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Modine Announces Agreement to Acquire AbsolutAire

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Acquisition provides direct-fired industrial heating, ventilation, and make-up air systems that complement Modine’s existing Heating and Indoor Air Quality businesses

RACINE, Wis., March 11, 2025 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in innovative thermal management technology and solutions, announced today that it had entered into a definitive agreement to acquire AbsolutAire, a manufacturer of direct-fired heating, ventilation, and make-up air systems. Modine expects the transaction to close April 1, 2025, subject to customary closing conditions.

“Acquiring AbsolutAire is in line with our strategy to expand our technology portfolio with differentiated solutions to capture opportunities in markets with strong tailwinds,” said Neil Brinker, President and Chief Executive Officer of Modine. “Through this acquisition, we gain another top-tier HVAC offering to serve customers demanding fit-for-purpose and sustainable air management systems.”

AbsolutAire is based in Michigan with 2024 revenue of approximately $25 million. Their direct-fired heating, ventilation, and make-up air systems enable Modine to offer a more comprehensive suite of high-performance air quality solutions. The acquisition, which will be integrated into Modine’s Heating & Schools IAQ product group within the Climate Solutions segment, also gives Modine access to a broader customer base in commercial, industrial, food service, and warehousing applications. These sectors present significant growth opportunities, driven by increasingly stringent requirements for HVAC and air quality management.

About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.

Investor Contact: Kathleen Powers; kathleen.t.powers@modine.com; (262) 636-1687     
Media Contact: pr@modine.com

Forward-Looking Statements
This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” “projects,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine’s actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024.  Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and military conflicts, including the conflicts in Ukraine and in the Middle East and tensions in the Red Sea; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology (“IT”) systems; the impact of a material weakness identified in our internal controls related to IT system access in Europe on our financial reporting process; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

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Prime Biome Warns Consumers About Unauthorized Sellers and Ensures Commitment to Product Authenticity

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NEW YORK, March 15, 2025 /PRNewswire/ — The official brand behind Prime Biome, a product developed under Bioventra’s portfolio of advanced formulations, has issued a public advisory regarding unauthorized third-party resellers misrepresenting the product online. Reports indicate that unverified vendors online have been listing non-official versions of Prime Biome across various platforms, leading to confusion among consumers.

The official Prime Biome brand has been receiving complaints from individuals who unknowingly made purchases from unverified sources, later realizing discrepancies in packaging, labeling, and ingredient details. This has raised concerns about product authenticity and integrity, as the formulation was developed exclusively under Bioventra’s stringent quality standards.

In response to these growing Prime Biome concerns, the company has issued an official statement emphasizing the importance of ordering from the official verified source only to ensure authenticity and product safety.

Unverified Resellers Causing Widespread Confusion

In recent weeks, multiple consumer reports have highlighted the increasing prevalence of unauthorized sellers listing Prime Biome outside of the brand’s verified distribution channels. This industry has faced similar challenges, with third-party vendors presenting themselves as legitimate sources while listing products that may not reflect official formulations.

The official Prime Biome team has been actively monitoring unauthorized listings and is committed to raising awareness about the potential risks associated with purchasing Prime Biome from unknown third-party vendors.

While some unauthorized sellers may claim to offer genuine Prime Biome, discrepancies in packaging, ingredient details, and overall product presentation have raised concerns. Consumers have reported receiving products that appear different from official branding, while others have struggled with Prime Biome returns and refund processes due to unclear seller policies.

Customer Complaints Highlight Need for Greater Awareness

Consumer reports received by the official Prime Biome brand have included concerns such as:

Product inconsistencies – Customers noted that labeling, logo placement, or product descriptions did not match official representations.Ingredient discrepancies – Since Prime Biome contains a proprietary blend of probiotics and botanical extracts, there have been concerns about whether third-party listings contain the expected formula.Unclear storage conditions – Prime Biome consumers have questioned whether unauthorized sellers store and handle the product correctly, as dietary supplements require specific conditions to maintain quality.Limited customer support – Many individuals who purchased Prime Biome from non-official sources reported that customer service inquiries went unanswered, leaving them unable to seek refunds or verify authenticity.

A spokesperson for the Prime Biome line commented:

“We take product integrity seriously and are committed to ensuring that consumers receive only authentic formulations. Unfortunately, unauthorized sellers sometimes misrepresent products, leading to confusion. We encourage Prime Biome customers to remain vigilant when verifying sources.”

The Rise of Unauthorized Third-Party Sellers

Unauthorized supplement resellers have become a growing issue across various e-commerce platforms, social media marketplaces, and third-party retail websites. Many third-party Prime Biome sellers attempt to capitalize on consumer demand, sometimes offering deep discounts or listing products in ways that do not align with official brand communications.

This trend has led to several industry-wide concerns, including:

Unverified product origins – Some Prime Biome sellers source products through unauthorized means, making it difficult for consumers to determine where and how the product was handled before purchase.Potential product substitutions – Some third-party vendors list a product under the Prime Biome name but ship alternative formulations or lookalike substitutes instead.Misleading discount strategies – Some resellers attempt to lure in customers with extremely low prices, which can indicate unverified stock or repackaged items.

While Prime Biome‘s official brand is actively monitoring unauthorized sales, the company emphasizes that consumers should take proactive steps to avoid misleading listings.

How Consumers Can Identify Official Product Sources

Consumers can take several steps to avoid misleading third-party listings and ensure they are purchasing authentic products. It is important to examine product details carefully, checking for inconsistencies in labeling, packaging, or branding that may indicate a non-official version. Prime Biome Pricing should also be reviewed with caution, as significantly lower prices than usual may suggest an unauthorized seller. Verifying the legitimacy of the seller by researching whether they are recognized as an authorized distributor can help prevent confusion. Lastly, consumers are encouraged to confirm product details through official channels to ensure accuracy and authenticity.

Company Response & Consumer Safety Commitment

The official Prime Biome brand has reaffirmed its commitment to consumer safety, product integrity, and transparency. With the increase in unauthorized sales, the company remains focused on educating customers about product authenticity.

“We are committed to making sure that individuals who seek out Prime Biome receive the correct formulation as originally designed. By raising awareness about misleading third-party listings, we hope to prevent unnecessary confusion and ensure a positive customer experience,” the spokesperson added.

Additionally, the company is actively monitoring third-party sales channels and taking steps to minimize unauthorized Prime Biome product listings that could misrepresent the brand.

Final Advisory for Consumers

With misleading third-party listings continuing to appear across various online marketplaces, consumers are encouraged to be diligent in verifying sources before making a purchase. The official Prime Biome brand has issued this advisory to help prevent further confusion and misinformation.

For updates regarding product authenticity and verification measures, consumers can refer to official sources.

Contact:
Bioventra, Inc.
contact@bioventra.com 
(888) 514-1489

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CHAI, A Leading Social AI Platform, Launches Creator Feed for UGAI

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CHAI, a Palo Alto-based social AI platform, launches creator feed, boasts 1M+ daily users, over $20M in revenue, and aims to deliver it’s mission of user-generated AI.

PALO ALTO, Calif., March 14, 2025 /PRNewswire/ — CHAI, a social AI platform based in Palo Alto, has launched it’s creator feed – it showcases the most popular user-generated AI, UGAI.

With more than one million daily active users and $20 million in revenue, CHAI is evolving into an app with broad, general adoption.

What is CHAI? CHAI is a social AI platform where users can create their own AI. Since its launch three years ago, CHAI has experienced significant growth, particularly among Gen Z users. Now, to support further growth and wider adoption, CHAI has redesigned its brand.

Can you use CHAI AI in a browser? As of March 2025, no. CHAI is focused on delivering the most engaging social AI experience by hiring talented engineers to refine its app. While there are currently no plans for a web app, this may change in the future.

Is CHAI AI safe? CHAI has implemented a range of safety features that allow users to engage in dynamic chats while encouraging them to stay within established guidelines. By building better AI, CHAI aims to enhance user value and experience.

What makes CHAI special? CHAI is designed to be the most engaging social AI, delivering highly entertaining conversations. Many users rely on it to craft interactive stories and immersive experiences.

Why do people love CHAI? CHAI employs advanced AI techniques to increase the entertainment value of its bots. Users chat with AI to write interactive novels and have engaging conversations, supported by a variety of genres that appeal to avid novel readers.

Sometimes regarded as the best free AI chatbot, CHAI is paving its way to widespread adoption of conversational social AI for entertainment.

Who is the founder? William Beauchamp first started building CHAI with his sister in Cambridge UK in 2020. After building the first AI chat platform they relocated to Palo Alto.

Are they hiring? CHAI is a rapidly growing company that is known for paying very high salaries with an intense culture focused on delivering results and iterating quickly. Apply on CHAI’s website.

Press Contact:

Tom Lu
+1 (626) 594-8966
https://www.chai-research.com/

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China on track to achieve growth target for 2025, say experts and business leaders

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BEIJING, March 14, 2025 /PRNewswire/ — A news report from chinadaily.com.cn:

China is expected to achieve its annual growth target of around 5 percent this year and present more business opportunities for both domestic and foreign companies, with its intensified efforts to spur innovation and further boost consumption and investment, economists and business leaders said at the “CEO: Grow with China” Roundtable hosted by China Daily on Friday.

“China’s economy is right on track to meet its preset annual growth target of around 5 percent for 2025, supported by its ultra-large domestic market, strong innovation capability, as well as a string of supportive policies aimed at boosting consumption and emerging industry investment,” said Lin Shen, a researcher at the Chinese Academy of Social Sciences’ Institute of World Economics and Politics.

Government policies aimed at fostering innovation and developing emerging industries have been steadily implemented. Fiscal policies and other innovation-friendly measures will play a crucial role in sustaining economic growth throughout the year, Lin said.

Lin highlighted the structural shifts in the economy, where new growth drivers are replacing old ones, and stressed that new quality productive forces, including AI-powered manufacturing, have begun to take hold. “Our new quality productive forces, coupled with AI empowerment, have integrated well with the manufacturing and the real economy. There will be significant progress in application scenarios.”

“Even though there are certain geopolitical headwinds, we are still very optimistic about China’s economic prospects this year as the country’s fiscal and monetary policies go hand in hand,” said Ole Gerdau, chief operating officer at Deutsche Bank China.

According to him, consumption will be the key driver of the economy, roughly contributing to two-thirds of China’s growth this year. The trade-in program, for which funding has been doubled, is expected to have a positive impact on consumption.

Gerdau said the emergence of Chinese AI startup DeepSeek is changing people’s perception about China’s innovation strength and technological advancements. “This creates a wake-up moment for the world that now might be the time to invest in China. We expect this year to be the turning point where international investors are going to shift their focuses and have a higher allocation into the Chinese market,” he said.

China is prioritizing new quality productive forces and enhancing financial services to enterprises in its economic agenda for the year, as policymakers announced recently the rollout of a raft of supportive measures aimed at creating new growth drivers for the world’s second-largest economy.

The People’s Bank of China, the country’s central bank, said late on Thursday that it will reduce the reserve requirement ratio and interest rates as appropriate based on the domestic and international economic and financial situation as well as the performance of financial markets.

The A-share benchmark Shanghai Composite Index rose 1.81 percent to close at 3419.56 points on Friday, while the ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, jumped 2.8 percent to close at 2226.72 points.

The National Development and Reform Commission recently announced that it would establish a national venture capital guidance fund, with the goal of enhancing, strengthening and expanding innovative enterprises. The fund is expected to attract nearly 1 trillion yuan ($138 billion) in capital from local governments and the private sector.

The participants at the roundtable emphasized that emerging sectors like artificial intelligence have great potential in China, presenting new opportunities for enterprises.

China’s AI-led innovation is also throwing up opportunities for businesses like Rolls-Royce, said Troy Wang, executive vice-president of Rolls-Royce Greater China.

“China’s focus on innovation-driven growth is making it continue to be an important country for Rolls-Royce, and it’s so much more than just a market for us,” Wang said.

“Rolls-Royce just achieved a record year in 2024 in terms of business performance and we’re confident about 2025,” he said, adding that the company is building Beijing Aero Engine Services Co Ltd, a joint venture in Beijing, into a world-leading digitally enabled aeronautical engine repair and overhaul shop.

Rani Jarkas, chairman of Cedrus Group, said that the development of AI requires a large amount of electricity, chips, and applications, and China has it all. “Technology speaks for itself,” he said.

“I think the innovation will continue and the opportunities will grow for Chinese companies going abroad and for foreign companies to come to explore the market and set up local units here,” he said.

Huang Yanxiang, co-founder and CEO of Shanghai CarbonNewture and ESG expert, said the current wave of AI-led innovation in China is transforming industries by integrating AI with manufacturing, boosting efficiency, and giving rise to new business models. For CarbonNewture, this means deeply integrating AI into its carbon accounting platforms, improving data analysis and reporting capabilities to deliver more precise and actionable insights.

The roundtable was jointly organized by China Daily Institute for Corporate Communication and China Services Information Platform.

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SOURCE chinadaily.com.cn

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