Aura Has Agreements to Complete Financial Restructure, Refocuses Company On AuraGen
12 November 1999
Aura Has Agreements to Complete Financial Restructure, Refocuses Company On AuraGen
EL SEGUNDO, Calif.--Nov. 11, 1999--Aura Systems, Inc. (OTCBB:AURA) announced today that it has finalized all agreements necessary to allow it to go forward with the completion of its financial restructure.The agreements include its major debt holders, secured creditors and approximately 90 percent of the trade creditors. In addition to the restructure, Aura has completed a private placement that will allow new capital to become available to the company to carry out its business plan.
The restructured Aura will focus all of its activities on products based on its patented AuraGen(TM) technology. The AuraGen is a high power, under-the-hood 110 VAC generator that operates from engine idle to full speeds, with the vehicle stationary or in motion. Power generated by the AuraGen is clean enough to operate the most sensitive electronic equipment. The company is currently shipping a 5000-Watt version of the AuraGen. Current customers include cities, utilities, federal agencies, media, and telecommunications companies, among others.
General Motors Pontiac-GMC Division at the Specialty Equipment Marketing Association (SEMA) Show in Las Vegas in November 1999 recently featured the AuraGen at the debut of its 2000 GMC Professional Sierra Show Truck. The General Motors Military Vehicles Group at the October 1999 annual meeting of the Association of the United States Army (AUSA) also featured the AuraGen. In addition, General Motors has described the AuraGen as the "piece de resistance" of the GMC Terradyne, one of its new concept vehicles for the year 2000.