Aura Raises $1.5 Million in a Private Placement.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. (Pink Sheets:AUSI AUSI Autonomous Undersea Systems Institute AUSI Associated Underwater Scuba Instructors (Queenscliff, Victoria, Australia) ) announced today that it raised in a private placement $1.5 million from a small number of accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". . The placement was for units, each unit consisted of one common share and 0.2 warrant. The unit was priced at $0.91 and the warrants are for five years and have a strike price of $3.00 for the first 12 months, $3.50 for months 13 through 24 and $4.00 thereafter. Mr. Melvin Gagerman, Aura's Chairman, said, "We came out of bankruptcy on February 1, 2006 as a company with great technology and a broken infrastructure. We are working hard and diligently to build the infrastructure to support this great technology. We have made significant progress in setting up sales, customer service, product improvements, quality control, accounting as well as improved working conditions and moral for our staff. We are starting to see results in the field with significant increase in orders for commercial and military applications. We are now expanding our manufacturing and testing infrastructure as our order flow is increasing and we need additional working capital to service the increasing demands for our AuraGen/VIPER." "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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