FOR IMMEDIATE RELEASE
Melvin Gagerman, Chairman and CEO Cipora Lavut
Aura Systems, Inc. 404 539-2161
310-643-5300 x171 firstname.lastname@example.org
Aura Receives Initial $3.5 Million Order for Wind Power Generation
And Entered into an Exclusive Strategic Agreement with WePOWER LLC for Distribution of the AuraGen for Wind Power Applications
EL SEGUNDO, Calif., February 17, 2009 -- Aura Systems, Inc. (OTCBB: AUSI) announced today that it received an initial order of $3.5 million for 5 kW AuraGens to be used by WePOWER LLC in windmill applications. The entire order is to be delivered during May, June and July of 2009.
The companies also announced today a strategic agreement whereby the AuraGen will be the exclusive generator used by WePOWER's line of vertical axis turbines. As part of this agreement, WePOWER will purchase no fewer than 3,000 AuraGen systems annually and be the exclusive distributor for the AuraGen family of generators for windmill applications. The companies intend to exchange approximately 5% of each other’s common shares as part of the strategic alliance, subject to an independent Fairness Opinion. WePOWER and/or its affiliates will infuse up to $5.0 million into Aura Systems Inc. in a private placement.
Mr. Marvin Winkler WePOWER’s CEO said, “WePOWER is pleased to incorporate the revolutionary AuraGen axial flux generator into its revolutionary WindvertisingÔ branded media platform. This platform enables the placement of advertising on WePOWER's turbines, which, in turn, generate emission free wind energy to power corresponding advertising billboards. The combination of our patented wind turbines and the patented AuraGen power generation system will enable environmentally friendly outdoor advertising that in addition to reducing carbon emissions will save money for businesses through tax incentives, energy rebates and carbon credits."
Mr. Gagerman, Aura’s CEO said, “The Aura WePOWER relationship is based on the combination of two truly winning technologies that have a potential for meaningful benefits to business and people everywhere. The AuraGen’s variable speed and load following features are ideal characteristics for windmill applications, and when combined with WePower’s vertical axis wind turbine, create a very attractive and innovative environmental and financial solution to 21st century billboard advertising and other alternative energy wind power applications. We at Aura are very excited to be part of this new industry. ”
More information on Aura Systems Inc. visit www.aurasystems.com