AURA SYSTEMS, INC. (OTCMKTS:AUSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(d)On November 28, 2017, the Board of Directors of Aura Systems, Inc. (the “Company”) appointed David Mann and Robert T. Lempert to fill two vacancies on the Board of Directors of the Company. It was not determined on which if any committee(s) of the Board of Directors Mr. Mann or Mr. Lempert would serve.
Mr. Mann, age 46, has been Vice President of Marketing for his family’s manufactured and imported houseware products company since 1990, and the Vice President of Sales of the company since 2007. From 2000 until 2007, Mr. Mann also served as Vice President of Operations. As such he has extensive experience dealing with all aspects of marketing and sales, as well as, suppliers in both North America and China. He has a degree in Business Administrations. His marketing and sales experience, particularly in China, provides the Board with important knowledge and insight in a key target market of the Company. Mr. Mann has been an investor in the Company since 2007. In 2017, Mr. Mann and his family loaned the Company $213,620 at an annual interest rate of 5%. The note is convertible into 435,959 shares of common stock upon the approval by shareholders, at the Company’s annual meeting of shareholders, of the approval, and subsequent effectiveness of, an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of all of the outstanding shares of the Company’s common stock, whereby each seven (7) shares would be combined and changed into one (1) share of common stock (the “Reverse Stock Split”). In exchange for the convertible note, Mr. Mann also received warrants to purchase 170,896 shares of the Company’s common stock at a strike price of $1.40 per share. The warrants are exercisable over a five-year period. The warrants are also contingent on the approval and effectiveness of the Reverse Stock Split.
Dr. Lempert, age 75, is a retired dentist with many years of experience investing in numerous high technology companies and running his own business. He graduated from University of Pennsylvania and did his residency at the Albert Einstein Medical Center in Philadelphia. Dr. Lempert served two as a Captain in the U.S. Army for two years. He was a member of the American Dental Association and the Academy of General Dentistry. Dr. Lempert has been a significant investor, shareholder and an active advocate of Aura’s technology for more than 20 years. In 2017, Dr. Lempert guaranteed $250,000 of a $500,000 loan that was made to the Company by a third party. In exchange for this guarantee, Dr. Lempert received warrants to purchase 100,000 shares of the Company’s common stock at a strike of $1.40 per share. The warrants are exercisable over a five-year period.
About AURA SYSTEMS, INC. (OTCMKTS:AUSI)
Aura Systems, Inc. (Aura) designs, assembles, tests and sells its Axial Flux induction machine (AF) known as the AuraGen for industrial and commercial applications and VIPER for military applications. The Company’s system when applied as a generator uses the engine of a vehicle or any other prime mover to create mechanical energy and the AuraGen converts the mechanical energy to electric power. Its control system is used to deliver such power to the user. When used as an electric motor, its system delivers mechanical power to drive mechanical devices. The Company focuses on mobile power applications and thus the Company requires interface kits to prime movers. In addition the Company has interface kits for numerous model of military HMMWV, as well as other military vehicles. The Company is also working with a number of customers on integrating its AuraGen/VIPER power solution with stand alone engines knows as Auxiliary-Power-Unit (APU) to be used in emergency rescue.
