipped gray satchel.  After searching the vehicle, officers found a loaded Taurus G3C semi-automatic firearm under the passenger seat where Ford had been sitting. It was loaded with 13 rounds of 9mm ammunition in the magazine and one round of 9mm ammunition in the chamber ready to be fired.  The firearm was previously reported stolen from a vehicle in Baltimore County.

    Law enforcement also searched Ford’s satchel and person, recovering 46 30mg blue pills that contained fentanyl, a 20mg white pill that contained oxycodone, three 15mg green pills that contained oxycodone, and more than $1,000 in cash.

    Ford admitted to possessing the fentanyl and oxycodone pills with the intent to distribute them.  He also acknowledged that he possessed the loaded Taurus firearm in furtherance of his drug trafficking. Due to a previous felony conviction, Ford is prohibited from possessing firearms and ammunition.

    Additionally, a subsequent investigation revealed that Ford also engaged in COVID-19 UI fraud.  According to the plea, between at least June 13, 2020, and November 19, 2020, Ford participated in a scheme to defraud the Maryland Department of Labor of at least $17,000 in UI benefits during the COVID-19 pandemic.  In response to the COVID-19 pandemic, several federal programs expanded UI eligibility and increased UI benefits to provide emergency assistance to struggling Americans.  Ford fraudulently took advantage of that program and filed at least six false UI claims, using stolen identities of real persons.  Two of the fraudulent claims resulted in the disbursement of $17,000 in funds in the names of two of the identity theft victims.  He obtained $2,580 of that amount from a bank card in the name of one of the victims.

    Ford faces a maximum sentence of 15 years for the felon in possession of a firearm and ammunition charge; a maximum of 20 years for possession with intent to distribute fentanyl and oxycodone; and a maximum of 20 years for wire fraud in connection with his fraudulent COVID-19 unemployment insurance scheme.  Judge Deborah L. Boardman scheduled sentencing for Monday, November 3, at 2 p.m.

    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.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud.  The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts.  For more information on the Department’s response to the pandemic, visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended the ATF, DOL-OIG, and PGPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Patrick D. Kibbe and Nicholas F. Potter who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI United Nations: UNIFIL Statement (14 May 2025)

    Source: United Nations – Peacekeeping

    UNIFIL is concerned by the recent aggressive posture of the Israel Defense Forces (IDF) involving UNIFIL personnel and assets near the Blue Line, including yesterday’s incident in which a direct fire hit the perimeter of a UNIFIL position south of the village of Kfar Shouba.

    In yesterday’s incident, peacekeepers observed two shots fired from south of the Blue Line with one of them hitting the UNIFIL base.

    This marks the first time a UNIFIL position has been directly hit since the 27 November cessation of hostilities understanding while in this period UNIFIL has observed at least four other incidents involving IDF fire near its positions along the Blue Line.

    In recent days, UNIFIL has also observed other aggressive behaviour by the IDF towards peacekeepers performing operational activities in accordance with Security Council Resolution 1701.

    Also yesterday, UNIFIL peacekeepers performing a patrol with the Lebanese army near Maroun ar-Ra’s reported being targeted by a laser from a nearby IDF position.

    In another incident south of Alma ash-Shaab on 7 May, laser beams were pointed towards a UNIFIL patrol from two IDF Merkava tanks. As the patrol began to move, a drone flew approximately five metres above it, following the patrol for about a kilometre. Separately, on the same day, an aerial vehicle repeatedly flew over a UNIFIL position east of Houla.

    UNIFIL protests all such and we continue to remind all actors of their responsibility to ensure the safety and security of UN personnel and property and to respect the inviolability of UN assets and premises at all times.

    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

    https://t.me/UNIFIL_Lebanon

    MIL OSI United Nations News –

  • MIL-OSI USA: ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

    Senator Reverend Warnock returned to his hometown to continue his public pressure campaign urging Congressional Republicans to protect clean energy tax credits fueling an expected 42,000 Georgia clean energy jobs
    Senator Warnock released a comprehensive report on how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits

    Senator Warnock was instrumental in securing these clean energy tax credits which supercharged the clean energy economy and is expected to create tens of thousands of good-paying jobs in Georgia

    Since the tax credits were put into place, 51 clean energy projects worth over $28 billion have come to Georgia, largely centered in rural communities
    These jobs and investments are under threat from a Republican-controlled Washington

    Uncertainty over the IRA’s future and its incentives could lead to billions of lost investments and thousands of lost jobs, hurting Georgia’s workers, families, and economy

    ICYMI from Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah

    Above: Senator Reverend Warnock uplifts his new report on Georgia’s clean energy economy during a press conference in Savannah
    Photo credit: Richard Burkhart, Savannah Morning News
    Savannah, GA – This week, U.S. Senator Reverend Raphael Warnock (D-GA) brought the fight to protect up to 42,000 good-paying Georgia jobs to his hometown of Savannah, Georgia. The Senator continued to speak out against Congressional Republicans’ attempts to claw back clean energy tax credits, which would put thousands of jobs and billions in investments at risk.
    Senator Warnock held a press conference at the Georgia Ports Authority headquarters to uplift his new report that details how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits. The report found Georgia’s clean energy economy has led the nation following the 2022 passage of these tax credits while also providing a stark warning on the risks posed to Georgia’s clean energy jobs and project investments amid the economic uncertainty being fueled by the reckless actions and threats of the Trump administration and Congressional Republicans.
    The report and Savannah press conference comes as House Republicans laid out plans on Monday to phase out clean energy tax credits, slash spending on electric vehicles and renewable energy, and claw back other climate-related funds as part of the Washington Republicans’ attempt to pass a broad tax bill that would cut federal investments in our nation’s clean energy economy, alongside other cuts across the federal government, in order to offset a tax cut for the wealthiest earners in America. 
    Senator Warnock’s leadership was critical in crafting and passing the landmark climate legislation in 2022. Since these tax credits were signed into law, clean energy jobs and investments exploded across the country, but nowhere was that growth more potent than in Georgia. In less than three years, clean energy businesses have announced 51 new projects worth over $28 billion in Georgia. Investment in clean energy manufacturing, including batteries, solar panels, and electric vehicles has increased by a factor of ten. All these gains are at risk if Washington Republicans repeal the Clean Energy Tax Credits.
    Coverage of Senator Warnock’s Savannah press conference can be found below:
    Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah
    U.S. Sen. Raphael Warnock took his fight to save clean energy tax credits from the Inflation Reduction Act to Savannah on Monday, holding a press conference touting the impacts of IRA credits to Georgia’s economy.
    Warnock’s office released a report last week that claimed the state is at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut. The senator’s push comes as the U.S. Congress works through its budget reconciliation process, where some tax credits may face repeal.
    During the press conference Monday, which was held at the Georgia Ports Authority headquarters, Warnock put the onus on Georgia’s federal Republicans to fight for the credits.
    “Now it’s up to Georgia’s congressional Republicans to protect these clean energy credits,” Warnock said. “Let’s choose the people over politics. Let’s choose jobs over the games that so often get played in Washington, D.C. Let’s protect these jobs and protect these investments.”
    Select House Republicans sent a letter to the House Ways and Means Committee leadership in early March advocating for “targeted and pragmatic” changes to energy-related tax code. Rep. Buddy Carter, who represents Georgia’s coast and recently announced a bid for the U.S. Senate, signed onto the letter.
    Warnock said Monday that he is fighting to retain all of the IRA’s credits, citing statistics from his office’s report that every $1 in federal investment from the IRA yields another $4.50 in private investment. “We ought to keep all of them,” Warnock said. “Who are we compromising with, ourselves?”
    Savannah Morning News: U.S. Senator Warnock’s report says manufacturing jobs at risk if IRA is repealed
    Sen. Raphael Warnock wants the entire U.S. to know that Georgia has shown that “the future is green, the future is clean.”
    Unless, that is, the U.S. republican-led Congress decides to cut clean energy tax credits created by the President Joe Biden-era Inflation Reduction Act (IRA). Congress is set to go through its budget reconciliation process in coming months and Warnock has sounded the alarm with a report issued last week stating Georgia could be at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut.
    Warnock believes Georgia has shown his republican colleagues that the U.S. does not have to “decide between the economy and the environment, that you can work on both of those things.”
    Warnock feels that his office’s report clearly outlines the consequences if the tax credits were to go away, especially for Georgia, which he called “the big winner” from the IRA. 
    A statement from his office’s report reads, “Overall post-IRA business investment in Georgia clean energy manufacturing has totaled nearly $16.4 billion, which is over 10 times greater than clean energy manufacturing investment in the previous two years.”
    WTOC: Senator Warnock pushes back against proposed repeal of clean energy tax credit 
    Congressional Republicans are considering repealing Clean Energy tax credits as a part of their proposed budget package. According to a new report by Georgia Democratic Senator Raphael Warnock, nearly 42,000 jobs could be lost statewide if this happens.
    “I‘m here in my hometown of Savannah, Georgia to speak out about efforts to eliminate up to 42,000 good-paying jobs right here in Georgia. That includes 7,400 jobs right here…,” said Senator Raphael Warnock. The Senator said that without them, Georgia workers, families, and the economy would all take a hit.
    “It’s a job killer. It’s pure and simple. And, you know, I just hope we will center the people rather than the politics because the economics is clear,” said Senator Warnock. 
    Congress passed the Inflation Reduction Act in 2022. It was meant to create and expand clean energy programs statewide.
    According to the senator’s report, Georgia has been the top beneficiary of the IRA’s clean energy incentives. He’s calling out his republican colleagues in Congress, who are looking to repeal these tax credits.
    “Georgia Republicans have a choice to make. These credits have benefited their districts more than blue districts. And I think the people of Georgia are waiting to see if they are going to stand up for them,” said Senator Warnock. 

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