Aura Sets Annual Meeting Date to Ratify Terms of Financial Restructuring
14 December 1999
Aura Sets Annual Meeting Date to Ratify Terms of Financial Restructuring, Approve Reverse Stock Split
EL SEGUNDO, Calif.--Dec. 14, 1999--Aura Systems Inc. (OTCBB:AURA) today announced that its board of directors has scheduled its annual meeting of shareholders to be held on Feb. 25, 2000.Shareholders of record on Jan. 14, 2000, will be eligible to attend and vote at the annual meeting.
Shareholders of record will be asked to ratify the principal terms of the company's financial restructuring, which include:
| -- | The recently completed private placement of its common stock for company equity; |
| -- | Debt reduction of approximately $37 million; and |
| -- | The retention of approximately 50 percent ownership of the company by the shareholders of record prior to the restructure. |
Shareholders will also be asked to approve a reverse stock split which will be proposed by the company in order to comply with the $5.00 minimum bid price requirement of The Nasdaq Stock Market National Market System.
The company anticipates that the Notice of Annual Meeting, Proxy Statement and Form 10-K for the 1999 Fiscal Year will be mailed to shareholders of record during the week of Jan. 17, 2000.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the company's Securities and Exchange Commission filings.