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AURA SYSTEMS FORMS JOINT VENTURE -- BACKLOG EXPANDS TO OVER $100 MILLION

 EL SEGUNDO, Calif., June 1 /PRNewswire/ -- Aura Systems, Inc. (NASDAQ-NMS: AURA), today announced that, after board approval, it has entered into a binding agreement with Israel Aircraft Industry, (IAI) to form a new strategic joint venture company.
 The majority of the new company will be owned by Aura and will combine Aura's unique electro-magnetic actuator technology with the products of IAI's SHL division, a world renowned manufacturer of actuators. The joint venture will build advanced actuators for commercial and military aircraft, high performance land vehicles and other commercial applications.
 The addition of over $80 million in backlog for the joint venture, primarily from Fortune 100, when combined with Aura's existing backlog will result on a consolidated basis in a new backlog in excess of $100 million to be performed over the next 30 months. Aura reported $11 million in sales in its most recent year.
 The joint venture will have over $30 million in operating assets at the conclusion of the transaction. The operation will include 250,000 square feet of existing ultra modern manufacturing space with state-of- the-art robotic actuator manufacturing equipment and computerized quality assurance including automated statistical process control.
 The agreement is contingent upon the approval of the IAI board of directors, which is expected by the end of June, and is also subject to Israeli government approval, which is expected soon after.
 -0- 6/1/93
 /CONTACT: Cipora Kurtzman, senior vice president of Aura Systems, Inc., 310-643-5300, or John Germinario or Mark Cohen of Cameron Associates, 212-644-9560, for Aura Systems, Inc./
 (AURA)


CO: Aura Systems, Inc.; Israel Aircraft Industry ST: California IN: ARO SU: JVN

LR-OS -- NY053 -- 3955 06/01/93 12:24 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
Words:278
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