Aura Enters into an Exclusive Commercial and Industrial Distribution Agreement for Its AuraGen Products in the Republic of Korea.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif. -- Aura Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AUSI AUSI Autonomous Undersea Systems Institute AUSI Associated Underwater Scuba Instructors (Queenscliff, Victoria, Australia) ) announced today that it entered into an exclusive commercial and industrial distribution agreement for its AuraGen products in the Republic of Korea (ROK). The initial agreement is for a period of five years. Under the agreement, Genergy Inc. (distributor) is required to purchase a minimum of $9.5 million of AuraGen products over the contract life to retain the distribution Agreement. Genergy Inc. also agreed to prepay the first $500,000 of orders. The Agreement excludes military applications that are sold by a different distributor to the Army of the ROK. In addition, Genergy subscribed to $1,000,000 in a private placement for Aura's common stock. Mr. Bryan Lee Biography Born in Two Rivers, Wisconsin, 1943, Bryan Lee completely lost his eyesight by the age of eight. His avid interest in early rock and blues was fostered through the 1950s by late night listening sessions via the Nashville-based radio station WLAC AM, where he , Genergy's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are very pleased to represent Aura's revolutionary mobile power solution (AuraGen) in Korea. In recent years there has been a global awareness of the need to safeguard our environment and to provide 'green solutions' whenever possible. There are many applications of the AuraGen technology that when implemented, will result in reduction of the usage of fossil fuels fossil fuel: see energy, sources of; fuel. fossil fuel Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas. . This of course will result not only in cost savings but also in significant reduction of harmful emissions." Melvin Gagerman, Aura's CEO, said, "Aura is pleased to introduce Genergy Inc. as our exclusive distributor for commercial and industrial applications in Korea. The technical advantages as well as the economic and environmental advantages of the AuraGen in many different applications will provide Genergy with a competitive advantage, and help make the AuraGen solution the solution of choice in Korea. We are currently negotiating additional business relationships in other parts of the world and expect to conclude some of them in the coming months. We welcome Genergy to the Aura family." More information on Aura Systems Inc. visit www.aurasystems.com |
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