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
On March 28, 2018, the Board of Directors of Aura Systems, Inc., a Delaware corporation (the “Company”), appointed Dr. Timothy B. O’Brien to serve as the Company's interim Chief Executive Officer and Mr. Timothy O’Toole to serve as the Company’s interim Chief Financial Officer, effective immediately.
Dr. O’Brien, age 35, has served as an adjunct instructor at Rollins College since August 2016 and served as the senior vice president of sales and marketing of Monster Vision LLC from May 2007 to March 2018. Dr. O’Brien holds a Bachelor of Science degree in Business Administration and a Master of Management from Aquinas College and an Executive Doctorate of Business Administration from Rollins College.
Mr. O’Toole, age 62, is the founder and has served as the chief executive officer of Academy Advisors, LLC since March 2017. In addition, Mr. O’Toole is also the founder and has served as the chief executive officer of Southeast Fraud Investigation Services, LLC since March 2017. Prior to founding Southeast Fraud Investigation Services, LLC, Mr. O’Toole was responsible for the audit practice for Vestal & Wiler, one of Central Florida’s leading accounting firms serving owner-managed, middle market companies. Mr. O’Toole is a CPA and CFE (Certified Fraud Examiner) with over forty years of experience serving owner-managed, middle market companies in a variety of industries, including manufacturing, wholesale, retail, construction, hospitality and service-based businesses. Mr. O’Toole is a graduate of the University of Dayton.
There are no arrangements or understandings between Dr. O’Brien or Mr. O’Toole and any other persons to which he was selected as an officer of the Company, nor are there any family relationships between Dr. O’Brien or Mr. O’Toole and any of the Company's directors or executive officers. Additionally, there are no transactions involving Dr. O’Brien or Mr. O’Toole that are required to be disclosed to Item 404(a) of Regulation S-K.
As of the date of this Form 8-K, there had been no compensatory actions taken in connection with these management changes that would be reportable under Form 8-K.
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.
