World News: 20:00 GMT Tuesday 3rd December 2019. [Aura Systems Inc. via Globe Newswire via SPi World News]
STANTON, CALIFORNIA, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Aura Systems, Inc. (OTCBB: AUSI) announced today that it has fulfilled the balance of CBOL Corporation's initial order of 115 AuraGen® units on schedule during the company's third quarter ending November 30, 2019.
CBOL Corporation placed an initial order of approximately 115 AuraGen® units in August 2019 with all units scheduled to be delivered by the end of November 2019. "That we have timely shipped more than 115 AuraGen® units since July 2019 is an important step in that we have demonstrated that Aura is now reliably delivering quantities of product on schedule" explained Aura's President, Ms. Cipora Lavut. "From July 2019 to-date, Aura has already delivered more product than during the past four years combined" explained Dr. Robert Lempert, Aura's Secretary and a member of the Board of Directors. "Since assuming control in July 2019, Aura's new leadership team has focused extensively on sales and on eliminating needless expenditures. As a result, for the first time in more than 5-years, for the past several months the company has been able to sustain its core monthly operations principally from sales revenue" added Dr. Lempert.
In November 2019, Aura reported positive net operational revenue of approximately $350,000 in the quarter ending August 31, 2019. This represents an improvement of more than eighteen thousand percent (18,000%) over net operational revenue reported during this same quarter in 2018. In November 2019, Aura also reported that for the first time in more than a decade, shareholders experienced no additional loss per share during the quarter ending August 31, 2019. "Aura's new leadership team is very cognizant of our shareholders' concerns over dilution" explained Ms. Lavut. "By working hard to fund critical monthly expenditures principally from sales revenue, we have thus far been able to avoid raising significant capital through the sale of stock which would otherwise likely result in significant dilution for all shareholders" continued Ms. Lavut.
Ms. Lavut and Dr. Lempert were appointed as President and Secretary, respectively, in July 2019 by the Board of Directors of the Company following shareholder removal of Ronald Buschur, Si Ryong Yu and William Anderson from Aura's Board of Directors that same month.
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This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company's estimated revenue, gross margin, operating expenses, other income/(expense), tax rate, and plans for return of capital. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation: the effect of global and regional economic conditions on the Company's business; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to including deliver to the marketplace, and stimulating customer demand for, new products, services and technological innovations on a timely basis; the dependency of the Company on manufacturing and logistics services provided by third parties; the impact of unfavorable legal proceedings; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs and other adverse effects on the Company's business; the ability of the Company to manage risks associated with the Company's investments in new business strategies and acquisitions; the continued service and availability of key executives and employees; political events, international trade disputes, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company' s products; financial risks, including risks relating to currency fluctuations and credit risks; and changes in tax rates and exposure to additional tax liabilities.
More information on these risks and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Cipora Lavut, Board Chair and President
Globe Newswire: 20:00 GMT Tuesday 3rd December 2019
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