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REVIVER® HELPS DRIVE THE SPIRIT OF GIVING THIS HOLIDAY SEASONAppoints Current Dana Director R. Bruce McDonald as Chairman and CEO Announces Plan to Sell Off-Highway Business Initiates $200 Million Cost Reduction Plan Confirms 2024 Full-Year Guidance Ranges for Sales, Adjusted EBITDA and Free Cash Flow MAUMEE, Ohio , Nov. 25, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced the appointment of R. Bruce McDonald , a member of the Dana Board of Directors, as Chairman and Chief Executive Officer, effective immediately. Mr. McDonald's appointment follows the retirement of James Kamsickas as Chief Executive Officer and his departure from the Board. Mr. Kamsickas will remain as an advisor to the Company through March 2025 to support the transition. The Board has retained a leading executive search firm to identify the Company's next permanent CEO. Keith Wandell , Dana's Lead Independent Director, said, "Jim is an exceptional leader with more than 18 years as a CEO in the industry. He led Dana through one of the industry's most challenging periods while successfully building a high-performance culture, enabling a world-class manufacturing company and assembling a portfolio of leading products and technologies. The Board and Jim agreed that now is the right time to transition the leadership of Dana, and we thank Jim for his many contributions over his nine years leading the Company and wish him all the best." Mr. Kamsickas said, "I am proud of the work the Dana team has done over the past decade to grow revenues and successfully enhance the technology to serve all mobility markets no matter what type of propulsion they may use. It has been an honor to lead this talented global team during that time and I am confident the Company is well positioned for the future." Mr. Wandell continued, "We continue to have confidence in the long-term opportunity in the mobility industry, however it is undergoing a significant transformation, including protracted cost pressures and demand uncertainty. To address these challenges and deliver more value to customers and shareholders, Dana is taking action to streamline the business, unlock the value of its Off-Highway business and further reduce costs. Bruce is an experienced public company CEO in our industry with significant M&A expertise, and we are confident that he is the right person to oversee this transformation while the Board conducts a search for a permanent successor." Plan to Sell Off-Highway Business Dana today also announced it has engaged financial advisors Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC to sell its Off-Highway business, which the Board believes will unlock substantial value for shareholders. The Off-Highway business provides drive and motion systems for heavy-duty vehicles in markets such as agriculture, materials handling, mining, construction and forestry. A sale will position Dana with a streamlined go-to-market approach focused on serving its light and commercial vehicle customers, with traditional and electrified products that are largely shared across the remaining portfolio. Proceeds from a potential sale will enable Dana to strengthen its balance sheet through substantially reduced leverage, and to return capital to shareholders. While the Company and its advisors believe there is strong interest in the Off-Highway business, there can be no assurance that the sale process for Off-Highway will result in a transaction. There is no timeframe for the conclusion of the process, and the Company does not intend to comment further regarding this matter unless and until further disclosure is determined to be appropriate. Cost Reduction Actions While Dana continues to improve its profitability in a challenging operating environment, the Company announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reductions in selling, general & administrative costs across all the Company's businesses and engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles. The Company expects to deliver annualized savings of approximately $200 million by 2026. Furthermore, the Company plans to reduce capital spending to reflect the revised market demand for electric vehicles. Bruce McDonald , Chief Executive Officer said, "Dana is committed to a strategy that accelerates value creation and has taken action to flex its cost structure and generate efficiencies by leveraging its core strengths through current market conditions. It is clear that further actions are needed, and I am confident that the new incremental cost reductions, paired with the benefits of a potential Off-Highway sale, will enhance shareholder value. Following the Off-Highway business sale, we believe Dana will have an adjusted EBITDA margin and free cash flow margin in excess of current levels." Mr. McDonald continued, "Dana is differentiated by leading technology innovation and a track record of continuous improvement. My conviction in our businesses, the team and the opportunities to capitalize on the EV transition over the long term remain strong. I look forward to stepping into my new role as CEO at such an important time for Dana and will work diligently alongside the Board and management team to deliver on these actions and drive value for Dana shareholders." Reaffirms 2024 Full-Year Guidance Ranges Dana is also reaffirming its previously announced guidance ranges for sales of $10.2 to $10.4 billion , Adjusted EBITDA of $855 to $895 million and free cash flow of $90 to $110 million for full year 2024, as outlined in the Company's third quarter 2024 earnings announcement on October 30, 2024 . About R. Bruce McDonald R. Bruce McDonald is a senior executive with over 30 years of experience in the automotive and manufacturing industries and significant expertise. Mr. McDonald has been a member of the Dana Board of Directors since 2014. He is also the retired chairman and chief executive officer of Adient plc., a global mobility supplier. He previously served as executive vice president and vice chairman of Johnson Controls, Inc., a global manufacturer of automotive, power and building solutions from 2014 to 2016. Mr. McDonald also served as executive vice president and chief financial officer of Johnson Controls from 2005 to September 2014 . Before joining Johnson Controls as vice president and corporate controller in 2001, he was vice president for finance at TRW Automotive. Prior to his appointment as Chairman of the Board, Mr. McDonald served on Dana's Audit Committee and as chair of the Nominating and Corporate Governance Committee. Forward-Looking Statements Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason. About Dana Incorporated Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions. Based in Maumee, Ohio , USA, the company reported sales of $10.6 billion in 2023 with 42,000 people in 31 countries across six continents. With a history dating to 1904, Dana was named among the "World's Most Ethical Companies" for 2023 and 2024 by Ethisphere and as one of "America's Most Responsible Companies 2023" by Newsweek. The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer. Learn more at dana.com . Craig Barber , +1-419-699-4990, craig.barber@dana.com View original content to download multimedia: https://www.prnewswire.com/news-releases/dana-announces-leadership-transition-and-actions-to-accelerate-value-creation-302315797.html SOURCE Dana IncorporatedRoivios Initiates Landmark Study to Demonstrate Safety and Efficacy of an Innovative Renal Assist Device for Cardiac Surgery Patients With Kidney Disease NASSAU, Bahamas , Dec. 19, 2024 /PRNewswire/ -- Roivios , a pioneering clinical-stage medical device company dedicated to revolutionizing kidney health, proudly announces that its research and development arm, 3ive Labs, has secured approval for an Investigational Device Exemption (IDE) from the FDA. This approval paves the way for a pivotal trial of the JuxtaFlow Renal Assist Device (RAD), marking a transformative step forward in enhancing outcomes for cardiac surgery patients with renal insufficiency. The GRADIENT ( G roundbreaking R enal A ssist D evice I ntervening to EN hance cardio T horacic surgery outcomes) trial is designed to address the critical need for renal support among cardiac surgery patients undergoing cardiopulmonary bypass (CPB). These patients often face increased risks of postoperative complications, such as worsening renal dysfunction, which can lead to extended ICU stays and increased mortality. "The GRADIENT Trial offers an invaluable opportunity to further explore renal support during cardiac surgery," said Dr. Evelio Rodriguez , a renowned heart surgeon at Ascension Saint Thomas in Nashville, TN , and the National Principal Investigator of the GRADIENT trial. "The JuxtaFlow device offers new hope for some of our most vulnerable patients." JuxtaFlow RAD is an innovative device designed to potentially improve kidney function during times of acute stress. By applying a gentle suction to the kidney's outlet, it aims to enhance blood filtration more efficiently. This groundbreaking approach was recognized with an FDA Breakthrough Device Designation in April. The GRADIENT study will be a prospective, multicenter, randomized, controlled, open-label trial that plans to enroll patients with renal insufficiency (eGFR 15-60 ml/min) undergoing elective or urgent cardiac surgery requiring CPB. The study seeks to evaluate the safety and effectiveness of the JuxtaFlow RAD to sustain or enhance renal function during and following CPB surgery. "Achieving Breakthrough Device Designation was instrumental in securing IDE approval," noted John Erbey , Chief Executive Officer at Roivios. "This initiative is the culmination of a decade of technological and clinical advancements in addressing kidney disease management challenges. Our ongoing dialogue with the FDA is paving the way for more effective management, empowering patients to thrive. We are eager to commence IDE enrollment and explore the JuxtaFlow RAD's potential to improve surgical outcomes and enhance patient quality of life." For more information about Roivios and the JuxtaFlow Renal Assist Device, please visit Roivios.com . About JuxtaFlow RAD The JuxtaFlow RAD is a pioneering investigational device set to transform kidney support therapy. Acknowledging the harmful effects of fluid accumulation and pressure on the kidneys, Roivios has advanced beyond traditional blood filtration methods that can further stress the kidneys. By applying mild, controlled negative pressure within the kidney's collecting system, the device has the potential to maintain and improve filtration and support recovery. This novel approach holds promise for a compelling value proposition by preserving kidney function and expediting patient recovery, ultimately reducing hospital stays and associated costs. Equipped with a proprietary specialized catheters and pump, the device optimizes kidney function during critical recovery periods, such as post-surgery. Currently, the JuxtaFlow RAD is under investigation and is not available for sale in any geography. About Roivios Roivios is a clinical-stage medical device company committed to pioneering solutions for kidney health. Our lead product, the JuxtaFlow Renal Assist Device (RAD), is designed to preserve kidney function and offer a proactive approach to managing kidney disease. We aim to demonstrate improved renal outcomes, potentially reducing the need for dialysis, and lowering healthcare costs. Holding proprietary patents in key kidney technologies, we aim to revolutionize kidney disease management. With plans to extend its application beyond kidney disease to various medical settings, Roivios is preparing for a transformative U.S. launch, aiming to redefine kidney disease management and improve patient quality of life. Discover more at roivios.com . This release contains forward-looking statements subject to risks and uncertainties. Actual results may differ significantly. Media Contact : Kelly Krueger , Krueger PR, kelly@kruegerpr.com View original content to download multimedia: https://www.prnewswire.com/news-releases/fda-grants-ide-approval-for-the-pivotal-trial-of-the-juxtaflow-renal-assist-device-rad-302336698.html SOURCE Roivios, ltd
NonePORTLAND, Ore. (AP) — A businessman with no experience in public office is taking over as mayor of Oregon’s biggest city as it embraces an entirely new system of government — one that’s so different, the City Council chambers had to be completely renovated. Portland voters last month elected Keith Wilson, a trucking company executive and founder of a nonprofit working to increase homeless shelter capacity. He ran on an ambitious pledge to end unsheltered homelessness within a year and will be sworn in Thursday alongside a council expanded from five seats to 12. Portland is contending with homelessness, public drug use and a rising cost of living. Wilson, a Portland native, plans to reach his goal of ending unsheltered homelessness by increasing the number of nighttime walk-in emergency shelters in facilities such as churches and community centers. His message appeared to have resonated in a city where surveys conducted over the past few years have shown that residents view homelessness as a top issue. He ran against three outgoing City Council members. The mayoral race , which featured 19 candidates, was thrown open when Mayor Ted Wheeler decided against seeking reelection after holding the city’s top post since 2017. Wheeler rose to national prominence in 2020 as nightly protests erupted on Portland streets and around the country in response to the police killing of George Floyd . The field of candidates in council races was crowded as well, with nearly 100 running for the new seats that were elected by voters in individual districts rather than citywide. The 130-year-old City Hall was renovated for $8.3 million to accommodate the increase in members. The new dais can now seat 12 people; floor layouts were changed to create more office space; and technology, seismic and accessibility updates were added throughout the building. “Remodeling council chambers is a once-in-a-generation activity,” Maty Sauter, director of Portland’s Bureau of Fleet and Facilities, told the outgoing City Council as it held its last meeting on Wednesday in the new chambers. “We’ve been able to reuse this 1895 facility and make it modern, contemporary and useful.” It’s going to take time for the new government to figure out which of the many changes are working, said Chris Shortell, associate professor of political science at Portland State University. In another first for City Hall, Wilson and the incoming Council members were elected under Portland’s new system of ranked-choice voting . A candidate would win if they were the first choice of more than 50% of voters in the first round. Otherwise, a second round would eliminate the candidate with the fewest votes and their supporters’ votes go to their next choice. The process would repeat until someone emerges with a majority of votes. Some 34% of voters ranked Wilson as their first choice, according to final results. The new City Council will hold its first meeting in January.
Massad Boulos, who has been widely described as a billionaire and a lawyer and was recently named as one of Donald Trump's advisors on Middle East affairs, appears to be neither a billionaire nor a licensed attorney, according to public records and interviews. Boulos first entered the public eye in 2018, when his son Michael met Tiffany Trump at a club in Greece and the pair began dating. The couple married at Mar-A-Lago in 2022, making Massad Boulos Tiffany's father-in-law. He was credited in news stories with playing a key role in Donald Trump's 2024 electoral victory, helping peel Arab American voters away from Democrats in battlegrounds like Michigan. Earlier this month, Trump said Boulos would be a "senior advisor" on Middle Eastern affairs, joining a team that includes Trump's longtime friend and supporter Steven Witkoff, his pick for ambassador to Israel Mike Huckabee, and Marco Rubio, his nominee for secretary of state, who will shape US policy in the region. At the time, Trump described Boulos as an "accomplished lawyer" and a "highly respected leader in the business world." But Trump apparently inflated Boulos's résumé. Business Insider found no proof of Boulos's supposed billions. And while he may have attended law school, he hasn't passed a bar exam and can't practice law. No connection to a company that shares his last name — but he does control a truck dealership worth less than $1 million in Nigeria Claims of the Boulos family's wealth first started circulating in English-language media in 2018, when Tiffany Trump's relationship with Michael Boulos became public. his family "owns a multibillion-dollar conglomerate" and later mentioned Boulos Enterprises. Vanity Fair the description of the Boulos businesses as "worth billions," a description that was picked up by the Times. On December 2, the New York Times said Massad Boulos built "his wealth in West Africa" and runs two companies, SCOA Nigeria and Boulos Enterprises. The Financial Times called him an "auto tycoon" who leads both companies, while ABC a "billionaire businessman" who "runs Boulos Enterprises." But Massad Boulos doesn't run Boulos Enterprises, according to several former employees and its actual boss, Boulos Boulos. Boulos Enterprises is part of the Boulos Group, a holding company owned by a different group of Lebanese Nigerians with the same last name. A due-diligence report for Boulos Enterprises Ltd. created by Moody's Orbis database doesn't mention Massad Boulos. Archived copies of the Boulos Group website from 2016 and 2018 didn't mention him, either. And Elephant Africa Holding, a Mauritius company created by the Boulos Group to hold its paper businesses, also doesn't mention Massad in its corporate filings. On Thursday, the Times and said he previously misled one of its reporters by answering "yeah" when asked if it was accurate to call his company a multi-billion dollar business. Beyond headlines in news outlets, BI couldn't find any evidence to suggest Massad Boulos is a billionaire. The company Massad Boulos actually does run, SCOA Nigeria, which has a subsidiary called SCOA Motors, is a penny stock. Its shares trade for , roughly a tenth of a US cent, making the entire business worth about $865,000. That's not Billionaire's Row money, but it could buy you in Queens. The company's , which is partly printed in Comic Sans, is consistent with such a valuation. For its financial year ending September 30, SCOA reported about 5.9 billion naira, or $3.7 million, in revenue and about 25 million naira, or $15,562, in post-tax profits. The year before, when sales were weaker, SCOA lost about 715 million naira, or $444,000. In interviews with the New York Times, Boulos has said he didn't correct the record because he doesn't discuss his businesses. He also said it was hard to value his family's businesses. It's possible that Massad Boulos's family could have other sources of wealth. His wife, Sarah Fadoul Boulos, is the daughter of another Lebanese businessman in Africa, Michel Zouhair Fadoul, whose boasts of a presence in "more than 10 countries" and has been among the most successful Lebanese businesses in Africa. On social media, Massad and his family seem to live large, posting from a yacht floating off the southern coast of France and a ski run in . While Massad Boulos has virtually no history of political giving, his son Michael made $200,000 in political contributions in two days in 2020. Michael was also reported to have proposed to Tiffany with a $1.2 million ring — which he " " to an even pricier piece by their wedding day. Phone numbers listed for Massad Boulos and his wife were disconnected. Efforts to reach him through family members and political associates weren't successful. 'Is not now, and never has been, an attorney licensed to practice law' It's also not clear that Massad Boulos is a "lawyer," as Donald Trump has described him. Some news outlets say that Boulos has a law degree from the University of Houston. But a spokesman for the University of Houston system said that's not correct; Boulos has a bachelor's degree in "general business" from one of its smaller schools, the University of Houston-Downtown. In a 2015 interview on Nigerian TV, said her husband "graduated as a lawyer from Thurgood Marshall School," part of Texas Southern University, before they moved to Nigeria. Massad Boulos also listed a law degree from the school on his LinkedIn profile before the profile went offline, according to information saved in the contact database Rocketreach. Texas Southern officials didn't respond to several requests for comment on Wednesday and Thursday. But graduating from law school doesn't make someone a lawyer. Nahdiah Hoang, the executive director of the Texas Board of Law Examiners, said in an email that Boulos applied to take the July 1996 bar exam, but he either didn't take it or didn't pass. A spokeswoman for the Texas Bar said Boulos "is not now, and never has been, an attorney licensed to practice law in Texas." BI also checked bar records for DC and 47 other states — covering 99% of the US population — and found Boulos wasn't registered as a lawyer in any of those states, either. (BI was unable to confirm if Boulos was registered to practice law in Alaska or South Dakota.) L'Orient Le Jour, a Lebanese newspaper, reported that Boulos is also a citizen of Lebanon, Nigeria, and France. There's no public evidence that Boulos is licensed as a lawyer in any of those places. He was not listed in the directories for the 11 largest French bar associations, which cover two-thirds of French lawyers. Lawyers in Lebanon must be registered with one of two bar associations; one of them, the Beirut Bar Association, said Boulos wasn't in its database, and the other didn't respond to repeated inquiries. The Nigerian Bar Association and the country's Supreme Court, which maintains its registry of lawyers, did not respond to emails about whether Boulos was an attorney. Read the original article on
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